Dealer Etiquette?

[jeff of pa]

Past experience says,"If a dealer thinks he can get away with screwing you,any dealer no matter in dealing whatever,he will definitely try to screw you if he thinks he will get away with it.Especially if large amounts of money are to be made off of screwing you".

Yep I've had a Dealer complain about Bag Marks on coins & turn around ant try to sell me coins
in worse Shape at over inflated prices.

I still think I had a dealer Palm a 1921 Mercury Dime on me once.

I found a 1921 Mercury dime once, Probably VG condition at best,
But the date was completely clear. from the moment I dig it I knew it was a special Find.
I must have looked at the Date 100 times or More. Pre-Internet I even pulled out my Red Book
to confirm 1921 was the Semi-Key Merk.
after Finding the local Dealers Number I called him to Find out What I could get for it.
He said First Thing, We would need to send it in for Grading, & to bring it down.
After looking at it a few more Times, while driving to the shop, Never taking it out my hand.
I walked in the Door & he was standing watching me walk up to him.
I put the Dime in his Palm, He looked at it in his Eye Glass & handed it back.
Only he handed me a 1945's Merc & Said this is a '45 . (full disclosure, this was about 16 years ago, I think the one he handed me was a '45)

After Much Apologies & embarrassment, I went home

what could I do but wonder , Could I have Hypnotized myself into believing a 1945 was 1921
for a couple hours, while fawning over it, trying to grade it using the red book, etc ?

I never walked in the Shops doors again

 

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[ARC]

I once took a bunch of coins to be evaluated... cobs etc.

After dealings I later cannot explain... but one small disappeared...

And one he gave me 125 (small)... was set in thin gold bezel... told me he was certain it was a copy... gave me what I paid for it.

I later see it on a another EX buddy of the guys neck... guy said he had it authenticated for over 800.

 

[jeff of pa]

I must say, I have gotten Fair deals from a couple dealers, But
I personally Always Side with Customers over Dealers when Discussing sales/purchases these days

 

[Red James Cash]

I tried to sell my 1923 first model italian officers fighting knife at a gun show once.I went to the booth that dealt in militaria.I showed the guy the knife,he took a quick look at it and offered me 750.00 for it explaining that the tip was broken off and then reground.I guess he didnt look close enough because the tip is thicker than the edges,the only way that could happen would of been to add metal to the tip then regrind it,which still would of left signs of repair.I took the knife away from him,pointed out his mistake,laughed in his face and called him a few choice names.Hopefully i cost him some customers.

 

[cudamark]

Unless you can determine 100% that it's the same coin you sold him, I wouldn't even consider taking it back and returning his money. If you really want to continue doing business with this person (even though he seems to be a bit unqualified), maybe offer future coins as payment since you already spent his money. I'd take photos and get other price quotes before I agreed to a valuation on any transactions with this dealer.

 

[Geobound]

I could be way off on my thinking here, but offering up $2200.00 and then calling back saying its a fake seems like a real gamble to me.

I think the dealer actually felt that the coin was legit, and offered you a decent price for it.

You said yourself you knew nothing about the coin, so the dealer could have said $900.00 in the beginning, and you likely would have been happy.

I don't know what the US laws are, but I fail to see how he could take you to court for his error? You made the deal in good faith, and he offered you the money in good faith.

Now it comes down "my personal" morals, scruples, or whatever word you want to use, but I don't see me comfortably taking the money and walking away.

What you didn't say is how much did he give you for your other coins?

Was it a fair price?

Did you even look online for a rough market value of those one?

Did he call back and say they were fakes too?

I personally think the dealer was operating above board, and simply made a mistake.

Yes he had the chance to look at it twice, but mistakes happen.

If he was truly out to scam you in the beginning, he wouldn't have let you walk out the door with that coin in your pocket the first time around.

Plus he didn't lower the price when you came back in, so all that (to me anyway) sounds like an honest mistake.

Good luck with whatever you decide to do.

 

[Twitch]

Geobound - I agree that the dealer very well could have bought the coin in good faith, but that's a risk of the business. The for sure shady thing the dealer has done is asked for his money back. That's how you know the guy's shady.

 

[trdking]

The low down and skinny here is this (IMO)

1) You know nothing about coins and you took it to an expert.
2) You said he appears to be honest but you do not have any idea

Who is to say that what he is telling you is even true? Did he get burned on a Morgan prior and has now concocted a story to recover from a prior mistake ? It is simply this. The coin was purchased by an "expert" So claimed because he is operating a business in that field. In a court of law. Possession is 9/10 He bought it. He owns it. He learned a lesson. There is no reason to be guilted by his mistake. You have no idea what happened to the coin after it left your possession or if the coin he wants to return to you is even yours.

 

[jeff of pa]

I could be way off on my thinking here, but offering up $2200.00 and then calling back saying its a fake seems like a real gamble to me.

I think the dealer actually felt that the coin was legit, and offered you a decent price for it.

You said yourself you knew nothing about the coin, so the dealer could have said $900.00 in the beginning, and you likely would have been happy.

I don't know what the US laws are, but I fail to see how he could take you to court for his error? You made the deal in good faith, and he offered you the money in good faith.

Now it comes down "my personal" morals, scruples, or whatever word you want to use, but I don't see me comfortably taking the money and walking away.

What you didn't say is how much did he give you for your other coins?

Was it a fair price?

Did you even look online for a rough market value of those one?

Did he call back and say they were fakes too?

I personally think the dealer was operating above board, and simply made a mistake.

Yes he had the chance to look at it twice, but mistakes happen.

If he was truly out to scam you in the beginning, he wouldn't have let you walk out the door with that coin in your pocket the first time around.

Plus he didn't lower the price when you came back in, so all that (to me anyway) sounds like an honest mistake.

Good luck with whatever you decide to do.

I would think the same rules apply as do Hock shop Rules.
if you don't know the value you call an expert or low ball the customer.

only Legit reason I see for a dealer to have paid that much in the first Place,
Then think he can renege after the purchase. is he's a newbie trying to get a Good Reputation.

Yet he'll throw that rep out the window, if he tries to sue.

any other reason for him to do it, other then just being new and hopeful

would be suspect imo.

again , If he's a Newbie just getting in the Business , I'd probably try to work with him. On other coins.
or on 50/50 , Both taking Blame & paying him maybe Half
in Payments as you can, If you Can. No Written Promises.
other then you get the coin back in the PCGS body bag.

If he's not new... Beware ! He should know better.

I hope he remembers what the Coin he sold him looked like as far as Condition
of the Mint Mark to his eyes.