Moral question: Watching others overpay for your resold items?

Discussion in 'Coin Chat' started by Rhino89, Jun 19, 2019.

  1. Rhino89

    Rhino89 "Roubles"

    I'm a member of a few groups/sites with both collectors and dealers. We sell, we buy, we comment, the usual. Whenever I list items for sale, I list for prices that I would be willing to pay myself, I keep it fair. But recently what I have noticed is times when items are purchased from me, and are then resold or auctioned off to people who are paying or bidding much more than the item is purchased for from me. And before we start talking about "well what an item is worth is different for everyone", or "maybe you're selling too low", I am literally talking about how people could go to ebay and BIN the same item for 2x-5x less than what they are paying during that resale.

    Here's my question: do you reach out to those people and educate them, showing them what the original (and public!) transaction looked like before their seller resold it to them? Do you educate them that they should really do their research? Because while some may see "opportunity" in buyers who are uneducated and are willing to pay ridiculous premiums on common items, I would feel terrible knowing that I took advantage of someone and so I refuse to raise my own prices. But I also feel bad watching others overpay! Should I just stay out of it, price my items as I see fair, and continue on my way without worrying about others?

    Let me know what you think. Thanks!
     
    thomas mozzillo likes this.
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  3. jake1932

    jake1932 Active Member

    I think as long as you can go to sleep with a clear conscience every night knowing you purchased or sold a coin(s) for a fair price then you can't go wrong. As for those who do not do their homework and grossly overpay for a product... I think that's pretty much out of your control. The learning curve for coin collectors (me included) can sometimes take years.
     
  4. ddddd

    ddddd Member

    Generally I’d say to stay out of the future transaction. People resell items all the time and that is part of how the market works. It’s true that some sellers have very high prices, but no one is forcing a buyer to pay those prices. On eBay someone can look up similar sold items and then decide if the price is right or not.

    The only time it is acceptable to report listings is if someone is selling a counterfeit or extremely misrepresenting an item.

    I do wonder, are your prices around eBay sold prices (maybe less by the amount of the fee)? If they are and the people are able to resell your items for 2x-5x, maybe you have been selling premium quality coins for the same price as generics? Or it could just be that the reseller has a big following on eBay and people are more willing to deal with them. I recently sold a Morgan for $975 on eBay (already a nice premium). The person who bought it took a better photo (I’d even say it was enhanced) and resold it a few months later for $2,200. That person has a bigger following and people that are comfortable buying from him, so that is my theory as to why he was able to get so much more.
     
    jake1932, -jeffB, jafo50 and 3 others like this.
  5. Rhino89

    Rhino89 "Roubles"

    Good advice. I've always enjoyed the feeling of "I got a fair deal" or "I did well", and I would dread for people purchasing from me to feel like I shook them down. The part about the learning curve is very true, maybe I'm watching buyers in their "youth" making mistakes.
     
    Tlberg likes this.
  6. kaparthy

    kaparthy Supporter! Supporter

    There is no such thing as a "just price." If you think someone overpaid for something, then it is equally true that you undervalued it. A long time ago, a dealer friend of mine answered people waving Greysheets that they should go buy the coin from Greysheet, but this one has this price here and now.

    On the "Smallest coin" thread someone tossed back a Koren coin worth 1/7 of a US cent -- there and then... Here and now in a dealer's junk box, it's a 10-cent item, at least.

    How about Frossard and Low wrestling on the floor while bidding for Mickley's Strawberry Leaf Cent? Oh, but that worth it...
     
  7. Rhino89

    Rhino89 "Roubles"

    The latter scenario is also what I think I'm experiencing. The reseller has a greater following and relationships within these networks, so maybe you're right in that people feel more comfortable trusting his/her items, judgment, inventory, etc. Definitely not a quality of pictures or location issue.
     
    ddddd likes this.
  8. AnonymousCoinCollector

    AnonymousCoinCollector Reintroduce silver coins to circulation!

    You should stand outside the local movie theater telling everybody how overpriced the popcorn is inside.
     
  9. Rhino89

    Rhino89 "Roubles"

    LOL!!!!

    Well, that does put things into perspective very quickly.
     
  10. EyeAppealingCoins

    EyeAppealingCoins Well-Known Member

    It's none of your business and not your place to intervene as long as the coin is not being misrepresented. It could be interpreted as sour grapes and an attempt to tortiously interfere with someone else's business relationship. Moreover pricing is subjective and someone might feel the same way about your stuff regardless of reality. How would you react to someone meddling in your financial transactions? Your conscience should be clear. No one made those individuals purchase the coins. These are not necessaries; coins are luxury items. It's pay to play. If they found the coins online, they could just as easily go to eBay themselves or any number of price guides. Caveat emptor!
     
    jafo50, LA_Geezer and Rhino89 like this.
  11. EyeAppealingCoins

    EyeAppealingCoins Well-Known Member

  12. Autoturf

    Autoturf Well-Known Member

    That popcorn sure does taste better, their labor is expensive too.
     
    EyeAppealingCoins likes this.
  13. spirityoda

    spirityoda Coin Junky Supporter

    Everyone's demand for a coin is different.
     
    furryfrog02 and Tlberg like this.
  14. fretboard

    fretboard Defender of Old Coinage!

    No I don't. Selling on ebay there were many buyers who would buy my stuff and flip it for a higher price. It's none of my business, besides that I don't have the time for it. I respect your honesty but that's a can of worms you don't need. :D
     
    harrync likes this.
  15. EyeAppealingCoins

    EyeAppealingCoins Well-Known Member

    In reading back, I was using the second person tense haphazardly. The post wasn't meant to be gnarly and snarky. I'm sorry if it came off that way.
     
  16. Seattlite86

    Seattlite86 Outspoken Member

    I get bothered by seeing stuff like this. At the end of the day, I still sell my coins for what I can to still sleep at night. Some people have that line drawn in different locations. It doesn't necessarily make me right, or them wrong. Ultimately, I can only control my own actions. Nothing wrong with educating people who made poor purchases, though. We do that all the time here.
     
  17. Tlberg

    Tlberg Well-Known Member

    100% - Maybe they "overpay" because it's a gift or Grandma had one. You make a fair deal & be done @Rhino89 - don't lose any sleep over it.
     
  18. Collecting Nut

    Collecting Nut Borderline Hoarder

    You only need to be concerned for yourself. If you sold the coin at a fair market value your conscience should be clean. Whatever the buyer does with the coin is placed on them. It is not your responsibility to train or teach anyone that purchases that coin from the person that bought it from you. Your responsibility stops after you have sold and shipped that coin to the buyer.
     
    spirityoda and jafo50 like this.
  19. Autoturf

    Autoturf Well-Known Member

    The market controls the price on its own, you don't control the market, it does not matter what we think the price should be as coin collectors, because the market changes. it evens itself out, spending too much is something we have all done, its part of the experience we gain. if your the buyer, reward the seller who offers the product you want at your price, if there is none in your price range, you cant have the product. I quit buying a certain brand of razors years ago, disgusted at the price they ask for the refill blades, I found dollar shave club. its not about morals unless they deceive or misrepresent (witch is common), so you don't reward that seller with your future business.
    my mom and sisters like these fancy coffees from starbucks, I said you can buy a whole meal for that price, you wont catch me in that place. lol
     
  20. Jaelus

    Jaelus The Hungarian Antiquarian Supporter

    You are not involved in any way in the future transaction. It's not your coin and you're not the buyer. Moral obligation to intercede? None. Stay out of other people's transactions.
     
    lordmarcovan likes this.
  21. Aunduril

    Aunduril Well-Known Member

    Tough question. I think some people would appreciate being told and educated. Others with be irritated and angry. It would be hard to tell which would respond which way. I would have to agree with what someone else said, that you can sleep at night knowing you did the right thing but selling at a fair price. The best option in my opinion is to just continue to educate your fellow collectors on sites like this as well as in your groups. The will always be people who look to capitalize on the less knowledgeable to make a quick buck.
     
    calcol likes this.
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