Selling Ikes

[Styfflin]

I just made my first coin roll hunting sale. After picking through all my Ikes for varieties and higher grade coins, I put $300 worth of them on Craigslist. Sold them in day 2 of being listed for $400!
I worded my listing a little more broadly - not referring them to Eisenhower dollars but old large dollar coins. Age is relative. And also provided the all-or-none safeguard so that the buyer wouldn't leave me high and dry when he doesn't see any silver edges.

 

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[50cent]

You got a real sucker, typically most people won't fall for clad. This trick only works if you have an old canvas sack bag and you throw a peace dollar in their for good measure

 

[silverdollarbill]

Pretty unethical thing to do but you probably justify it by placing the blame on the buyer who was/is a sucker.

Was it an adult? Would you do the same thing to a kid, old person, or maybe someone who is mentally slow?

Let us know how your CRH karma is the next week or two. I see a trip to Skunk City in your future! Maybe a loss of a dump back or two. Lol

 

[Styfflin]

Wow really silverdollarbill? Unethical? How did I misrepresent what I was selling in this ad? Old? Large? Dollar coins? 300 of them? A photo showing nothing but Ikes? Yeah, pretty tricky.
The guy was a normal 20-something. Maybe I came out ahead in this transaction by making $100. Or maybe this guy is a master of Eisenhower dollar coins and will make $200 on my mistake? Gee golly gosh...what if I was a kid, an old person, or mentally slow? What if I'm the sucker?
I guess we'll never know who came out ahead in this transaction, so why are you acting like you do?

 

[silverdollarbill]

Honest people try to list all details about what they are selling. You knew they were all Eisenhowers but you explicitly left that out to imply there may be something else. Yes, the buyer was a sucker, but I still think your posting was unethical.

I predict a 18 day skunk streak! Lol.

 

[Hunter612]

I went to the local flea market and one of the guys who has a coin booth said he would buy Ike's for $1.25 a piece. So I am going to be asking for those at my pickup bank from now on. So if I sell him 20 Ike's I should make $5 if my calculations are correct.

 

[smokeythecat]

What is the attraction for IKE's? Why are they bringing more than face for circulated coins?

 

[Styfflin]

And if he knew he was buying more than $400 worth of silver from me? Do you think he would have opened that bank bag full of coins and said "oh, wow, I really can't do this"? What about those banks who are selling me silver for face value? Should I do the same thing? Perhaps I should take the gold coin shown in my profile pic back to the bank and request the dime they meant to sell me instead?
Not everyone gets a trophy. Maybe it's time to throw all of your participation ribbons in the garbage.

 

[Iamrussell]

Im siding with silverdollarbill on this just not as nasty as he- I do think your ad was a bit on the not cool side- the way I see it you were looking for a sucker and ya found one- not gonna wish any skunks on ya cause I get enough of them and know they suck- but not gonna wish you happy hunting either
To each his own I guess

-------------------------------------
just keep stacking, just keep stacking, stacking stacking stacking

 

[Styfflin]

I went to the local flea market and one of the guys who has a coin booth said he would buy Ike's for $1.25 a piece. So I am going to be asking for those at my pickup bank from now on. So if I sell him 20 Ike's I should make $5 if my calculations are correct.

What is the attraction for IKE's? Why are they bringing more than face for circulated coins?

Even my LCS is paying a $.10 premium per Ike. Those suckers! Don't they know they can buy them at a bank for $1 each? Man, doesn't all this talk of making money make you feel unethical?

 

[Hunter612]

What is the attraction for IKE's? Why are they bringing more than face for circulated coins?

I don't know. The guy at the flea market resells them for $1.75. I don't collect the clad Ike's, but I collect the silver clad Ike's. If I had to guess why people like them I would say that thy think they are silver, and haven't researched them.

 

[silverdollarbill]

Banks are not people and they count the money at face value. I have no issues with CRHing at banks.

If some person came up to me with a bunch of silver but did not know it, I would:
1) tell them the value
2) tell them how much a typical pawn shop would pay
3) offer somewhere in the middle

The reason for this is that honesty creates repeat business.

You seem really angry about some random internet stranger's (me) opinion.

Don't let the angry consume you. It will just extend your skunk streak...lol

 

[Styfflin]

Not mad at all. I made money. In fact, I even have a gift for both you and Iamrussell that will make you feel at ease.

 

[silverdollarbill]

Not mad at all. I made money. In fact, I even have a gift for both you and Iamrussell that will make you feel at ease.

<img src="http://www.treasurenet.com/forums/attachment.php?attachmentid=885584"/>

Thank you. I've never gotten a ribbon for anything in my life. This is my first one.

18 days...trust me...lol

 

[Iamrussell]

Banks are not people and they count the money at face value. I have no issues with CRHing at banks.

If some person came up to me with a bunch of silver but did not know it, I would:
1) tell them the value
2) tell them how much a typical pawn shop would pay
3) offer somewhere in the middle

The reason for this is that honesty creates repeat business.

You seem really angry about some random internet stranger's (me) opinion.

Don't let the angry consume you. It will just extend your skunk streak...lol

I was gonna say the same thing about the anger silverdollarbil-

if you feel like you can sleep at night then so be it- and an 18 day skunk isnt all that bad I promise lol

-------------------------------------
just keep stacking, just keep stacking, stacking stacking stacking

 

[jamesandsons]

Shrewdly worded maybe, but nothing blatantly deceptive about this. Yes the wording might appeal to the treasure hunter's hopes for a big score, but that's what the buyer brings in to the transaction, not what was actually stated in the description. I can't see the buyer being justified in being angry about the results in this transaction - he got exactly what was described.

Have any of you read the children's book "A Bargain for Frances"? Because this kind of reminds me of the money in the sugar bowl. (I'll be pleasantly shocked if even one person gets this reference).

 

[silverdollarbill]

Hey Styfflin,

I thought about this more and I regret using the word 'unethical'. I don't think the CL post was cool, but what I said was too harsh.

Also, I really enjoy this forum and want to be a positive contributor.

May yours and everyone else's next hunt be a prosperous one.

I got about 10 CWRs on Friday. 1 69D

HH

 

[twiasp]

Wish i could find somebody locally to easily sell my Ikes too, i got 2k last week and would like to get them to a source other than the coin carrier so i don't get them back lol. Only found 1 72 type 2, 1 71 40% silver, and 1 77 proof. Apparently my bank has another 9k coming to them, almost thinking of driving to the next state out of my area to ditch them back into coinlok bags to prevent me from looking at them again.

 

[fistfulladirt]

Banks are not people and they count the money at face value. I have no issues with CRHing at banks.

If some person came up to me with a bunch of silver but did not know it, I would:
1) tell them the value
2) tell them how much a typical pawn shop would pay
3) offer somewhere in the middle

The reason for this is that honesty creates repeat business.

You seem really angry about some random internet stranger's (me) opinion.

Don't let the angry consume you. It will just extend your skunk streak...lol

Offering somewhere in the middle is not a great deal at all. Some of us would feel a lot better offering close to spot. I know I would sleep easier at night.

 

[maine_Jim]

Selling them at $1.33 per coin might seem a bit high but as long as they looked at them before purchasing I don't think it was excessive. Who knows what the guy has plans for with them. He might already have a buyer lined up for them. Maybe he is going to split them out to $100 bags and dump a couple 40% dollars and a Peace dollar in them and put them up for ebay auction or at a local auction. I have seen people pay crazy prices for coins at local auctions. I don't think you did anything wrong here or was deceptive. I have had bank tellers call me numerous times about the "old" dollar coins they just got in and to hurry right over for -- you guessed it...Ikes. I haven't bothered selling any Ikes like this but if I was gonna spend the time dealing with them it seems about how much I'd like to make.

Maine_Jim