Need your opinions, RE: Coin Deal

Guys,

Firstly, I am not a dealer and I explained that several times to the lady. There was no pressure involved.

I gave her 100$ over twice the face value.
Face value was $200
I gave her $500 for the lot ===>After purchasing the 1881CC(offered $180-she said $150.00 was fine), (2) 1921 Morgans($20each), (3)2$ Bills $20,00 total.

So all in all she got $870.00approx (+/- a few dollars) from what she told me, the dealer offered her much less.



This was after I purchased several of the key coins at red book price - graded by myself and the old lady. I read the grading descriptions and we picked a grade that was closest. After selecting and buying the key coins she asked me if I wanted the whole lot. I said sure.

We disscussed prices and we both felt comfortable with the deal, I was happy and so was she. I do not plan to sell the coins. I will keep them in my collection to pass on to my children.

 

Log in or Sign up to hide this ad.

Sir,

We have all stated that you did not do anything wrong.
Several of us dealers just kind of hijacked your thread to make our opinions known.

What a person does in honesty cannot be faulted.

 

Sorry if I sound defensive. I honestly felt good about the transaction. I did what I thought was the right thing. I still feel good about it. I have much to learn. I posted to get advice.

Some of the post have a negative tone. I just want it to be known that I was trying to be upfront and honest with the lady.

I know I lack experience that's why I started this thread I wasn't sure wether this was a good deal or not.

 

Hotel buying doesn't always mean cheap prices. Quite often we'd be shown stuff that had been shopped all over the area for years but our prices were generally higher.
Just as an example, if I were buying 90% silver today from the public in a hotel buying situation, I'd probably be paying a tad over 4x face, especially if there were quantity involved.
So much depends on the current market trends and orders that we have to fill. Those things count for more than the spot price anytime.

 

Da Vinchi,

Welcome to the forum. I am sure that no one meant any offense.

 

DaVinchi...I think your intentions were honest and you came to the right place to ask questions. Welcome, we hope you stick around.
Robin

 

DaVinci, you did not give us those details to begin with. You gave the impression you bought all the coins at double face. What you described sounds like a fair negotiation process and deal.

As ND said, we hijacked your thread as an opportunity to discuss coin selling ethics. To the extent anyone learned something new, you did us a favor!!

 

Yeah, what he said

 

Stick with us, and we will all share our knowledge. Good and bad.

 

I haven't had time to take the coins to my local dealer yet. When I get a chance I will take them to him and try to grade them. As I stated before I am not a dealer. My grading may have been over or under estimated. Until I talk to my local dealer I won't be positive.

Thanks for your input everyone.

 

Face value??? now that is stealing. I'd like to see characters like that set up with a sting and arrested for fraud.

 

I know there's dealers out there that try these things. I just have a hard time thinking of one as a "very prominent dealer". Anyone that tries to steal stuff by making offers that ridiculously low will soon find himself haunted by a bad reputation.

 

Da Vinchi, first, let me say that ND is dead on as usual. A number of us kind of hijacked your thread! Hopefully you can forgive us an stick around for lively, interesting and informative conversation.

Second, you did nothing wrong - even more so given the fact that you paid red book prices for the more valuable coins. If you paid 2x for silver and red book for keys, the whole of the deal was most likely very fair for all involved.

Sorry for using your thread in such a fashion!

 

You guys aren't getting rid of me that easily.

Again, sorry if I seemed defensive. I really respect everyone's opinions. I am here to learn. Just keep sharing your knowledge.