Poaching for Coins at Various Locations

Has anyone on CT had an experience where they were at a coin shop, flea market, silver/gold buyers event etc. and ended up poaching another collector's/sellers coins once they were unable to come to an agreement with the business owner or vendor? I've been considering something like this at a silver/gold buyer's event, lots of nice old coins being brought to one convenient location and any offer I make will look much better by comparison to the competition's lowball offer....Is this even fair or ethical?

 

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Am I understanding correctly in that you're basically hoping to step on someone else's business and/or efforts for personal gain instead of investing your own money, time, and energy into offering fair competition? If you want to get people to bring "lots of nice old coins" to "one convenient location", I suggest you pony up the cash to put on your own competing event or start your own retail establishment.

As for your desire to "'poach' another collector's/seller's coins", you'll be getting no further advice from me, period, and I can only hope others feel the same.

 

It seems to me (and I could be completely wrong) that such actions might be forbidden by the event holder. As a result, you could get thrown out and maybe even banned for good at such an event. Personally, I wouldn't take that risk. If you want to try and make better offers...purchase a spot at such an event and outright compete with these people.

 

Partly understanding Books, only partly. But thanks for your input. I don't consider these 'buying events' to be business as 99.9% of their potential "customers" walk away laughing at their weak offers. To me its more about the competition, if I am willing to pay more why not? Just some food for thought, not trying to ruin or destroy any profitable establishments here.

 

One of the quickest ways to get thrown out of a coin show/shop........

 

I completely agree, and I'd never consider doing such as thing at a coin show with legitimate businessmen for obvious reasons. But I'm not talking about coin shows and dealers with quality reputations. I'm referring to the scam artists out there offering 50-60% of melt for grandma or grandpa's collection.

 

If I was an average guy, bringing in some valuable coins to a place like that, I would be more skeptical of the random guy approaching me in the parking lot, or hotel lobby. I can imagine that would be uncomfortable to a lot of people. There is a certain safety level that comes with going to a brick and mortar shop, or secured hotel buying event.

 

Good point bkozak33. One idea I had thought of was to make small business cards and leaving them in the windshields, but I'm not sure of that's considered soliciting a service or not.

 

You WILL still get thrown out. You have to remember...these people are paying for their space. The person who owns the space (who makes money by renting the space) will not want someone walking around (for free) undercutting his paying clients. If you want to do this...rent a table or booth and put up a sign that says "will beat all other offers" or something like that. Direct competition...not lurking around in the shadows.

Just because you consider these businesses "illegitimate" doesn't give you the right to lurk around their booths and steal their business.

 

It is considered soliciting.

 

I see your point, especially when you consider the money being paid for the right to the selling space. To me I just felt that these crooks were more con artists than anything, so I didn't feel any empathy towards them. I thought it seemed more comparable to EBAY "sniping" where someone comes in at the last second and makes the top offer to win the item(s).

 

Very good input TOUGHCoins, thank you. Your example is almost entirely what I was referring to. I made the mistake of using the word "poaching" in my title. Approaching would-be seller's after they've decided not to sell to "would-be buyer A" does seem to be acceptable so long as I discuss it with the paying vendor and work out a share of the profit with them once I've gained their permission.

 

It doesn't matter if you consider them crooks or not. They are not breaking the law and they have paid for the right to advertise in that space. The fact that you morally object to their business doesn't give you the right to "snipe" customers from them.

Like I said, if you want a piece of that pie...purchase a space for yourself and beat their prices.

 

With the correct uniform, you know, low slung hat and trench coat, it may work...

Seriously though, I agree with Camaro. It's really not your place to punish these dealers. While I don't necessarily agree with the practices of these type dealers, they are legitimately in business, and the purpose is to make money. I disagree with your assessment that the majority of people walk away laughing at their offers. I believe most sell, because most who utilize these dealers are looking for a fast and easy buck for what they have, whether they don't know what they have in actual value, or merely trying to dump it for cash. People like us don't patronize these places, because we not only know better about the value, but also have more options on where to sell because of that knowledge.

I question your motives as well. Are you looking to add to your stack/collection, or making a quick flip on eBay? What you don't say is how much you'd counteroffer. If you offer slightly more that the vendors, but nowhere near actual value (because we know they're all making low-ball offers), does it really make you any better than they are?

 

I think this is an often forgotten fact about businesses like these. They do have a certain convenience associated with them. We like to say the most negative things and point out that they pay as little as possible and "unsuspecting grandmas" can get ripped off. However, they do provide a service that is easily overlooked...and that is convenience. Yes, you get less money...but you walk in with your stuff and out with cash. No shopping around, no waiting for a buyer online. The trade off of it being so fast and easy is you get less for it. The buyers then do the leg work to make more money off the stuff.

 

I don't know what else it could be called except littering!

 

It's not littering and it's a fairly common way to advertise...but it is certainly soliciting.

 

I almost saw a fist fight where someone just came right over this guy during a coin sale saying he would pay double for a coin. this was at a Las Vegas coin show. If anyone ever did that to me I would yell get the hell out of here now.

 

In many communities it is also illegal to leave a business card or flyer on vehicles in parking lots.

While working in shopping centers as a security guard I had specific instructions to tell people who I saw placing ANYTHING on the vehicles to remove them and leave. I was also to get one of the items they were leaving to turn in to the owner of the property so they could send them a warning letter stating if caught again they would be sued for unauthorized solicitation and trespassing.