A Major Coin Firm Called Me Today to Buy a Specific Coin from My Collection

[TomB]

Has this ever happened to anyone else here? This wasn't a blanket call where an auction firm was soliciting submissions for an upcoming auction, this was a call by a well-respected numismatic firm that wanted a specific coin that I have in my collection. Of course, I had bought the coin from them initially, several years ago, so they had on record who they had sold the coin to. This piece is one of my favorite coins and there is no realistic chance that it is being sold anytime soon.

 

I told the representative that they sold the coin to me for far less than it was worth at the time of sale and the representative agreed with me. The representative also stated that I would make a substantial profit on the coin should I decide to sell. This was not a simple mistake in pricing on their part that I happened to take advantage of; rather, this was a lack of appreciation as to the scarcity of the quality that they were selling and the blame lies squarely on both their shoulders and on the shoulders of the then owner who sold the coin through them.

 

I wasn't annoyed at all by the phone call and I don't believe that the numismatic firm did anything wrong. I am, however, quite pleased that someone remembered the image of the coin from the web site and that they remembered it well enough that they initiated a search for the piece several years after it was sold. Anyway, there is absolutely no need for me to identify either the coin or the numismatic firm, so I will leave the details out.

 

Has this happened to anyone else?

[truthteller]

Yes, this has happened with several coin dealers, from small to large. Several of the coins I have purchased from these dealers. Each offered to place the coin for a profit. One dealer quoted a price, I countered with 3X his offer and he became indignant. That same dealer called back several weeks later and bought the coin at my price. Knowledge of a collector's inventory is a bad thing, in my opinion, since your coin can get offered to someone else, before you even get in contact with the dealer. In many auctions, I see dealers writing down the names of winning bidders, "just in case".

 

 

 

TRUTH

[GP_]

nah, I don't have anything anyone else would want

[EVillageProwler]

Tom,

 

Is this coin one of the few that you and I have discussed before?

 

EVP

[DaveG]

Nah, I don't have anything that memorable, either.

 

 

 

 

(except, of course, the coin I bought from you. )

[BOILER78]

Yes. It has happened to me several times. Usually after I purchased the coin at auction and the auction company is acting as a go between. I have never actually sold a coin this way because I buy coins for my collection. I don't buy them as investments. Now if I happen to make a buck or two when I change directions and decide to sell thats OK too.

[EZ_E]

I have never actually sold a coin this way because I buy coins for my collection. I don't buy them as investments. Now if I happen to make a buck or two when I change directions and decide to sell thats OK too.

 

I love that attitude! It is the attitude of a true collector (with knowledge).

[Oldtrader3]

I am sure that many firms keep records of customer's purchases both in auction and regular retail sales. I know that Heritage does and others as well. It is smart business for them to keep these records. It never hurts to ask a customer if them would like to sell a specific coin. IMHO, if handles respectfully, this is just normal business.