Post regarding a rip-off coin dealer

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

  1. ewomack

    ewomack 魚の下着

    Stories like the OP's make my innards fume. I am incredibly glad that the OP just left after that dealer's revolting actions. Of course, if that dealer found out that someone had done the same thing to him, he would be beyond furious. But by doing what he did he's just encouraging others to do the same. So he would ultimately be complicit in his own rip-off. Anyone who does something so putrid is just encouraging others to do the same. That he perpetrated and celebrated such a loathsome event as some sort of victory shows a massive lack of big-picture thinking and an utterly vacuous moral sense. Be the change you want to see in the world. If you don't want someone to rip you off, then don't rip off other people. It's all pretty basic but people never seem to understand this simple idea. What kind of world do you want to live in? Do you want to live in a world where YOU don't get ripped off? Then DON'T rip other people off. That kind of crap is more contagious than people think.

    And sure, you have the RIGHT to rip people off, but shouldn't people think more deeply than that? Just because someone has a RIGHT to do something doesn't always make that action RIGHT.

    The dealer could have at least made a decent profit off of the poor woman whose father would have been completely crushed by the transaction. He could have offered much more than $10 and still done very well. Ugh. The only consolation is that someday the "young, hot woman" will probably leave him for someone who can rip people off better than he can. What a fantastic arrangement!

    That people can actually treat other people this way is just heartbreaking. It's a sign of cultural death.
    Chuck_A and FooFighter like this.
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  3. Razz

    Razz Critical Thinker

    No one has any "rights" to capitalism. The only rights you have as a US Citizen are put forth in the US Constitution, the Bill of Rights (the first 10 amendments) and the rest of the amendments. Life, liberty and the pursuit of happiness.
    Last edited: Aug 22, 2019
    Chuck_A and Dynoking like this.
  4. Wingnut6999

    Wingnut6999 Currency loving custodian

    Some are happy ripping people off.
  5. Razz

    Razz Critical Thinker

    Yes, but by that reasoning a pharmaceutical company charging outrageous price to US customers for the same product that is much much cheaper in other countries to make themselves happy, so does that make it right?
    FooFighter likes this.
  6. Conder101

    Conder101 Numismatist

    Which is not in the Constitution.
  7. medoraman

    medoraman Supporter! Supporter

    Yes and no. The SC has cited Declaration of Independence sections as clarification of points of law. What most Americans don't know is that this is just a cheap ripoff of the original "Life, Liberty, and Property" phrase from John Locke. I like his phrase better.
  8. ToughCOINS

    ToughCOINS Dealer Member Moderator

    The labor market works exactly like that . . . if you want too much per hour for your services, the customer (your potential employer) looks to the next guy down the line.

    medoraman likes this.
  9. juris klavins

    juris klavins Well-Known Member

    The old Romans had a saying about this: Caveat Venditor (let the seller beware) - the dealer will certainly know the value of the coins; the seller should too ;)
  10. okbustchaser

    okbustchaser I may be old but I still appreciate a pretty bust Supporter

    If you are a stockholder in that pharmaceutical company then, yes, it IS right for the company to make as much profit as possible. If you don't want to pay the US price for their product then you are welcome to go to that other country and buy it there. With the advent of the internet, you don't even have to travel anymore. Just Goggle it. Of course, without the protection provided by FDA regulations (which, surprise, surprise) cost money to implement) there is no telling what you will receive.

    Just like that proverbial "little old widow lady" has the ability (and responsibility) to go elsewhere to sell her late husband's collection.
  11. Razz

    Razz Critical Thinker

    Didn't say it was. The DoI states all men are created equal and they are endowed by their Creator with certain unalienable rights including life, liberty and the PoH. This was taken from Locke who wrote it in 1689 with the "estate" in there. I like the PoH version.
    FooFighter likes this.
  12. Razz

    Razz Critical Thinker

    Because the company has the privilege to operate within the US system according to our laws and customs. They can only maximize profits under a legal umbrella. when you have a monopoly on a drug like the Epipen, then you can gouge the price because there is no law of supply and demand. The consumers who need that drug have no options to buy on an open market, so yes protections are needed
  13. FooFighter

    FooFighter Just a Knucklehead Coin Hunter

    WOW!!! This was a great thread! I'm sitting here tying to process all of that. Lol
    It is TOTALLY WRONG for dealers to take advantage of someone, where they are getting a $1,000 coin for $10 bucks!!!
    Like was said before,yes, it should have been checked somewhere before you try to sell it. But most people dont know or aren't aware of our world, at all.
    Buy still, yes the coin dealer might not make anything for some time and has to wheel and deal to keep it out of the red.
    All I know is, I couldnt live with myself, if I did that to anyone, old, HOT, young crippled. I guess I am just to honest , to make it in this world.
    If I saw something like that go down, I would go straight to the police., I'm sorry to say.
    Good Cents and RonSanderson like this.
  14. littlehugger

    littlehugger Active Member

  15. Paul M.

    Paul M. Well-Known Member

    $960 is definitely a lowball, since that set sells for $1250 raw in OGP. I can't see what the dealer offering over $1700 is thinking, because fair retail for the two coins together is probably about $1500 or so. Run, don't walk back to take that deal.
    FooFighter and medoraman like this.
  16. Southpawdon

    Southpawdon Member

    If you want an appraisal then pay for the appraisal. If the dealer lies to you, "all good dates have been sold". then that is a different story. However, it is the owners responsibility to know what they are selling. I think a dealer should always ask: " what do you want for these", if the seller says what will you offer, then it is their choice to accept the dealer's bid or not. Dealer's are not responsible to educate the public, it is the public's responsibility. P.S. I am not a dealer
  17. Razz

    Razz Critical Thinker

    It's always the dance, isn't it? The dealer low balls you (if buying) as kind of a test to see if you know what you have. How you respond will tell him a lot and where it is going to end up. If you come back with a decent answer and politely let him know his offer is a low ball and that you were thinking more like his offer plus X and the why it is worth no less, then you have a chance to get the true value from the item.

    If you need the money and cant walk away from a poor offer, then that is strike 2 and puts you at disadvantage. It's all a negotiation game, right?
    Paul M. likes this.
  18. FooFighter

    FooFighter Just a Knucklehead Coin Hunter

    Yea sometimes I like the "Dance", and then there are times that it just ticks me off .
    If you have a dealer near you, well I hope you appreciate it. I have 1 dealer near me in the mountains of Pa., and all hes looking for is MELT value. So I guess I better get back over there and hope my cherry picking is charged up. I got those 10 Mercury Dimes, and hes got many more.
  19. Chuck_A

    Chuck_A Well-Known Member

    Thank you for your great response. I've been a collector for many years but fairly new to numismatics I love this site and all the people who are willing to help and reply to many questions that newer collectors have. I like the story penned by you, people in all walks of life have their own ways of doing things good and bad. I owned my own business and always seemingly charged less than I should have and never had any intention of stealing from anyone. I sometimes feel like I have been taken by a dealer but I know it's what it is and they deserve a good living as well as only a pompous person would mention a "hot wife" I would've pushed the coins back and walked away too.
    Thank you
    Randy Abercrombie likes this.
  20. buckeye73

    buckeye73 Well-Known Member

    Having heard many stories similar to the rip-off dealer and the uninformed lady selling a loved-ones coins, I decided to label all my slabs and higher end coins in 2x2’s with the value and year of the appraisal. Also, I have a binder in which I have entered other pertinent info. I intend to have a conversation with my daughters in addition to what is detailed in the will.
    Hopefully, my daughters will not be the target of such a dealer, should I not sell the coins before they do so.
    Paul M. and Chuck_A like this.
  21. carly

    carly Member

    There was some law passed a long time ago--I think it had to do with when the AIDS drugs were first coming out--that a US pharmaceutical company had to base their price on the cost-of-living for that country. This was to prevent them from charging $200 for an Rx in a country where people routinely earned $200 a month or less.

    The theory at the time was that the company could just charge "a little bit more" to US customers (that presumably all had insurance) to make up the difference.

    Many years later and foreign drugs continue to be cheap compared to our prices.

    However, this crap about jacking up the prices on insulin and Epi-pens is pure greed. I've read stories about people dying because they couldn't afford to get more insulin before payday--and I no longer have an Epi-pen at all, let alone the three I used to have (home, purse, and work.)
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