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Today was not the best coin dealer experiance

Hi, I'll try and write this in a dignified and proper manner, all the while respecting a specific coin dealerís business model and way of making a living. If one reads back to when I joined this forum, I made mention that I want to sell off most of my RCM NCLT personal collection. Please keep in mind I am in no financial hardship, I was just sick of sitting on it, and never looking at it. Also we are moving from a house to a condominium soon so we are down- sizing. My decimal coin collection will continue. Approx 6 weeks ago, I sold a number of select higher end, high demand NCLT material of KIJIJI. I posted them at a good price, and the responses I received were almost instantaneous. My price points were made based on Charlton listing, trends, and browsing online Canadian coin stores. I didnít get the going price, but hey, they did sell for more than I paid for them and for more than Iím sure any coin dealer would pay for them. In order to move a lot more stuff faster, I drove a ways from the GTA approx 3 weeks ago, and visited a well known coin shop there. One of the owners was there..nice guy, courteous, and all in all it was a good experience. I came with a spreadsheet of what I brought, along with some columns that had the trends value, Charlton and on- line coins shops. As he would read out an offer, I would look at the prices I had listed, make a quick judgement call if it was fair, and 80% of it I sold to him for approx 25-30% of my recorded prices. I walked out of there feeling somewhat uneasy about it 1st, but when I look back at it now, it was fast, and was like pulling off a band aid real fast. I recognize that this dealer needs to make a buck, and I don't regret it at all. (Especially when I view his website and see how much they are asking for this same material so Iím cool with this.) Now, this morning I took some more of this material to a well known and successful outfit within the GTA. I didnít feel like driving all the way back to the place outside the GTA, My jaw dropped again and again, as he quoted me offers me for each of these parts. The majority of it was 50-80% less than what the other dealer would give me if I drove down there again. This dealerís position is, we would only buy this material for its silver content, (and of course they did shave off a large percentage in their favour), because the market is saturated with this stuff, and we have a basement vault full of it we can't sell. At that time we were talking about pre 2000 commerative silver dollars. I mentioned to him that most other dealers would acknowledge some collector value, to any of the stuff i brought today, no matter how minimal. I start to get flustered and I mentioned to this guy, that my experiences with the other dealers was a little more positive, and another of his responses was 'we can buy this stuff at wholesale'. As a final test, I passed him a well known premium item that does have collector value, that I know with perseverance I could sell for $200+, (the 1st dealer offered me $125, but I passed), and this guy today offers me $49.00. My response was an abrupt, ďOK, this is all over now i got to goĒ, and I stuffed this coin back into my bag with the other material that I didnít even share with him. (BTW, He insisted on 2 occasions that he wanted me to empty the entire bag out for some unknown reason, but I always held back.) Anyway, I ended up only selling $100.00 worth of items that I know for sure the other dealer would have bought for $130-$140. Thank god I didnít sell him anything else, and I didnít mind bringing this stuff back and putting it back with all the other material left to sell.. Iím sure I saved 40 bucks on gas and wear and tear on my vehicle, by stopping the deal then and there. Needless to say I walked out of their angry, insulted, and thankful he didnít take advantage of me in any manner. I wad dignified about it and he was to, but they really left a bad taste in my mouth. Iím glad I got out of there alive, and equally happy I have never bought anything from them in the past. My question is, what makes a coin dealer get to the level where they canít even maintain the integrity of the hobby by giving their customer a fair shake? It was like night and day between these 2 coin shops. Additionally how can some dealers purchase coins whole sale and from whom, while others have to do it the good old fashioned way? This sounds like it puts everybody else at a disadvantage, including sellers like me. I guess this thread was a blend of a rant, followed by 2 genuine questions. If anybody is interested in knowing which shops I am referring to please email me.

HOOKEDONCOINS, 2/11/2012
CCRS member since: 10/23/2007
Posts: 428
e-mail: mpwallace1@hotmail.com


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Postings in this thread

Today was not the best coin dealer experiance (HOOKEDONCOINS, 2/11/2012)
 Re: Today was not the best coin dealer experiance (Jim Bulmer, 2/15/2012)
  Re: Today was not the best coin dealer experiance (AussieBob, 2/15/2012)

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