Author Topic: A Deal Gone Bad  (Read 4453 times)

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Offline Mirkkanen

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A Deal Gone Bad
« on: May 06, 2016, 08:26:31 PM »
I am in a bind. If this affects you, I will contact you through a PM and keep you updated.

Please read below:

I bought a gold panda 1/2 on eBay about 2 weeks ago. I asked the seller if he had an additional halves he would be interested in selling. He replied he had about 6 and so he priced them out for me and we agreed upon a price for the entire lot. I paid him for the lot this morning before the updated May Pricepedia came out. Then a bit later, he received a copy of the NEWEST Pricepedia. He realized just how bad his selling timing was (nearly all halves went up in price) and he refused to complete his end of the transaction. He wants more much money than agreed upon for at least 4 of the 6 coins he sold me. I will not pay more.

I have no idea whether I will ever see the 6 coins I already paid for, but I have asked him to consider two options:
1) send me a full refund (he can keep his coins and sell them on eBay)
2) send me three of the coins I need to complete deals here at CCF and refund the rest of my money (for the other 3 coins).

I will let you know what happens. Ultimately, I will refund any CCF member who has purchased for something that I cannot deliver, however, I do think that there is a chance I will get the 3 coins that I need to complete deals here at CCF.

If the deal goes completely sour, I will provide you all with this ebay user's ID and ensure that you know that this seller, IN MY OPINION, is not to be trusted because he has gone back on his word and is now extorting me for more money.

Very sorry to all affected.


Offline Pandora

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Re: A Deal Gone Bad
« Reply #1 on: May 06, 2016, 08:37:57 PM »
Very sorry to hear it. I hope you get the coins you need.

Offline silverpv

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Re: A Deal Gone Bad
« Reply #2 on: May 06, 2016, 09:23:12 PM »
That sucks man, but kinda ironic that you started the thread that helped get the pricepedia updated and now its biting you in the budd... Hope it works out..

Offline Mirkkanen

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Re: A Deal Gone Bad
« Reply #3 on: May 06, 2016, 09:27:01 PM »
 >:(

Yep, I just had to open my big mouth, make a couple of questionable decisions (key date coins can have that effect on you), and BAM. I am now staring down the barrel of a proverbial gun. If Peter's update had been delayed by just 48 hours, or if I hadn't said anything in the first place, I am quite sure I would not be in such a predicament.

I am, at least in part, responsible for my own mess.

Offline jc888888888

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Re: A Deal Gone Bad
« Reply #4 on: May 07, 2016, 07:52:25 AM »
yea but a deal is a deal .......... the coin hobby is based upon a HUGE ELEMENT OF TRUST ,my wife comments all the time " are you retarded sending someone 10k(or whatever amount) via wire or pay pal gift with no recourse and no merchandise if you get screwed" and I always reply "that is the way we do business"  when you get sellers doing what just happened to Mirk it can paralyze our transactions then we have to rely on third parties and their fee,s to do business which elevates cost.
The paramount RULE of this business is buyer and seller do what they say they are going to do without any misrepresentation ...so everyone is comfortable ,most good sellers will stand behind any transaction no matter what.I would be very interested in knowing who this seller is if he does not make it right so I can steer clear.

Offline PandaBear

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Re: A Deal Gone Bad
« Reply #5 on: May 07, 2016, 08:34:38 AM »
>:(

Yep, I just had to open my big mouth, make a couple of questionable decisions (key date coins can have that effect on you), and BAM. I am now staring down the barrel of a proverbial gun. If Peter's update had been delayed by just 48 hours, or if I hadn't said anything in the first place, I am quite sure I would not be in such a predicament.

I am, at least in part, responsible for my own mess.

Sorry to hear about that.  Yes, sometimes its better to not divulge everything and keep to yourself. 

Offline jc888888888

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Re: A Deal Gone Bad
« Reply #6 on: May 07, 2016, 08:53:23 AM »
I dont see it as mirk,s fault or error .again a deal is a deal and should be honored . if you sell a stock in the morning from your portfolio and it goes up 10% in the afternoon ..do you call your broker and say I want to 10% more????  Same thing no??

Offline Cornishfarmer

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Re: A Deal Gone Bad
« Reply #7 on: May 07, 2016, 11:48:43 AM »
I agree a deal is a deal and should be honoured
BUT
If I read it correctly you have offered them for sale on here before they were in hand and you offered a price that was below what you know is a fair market value.   He/she must know a bit about panda coins to have a few nice 1/2's. That means they could be a member here and see what you were selling for and knowing how much you paid.
Like I said a deal is a deal but see it from their view also would it be common practice to sell something that you don't have in hand?

Offline Wafdawg

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Re: A Deal Gone Bad
« Reply #8 on: May 07, 2016, 02:23:29 PM »
Knowledge is money.  If a deal was made it should be honored. I can understand if you made a deal in principal but did not send payment but you made payment. Dealer is reneging after he was paid!  This seller already cannot make it right for if he honors the original deal which sounds extremely unlikely he showed his true integrity or lack thereof. He should be outed immediately and if you don't out him you are doing us all a disservice.

Offline jc888888888

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Re: A Deal Gone Bad
« Reply #9 on: May 07, 2016, 02:37:57 PM »
Knowledge is money.  If a deal was made it should be honored. I can understand if you made a deal in principal but did not send payment but you made payment. Dealer is reneging after he was paid!  This seller already cannot make it right for if he honors the original deal which sounds extremely unlikely he showed his true integrity or lack thereof. He should be outed immediately and if you don't out him you are doing us all a disservice.
exactly my sentiment ....the seller should have paused and not taken Mirks money . but once those funds changed hands it is a DEAL , case in point I bought a bunch of 2016 mercury dime gold 1/10 commemoratives  they where as hot as a pistol a dealer offered me a decent price for my 3 10ct sealed mint un open boxes I agreed he paid me and then we where awaiting  the us mint to ship me ...... THEY SKYROCKET ..should i have sent his money back?? of course not!!!  I shipped his coins as promised

Offline Cornishfarmer

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Re: A Deal Gone Bad
« Reply #10 on: May 07, 2016, 03:05:22 PM »
Knowledge is money.  If a deal was made it should be honored. I can understand if you made a deal in principal but did not send payment but you made payment. Dealer is reneging after he was paid!  This seller already cannot make it right for if he honors the original deal which sounds extremely unlikely he showed his true integrity or lack thereof. He should be outed immediately and if you don't out him you are doing us all a disservice.

Should op send the coins he has sold if he has them in his collection? Because he has sold them and recieved money?

Offline Wafdawg

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Re: A Deal Gone Bad
« Reply #11 on: May 07, 2016, 04:13:08 PM »
Should op send the coins he has sold if he has them in his collection? Because he has sold them and recieved money?

This is a more difficult question. I would lean to say no. In this case he's already affected by the dealer reneging and would be further hurt to have to sell from his own collection to deliver on sales that were contingent on the purchase of the coins.

Offline Mirkkanen

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Re: A Deal Gone Bad
« Reply #12 on: May 07, 2016, 04:24:44 PM »
Just to clear things up:

I offered them here before I had the coins in hand because I was confident the deal would be completed. I won't be doing that anymore. I will always be disclosing that the coins are on their way to me vs in hand vs. Whatever other possibility exists.

As it turns out, I do NOT already have these coins in my collection, so I cannot simply sell my own versions. I am either able to get the coins or I have to refund in cash. Working on this, however, am still waiting for the seller to reply back to me.

I do not believe that the seller is a CCF member, pretty sure of it, however, he is a PricePedia subscriber (as I probably mentioned above) so I shot myself in the foot when I lobbied for PricePedia to more accurately reflect 1/2 Oz prices.

Offline jc888888888

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Re: A Deal Gone Bad
« Reply #13 on: May 08, 2016, 11:24:00 AM »
Any resolution..........

Offline Mirkkanen

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Re: A Deal Gone Bad
« Reply #14 on: May 08, 2016, 11:36:18 AM »
This morning I received a reply to my email(s) sent 24+ hrs earlier. He proposed a solution to which I replied, with the caveat that I expect him to ship first since he already has funds. I will know more once he replies to it.