I've started buying small hordes of cents from people in my area, mostly little groups of $10 or $20 so far. My question is, I buy the coins in bulk. I pay 1 cent for post 1982, 1.2 cent for pre-1982 and 2 cents for pre-1959. Now this has not happened yet, but what if I find a rare-ish coin? I don't really sort them in advance, I just quickly count up the number of each type of coin and do a little math and then give them cash. But if I were to find a DD or key coin when I later go through the coins, do I owe the person I bought the coin from anything? Should I let people know in advance that IF there is a rare-ish coin in the group they get nothing from the sale of the coin? I'm not really looking for rare coins, as shady as this sounds, I'm putting together $25 and $50 bags of pre-1982 coins and selling them on eBay (for a little profit) plus filling gaps in my collection. I'm not out to make money, everything I make either goes towards buying more bulk coins, or more coins for my collection. Cheers, David
I don't think you owe the seller anything in the scenario you outlined because you were buying bulk coins. The ethical problem arises when the seller has a rare coin in hand, doesn't know what it's worth, and you offer to buy it. In that case, if you intentionally offer only a fraction of the value, that would be dishonest in my opinion.
Given the manner in which you are buying the coins, I would not expect any obligations to let the person know you found a gem. Additionally, I think you are being way too generous for the Pre-1982 copper cents seeing as they are readily available at the bank for face value (although you need to sort those, but you appear to already be doing that yourself anyways).
No and NO! They are willingly selling you their cents for cash and ethically you are in the clear as well because you are buying common cents. If you were buying something with a HIGH rate of rare coins within it, the moral issue MIGHT arise, but these are common cents with little or no value to most people. This transaction is beneficial to both parties.
I'm glad you voiced your concern, that shows you have ethics, and the world needs more people like you. I echo the others who've already posted their opinion, "Nothing wrong with what you are doing." Clinker
BTW, what all have you found from them? I know you said you didn't get much, but anything worth noting about? Best of luck with future bags. :thumb: Phoenix
Actually I have not found much. Just today I found a 1934 in VF, and I think that is the oldest one so far. I have found tons of 1982's to add to my stash ( I love 1982's for some reason ). I don't have any bags up for sale right now, but when I list them I always say that the bags have been sorted, and there is not much of a chance to find anything ( not in those exact words of course... ). Cheers, David
1.2 for pre 1982? Perhaps I should have you over for dinner. Your buy prices are more than fair. After all these coins would all be cashed in at the bank at some point.
if they are willing to sell you bulk cents like that, if there is a key in there you don't owe them nothing. they agreed to sell them to you and you bought them.
As a seller, if they are concerned about getting ripped-off in the deal, then it's their responsibility to become educated BEFORE they sell, and is not your responsibility to educate them on what they have. Of course, the lesson applies to both sides. If you buy something and then onlt later discover you were ripped-off because of lack of knowledge, then it's your fault, not the seller's. Education can save you a bundle, or make you a bundle, but a lack of it has never done either. Guy~
I think you're being very fair. Some of these folks would probably us a coinstart machine at the local grocery store to get rid of their cents and what will they get in return about 90 cents for ever dollar in change they put in. Lou
