Post regarding a rip-off coin dealer

Discussion in 'Coin Chat' started by mac266, Feb 16, 2016.

  1. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Coin dealers are like car repairmen.........you better know your stuff before walking in the door or you're gonna take a beating. This sort of larceny is not reserved to our hobby, It's a fact of life. There are always going to be people out there taking advantage (and capitalizing) on peoples ignorance.
     
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  3. mac266

    mac266 Well-Known Member

    I have taken a screen shot of the story and added it to my power point slide deck to facilitate some discussion.
     
  4. afantiques

    afantiques Well-Known Member

    I have no doubt all the scouts will want is more about the hot wife. :)
     
  5. Numismat

    Numismat World coin enthusiast

    I cherrypick and bottom-feed constantly, in fact that is pretty much all I do - because I mostly buy on eBay. My reasoning is that.. if you have the resources to sell something on the internet, you also have the resources to find out what it's worth.

    But I do pay full price when buying direct, such as from people on this or other forums or the occasional face-to-face opportunity, though in these situations it is on coins I am buying for myself, not for re-sale.

    I sometimes browse local garage sales and such, and over the years have come across some really low ball deals on coins and other items. I've always told them that it's worth more, and since I don't pay anywhere near full price for stuff I don't intend to keep, offer them a consignment deal. 90% of the time they run away once they realize it's worth more. And I walk away thinking yea, the money would have been nice, but my conscience is priceless.

    PS: I was a scout as well, from age 10 to age 18 (1992-2000), then staffed at camp Keowa in NY (Ten Mile River camps) in the summers of 2002 and 2003.
     
  6. dragondance

    dragondance Member

    I like your post, but unfortunately, coin shop dealers sell coins for a living and they have to try their best to make money. I have seen many fair coin dealers, and also many dealers like the one you described. Most fall in between. If a dealer can get coins for ultra cheap, so be it. Their mentality is to negotiate the lowest price no matter what. I have seen XF-AU seated liberty coins being sold to the coin shop at melt value. There's no law against fooling a fool.
     
  7. steve k 8755

    steve k 8755 New Member

    Just 2 weeks ago I asked my local coin shop what they would give me for my 2007 10th anniversary Platinum Eagle 2 coin set, both coins graded by PCGS First strike flag label, the reverse proof is a perfect 70 grade and the proof is a 69. The offer they gave me is silly compared to an offer I got today from another coin shop that is local. This shop offered me a little bit over the price on an ounce of Platinum, they did not take into account that the coins are PCGS graded, did not take into account that they are first strike, did not take into account what they are listed at on the PCGS price guide and did not take into account the grades of a perfect 70 and a 69. This shop offered me $960 for the set, another shop offered me $1740 if I can supply the original packaging which I have. How do you explain this, I sent an email to that shop and asked them to explain there low offer, it is a rip off offer to one of there long time 10 year customers.
     
  8. steve k 8755

    steve k 8755 New Member

    Just 2 weeks ago I asked my local coin shop what they would give me for my 2007 10th anniversary Platinum Eagle 2 coin set, both coins graded by PCGS First strike flag label, the reverse proof is a perfect 70 grade and the proof is a 69. The offer they gave me is silly compared to an offer I got today from another coin shop that is local. This shop offered me a little bit over the price on an ounce of Platinum, they did not take into account that the coins are PCGS graded, did not take into account that they are first strike, did not take into account what they are listed at on the PCGS price guide and did not take into account the grades of a perfect 70 and a 69. This shop offered me $960 for the set, another shop offered me $1740 if I can supply the original packaging which I have. How do you explain this, I sent an email to that shop and asked them to explain there low offer, it is a rip off offer to one of there long time 10 year customers.
     
  9. Robert91791

    Robert91791 Well-Known Member

    Regardless of how you view it, all dealers are for profit. If you dont like it, you have to get lost. All dealers take a risk with their own time and money and yes, they have every right to make as much money as they want.
     
  10. frankjg

    frankjg Well-Known Member

    Because you fell for believing that First Strike and slabbing bullion is anything more than a marketing gimmick.

    If you wanted to potentially sell them for more money you would market and sell them via eBay or some other channel.
     
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  11. steve k 8755

    steve k 8755 New Member

    I posted one coin shop offered me $960, I did not take it, another coin shop near by offered me $1740 for the 2 coins and original packaging. The offer of $960 is basically what one coin would be worth, this is a set of 2 graded Platinum coins, they would have gotten the other coin for free if I took that $960 offer.
     
  12. baseball21

    baseball21 Well-Known Member

    No. He was just being exposed to the honesty of some shops vs others. I'm sure i'll get trolled as usual for saying this hence I don't post anymore but I just had a hard time with this misinformation not saying anything
     
  13. Wingnut6999

    Wingnut6999 Currency loving custodian

    Here is a similar situation.
    Back in 2008 or so I was just starting to get into coins and currency, I found a small coin club of about 6 members. We met once a month, sold and traded together. One member opened a small coin shop, which I frequented often. Even taking my father in law there as he was also a collector and turned on a girl I worked with to his shop.
    Around 2010 I was desperate for some cash so I took 3 capped 50 cent pieces and about 20 smaller silver coins to his shop. After looking thru the coins he offered me 200 for all. I stared at him in disbelief and he went on to say most of the smaller coins were no more than melt.
    I said really? That's strange considering I bought most from you and paid more than melt for them.
    I left with coins in hand, left the club and never went back to his shop. I also put the word out of how I was treated. I think his shop closed not long after that tho I know I had nothing to do with that.
    I really thought he would help a fellow club member out but his dirty dealer instincts over ruled.
    On a side note, I sold the 3 capped to a dealer at a local flea market that I had bought from several times, for 290. Close to what I had paid.
    It just shows that being a dealer u are there to make money, but doing it fairly and honestly will bring u repeat customers and more money in the long run .
     
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  14. medoraman

    medoraman Supporter! Supporter

    Take the money and run on the second offer. That offer is very high from a dealer, I would not pay that for the set as a collector.

    A few things going on here. One, the whole "First Strike" garbage is wearing out with even most modern collectors. Second, you have a set of a 70 and a 69 coin, so you have a 69 set effectively. Unless all coins in a set are 70, you do not get 70 price. I found this out when I slabbed the 2012 ASE sets I bought. Unless ALL of the coins were 70, I got 69 set prices even if 3 or 4 were 70's.

    Next, what do the dealers specialize in? "Coins" is not an answer. Maybe the second dealer has 12 collectors wanting to buying platinum eagles from him today, the first dealer specializes in Lincoln cents and thinks he will sit on this set for 2 years before he unloads it. You do not go to a local "we finance" used car dealer to sell your 69 mustang fastback, you go to a dealer who specializes in muscle cars if you really want to maximize your return, even though both are "car dealers".

    Seriously, $1740 for the set you described would be high to me as a price to offer here on Cointalk, let alone a price a dealer would pay. I collect proof platinum eagles so know a little about the market. Take it TODAY if you want to sell. You will not get a better price until platinum moves up $400 an ounce IMHO. The $960 was light I agree, but the second offer is hard to believe.
     
  15. steve k 8755

    steve k 8755 New Member

    I let the coin shop who offerd me $960 know that I was offered $1740, they think the shop has made a mistake and quoted me based on One ounce coins. I sent the shop an email describing what I had, a 2007 10th anniversary $50 Platinum Eagle 2 coin set, both coins graded by PCGS First strike flag label, the reverse proof is a 70 and the proof is a 69. Since they are a coin shop been in business for over 40 years they should know what they are doing, I have the printed email quote in hand, along with the decription of what I had in the same email when they quoted it, I will go there with this quote, with the coins and see what happens. I have copied there quote and pasted it here, this is what they quoted, there words.

    Steve,


    As long as the coins are nice for the grade (no spotting, etc.) we will pay $1,700 for the pair. If you also have the original government packaging (including the capsules) we would pay $1,740.00.


    Thanks for your patience,


    Dave H.
     
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  16. medoraman

    medoraman Supporter! Supporter

    I wasn't questioning you sir, just saying its an extraordinarily high quote IMHO and would take it. I do not think the dealer will make hardly anything at that price. He must have a ready buyer he can sell it to the same day to offer you that.

    Did you get the point of the rest of my other post though? This very well could be the difference between the specialties of the 2 coin shops. One should never try to sell ancient coins to bullion dealers, or modern bullion to a rare world coin dealer. They will give you an offer, but not the highest you can get if you will receive if offered to the proper specialist. Some of my best purchases I get from coin dealers. I buy the ancients from them that walk in the door. I am sure they make a good profit on the transaction, and what I pay for them I consider to be a great deal. If that person would have went to an ancient dealer they probably would have received more.
     
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  17. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    Bird in the bush thing. Do not be surprised if it doesn't come to the offer being altered when seen. It happens often as reported.
     
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  18. I would sell that set for $1740 while you can. That is a very decent offer. TC
     
  19. steve k 8755

    steve k 8755 New Member

    I had one coin shop offer me only $960 for the set, then I had this coin shop offer me the $1740. The shop that quoted me $960 thinks they made a mistake and believes they may have quoted me based on One ounce coins. I have the emailed offer, I have the decription of my set on that email, I will take it this Saturday to that shop and see what happens, offer in hand, coins in hand, name of person who quoted it on the email in hand.
     
  20. Michael K

    Michael K Well-Known Member

  21. Prez2

    Prez2 Well-Known Member

    Yeah that's the problem though. "As much as they want" being the main problem. If only the labor market could function like that. They can't though because one side is already raping and pilfering. Sign of the times I suppose (the end times).
     
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