Is this wrong?

I would say make you offer but never lie to him about his coins. Getting a good deal is one thing but telling him a coin is worth less than it is is just wrong. Cherrypicking = accepted, lying = bad form.

 

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i agree, i regularly value coins for other people and always tell them the real value, and if i want to buy any will always offer book price, knowingly under valuing a coin or note is despicable and is tantamount to fraud in my book.

 

Tell him you own a pawn shop and offer him 30% of melt. That will start the bargaining process. Oh, and don't forget to let him know you'll pay him in one-hundred dollar bills... that works every time for the "old man".

 

I think the consensus here is absolutely clear. I'm not sure how exchanging money at the bank is anywhere close to a valid comparison. If you're going to lowball the guy anyway (seems like that's what you're trying to find validation for), just go ahead and do it and deal with how that plays out. Just remind me if I ever have any coins you want to buy to charge you double book value plus an 18% buyer's premium and $35 for USPS First Class shipping.

 

Wow... that's pretty harsh. The seller must know how much he has invested in the coins (unless he found them), and any info he would need (value wise) is readily available on the internet. As a buyer, why would you offer full book value? When I visit my local dealer and find a coin I want, I'll make him an offer... anywhere from 50% to 75% of book. He knows what his minimum profit margin is, and will either accept my offer or make a counter offer. I never cosidered this "despicable or tantamount to fraud". Now, if you're referring to someone who has 'no clue' to what they have, you can show them what the book says, then make them a fair offer (say 80% of book), not necessarily full book, especially if you plan on re-selling. I guess my point is that every seller must buy for less than he plans to sell for, or he won't be a dealer very long.

 

I agree with Ikeigwin, more info is needed.

However, based on the little info you've provided, absolutely not.

Would you want someone more knowledgeable on a particular series than you to take advantage of you in the same manner?

 

The obvious differences are:

1) You are buying sight-unseen coins in rolls from a bank. You have no idea what coins are in the rolls. You are buying sight-seen coins from the dealer so you know what you are getting.
2) The bank is not a dealer. The bank is in the business of receiving and distributing coins for circulation at face value. The dealer is a dealer. He sells coins for their numismatic value.

 

The OP stated the coins are junk silver (see post #13)... so, if you're selling silver, and haven't a clue to what the price is, why are you even selling it in the first place? If you walk into a shop and tell the owner silver is selling for $4 an ounce (knowing that it's $39), I agree that is wrong. But if you offer him $4, it's his call whether to accept or not. Let him do a little research... he should at least have made an effort to turn on his computer and spent thirty seconds finding out the current value.

 

Wait a minute! Did you offer the flea market vendor "book price" for the note or did you do something that is "despicable and is tantamount to fraud in (your) book" by buying a valuable note at a small fraction of its true value?

 

I know what the OP stated, it's still wrong regardless.

 

I think the term "Dealer" is mis-used here. He own's a magic store not a coin shop. So to draw conclusions about how you inter act with a coin dealer, does not put this situation in the proper perspective. He has no idea what these coins are worth and it sounds like it's a good deal at his asking prices. Why try and be untruthful in your approach? Simply buy them and no one will be mislead that way.

 

I understand that... but he's still selling them. Why can't he do his own research? There's a lot of items I come across that I have no idea to their value; I don't call in an "expert" like on TV, I research it on the internet. And with something as simple as 'junk' silver, that research time is less than a minute.

 

I just did this with a purchase on some silver coins. I told the person what the silver price was for each type coin.
I told them that if they sold the coins on ebay they could get more money for the coins than they would in a lot sell.
Then I told them what I would pay which was less than melt. They eccepted and everyone was happy. The coins were common dates but in good condition. I told them everything about the coins. After knowing that they could get more money, they still sold to me, because I was there and was ready to buy. The truth works.
Thanks Big Ed

 

Some of the dealer's at my show have had sales on coins eg. 50% off for Mother's Day, Labor Day sale etc. These are generally on select coins the dealer wants to move. I've picked up some silver coins that the dealer just didn't want to haul around anymore and was tired of looking at them. He sold a few at a loss but then the buyers also picked up coins that weren't on sale.

Instead of trying to insult the dealer by pointing out his supposed ignorance, just buy the coins you want and leave it at that. Sure, he might be able to get more on an auction site but may not want the hassle involved with it. Also, his prices brought you into his store and you'll probably be back again because of it.

 

Hey guys. I was never planning on completely wiping out his inventory for a fractin of its worth. He does have some knowledge about silver prices and numismatics but his main focus is on the magic side of it. Like he sells ninety percent halves for a little over melt so i was just gonna buy a large lot of them and offer a price that pans out to about a dollar or two under melt for each coin. For example if i bought ten halves i would offer 150

 

If you are ethical you won't lie, twist the truth, or take advantage.

Treat people as you would have them treat you. Put yourself in the shop owner's shoes and see how you would feel about the treatment you propose.
Lance.

 

I withdrawal my previous statements. I misunderstood the op. I thought the was a discussion over the morality of cherrypicking, not lying. I have never once intentionally lied about a coin to a buyer, seller, or collector and I acknowledge that doing such things is wrong.

 

That offer is more than fair... $15 each is actually over melt. I just bought ten for $129... that was the seller's asking price. I guess I committed fraud for not telling him current melt value.

 

A simple back and forth ought to do:

Q. "How much do you want for these?"

A. "I'll let you have 'em for $X

Q. "Oh...would you take $Y ?

A. "Lets say $X-z"

Q. "$Y+w and you've got a deal."

It's called bargaining. He gives you a quote, you make an offer. Then another round until you're both satisfied. Or if not, then you leave.