What's the ethical thing to do?

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First off, I haven't read all the postings for this thread so if I'm repeating a position please forgive.

First off, from the op he sold a graded coin to a dealer that he has a relationship with and that both sides know that the poster has additional coins that he will be sell either through or to the dealer for his resale.

The opening poster knows that he made a serious mistake, but since the coin was graded the variation was most likely found after the coin was graded. Hence the problem. Intellectually the coin was not as graded as the dealer found out later. I am not sure how the opening poster found out about the mistake (either from the dealer or 2nd hand from someone else). If the poster found out 2nd hand he has a right to be upset (as would I). If the dealer told him, then some sort of accomodation should be arrived at. Especially if the dealer would hope of getting other coins from me (assuming that I made the mistake). Failing an accomodation from the dealer, no further business would be done with the dealer as far a selling coins to or through him. I asked I would tell him just why he is no more coins from me. As far as purchases from the dealer that would be on a coin by coin basis.

If I purchased a coin from someone I didn't know and found a cherry picker I'd be mum about it. However, it if was from a friend I would mention it to him so that he could be aware for future coins coming into his possession. Would I upgrade the sales price by a factor it would depend. Good friend yes.

So in answer to the op's question, I would expect to be compensated somewhat for a lesser graded or valued coin. Full extent no. Failing that the dealer would not be getting any more coins from me for sale on consignment or purchase. And it would be deal breaker for future business.

This is my opinion.

 

Well i do alot of Cherrypicking and a sale is a sale if i'm picking or selling, If the dealer picks me that is on me, Once he pay's me it's over. But most of the time i get the best of the deal. All i can say is do your home work befor selling any thing. Hope it all works out for you or him.

 

It seems to me that all of the replies are ignoring a fundamental issue - When did the dealer first become suspicious about what the coin really was?

If he recognized the possibility before making the deal, he's taking advantage of the seller. If he recognized it while inspecting his completed purchase, he deserves the benefit of his diligence.

 

First, verify what you have. A major grading service certified it as a business strike. I think the coin needs to be re-examined by a major grading service before anything can be done.

If it is a proof, then I think the ethical thing to do is to split the difference in price between seller and dealer. The dealer should receive half of the increased value because he recognized the coin as a proof and the seller should receive the other half because it was his coin and they have a continuing business relationship.