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Just watched great ripoff on TV


NumisMattic2200
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Just watched a quality ripoff on TV (UK) about 3 minutes ago which caused me to rush upstairs and check the bullion value of one ounce troy of gold. I had understood if from earlier that the value of one troy ounce of gold is worth around 450 GBP (actually, I checked and today it is around 435 GBP).

Anyway, here is the scenario: on an antiques program on TV just now I saw a woman and a dealer at a table (as they do on these shows, the dealer talks to the person who owns the items and then makes an offer) and the woman had this nice condition Krugerrand bullion coin. The dealer's explaining to the woman that the coin is worth only about bullion these days and they are being melted down because of it, so they have no value as a collectible these days etc etc.. which we numismatists are all well aware of.

 

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Then, he makes his offer... something around 250 GBP! odd..

The woman is tempted just because of the sight of a large pile of banknotes on the table and you can tell by her expression she is about to be duped. So the dealer piles it on - the final amount he offers her is a 'whopping' 300 pounds (wow!) and the woman bites his hand off as the sharkish dealer grinningly accepts her well worked acceptance of his rather low offer.

Now, the thing that gets me is the fact he has explained to her - nay, 'educated' her - that the coin is only worth bullion (nice condition coin too) and yet he hasn't told her what the bully is worth. hahaha.... ohmygod what a nice deal that was to make.

A good day's work I've no doubt.

Just had to recount whilst I am still astounded...

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Sounds like a travelling buyer.

 

In North America, there are "dealers" who travel from city to city, usually staying for a few days, and running full-page ads for a few days offering to buy everything from coins to jewelery to Ming vases and anything in-between. The really high end stuff they will sometimes pay fair prices for (and they advertise the prices for them), but the more common stuff and bullion is usually bought at a price that's well... let's just say less than favorable for the seller.

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Then again there are also dealers with actual brick-and-mortar stores who will ripoff little old ladies. And there's nothing like going to a local antique show or televised event to gain some name recognition and thus get more potential ripoffees!

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  • 2 weeks later...
There's only one thing i can say, if you've got some old bullion to sell then go to Ebay. More chance of getting a more realistic price.

Yes and the fees are ironically lower than in an actual top rate auction house (or would go go for more there anyway?..)

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  • 3 weeks later...

If you have a modern non-circulating gold coin with a relatively low mintage, it may make sense to go with an auction house on the chance that a collector may want it for numismatic value. But it would be crazy to offer a bullion coin that way, you would be sacrificing the 15-20% buyer's premium, not to mention the opportunity cost of having to wait 45-60 days for your money. Ebay is the way to go for bullion - it is not easy (and I know this from experience) to win a gold coin for less than bullion value, as long as it is accurately described.

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