Ethics

trout · February 27, 2015, 09:37:43 PM

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?

Nevol · February 27, 2015, 09:45:39 PM

Handled like a true Aussie gentleman. ! Good on you Jim! :good:

ausjack · February 27, 2015, 09:46:05 PM

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:

Ozcoins · February 27, 2015, 09:53:33 PM

I would handle it the same as you did.
Good on you.

interest · February 27, 2015, 10:19:51 PM

Ya shouldn't rip people off, leave that to big business's.

duggee27 · February 27, 2015, 10:27:31 PM

same as you..

and we can sleep at night

Goldseeker · February 27, 2015, 10:46:52 PM

Honesty pays all the time.

Robster · February 27, 2015, 11:36:22 PM

Couldn't imagine you doing it any other way Trout.!! :ok:

Fulvio · February 27, 2015, 11:45:31 PM

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:

ausproofs · February 28, 2015, 02:52:16 AM

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 ..

Coiny Chris · February 28, 2015, 07:06:04 AM

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.

purplepennyhunter · February 28, 2015, 08:04:13 AM

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.

markn · February 28, 2015, 08:40:11 AM

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.

trout · February 28, 2015, 08:53:11 AM

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:

purplepennyhunter · February 28, 2015, 09:14:11 AM

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.