I'm Depressed: I Purchased 3 Raw Coins From A Stacks Auction

[gmarguli]

Sometimes you get lucky - sometimes NOT !

Here is the only coin I have tried to get slabbed (PCGS) that I bought from Stacks.

Catalogued as a Choice BU :

 

Grade - BB altered surfaces.

 

Oh well - it is still pretty nice for MY purposes.

 

You need to get Greg to learn ya on how to buy coins sight unseen....

 

Rule #1: Avoid dealers that call others wannabes and sell problem coins like this while calling their buyers *spoon* and then screaming that the coin is wonderful and original (ignoring the fact a carbon spot was scratched off it and the coin had previously been cleaned).

 

 

I can continue with many more rules if you'd like?

While that was a decent slam, it did not really pertain to the previous posts about sight-unseen purchases. Legend has a return privilege, while auction houses generally do not. That can (though it doesn't always) make a big difference.

 

According to the web site, A non-negotiable 3% return handling fee for credit card payments will be deducted from any refund for returned lot(s).

 

While Bruce did extend a return privilege to me and I previously posted before that that I was sure I could have that waived, there is still a built in negative to returning coins. A restocking fee is a restocking fee no matter how it is phrased.

 

And I think this could very well pertain to posts about buying sight unseen. For example, what if the person making the comments about the coin being wonderful and original was charging people 5% to look at auction lots? Would that be money well spent?

[MarkFeld]

Greg, sorry for not having been clear - I was speaking of Legend's non-auction sales, which, by the way, constitute(d) an extremely high percentage of their overall sales.

[Tradedollarnut]

Sometimes you get lucky - sometimes NOT !

Here is the only coin I have tried to get slabbed (PCGS) that I bought from Stacks.

Catalogued as a Choice BU :

 

Grade - BB altered surfaces.

 

Oh well - it is still pretty nice for MY purposes.

 

You need to get Greg to learn ya on how to buy coins sight unseen....

 

Rule #1: Avoid dealers that call others wannabes and sell problem coins like this while calling their buyers *spoon* and then screaming that the coin is wonderful and original (ignoring the fact a carbon spot was scratched off it and the coin had previously been cleaned).

 

 

I can continue with many more rules if you'd like?

 

Pretty lame. What's this got to do with the topic at hand?

[Tradedollarnut]

PS - I can't see jack in that little highlighted window. Can you blow it up to electron microscope size so we might determine what you are obfuscating this thread about?

[Tradedollarnut]

A restocking fee is a restocking fee no matter how it is phrased.

 

Even when it's NOT a restocking fee?

[gmarguli]

A restocking fee is a restocking fee no matter how it is phrased.

 

Even when it's NOT a restocking fee?

 

What is the fee for then? Are you saying that your credit card processor still charges you when an item is returned in a couple of days after the original charge? That'll be an unusual situation.

[gmarguli]

PS - I can't see jack in that little highlighted window. Can you blow it up to electron microscope size so we might determine what you are obfuscating this thread about?

 

Sorry, but can't help you. If you can't see the problem area, then I'm sorry your eye sight is so poor.

[gmarguli]

Sometimes you get lucky - sometimes NOT !

Here is the only coin I have tried to get slabbed (PCGS) that I bought from Stacks.

Catalogued as a Choice BU :

 

Grade - BB altered surfaces.

 

Oh well - it is still pretty nice for MY purposes.

 

You need to get Greg to learn ya on how to buy coins sight unseen....

 

Rule #1: Avoid dealers that call others wannabes and sell problem coins like this while calling their buyers *spoon* and then screaming that the coin is wonderful and original (ignoring the fact a carbon spot was scratched off it and the coin had previously been cleaned).

 

 

I can continue with many more rules if you'd like?

 

Pretty lame. What's this got to do with the topic at hand?

 

Just a rule for buying sight-unseen and an example of the risks.

[Tradedollarnut]

A restocking fee is a restocking fee no matter how it is phrased.

 

Even when it's NOT a restocking fee?

 

What is the fee for then? Are you saying that your credit card processor still charges you when an item is returned in a couple of days after the original charge?

 

That is correct.

[Tradedollarnut]

PS - I can't see jack in that little highlighted window. Can you blow it up to electron microscope size so we might determine what you are obfuscating this thread about?

 

Sorry, but can't help you. If you can't see the problem area, then I'm sorry your eye sight is so poor.

 

I see a spot - where are the pin scratches? It's a small spot - hardly a problem except on a superb gem. Most 100 year old coins have a problem or two.... they are taken into account in their net grade.

[MarkFeld]

A restocking fee is a restocking fee no matter how it is phrased.

 

Even when it's NOT a restocking fee?

 

What is the fee for then? Are you saying that your credit card processor still charges you when an item is returned in a couple of days after the original charge?

 

That is correct.

I do not accept credit cards for orders and that sounds like an absurd policy on the part of a credit card company, but I have heard the same from other dealers. I'd be curious as to whether it's only some credit card companies and/or if that policy is applied consistently to their merchants.

[gmarguli]

A restocking fee is a restocking fee no matter how it is phrased.

 

Even when it's NOT a restocking fee?

 

What is the fee for then? Are you saying that your credit card processor still charges you when an item is returned in a couple of days after the original charge?

 

That is correct.

I do not accept credit cards for orders and that sounds like an absurd policy on the part of a credit card company, but I have heard the same from other dealers. I'd be curious as to whether it's only some credit card companies and/or if that policy is applied consistently to their merchants.

 

I suspect that Legend has an awful contract with the credit card processor. Not all merchant accounts are like this.

[Tradedollarnut]

Terms are usually based on volume. Quite frankly, coin companies don't do much credit card volume as collectors want to save the %.

[James_OldeTowne]

I can't believe this thread still has legs! It makes me kind of sad that so much (maybe all) of the focus of the discussion is on the financial aspects of buying and selling coins, rather than on the simple pleasure of owning coins. When did "profit" become the main - or only - measure of whether or not a coin is worth owning?

 

Shameful.... and sad .

 

I personally think that the excessive promotion and hyping coin collecting more as a business than a hobby is a far worse problem than coin doctoring.

[IGWT]

It makes me kind of sad that so much (maybe all) of the focus of the discussion is on the financial aspects of buying and selling coins, rather than on the simple pleasure of owning coins.

 

The financial aspect of buying and selling coins does not dominate the discussion on these boards as it does elsewhere. I don't think there's anything wrong with an occasional thread on the topic, especially when the posts contain information that help collectors avoid mistakes. Even a collector concerned only with "the simple pleasure of owning coins" wants to avoid spending money on a coin that doesn't meet his expectations.

 

And, for what it's worth, my post had a lot more to do with "collecting" than the financial aspects of buying and selling:

 

I bought a raw coin out of a Stack's auction sight-unseen when I couldn't find anyone to view it for me. It was an uncatalogued, previously undiscovered die variety in my area of collecting, and it was relatively inexpensive. I didn't even care much whether or not the coin would holder. In short, for me, the potential benefit greatly outweighed the risks.

 

Chin up!

[MarkFeld]

I can't believe this thread still has legs! It makes me kind of sad that so much (maybe all) of the focus of the discussion is on the financial aspects of buying and selling coins, rather than on the simple pleasure of owning coins. When did "profit" become the main - or only - measure of whether or not a coin is worth owning?

 

Shameful.... and sad .

 

I personally think that the excessive promotion and hyping coin collecting more as a business than a hobby is a far worse problem than coin doctoring.

James, I think a major part of the focus has been on sensible buying, in pursuit of that "pleasure of owning coins", namely, on a sight-seen basis.

[wayneherndon]

I don't really want to be in this thread but...

 

That credit card provision is a atypical. Usually, when I see this fee (or a similar one for PayPal) it is because the merchant just doesn't realize their fees are reversed if a credit transaction is processed. However, I suppose there could be some merchant accounts that really do keep the transaction fee even when an item is returned. If Legend does indeed have this a part of the merchant account agreement, I would suggest changing merchants. Try going through Nova using either a Sam's or Costco account. Both clubs use the combined volume of all small business members to obtain superb processing rates and terms.

 

WH

[Tradedollarnut]

I'll try to remember to check this with Laura when I get back from the World Series of Poker. I do know that she's told me in the past they get charged even on returns.