Dealers: How do you handle buying back merchandise? With an example.

When a collector who purchased a coin from you wants to sell it back to you
for cash or for credit, do you have a set way to handle it? I know some
dealers who will give back 100% of the purchase price, where others will
give 90%.

I ask this question because I tried to sell something back to a dealer at
the GSNA New Jersey show today. I bought a medal last year for $500 from a
dealer. I realized when I got home I overpaid by about $125. Not the end of
the world. I took the medal with me today knowing the dealer would be there,
and this is the exchange that happened:

Me: Hi, I bought a medal from you last year, and was wanted to know if you
would be interested in buying it or giving me credit.

Dealer: Sure, I'll take a look.

Me: I paid $500 for this.

Dealer: There is no way you paid that much.

At this point, I pull out his original tag with description with a price
marked $550.

Me: Yes I did, and here is your original tag.

Dealer: (very proud of himself) I did good getting $500 for this.

Me: ok, so what can you offer me in credit?

Dealer: $200

Me: (Shocked) I paid you $500 for it!

Dealer: Well thats all I can offer.

Me: Well, that is the last time I ever buy from you.

Ok, so yes this has left a very sour taste in my mouth, as this dealer
clearly would rather lose a customer to make a quick buck.

My question to dealers is, what would you do in this situation? Wouldnt it
be better to say I cant use the coin/medal right now rather than make such a
low ball offer?

Collectors: what would you do if you were in my shoes? Yes I know the
obvious answer is know what you're buying, but the mistake was made, and I
realize that and know better for the future.

"Ankur Jaiswal" wrote in message
...
When a collector who purchased a coin from you wants to sell it back to
you
for cash or for credit, do you have a set way to handle it? I know some
dealers who will give back 100% of the purchase price, where others will
give 90%.

I ask this question because I tried to sell something back to a dealer at
the GSNA New Jersey show today. I bought a medal last year for $500 from a
dealer. I realized when I got home I overpaid by about $125. Not the end
of
the world. I took the medal with me today knowing the dealer would be
there,
and this is the exchange that happened:

Me: Hi, I bought a medal from you last year, and was wanted to know if you
would be interested in buying it or giving me credit.

Dealer: Sure, I'll take a look.

Me: I paid $500 for this.

Dealer: There is no way you paid that much.

At this point, I pull out his original tag with description with a price
marked $550.

Me: Yes I did, and here is your original tag.

Dealer: (very proud of himself) I did good getting $500 for this.

Me: ok, so what can you offer me in credit?

Dealer: $200

Me: (Shocked) I paid you $500 for it!

Dealer: Well thats all I can offer.

Me: Well, that is the last time I ever buy from you.

Ok, so yes this has left a very sour taste in my mouth, as this dealer
clearly would rather lose a customer to make a quick buck.

My question to dealers is, what would you do in this situation? Wouldnt it
be better to say I cant use the coin/medal right now rather than make such
a
low ball offer?

Collectors: what would you do if you were in my shoes? Yes I know the
obvious answer is know what you're buying, but the mistake was made, and I
realize that and know better for the future.


If you know the obvious answer, what else do you expect here? What did you
expect to get for the medal one full year later? What you paid for it? You
apparently were satisfied at the time to part with your $500 for the medal.
How long before you decided you paid too much? Do you buy objects like this
first and then check later to see if you paid the going price? Regardless
of the dealer's bedside manner, he wasn't bound to return all or most of
your money for a medal he might have no buyer for. Ever try to sell a
diamond back to the jeweler you bought it from?

It is like you want insurance to cover a loss, without paying any premiums
for that insurance.

Perhaps the "dealer" could have been more tactful, or offered you a "deal"
on something else, such as given a credit on an up-grade or a new purchase
(trade-in), but I see no obligation to refund full amount.

On May 14, 1:47*pm, "Ankur Jaiswal" wrote:
When a collector who purchased a coin from you wants to sell it back to you
for cash or for credit, do you have a set way to handle it? I know some
dealers who will give back 100% of the purchase price, where others will
give 90%.

I ask this question because I tried to sell something back to a dealer at
the GSNA New Jersey show today. I bought a medal last year for $500 from a
dealer. I realized when I got home I overpaid by about $125. Not the end of
the world. I took the medal with me today knowing the dealer would be there,
and this is the exchange that happened:

Me: Hi, I bought a medal from you last year, and was wanted to know if you
would be interested in buying it or giving me credit.

Dealer: Sure, I'll take a look.

Me: I paid $500 for this.

Dealer: There is no way you paid that much.

At this point, I pull out his original tag with description with a price
marked $550.

Me: Yes I did, and here is your original tag.

Dealer: (very proud of himself) I did good getting $500 for this.

Me: ok, so what can you offer me in credit?

Dealer: $200

Me: (Shocked) I paid you $500 for it!

Dealer: Well thats all I can offer.

Me: Well, that is the last time I ever buy from you.

Ok, so yes this has left a very sour taste in my mouth, as this dealer
clearly would rather lose a customer to make a quick buck.

My question to dealers is, what would you do in this situation? Wouldnt it
be better to say I cant use the coin/medal right now rather than make such a
low ball offer?

Collectors: what would you do if you were in my shoes? Yes I know the
obvious answer is know what you're buying, but the mistake was made, and I
realize that and know better for the future.

The first paragraph of this post is preposterous and the rest of the
post is just pud-pulling. Retail don't work that way.

oly

"Brian" wrote in message
...
Dealers are supposed to be professional, and know their business. I
don't condone this dealer's actions. A dealer is still reponsible for
knowing fair market value and charging his customers a low enough price
accordingly so in the event it does come back to them, they can make a
fair offer. While I don't expect dealers to be able to buy back
everything that comes back to them at 100% of what was paid, they
should be able to buy most everything close to that assuming there is no
market crash and coins return in an orderly manner. If you took
advantage of your customers as prices bloomed, be prepared to help them
out after prices got crushed or expect to lose them as customers. One of
my general coin axioms is that the bulk of dealers don't want 90% of the
coins they sold back, esp. from collectors who know fair value. These
guys prefer to buy for peanuts from chumps and then sell
to well-heeled buyers for all the money. It's a one-way street. They
don't want those coins back again at anything near fair market wholesale
value. More profitable
to buy from unknowing public.

So since you know all that, it's not likely you would buy a medal from a
dealer for $500 and then check out prices elsewhere, finding you could have
bought it $125 cheaper from someone else. And you wouldn't be likely to
return to that same dealer a year later with that same medal and essentially
expect your original money back or the equivalent in merchandise.


I went through similar things in my early years with local dealers. One
was selling me gem raw commems for grey sheet ask prices. When I came
back a couple of years later
to sell them he said he had no customers for them. What he really meant
to say was that he was buying those commems as MS60-MS63's and then
selling them for 65's. He only
wanted to buy them back as he orig had bought them (ie 1 way street).
Scratch that guy off the list. I haven't been in his shop in 30 yrs and
I pass by it fairly frequently.

You accuse the dealer of selling you commems at gray sheet prices, when in
fact you were buying them from him at grey sheet prices. Choice of words
can change things. One way implies you felt he was ripping you off, the
other that you were satisfied with these transactions.


Another dealer who I had purchased a BU reeded half from told me she had
never seen that coin before in her life and would not buy it back at any
price, this after buying several
important coins from her. Never looked at that dealer's coins again even
though they set up at the monthly show I attended over the next 20 yrs.
There are always
plenty of coins out there and plenty of dealers to buy them from. This
is why I suggest all collectors at times try to sell some of their coins
to the dealers they buy from. Find out
if you are on 1-way or 2-way street. To those that say they are just
collectors and never sell, all I can say is "good luck."

Why would a collector who never sells his coins need "good luck"? If you're
one who sells his coins to dealers, you ought to know by now that you often
will take a significant hit from the price you paid-- regardless of where
you bought it. And just because you are ready to sell a specific coin
doesn't mean a dealer should be willing to invest his capital in it (at your
price) if he thinks it might sit in his stock for a while and tie up his
money.

By the way, the dealer was Thomas Enterlein

Here is the medal in question.

http://i56.tinypic.com/2dag0vn.jpg

"Ankur Jaiswal" wrote in message
...
By the way, the dealer was Thomas Enterlein

Here is the medal in question.

http://i56.tinypic.com/2dag0vn.jpg



Looks attractice to me. I have no idea what it's worth. Apparently neither
did you when you bought it. I would imagine that there is a much wider
range of values for these things than for coins. Unless you have a good
working knowledge of prices in this field, maybe you shouldn't buy medals on
impulse-- especially $500 ones.

On May 15, 8:37*am, "Ankur Jaiswal" wrote:
By the way, the dealer was Thomas Enterlein

Here is the medal in question.

http://i56.tinypic.com/2dag0vn.jpg

You just don't get it, do you???

There is no obligation to make any buy-back offer, let alone one that
gets you out at break even.

I hope that the dealer comes back with your real name, and any handles
that you use on ebay. You should be shunned and blocked.

oly

On 5/17/2011 8:16 AM, gogu wrote:
Don't bother with him, he will insult you even if you...agree with him:-)
To the oblivion with him I say.

It's those Little Debby "oatmeal" cookies he's addicted to. The man
needs help. This is serious, and it's getting worse and worse. Nobody is
this nasty and ornery without reason, and now we know the reason.
Anybody near him who can organize an intervention for Oly? I hate to see
somebody degenerate like him, Oh, the humanity!

--

Consumer: http://rg.ancients.info/guide
Connoisseur: http://rg.ancients.info/glom
Counterfeit: http://rg.ancients.info/bogos

In article , Reid Goldsborough wrote:
On 5/17/2011 8:16 AM, gogu wrote:
Don't bother with him, he will insult you even if you...agree with him:-)
To the oblivion with him I say.

It's those Little Debby "oatmeal" cookies he's addicted to. The man
needs help. This is serious, and it's getting worse and worse. Nobody is
this nasty and ornery without reason, and now we know the reason.
Anybody near him who can organize an intervention for Oly? I hate to see
somebody degenerate like him, Oh, the humanity!

fire up the cookie canon and send a salvo asap.