Opinions on dealer honesty/dishonesty...

You are correct that my assumptions are based on a very limited and invalid statistical sample from my experience. I was just pointing out the range of human behavior a person is likely to encounter, and which I have encountered. But answering an ad and meeting at a motel isn't the sort of "deal" I was thinking about. I was talking about visiting coin shops. Now, if you met the same dealer at a coin show with all of his buddies watching him, the chances are he will behave a bit more honestly than in the privacy of his own shop with no witnesses. The point is, it's a crapshoot for the uninformed.

 

Log in or Sign up to hide this ad.

"Now, if you met the same dealer at a coin show with all of his buddies watching him, the chances are he will behave a bit more honestly than in the privacy of his own shop with no witnesses. The point is, it's a crapshoot for the uninformed."

I agree that a novice probably would fare better at a coin show, However, sometimes the dealers will signal each other to loball and then share the booty. Sounds like the flip side of caveat emptor.

 

The people who run full-page ads in the paper and buy coins (and jewelry, etc.) at a motel are no more legitimate coin dealers than a guy who sells "Rolex" watches in Time Square is a legitimate jeweler. You should expect to get ripped off if you sell your coins to a shyster in a motel room or if you buy a "Rolex" watch from someone on the sidewalk in Time Square.

It is unfair for you to lump a legitimate B&M coin dealer in with those ripoff artists buying coins for pennies on the dollar in motel rooms.

 

Excellent point Hobo.

There were some motel buyers in our area last year. At that point we were paying 10x for junk silver. We sent a good customer there with a roll of silver halves. They offered him 6x.

Then we saw the article in the local paper that 3000 people had checks bounce. One was for $3.

Our checks don't bounce, our cash is good and we'll be there next week.

 

Wow, these poor folks were had twice in one day!

 

"Our checks don't bounce, our cash is good and we'll be there next week."

I like that slogan.

But I bet you could come up with something even better.

It is a shame that these gypsy operations go into towns and fleece people, especially when there are honest dealers who would give them a fair value for their old accumulations, I think that the cost of advertising would necessarily skew the deals, but I also think any honest dealer could still do better than these fly by night operations.

 

My experiences with dealers is that they are just people. People are usually out to make money. The more the merrier. Many, many of us all say if I were a xxxx or a xxxx I'd surely be honest, trustworthy and a friend to all. This is what we all say but when the time comes to make a buck, that is where all that usually goes away. How many politicians promise the moon and as soon as they are in power, they become like all the rest. Coin dealers are just people. Some may well have been used car salespeople and you know what is said about them.
I really don't think it matters if a dealer knows you, has had you for a customer for a long time or just met you. They are as a rule out to make money, not friends, same as any salesperson. People in sales seldom want friends in thier buisness, just more customers. You can always find a friend, but a customer is a necessity of income so they do what they can to make money. I've known some coin dealers for well over 30 years and they give the same prices to a new customer as well as old ones. New ones may come back and old ones may wander off to another dealer so you do what is needed to make a buck.
I've run into some rude, irritating, moronic, cheap dealers as well as the friendliest ones you ever met. Yet I see no great differences in thier prices.

 

I had an experience like that once, I was at Abbot's Coins In birmingham michigan. I had asked to see some CC morgans, and he brought out a few off brand slabs, I didn't really care because I knew as with all slabs to try to judge based on the coin, and not by slabbed grade. (Unless PCGS/NGC I normally go by them). He said nothing as to the off brand slab, and the 1884 CC was at best MS62, not MS64PL. Yet the guy made no effort to warn me as to the fact that, that coin was clearly not that grade...Until I eventually said something....needless to say i didn't buy the coin

 

Wow, some good dealer bashing going on in this thread - I'm not going to touch any of these comments with a 10-foot pole!