Question on return privileges

[Rayman311]

Full and part-time Dealers: Please share if it is your common practice (or an unreasonable buyer request) to offer a return privilege (buyer evaluation) when selling one of your coins online?

Prospective Buyers: What is your expectation for a return or evaluation privilege?

 

Scenario: Buyer offers to purchase a coin we'll say is several thousand dollars that is listed on your website with a photo. Your site list numerous perceived high quality and high value coins encapsulated primarily in PCGS and NGC holders. For this discussion lets say the buyer is unknown to you and/or not a regular buyer. Buyer inquires what is the return privilege or evaluation period upon purchase. Dealer indicates that unable to extend one that the photo should suffice and clarifies it's a consignment coin. The coin may or may not have little stickers such as CAC, Eagle eye...etc. if that makes a difference to you.

 

Questions are posed as general knowledge and interest. There is no intention to cause any ill will to any dealers (real or imagined). There are many large and small dealers on this site and I am interested to understand if there is an etiquette or standard involved.

 

If there is any additional criteria necessary to answer, please share.

 

Disclosure: Collector only here. No interest in becoming a dealer.

 

[newprepper]

If you read the Money Marketplace here, most everybody offers return within 7-14 days. I have returned 1 coin, had no problem from the seller. It makes you wonder what they are trying to hide when they say photo should suffice.

 

Check out this link on how different a photo can be, (courtesy of Mark Feld)

 

http://boards.collectors-society.com/ubbthreads.php?ubb=showflat&Number=6354645#Post6354645

[gmarguli]

It is common to offer a short return privilege even if it is not started. However, if none is stated, you should assume that it is a done deal and you will own that coin. Also, if you chisel on the price, you can more likely expect that deal to come with no return privilege.

[copper toning]

Also, if you chisel on the price, you can more likely expect that deal to come with no return privilege.

 

 

This should make no difference with a return privilege. I would walk away if this was given as a no return policy reason.

[BillJones]

Also, if you chisel on the price, you can more likely expect that deal to come with no return privilege.

 

 

This should make no difference with a return privilege. I would walk away if this was given as a no return policy reason.

 

I agree. I would not enter into the deal under these circumstances.

 

As to pricing, I ask what the seller needs, and he gives me an answer. If it is too high from the get go, I would not have him send the coin.

 

I have called dealers that I know well and have negotiated prices. They don't mind because we have been doing business for a long time, and I just don't negotiate for the sake of haggling. I fact I rarely do negotiate prices. It is usually an up or down decision based upon the quote.

 

[jom]

If the coin can't be seen in hand, you should get a return privilege. Otherwise, pass.

 

jom

[MarkFeld]

I offer an unconditional 10 day return privilege on all of the coins I list for sale.

 

It doesn't matter if the potential buyer is unknown to me or not. Nor does it matter whether I won the coin or if it has been consigned.

 

I don't recall a single instance in which someone took anywhere close to the 10 day period to make a decision and/or return a coin.

 

I also, believe that in most cases, ANA members are obligated to offer a similar return privilege.

 

As a buyer, with few exceptions, I would refuse to do business with a seller who did not offer a return privilege. Frankly, it would make me suspicious.

[BillJones]

In almost all instances when I return a coin it is in the mail the day after I receive it.

[TomB]

My response is similar to Mark's, which is fairly typical for the two of us. The written return policy on my website is to give the client seven days after receipt of the coin(s) to inform me of a return and have the coin(s) back in the mail. I do not charge a restocking fee and do not require a reason for return. This holds true for coins that I own as well as consigned coins and for clients I know as well as new clients. Truly, it should take no where near seven days to determine if a coin will be kept or not, but I like to extend that opportunity to the client. Coins sold from my ebay account are given a fourteen day return period. It would be mighty tough for me to enter into a transaction with no ability to return the coin after in-hand inspection and I would not want to put those conditions onto any of my clients.

[physics-fan3.14]

A written return policy is absolutely crucial to me dealing with anyone online. 7 days seems to be the standard, and I feel that's plenty of time. 10 or 14 days seems excessively long - if you don't like a coin, why would it take you that long to figure that out?

[MarkFeld]

A written return policy is absolutely crucial to me dealing with anyone online. 7 days seems to be the standard, and I feel that's plenty of time. 10 or 14 days seems excessively long - if you don't like a coin, why would it take you that long to figure that out?

 

It's not always about whether the potential buyer likes (or doesn't like) the coin. Occasionally it's a matter of finances, waiting to learn whether an auction bid is successful, deciding between two different coins (of the same or different type), etc. Still, I agree that 7 days should be long enough.

[gmarguli]

Also, if you chisel on the price, you can more likely expect that deal to come with no return privilege.

 

 

This should make no difference with a return privilege. I would walk away if this was given as a no return policy reason.

 

I agree. I would not enter into the deal under these circumstances.

 

To me, if you want the absolute lowest price, it comes with a trade off. I don't want to see the coin back. You own it.

[Rayman311]

BillJones- I operate the same way.

 

To the dealers who have replied so far, your policies appear more than generous and I'm sure that why you have a loyal following.

[AnkurJ]

This should not have been posted publically. My apologies.

[Rayman311]

 

First off, this is my feeble attempt at an educational thread where buyers and sellers can share their expectations of each other. This is not about one particular dealer. No ill will I assure you. Stuff happens... it's only a coin. It's your choice if you wish to continue with full disclosure from here.

 

Lastly, I hope this will remain a professional and civil exchange amongst all. It was not my intention to out anyone. Your business model is your business. I'm a collector and not a business man who attempts to navigate in a world of shysters and fraudsters in search of the true collectors.

 

Unfortunately I had hoped this thread would provide a health honest exchange, but now the poof potential is great.

 

 

[newprepper]

It's your choice if you wish to continue with full disclosure from here.

 

Unfortunately I had hoped this thread would provide a health honest exchange, but now the poof potential is great.

 

 

I didn't quite understand these 2 comments.

 

Are you saying Ankur is not being 100% truthful?

Don't you think there has been honest exchange?

[Brol]

7 days is plenty! When I take the coin in hand, it takes 30 seconds to decide whether I want to keep the coin, or I want to return her.

[MarkFeld]

First off, this is my feeble attempt at an educational thread where buyers and sellers can share their expectations of each other. This is not about one particular dealer. No ill will I assure you. Stuff happens... it's only a coin. It's your choice if you wish to continue with full disclosure from here.

 

Lastly, I hope this will remain a professional and civil exchange amongst all. It was not my intention to out anyone. Your business model is your business. I'm a collector and not a business man who attempts to navigate in a world of shysters and fraudsters in search of the true collectors.

 

Unfortunately I had hoped this thread would provide a health honest exchange, but now the poof potential is great.

 

 

It appears that the thread has provided that for which you had hoped. And I see no reason why it can't continue.

[mkman123]

What do the dealers do if a person has a history of returning things? There is a member ats that has a hx of returning coins.....do dealers suck it up and ban that person from ever buying? I mean the headache of returns has to be annoying

[jom]

7 days is plenty! When I take the coin in hand, it takes 30 seconds to decide whether I want to keep the coin, or I want to return her.

 

I takes me only 29 seconds...so there.

 

jom

[MarkFeld]

What do the dealers do if a person has a history of returning things? There is a member ats that has a hx of returning coins.....do dealers suck it up and ban that person from ever buying? I mean the headache of returns has to be annoying

 

Yes, at a certain point - and it varies from dealer to dealer - a dealer will choose to stop doing business with a person who is a heavy returner of coins.

[TomB]

What do the dealers do if a person has a history of returning things? There is a member ats that has a hx of returning coins.....do dealers suck it up and ban that person from ever buying? I mean the headache of returns has to be annoying

 

Fortunately, the return rate that I have experienced is exceptionally low, but if someone had a history of returning nice coins at a fairly high rate then I would likely tell them that I wasn't certain if the coin in question would fit their needs and would hope that might be enough to sway them away from the piece. If this did not work, then it might be time to tell the client that I might not be comfortable with the rate of return. However, this has never happened to me.

 

I have, though, been told by other dealers that they have had to "ban" some clients becuase of excessive returns.

[AnkurJ]

One other thing I want to point out. I recently sent a 4 figure bust quarter to a collector on approval. The coin was also consigned to me. I spoke to the consignor, and after recieving a list of refernces from the collector, sent the coin on approval.

 

And as I stated before, it was not my coin to dictate a return policy. However the dealer who owns it said he would have no problem with it had the coin not sold.

 

Ankur

[copper toning]

I would think that the return policy is dictated by you even on a consignment. The consignor can either agree or move on. I assume you have full insurance while the coin is in your inventory or out to a collector.

 

This could keep future confusion down.

[Rayman311]

It's your choice if you wish to continue with full disclosure from here.

 

Unfortunately I had hoped this thread would provide a health honest exchange, but now the poof potential is great.

 

 

I didn't quite understand these 2 comments.

 

Are you saying Ankur is not being 100% truthful?

Don't you think there has been honest exchange?

 

Are you saying Ankur is not being 100% truthful?

Not at all. It is my feeling that an urge to respond quickly prevented one from providing sufficient detail to the events in a private matter which should remain that way. I would prefer proper etiquette and professionalism prevail. I do not wish there to be a misperception of either party based on an abbreviation of events shared. Misunderstandings sometimes happen. Again, I see no need.

 

Don't you think there has been honest exchange?

By " honest", I meant "uncensored" rather than lack of honesty. My apologies.

[AnkurJ]

This should not have been posted publically. My apologies.

[MarkFeld]

One other thing I want to point out. I recently sent a 4 figure bust quarter to a collector on approval. The coin was also consigned to me. I spoke to the consignor, and after recieving a list of refernces from the collector, sent the coin on approval.

 

Since Rayman is fairly new, he did not have references. And as I stated before, it was not my coin to dictate a return policy. However the dealer who owns it said he would have no problem with it had the coin not sold.

 

Ankur

 

Something to keep in mind - The coins you take on consignment (as well as their prices and shipping and/or return policies) reflect upon you and your reputation, not that of the owner.

 

I know some dealers who will take just about anything on consignment, at just about any price, figuring that there's no downside - that they will either make a profit on the coin or eventually return it to the consignor.

 

But there is downside - to the financial well being.of the dealer's clients, as well as to the.dealer's reputation. And because of that, some dealers are careful regarding what coins they will accept on consignment and at what price levels.

 

Another interest to consider is that of the consignor. A consignor should be careful about what dealers they consign to and make certain that the terms of the consignment agreement are spelled out clearly.

 

Not all dealers give the coins a legitimate chance at being sold, or if sold, at a reasonable markup over the consigned price. Not all dealers pay the consignor within a reasonable amount of time once the coin is sold. And so on.

 

. And a consignor should also make certain that both parties know the terms of the consignment agreement and that there are no bad surprises, while the coin is beig offered or once it's been sold.

[Rayman311]

First off, this is my feeble attempt at an educational thread where buyers and sellers can share their expectations of each other. This is not about one particular dealer. No ill will I assure you. Stuff happens... it's only a coin. It's your choice if you wish to continue with full disclosure from here.

 

Lastly, I hope this will remain a professional and civil exchange amongst all. It was not my intention to out anyone. Your business model is your business. I'm a collector and not a business man who attempts to navigate in a world of shysters and fraudsters in search of the true collectors.

 

Unfortunately I had hoped this thread would provide a health honest exchange, but now the poof potential is great.

 

 

It appears that the thread has provided that for which you had hoped. And I see no reason why it can't continue.

 

Agree!

[newprepper]

It's your choice if you wish to continue with full disclosure from here.

 

Unfortunately I had hoped this thread would provide a health honest exchange, but now the poof potential is great.

 

 

I didn't quite understand these 2 comments.

 

Are you saying Ankur is not being 100% truthful?

Don't you think there has been honest exchange?

 

Are you saying Ankur is not being 100% truthful?

Not at all. It is my feeling that an urge to respond quickly prevented one from providing sufficient detail to the events in a private matter which should remain that way. I would prefer proper etiquette and professionalism prevail. I do not wish there to be a misperception of either party based on an abbreviation of events shared. Misunderstandings sometimes happen. Again, I see no need.

 

Don't you think there has been honest exchange?

By " honest", I meant "uncensored" rather than lack of honesty. My apologies.

 

Thanks for clearing that up, I know personally I don't always list all the reasons for decisions I make, I don't always feel it is necessary. You didn't have all the information as to why he couldn't extend the privelige. Misunderstandings occur. Life goes on. Sounds like for that coin you were a day late and a dollar short.

[Hard Times]

Also, if you chisel on the price, you can more likely expect that deal to come with no return privilege.

 

 

This should make no difference with a return privilege. I would walk away if this was given as a no return policy reason.

 

I agree. I would not enter into the deal under these circumstances.

 

To me, if you want the absolute lowest price, it comes with a trade off. I don't want to see the coin back. You own it.

 

I like what Mr. Bush and Mr. Feld note about return policy. All you are doing here Mr. Marguli is convincing me why I would never buy from you. It is ALL about customer service all the time in every way. You don't offer a return policy because because a buyer and you agree to a price that is too low? Puhlease matey

 

Best, HT