I Hate This! Buying Back Coins From Customers As A Coin Dealer

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CoinHELPu

Күн бұрын

I Hate This! Buying Back Coins From Customers As A Coin Dealer
My coin shop website portsmouthcoinshop.com/

Пікірлер: 545

@CoinHELPu 4 жыл бұрын

Coin Shop Website portsmouthcoinshop.com/

@1218Draco 4 жыл бұрын

Any chance you buy/sell Goldbacks?

@pedromateo5512 4 жыл бұрын

A half a quater the saying if from 1776 and 1976 silver on trying to solve it

@pedromateo5512 4 жыл бұрын

At least anyone the interests I can give you my phone number so we can talk about it and not to send you the picture

@rogermartin6732 4 жыл бұрын

I had a lady and her daughter come into my shop with a jar of common worn mercury dimes. I told her I would pay her $1.20 a piece and I sell them for $1.50 each. She wanted to know if I sold them for a buck and a half why I wasn't paying her a buck fifty. I said how can I make a profit at that and she said that wasn't her problem and stormed out the door. Some people just don't understand our business.

@redditsucksyo 4 жыл бұрын

Many people don't understand business at all.

@shoestringstacker9278 4 жыл бұрын

Had the same problem when I had my comic book shop.

@pwhales264 4 жыл бұрын

@@shoestringstacker9278 , You shouldn't tell people what you going to sell those buy back coins for, because you're going to run into idiots just like that lady. So save yourself the headache and just keep quiet about your selling pricing.

@justinsnider9772 4 жыл бұрын

Well I mean if you own a coin shop it’s kind of hard to hide the prices your selling things for, you don’t have to volunteer the info but it’s usually pretty easy for them to look at a price.

@pwhales264 4 жыл бұрын

@@justinsnider9772 what I meant was not to hide the prices of your items that you are selling, but not to tell the customer what you are re-selling those items for.

@HughesEnterprises 4 жыл бұрын

I used to work at Cabelas buying and selling used guns. We had this one customer that would buy 2-3 guns every week and then sell those same guns back over the next 2-3 weeks for extra cash after he shot them once and cleaned them. He has probably owned over 1,000 different rifles, traded them in, and has paid Cabelas tens of thousands of dollars in profit. Some people just don’t understand money.

@Drodgey212 2 жыл бұрын

As someone new to coin collecting, I found your channel and was surprised to find such an honest, good hearted person on here. It’s really rare in this day and age. Thank you for your videos

@jamesgossweiler1349 4 жыл бұрын

I've never sold a coin back to a dealer. Most dealers have a "return period" and after that, it's yours. Coin customers need to understand and respect that dealers need to make money in order to operate.

@justinsnider9772 4 жыл бұрын

If you have to sell something might as well just throw it up on eBay, you know a dealer has to make a profit so your not going to get the best price.

@CoinHELPu 4 жыл бұрын

It wasn't a return. He was fine with my offer. I actually paid him more than what he asked. I bought other items.

@sarge27271 3 жыл бұрын

I have to thank my lucky star. My LCS buys and sells for weight. (unless it's a rare piece of course) As an example, I got some Maples with BigFoot, and Rooster Privy for the price of generics. I didn't notice one BigFoot had started to tarnish. I called him a few weeks later to pick up some more loot, and told him about it, he simply said, bring it back, I'll exchange it for something else! That was very nice of him. So I think it's very important to find a good LCS and build a relationship with them. On that note, anyone near Daniel's shop sure is lucky ;)

@Mike-zf4ev 3 жыл бұрын

making a profit and ripping people off are two different things. Not all but most take advantage of their "customers" that don't know about these things.

@mitchdickson254 4 жыл бұрын

I use to put "No Returns" on Ebay auctions. Followed by "I am not Walmart, want to return it, go to Walmart". I would also post"This has an Arkansas guarantee. If it breaks in half, you get to keep both pieces" :)

@darthsilversith667 4 жыл бұрын

Mitch Dickson I mean.. as long as you’re being honest and upfront about the shape/condition of the thing you’re selling.. I don’t see a problem with that

@mitchdickson254 4 жыл бұрын

@@darthsilversith667 Self Defense Darth. Take this nut of Daniels here. Bought it, market changed, and he wants to come back a year later and expect Daniel to take the loss. I would have tossed him out immediately! Daniel has a lot more tolerance than I do ;)

@CoinHELPu 4 жыл бұрын

He's a sick and feeble old man and really nice. He just wanted out of the coins and tried to sell them cheaper than I was going to offer. I am the one that felt bad. He just went along with what I told him. He wasn't being a jerk or expecting the same money he paid. We already talked on the phone about it.

@afterserviceadventurescana6554 4 жыл бұрын

Daniel, you did the right thing by warning him in the first place. I know you feel bad about it but, as you know, it's going to happen! Your ethics are spot on Brother.

@johnschmitt754 4 жыл бұрын

Sounds like a good learning experience for both of you! Honest and fair businessmen like you are increasingly rare

@mjpena53 2 жыл бұрын

Actually you treated him like family not a customer. Sometimes it’s hard to say no. Some family do take advantage of ones kindness. I know you pride yourself for being honest and nothing less. Thanks for your integrity.

@davidbeckerich 2 жыл бұрын

My guess is that the gentleman knew what the market was offering for the set and figured a honest man like yourself would give him the best price. Your honesty can sometimes cause you to loose money, I'm glad you proved that you are nobody's fool and paid him a fair price for his set. We love you and feel for you in this situation.

@charlesdahmital8095 4 жыл бұрын

35 yrs in the auto repair industry taught me that learning how to say 'No' when you are the professional will keep you out of far more trouble than the rare times someone ends up miffed. Inevitably, someone you said 'No' to will come back and thank you later. If not, they can go and be angry at someone else who said yes.

@evenruderanger7617 2 жыл бұрын

Daniel you did nothing wrong. You actually helped him three times with just that one proof set. It was his choice to ignore your advice, refuse to wait, and sell it back to you. Its guys like you that make coin collecting an honest fun hobby.

@Wylie5.0 4 жыл бұрын

Daniel I can hear it in your voice. But at the end of the day you will still have a customer who will tell someone else that you did right by him!! And you will come out on top. Thanks for sharing buddy!!

@CoinHELPu 4 жыл бұрын

Thank you!

@danieldevite668 2 жыл бұрын

I would never return any coins purchased from you. You are now my go to guy for all my coin buys. I'm happy.

@jonathanfish4301 2 жыл бұрын

I buy a lot of coins from the 1800’s but I hate to buy recent coins because you can’t make money on them. My local coin dealers wouldn’t give your seller much for his new coins. You are way too nice but we love you, Daniel!

@ProKarate 2 жыл бұрын

Never buy modern stuff at hyped up prices, do not care what it is; wait 3-5 years and a person will see it's true value. I like the way you are, some coin dealers still have ethics. As an example, I bought in 2019; 5 2016 W Ronald Reagon presidential set's in their original shipping box. I opened it and saw what the person had paid for the set's directly from the US Mint. I paid much less for them which proves the point. Now in this case the coin's have gone up from what I had paid for them them, but 95% of the time like the 1999 proof state quarter set's as an example; they go down in value after the hype settles down. High quality old collecter coin's almost always increase in value.

@meteoman7958 4 жыл бұрын

We have a customer that constantly buys gold coins from us only to return them a few weeks later. He seems to like the action and accepts the difference between the buy and sell prices. I have discussed this with him but he doesn't worry about his losses, he just likes to buy and sell.

@SilverBull30 3 жыл бұрын

Not always Peaches and cream. I thank you for showing both sides of the business. Have a great day!

@williamrooth 4 жыл бұрын

Remember, you are a business, not a benevolence organization. You warned the customer, he inisited and you served him which pleased him. All coin folks have coins we bought for historic or sentimental reasons and the value comes from the delight of owning them for some time, You did more than you should have, so don't beat yourself up!

@studentoftheword6115 2 жыл бұрын

My hats off to you. Also you learned a good lesson and so did all of us that watched your video.

@badbutch5352 4 жыл бұрын

You're a good honest man. You tried to advise him not to but he wanted it. You gave him what he wanted and got to enjoy for a time. Unfortunately he lost money as the hype went down. Most people wouldn't have bought it back from him. You're a good man. He was probably in a bad place and needed the cash. Great video!

@drewdukes3897 4 жыл бұрын

I’ve been in business for 17 years and can relate and appreciate what you did for a customer. But but but nice guys finish last is what they say. I’m sure you did the right thing

@alanhoutz5513 2 жыл бұрын

As a businessman you can only go where the market dictates. Wanting to take care of a long term client is normal, you don't want to burn them. In my own experience (not in the coin business, just my job) when a client makes a bad decision, my standard response is: I'll do what you ask, but it's not a good idea, I urge you to reconsider. If we do this and it goes south, I'm going to remind you of this conversation. Sometimes the burned hand teaches best. People often say "The customer is always right". That's not true. The customer is often wrong and needs to be educated. He is, however, our only source of cash. I think you treated him very well under the circumstances.

@davesterchele2679 3 жыл бұрын

It's fashion! When things first come out they are expensive but soon after the knockoffs come out or people lose interest and prices plummet. I saw the same thing selling knives at gun and knife shows. The first few new and greatest "innovations" are expensive, but then a lot of times they just drop. I was a knife dealer for 15 years and that's part of why I got out of it. I started right with the tried and true sellers with low margins and they sold great. But then I got greedy and invested more than I should have in some things i was sure would sell well at a high price. At first it was great, but then the market turned and I was stuck with inventory. Wound up selling off at a loss and now knives are a very small part of what I do.

@richardfroste4548 Жыл бұрын

I sold some coins to someone. Apparently he thinks he is a dealer. He sold several of them, for a profit I am sure. But 4 of them he could not find a buyer for. So, about 8 months later he expected me to buy them back or actually let him return them for the full price. I told him to take a hike.

@fredweder300 Жыл бұрын

DANIEL DONT BEAT YOURSELF ON DOING BUSINESS HONESTLY. I AM PROUD OF YOU FOR THAT. YOU DONT KNOW ME. THE ONE OF THE FEW COIN DEALERS THAT ARE A MINT 70.XXTRA FINE OF COURSES!

@kathyberger6650 2 жыл бұрын

Thanks for being a great/honest business owner !!

@adamspencer5142 2 жыл бұрын

Like Rick from pawn stars says, if it's made to be collectible, it probably isn't. The money is spent for the joy of collecting, ask anyone who collected comics or most cards they're probably worth less now than paid 30 years ago.

@wolfman7393 4 жыл бұрын

Always best to buy from a shop. Thanks for the video. 30+ year collector here. I’ll be looking at your store after seeing your caring nature.

@CoinHELPu 4 жыл бұрын

Thank you

@dailydribble Жыл бұрын

Papa had an antique store. Same thing buddy bringing in stuff not worth what they think it was. Guess it happens when you have a store with value, Coins, Antiques, Pawn Papa was a good guy too, give the shirt off his back or should I say leather coat, I got him for Christmas ;)

@virginiarparker9503 2 жыл бұрын

Wow. You have to be true to yourself . Thank you for your honesty.

@jppagetoo 4 жыл бұрын

It happens in all different hobbies. You buy at a dealer and you pay more than a dealer will it back from you for. Accept that fact (many can't though). In numismatics.... Always, always, always buy a coin becuase you love it. That way if it goes down in value, you can at least still enjoy it. Never buy coins as an investment unless you know what you are doing and are willing to take a risk of loss.

@ngcinsc Жыл бұрын

I believe you both were fine. It sounds like he was a collector not an investor. Crap hit the fan and he had to sell his collection. Then tried to negotiate a higher price when sell them back to you. Which is okay as well. I am sure he completely understands but just wanted the most he could from his collection. One thing that really struck me when I first started collecting was a dealer that asked me "Is this collection for you or is this a collection to make money". I'm sure the only thing he feels bad about is having to sell the collection that he wanted, which had nothing to do with you. He probably even went back to sell them to you because he probably trusted you from your honest business practice. Keep up the good work.

@jbb823 4 жыл бұрын

You're a good man, Daniel. People that are in this hobby or collectors/investors have to look at gentlemen like you and Robert Lawson as a financial adviser they trust with their retirements/401ks/IRAs/etc. You are very knowledgeable, moral, and ethical. When you "advise" a customer on pricing, potential value or de-value of a coin investment, it is up to the individual to listen and follow that advice. They have to exercise patience and personal responsibility in the end and trust what you are telling them as their trusted adviser! Glad you were able to try to get him the best price for his scenario, but don't beat yourself up too much!

@canaryjonescom 4 жыл бұрын

You can not provide "Financial advice" if you are not a registered FINRA rep. If he was to start saying he's and investment adviser providing advice he would be shut down and fined lol

@JusZard 2 жыл бұрын

Seriously

@MikeSmith-yo9ch 4 жыл бұрын

You might want to tell people you like that you won't sell modern new release proofs unless you can get them directly from the mint . So they don't over pay and lose money like your friend did . Then if they insist on paying to much for a coin you will have already told them they will most likely lose money when they go to sell the coin . You seem like a good and honest person that's why this coin your friend sold back to you has kind of put you in a moral dilemma . Even though it wasn't your fault it would bother me to . Since he still buys coins from you i feel sure you will help him out so you both feel better about this . Hope you have a great day .

@jeffw1267 4 жыл бұрын

That's why I don't touch modern coins. If you are buying quality PR or MS Indian cents or Morgan dollars or Liberty nickels or a bunch of other classic series, the bottom isn't going to fall out of the market. And it's a buyer's market right now for classic coins. It's also a buyer's market for modern coins IF you are willing to go back a few years. When you buy directly from the Mint or from a dealer right after the coins are released, there's a lot of interest and a lot of hype. People literally have garages full of that stuff. But there aren't garages full of proof Seated Liberty quarters or Indian cents.

@Ontario100 4 жыл бұрын

Sometimes you can't save people from themselves. You did the right thing by telling him not to buy the coin in the first place. Thank you for your honesty. 👍

@adventureswithcookieandcowboy 4 жыл бұрын

In an age of "what ever it takes to win" I appreciate the integrity of someone who agonizes over doing the right thing while staying in bussiness. Wish you were closer to our area, maybe a work trip will take me that way.

@CoinHELPu 4 жыл бұрын

Thank

@antoniusbritannia8217 4 жыл бұрын

I've never in my life asked to return a special order. Sorry you had this experience. I can tell it was rough. You are doing a great job in this hobby!

@billoglebee3351 3 жыл бұрын

Don’t feel bad. We know we r overpaying at times for new items, but do it anyway. I have matured over years as a collector but several weeks back I overpaid to complete the Queen s beast silver set. I knew I should have waited ... as it is $10-15 cheaper now. Hopefully, I’ll wait next time.

@philrushin6389 2 жыл бұрын

Your the most honest person I go to Daniel so keep up your honesty cause it makes us trust you! Steven

@CashAndCoinsYT 4 жыл бұрын

You are in business to make money, right? The only way to make money is to be fair and honest. I have gone to LCS and had the owner lied straight to my face. So remember when you help a customer they will come back. They will remember you, They will tell people about you. Same goes if you treat them bad or unfairly. I'm never going back to the LCS that lied to me, there are so many others. Keep doing the right thing and you will always have support and customers. I hope this didn't come out wrong. Thank you for sharing.

@ralphdimmick9046 4 жыл бұрын

I agree with your assessment, I have a shop and have to buy back stuff from customers all the time. Nice coins, I never mind buying back, but junk and stuff like this, I hate rebuying, but like yourself, I have good customers that I feel obligated too do so. Many times, I have to do the same thing, look up completed sales on ebay and buy back based on current market. Sometimes they are upset, and sometimes they are ok. But as you mentioned, I have a business to run asw ell , and have to make some time of profit, cant afford to take too many losses.

@pauld8790 4 жыл бұрын

Used to be a commercial and educated consumer is our best customer

@timetostack4649 4 жыл бұрын

You are a patient man! Why do people think that everyone else is responsible for their own irresponsible behavior? This situation gives new meaning to “ Buyer’s Remorse! “

@CoinHELPu 4 жыл бұрын

Seller's remorse!

@ericlivingston8027 4 жыл бұрын

That is a major problem I have with coins and not silver or gold bullion. Bullion will go up in spot price but chances are you will never make your money back on those half dollars, nickels etc. Even with silver or gold it will take along time to get your money back on that investment as you have to wait for it to go up which can take a few years.

@ehrenkrause9861 4 жыл бұрын

Have a better moral compass in a lot of people when it comes to making money. I've always told people you take care of the customer and they always come back. That's how you stay in business.😊👍

@neilcarlson72 3 жыл бұрын

Personally, I have no use for the new special mint coins. To me, they're artificial collector pieces. I prefer 19th and 18th century coinage. It's much more interesting to me. As for this situation you were in. You did the right thing. Working with the customer is more important than anything in business. You made the best out of a bad situation.

@Silverholic 4 жыл бұрын

I have no understanding of the numismatic coins but to me, when a mint puts out a silver coin containing 1 oz of silver and sell it for 150$... you would have to be a fool to buy that. I see so many coins from the Royal Canadian Mint containing 7 or 8 grams of silver and selling for 50, 80 or 100$. I cannot understand why people would buy those. I have a hard time paying for semi-numismatic stuff like the Queen's Beast series. I only do it because the additional premium is really small and I like to collect them. I know when I purchase that I will probably never see the premium back, and that I am loosing money purchasing them. But we are talking an extra 3$ per ounce, not 5 times the base cost of the metal. Maybe you could do a video about that and explain why someone should or should not buy those coins.

@chrissahar2014 4 жыл бұрын

Well in defense of World Mints you are paying more than just the silver, you are paying for the process for coin designs to be evaluated and approved, hiring artists to come up with designs then ensure the manufacturing process produces a MAJORITY of error free coins. In addition the Mint assumes that compared to what they issue for general use (and in tens and hundreds of millions to billions in the US)the mintages are quite low - well under 500K or at most about 800K. Therefore there is some collectability of the silver coins. Of course what is misleading is how SOON one would get a return or if they would just break even. Some common Morgan dollars (1921 for example) carry a ton of silver but the money you get for them say $20 (unless it is a proof then more) actually is not far from the purchasing power of $1 in 1921! The US Mint's mintage are quite high for these products compared to some other World Mints (Australia issues some of its silver and gold coins with a mintage BELOW 10K or less. For the US Mint an exceptionally low (and rare) mintage limit would be 10K. Are they right to do this? Yes and no, their coins should not be at spot price or just a few dollars but, yes, the price they charge can be exorbitant - especially when the mintages climb above 75K . For me when I but from the Mint I try to find stuff that has a mintage at or below 75K except silver proof sets which due to their highe cost for the clad sets usually have a mintage below 1 million and in the past few years under 500K. I do not expect to get my money back on these but the silver sets and special offering I make I am purchasing because of factors outside bullion or rarity - educational value, excellent design or unusual metal composition (for example Australia does a ncie cool niobium/silver combo coin I would like to get in a few years). But I can understand your consternation. One coin I do my best to by only a little above spot price are the American Silver Eagle silver bullion coins. Although the Mint offers Uncirculated and Proof finishes these coins are NEVER seen in circulation (unless silver prices collapse to $1 an ounce permanently) unlike the coins in our silver sets which have at least some that are found in circulation (although just in a finish for common use). So I figure why pay over $40 or $60 for a coin I could get for $20 - 22 from a bullion dealer. gain I do "overpay" for some coppers if you base it solely on metal price but I do so because a) low mintage and b0 interest beyond metal investment or expectations it will become rare immediately

@Silverholic 4 жыл бұрын

@@chrissahar2014 I understand that there coins because of lower production number have a premium that is much higher, I was simply curious about being able to sell them for what you paid for or with a profit. I just don't see that happening. Same goes to when people pay 40$ to have a 20$ silver eagle graded and slabbed... how are they hoping to sell the coin for 3 times it's value? I am new to all this, so I am trying to understand it. If people are doing it I am sure they have a reason, but I have not seen good explanations yet.

@284Winchester 4 жыл бұрын

Like I tell people about the cattle business when they buy a brood cow. Everything above the kill price is “air” People will argue me to tears till they take that $2000 cow to the sale barn for one reason or another and it brings $450 Same thing with coins. Everything above the spot price is “air”

@keepitreal2044 3 жыл бұрын

Never had a problem with prices with my LCS buying or selling. Just thankfull I don't have to pay their electricity bill this month.

@margaretstoner4701 4 жыл бұрын

Someday I am speechless. Today is a someday. Mr.Malone...i admire you. THANK YOU for sharing this❤

@toddfondakowski6119 2 жыл бұрын

Most clean dealers that I know a rip off artist I’ve been watching you for a couple years now and you’re educational and you know what you’re talking about so I know exactly what you mean I’ve been dealer you’re not to make money But at least you’re honest and educate people for free

@billydow1971 3 жыл бұрын

Great subject Daniel. I know I've bought coins that I had an emotional attachment to and over paid . The hardest thing to do is walk away from a coin you really want. Thanks.

@amystarrhicksable 3 жыл бұрын

Thank you for loving this hobby and willing to share your experiences to help guide us newbies

@user-zq8bd7uh1r 4 жыл бұрын

That was very nice of you to do Daniel. As a business owner you try to do the best you can to help your customer, but you have to be careful or your going to drive your profits down and maybe even put your shop in jeapordy. I hate to say this but there is such a thing as being too nice especially when you warned him about the price being to high to begin with and you asked him to hold off. Problem you might have this time is the guy coming in for the nickel this year and I Believe the same thing is going to happen with the prices. Sooner or later you are going to have to say no or offer him less. Hopefully he learned his lesson and with a little reminder from you , you can shut him down. You are a extremely nice businessman, most of the local places that sell coins by me would have sold him the coins without saying a word and than they would have offered him half of the going prices on eBay explaining they are brick and mortar and have higher overhead. I don't hold a grudge against those guys, what they are saying is actually true. All that being said though shops who operate like that will never have my loyalty.

@adamnagy7599 4 жыл бұрын

Buying and selling coins is the same as any other commodity. If the customer feels good about the deal, it’s a good deal. Even loosing money on a deal can be a relief. Getting out from under a depreciating asset before it bottoms out can be a great motivator to sell and reinvest or use the money for something needed more at the time of the sale. You shouldn’t feel bad if you educated and advised your friend/customer. It sounds like he was happy for a year and his preference to change his collection motivated him to change direction. Your honesty and offer to buy the coins back for more than asked is a sign of commitment to continue to do business in the future. You are a good man, Daniel! I assure you, HSN like business would likely not buy the coins back or think twice about loosing a potential life long customer. You did good weather you want to hear it or not.

@charles8081 2 жыл бұрын

Daniel it's ok, you offered the best current info you could do, the buyer is responsible for what they buy!!!

@devanishant 4 жыл бұрын

Retail sales suck. I used to have a vegetable stand. If a carrot was ten cents, some people always wanted it for five.

@mikefranks3538 4 жыл бұрын

I was on the mint mailing list for years. I bought all the proof and mint sets, the silver sets, all the commens proof and mint state, and the proof and mint state silver eagles, but none of the gold offers. OK, I have done this since 1968. I fully expected these sets to rise in value. That has not happened. What a rip off. Just about all sell now for less than I paid from the mint. And of course, some are worthless because of inferior packaging. I finally stopped doing this. And the commens I did buy have some really low mintages!

@jameswest685 2 жыл бұрын

You're ok. We live and learn. I just bought a 8 oz silver eagle $240 cause I liked it. I'm happy.

@benbrauchler36 2 жыл бұрын

People do this, I had a guy sell me things he bought on TV or from the mint and lose money on all of it. I can't pay him more for it than I would buy it from anyone, even if it was something he bought from me (which has also happened). People make poor decisions all the time.

@steve83333 4 жыл бұрын

Guys like you are few and far between, thanks for your moral compass and ethics while doing business......seriously sir.

@DPacVV 4 жыл бұрын

Just keep being fair as you are going to be. My business motto is "Get a good deal, give a good deal." . Haven't we all ended up with something we regretted buying and/or selling? I'm sure your customer appreciates you...just keep giving him the best price you are able to at the time. Just be honest. He'll keep coming back. Ethics is important. Your video demonstrates this.

@HifiCentret Жыл бұрын

Most of the modern stuff is not really limited and it's hard to make money on. The individual run might be but then there's just another run. Seen over and over again. If you want them sure go buy them but don't bother grading them unless they really turn out to have rising collectors value. Stick to limitied "true" (a current event, not 25 years later) commemorative stuff. Those might be worth grading but otherwise just keep them in great condition and have them graded if/when it turns out to be worth it. If storing them great and don't opening the capsules then it doesn't matter at what time they're graded unless you try to get it marked first issue or something like that. And hey even the true commemorative stuff is hard to make money on. Locally (in Denmark) many of the coins are still available years after the event. Only positive thing to say about it is that the silver (1 oz these years) are sold at face value so you can always swap it back and it's just like a bank note - but that is also a negative. The first 1oz was not fine silver but .800 1 oz gross weight. They still sell at face value despite 1oz fine silver typically sells higher (the face value was lower back in the 90s when the first 1oz was made). Had they been fine silver they might sell 25% over face value - still not a great increase and buying any random silver bullion back then would have been a much better deal. I really wish they'd limit them at 5000 pieces (we're a small country) or restrict sale to 6 months after the event. That would help the collectors community and making the coins something worth the have in the collection. As is now buy 1 commemorative coin or roughly 2 oz bullion silver for the same amount and sadly most likely the bullion will be the better investment. Perhaps in 50-80 years when enough is destroyed by people taken them out of the capsules and handling them - sadly happens quite often - then the good ones might start be worth something.

@Andres__-gm1nh 4 жыл бұрын

I can't help everyone. I bought a coin with a really high premium. Now it's worth half what I paid. I keep that coin as a reminder not to do it again.

@Nobody-11B 4 жыл бұрын

Same here. My first piece of silver was a fake 1oz round. I still carry it around everyday as a reminder.

@gunnutunited6615 4 жыл бұрын

Nobody where’d you get that

@davidmcgregor2383 3 жыл бұрын

Thumbs down was an accident caused by dodgy mouse.My apologies.

@kevincalvert7084 2 жыл бұрын

Man I bought a 2013 silver set for 25 dollars of of Facebook marketplace. The original receipt was in the box that was 365 dollars from the mint. I felt bad and paid him 50.

@ezrider1967 3 жыл бұрын

Sure wish you had a shop in my area, here in Tennessee. You have to be the kindest heart coin dealer I've ever seen. I really enjoy your videos. I got out of the numismatic stuff after 2012 and only buy bullion and easily liquidated stuff like Morgans and Peace dollars these days. I do have some very old stuff and a few rare ones but now I just try to preserve wealth with bullion.

@CoinHELPu 3 жыл бұрын

Thank you

@wandlbaker 4 жыл бұрын

You tried to be nice but I know that customer, in their heart, feels they were played. I know he wasn't, he invested wrong. Sorry for the negative experience but I feel that you are one of the rare, really honest dealers out there. Keep doing what YOU do.

@luvzmoveez 4 жыл бұрын

I agree with you Mr. Baker & Daniel. I just saw my dealer also and recently took a small loss on some gold. I know my dealer was not to blame tho and he's a great guy to do business with. But who I DO blame is those criminals at JP Morgan price fixing the markets everyday of the week and no one at the top doing any jail time, "ever." Just some piddly fines they have to pay. It's too pitiful for words. 😒 It just takes all the fun out of collecting for me, and eventually I'm going to lose interest. It's a sad state of affairs and I love coin collecting.

@Mr_No_BuD_E 4 жыл бұрын

Sorry to hear that. still good to know that there’s honest people like you a round 👏🏼👏🏼

@AnotherOverTaxedTaxPayer 4 жыл бұрын

It's a shame. I preach on my channel to put it in the safe and forget about it. People have a hard time saving. There is always something more important that pops up.

@TheLukelr 4 жыл бұрын

Me my girl and her kid went to a coin show last November, we kinda got split up me and her are kids in the candy store when it comes to coins. Anyway a dealer there tried to sell her a clad set at silver set prices and even at that it was way over priced like 90 dollars. Her kid came up and said his mom was about to do something stupid. I took away her spending money and told the dealer he was a few choice words for trying to take advantage of her. He claimed he didn’t know it was a clad set.

@jeffw1267 4 жыл бұрын

If he really doesn't know the difference between a silver set and a clad set... It's hard to believe.

@holly03282008 4 жыл бұрын

You were correct by using eBay's past sales as the benchmark. I do this during rare disputes re: returns.

@CoinHELPu 4 жыл бұрын

It wasn't a return he bought that in April of last year. Thanks

@jeremyhalstead6996 4 жыл бұрын

I wouldn’t get down on yourself too hard! You did the right thing by always putting the customer first and buying it back from him when you didn’t have too. Everyone that buys and sells coins knows that the market changes. Learn and grow from the experience, that is all you can do my friend!

@eventhisidistaken 4 жыл бұрын

You get to choose what you want to buy and sell. If you don't want to deal in the hyped stuff, just don't. Everyone knows ebay exists and they can go there for it if that's what they really want.

@paulbruney1704 3 жыл бұрын

At least you have a lesson learned. Sometimes you have to say no even if it hurts .

@h0wardprokopchuk28 3 жыл бұрын

I understand what your saying.But it's also u had a good customer who understood what u told him.But if he was someone who thought he was right an wanted to argue an not agree he would probably give u bad recondion.Whitch would hurt u.But u being honest like u are an explaining stuff an showing vedios trying to help people.So your good customers knowing u like I do we agree u wouldn't try to cheat anyone.To me u proved by paying more an maybe loosening try to sell.So that's my opinion so people reading this I'm 100% behind Dan who is a true honest dealer.Thanks so much being some kind of person u don't find much anymore.

@robertwalsh8704 4 жыл бұрын

My man, don't feel bad,if someone asks your professional opinion, and doesn't listen, not your bad karma

@LeeD86 4 жыл бұрын

You did your best in this situation! I think you gave him more than a generous deal on both sides of it. Now for the future, you should stick with your gut! If they are a good regular customer then they will appreciate your honesty/tough love so to speak and will continue to come back!

@rob7710 2 жыл бұрын

You did the right thing you have a business to run.

@edsilvius9259 3 жыл бұрын

Sounds like you did the right thing Daniel. That's all we can do. We dont have to like it , but accept that sometimes we have to do things that make us uncomfortable. You can't go wrong doing the right thing. It sounds like your customer is intelligent enough to understand.

@agprice6607 4 жыл бұрын

I agree with your position 100%....as a business owner you have to have that attitude....thanks so much for sharing with us...

@sarge27271 3 жыл бұрын

Bud, Kudos on the info. Not many dealers would say it out loud ;) So although you're not looking for accolades, you deserve them!!! Cheers

@texashsad 4 жыл бұрын

You have such a big heart, Daniel. And, you're a friend, indeed. But bottom line, you're a businessman.

@9sec93lx 4 жыл бұрын

Daniel, The same thing happens on Ebay every January when the people line up to be the first to get this years BU rolled coin. I've seen people pay double, triple, even four times face value for rolls of new Lincoln Cents. I remember WAY BACK in 1975 when the US Mint was telling everybody that the 1975-S Lincoln Cent was going to be the FIRST LINCOLN AVAILABLE IN PROOF ONLY!!! Brand New sets were going for over $100 and did so for the rest of that year. BUT when 1976 came around AND THEY WERE PROOF ONLY TOO, well the uniqueness of the 1975-S wore off and the price plummeted, until now they're worth around $11 in 2020. It happens in the car market too. That new Mid-Engine Corvette is really nice and if you want one you'll probably have to pay up big time. Being the first to have anything has it's costs. You did all you could for the man by trying to protect him from himself.

@gemminttrading2783 4 жыл бұрын

Thank you for sharing this experience with us. It's the downside of the business and many buy/sell businesses. The hype is a lesser evil but it is terrible for the hobby. Thanks for sharing this video

@MT-cm5ne 4 жыл бұрын

I just found your videos after recently starting coin collecting (years of sports card collecting prior). You are correct with something needs to be done, but as long as there are people willing to shell out their money for those coin sets, new releases, slabbed coins, etc. nothing will change. You did the right thing and that customer does seem to understand the hobby, if nothing else you gained a new customer here for your honesty.

@JM-si8xr 4 жыл бұрын

Just buy old vintage higher grade coins that keep value. Especially gold and silver coins that have low number minted years and are rare. Just tell the customer your policy is to buy valuable coins that have a good probability to increase in value.

@Castiron-sh3kq 4 жыл бұрын

I bought two just the penny last week... I got the 69DCAM 1st strike for 12 dollars, and I paid 15 for the enhanced rev. proof. Yes, best to wait until after the frenzy calms down. I feel it will be the same this year with the W quarter, and the W nickels...

@paulbruney1704 3 жыл бұрын

Nothing can fix greed. Especially with the American Government

@paulhampton4699 4 жыл бұрын

You know Daniel you can only do your best. You can explain to someone why you wouldn't recommend buying the newest unless they plan on selling immediately for a profit or plan on keeping for an extremely long time, but if they insist, you tried, sell it to them at a profit you feel comfortable with and call it a day. I think that is what you tried to do in the first place, but once someone gets an idea in their head it is hard to change it. I am very guilty of that, though if I do talk with someone I can be talked out of things as well, someone who I believe is an authority or..... she is a short lovely lady, been married to her for a long, very long dam time..... lol

@mister-action1 4 жыл бұрын

At least you explain the circumstances with him. That's more then some people would do. Continue to be kind. Sounds like he still wants to do business with you. That's the important thing.

@IvanMTG1 4 жыл бұрын

What an amazing topic! You did great delivering your message. Kudos. Honest and I felt your sympathy bud!

@robertdissell808 4 жыл бұрын

Thank you for such a candid look into both sides of the hobby! From a dealer to a consumer,, as well as a novice to an experienced collector, as well as moderns versus classic or older Coins. There's not always a formula that works, sometimes it's apples to oranges? In these instances though I thought the reason that you seek out the dealer, it's not only for a better price, but for something you can't put a price on? And that's honest advice! We may not like the answer we get, but there's certainly a small amount of comfort knowing that we are not being "robbed" by our local dealer, in addition to being "poorly influenced" by other's! (aka-HSN,PCGS,USMint, hearsay or the Most powerful force ever argued against, a novice, stubborn, $influenced customer🙄! I thank you for your honesty, patience and conscience!! Maybe I'm a fool, but if u tell me something is this, or is worth that, I'm confidently convinced!! "Keep on Keepin On!"

@alancanavan2962 4 жыл бұрын

Daniel I have known you for years, you are a very honest guy, what you did was correct. It must be hard to be in that position. At the end of the day you still have a good customer. That tells you he understood and he has learned something as well.

@CoinHELPu 4 жыл бұрын

Thanks Alan!

@crapcandy 4 жыл бұрын

That's a bummer Daniel I can understand your frustration. Its interesting how mint and proof sets went from being a dealer's bread and butter to a burden for dealers and a disappointment for casual collectors.

@derekspalding3091 3 жыл бұрын

It's sad and kudos for you trying to keep the relationship going. Sometimes though, "a fool and his money are soon parted". We all have those impulse buys we regret later. I once gambled $500 on my $500 max limit credit card at the casino and lost it all while I was in college. I learned real quick to be a better steward of my credit cards after paying that off while living on ramin and rice for a few weeks as a college student.

@TheLT52 4 жыл бұрын

Coin prices can change daily, I think customers need to know that before they buy from you so neither person gets upset. Thanks for this video.

@dynarb1 4 жыл бұрын

I got my sets from the US Mint, basic price, not jacked, including the W mintage dimes/cents. I don't browse Ebay or Amazon to buy, just to look and then go somewhere else for the same thing at half the cost if I wanted it.

@zeppoleking 4 жыл бұрын

Hi Daniel great video I’m really in the same situation I buy coins for my son I spend a lot of money sometimes not thinking. and I find out I can get it on eBay for much cheaper The bottom line is just stay away from commercial books that Are sent to my house not going to mention the companies. but I realize that they over over pricing especially modern coins. And when I go to my local coin shop to sell once in in a while To sell my coinsI lose money on it.