I had a local buyer come in and pick up a couple of coins I sold him last week via eBay.
We got chatting and he informed me that he was now out of work and had a 1966 wavey 20c in uncirculated condition (BP coin set) that he is interested in selling and assumed that 200-300 bucks was the going rate.
I told him that in MS64 this was worth at least $2000 (Bluesheet $3700) and that I am prepared to get it graded by PCGS and sell it via Numisbid for him and take a 10% cut of the profits if he is willing to wait a few moths for the funds.
He agreed to this and will bring the coin to me along with a few others that we talked about that he had NO idea of their value to send off to PCGS.
This is a Win Win situation for me and the seller, I make a few bucks and the seller makes way more than He expected to .
Should have I simply given him $300 cash for this coin and make a huge profit?
What would you do in this situation?
Handled like a true Aussie gentleman. ! Good on you Jim! :good:
I'd do the same thing mate as I like honesty and if he's anything like me he'll respect you a lot more for it. Well done for being up front as a lot aren't so hope it goes really well for you both so please keep us informed as to how it goes :good:
I would handle it the same as you did.
Good on you.
Ya shouldn't rip people off, leave that to big business's.
same as you..
and we can sleep at night
Honesty pays all the time.
Couldn't imagine you doing it any other way Trout.!! :ok:
Quote from: 'trout' pid='67749' dateline='1425035263'What would you do in this situation?
Are you suggesting there is any
other way to handle this? :diablo:
Good on you Trout, that's the way to do it ! What goes around comes around !!!!! You will get 10 more for being a true gentlemen ..
Hello,
I would have done much the same thing. I have on occasion Paid more because I thought someone has undervalued an item. The other thing to keep in mind, is if they find out you made a huge profit / ripped them off they could get nasty. Some years ago a Mate ended up losing his Job. First thing I said was don't have a fire sale, I can pick up your mortgage. People can smell desperation, then many will exploit you.
My comments will seem to throw a curve ball at this discussion, but I really would have waited to see the coin before I offered up a value. It may be that there will be some disappointment when you offer a true opinion on condition and authenticity (of the wave) or worse after it's been graded or bodybagged but you've got all excited up front and that's not always a good thing. Not trying to be a wet blanket but it happens all the time.
I agree with PPH, I wouldn't have discussed value until you'd seen the coin. So many people get their hopes up because of one page on the internet they've read or one sale they've seen on eBay. "Hey, that 1966 20 cent got $3,000, I have a 1966 20 cent, therefore my 1966 20 cent must be worth $3,000". If you're going to be buying coins or helping people out you're much better off not saying a word until the coin is right in front of you.
Very good points Mark and PP :good:
I have known about this particular coin for a couple of years now and as it came in a "Mint Set" I am fairly confident it will be in good condition.
I agree I should have been more "Discreet" but in my excitement I failed to do so, Its not everyday something like this surfaces :angel:
I did tell him not to get too excited until it comes back in a PCGS slab.
I will take images when I see the coin "In Hand" :ok:
Quote from: 'trout' pid='67779' dateline='1425075791'I have known about this particular coin for a couple of years now and as it came in a "Mint Set" I am fairly confident it will be in good condition.
It may well be in great condition. Coins in BP sets were put there by collectors around the time of changeover, the coins would likely be circulated or close to unc. They weren't packaged like mint sets, by the Mint etc. Still wouldn't know until you see it.
......you handled it well trout but there are plenty of no win situations in these cases in my experiences over the years.My major hurdles are people thru word of mouth & friends that give you a pile of old coins,usually Pennies & Halves,with a "just give me what you think they are worth" spiel.9x out of 10 they are worthless coins and when you give them $20 for a couple of $ worth of rubbish they spend the rest of their lives big noting about how they were ripped off with the sale of their old coins. Its happened to me several times over the years so now i just tell them to list on Ebay as that will return more than i can pay,it works every time as the $ signs start spinning in their eyes.
agree with PP and Basil
see the goods first hand
I once witnessed a woman having a stand-up argument in Edlins in town here as she had a well worn 1927 PH florin in her hand at the front counter and insisted it was worth at least $50,000 - she stormed out of the shop accusing the staff of trying to cheat her
though, often true rarities do have a local reputation
but it is hard if a person is broke and they need the $$ to put food on the table - I think that is 50% of why we have coin dealer businesses
as the dealer takes the risks but yes, a lot of dealers would offer $300 or far less for that variety especially if it bundled in a lot sale
with respect to the sale, you are assuming a sale of $2,000 minimum after sending to be slabbed and then putting through the auction, then selling , then respective commission taken and if the coin doesn't sell etc and you have made that call without having seen the actual coin
Quote from: 'robbiegal' pid='67782' dateline='1425077803'I once witnessed a woman having a stand-up argument in Edlins in town here as she had a well worn 1927 PH florin in her hand at the front counter and insisted it was worth at least $50,000 - she stormed out of the shop accusing the staff of trying to cheat her
Yeah,seen the same scenario many times over the years.One incident that springs to mind was when i was having a chat to the local Coin dealer in his shop.A woman walks in all excited and says " ï bet you haven't seen one of these before".She unwraps an old Sovereign from a felt rag and gives it to the dealer,he has a quick look and asks what she wants for it,she says "it belonged to my Grandfather and its worth several thousand i'm told." He then said $200,its only worth the Gold content,she was stunned for a few seconds then let go a tirade of abuse,i was surprised that Miss Prim & Proper knew so many swear words.
Anyway the Dealer wasn't worried,he said it happens all the time,people can't comprehend a 100 year old Gold coin isn't worth thousands.He then said have a look at this,he took me to the safe and showed me a Bank Bag half full of Sovereigns,he joked about not having seen one before.He was just waiting for the Gold price to rise before selling.
Honesty is the best policy. But is there a difference between someone you know and someone you don't? I'd bet most shop front dealers would pay minimum.
How do we view the other scenario where a rare coin is spotted on the internet and it's obvious the seller is unaware of it's value. Do we apply the same honesty principle, or get it as cheaply as we can? I must admit to acquiring a 1931 dropped 1 indian obv. penny in this way, but personally don't have a problem with it.:yahoo: :dodgy:
all good advice folks , well done ,
but knowing trout as much as I do ,
I believe he has made a commitment , and he will honour his part of the deal , providing the coin is good enough to send over for slabbing , and he will know that as soon as he sees the coin .
there was a movie made long ago about a honest man ,
it was a movie called GENTLEMAN JIM , and I think it was a movie they made knowing that one day they would find this guy in the flesh ..
good on ya Jim , [ YOUR A CHAMPION ] well done .
Gentleman Jim was my great great uncle Kel (in real life)
maybe even grat great great??? he was my grandmothers' uncle anyways
https://www.youtube.com/watch?v=OOuWWzP7wl0 :laugh2: sorry I really couldn't help it..I was going to say something else but I wanna be good :blush2: