$90 per Coin - A Sydney Coin Shop 1oz Dragons 2012

Discussion in 'Lunar Forum' started by 1for1, Aug 29, 2011.

  1. 1for1

    1for1 Well-Known Member

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    OK so i went to a coin shop (will remain nameless but TBH they deserve a name and shame) as i was keen to check that i could my fill on thursday release day.

    To my shock he is like, yeah sure how many you want.. i said one roll or more depending on what spot is on the day.. he said to me in response.. they will be $90 each

    Rather than initiating any immediate conflict i said i would come in on thursday and get some on the day, to which he said.. oh they only ship thursday but you can reserve your dragons @ $90 each.. just need to pay up front cash now.. to which i said i didnt bring my money with me..

    I am totally wild about this.. how can a Perth mint stockist in Sydney charge double the price of a kookaburra for perth mint bullion?

    Once the bullion is out.. might start a thread.. Perth Mint Price gougers.. We name and shame..

    How much respect will a coin shop get ripping off customers like this.. BTW this was not my favourite coin shop and i had an intuitive dis-trust of the properitors who own and the way the sell at what the market can bare rather than selling at a fair or reasonable price.. only one purchase there ever.. and now they have zero chance of ever getting a cent off me again..

    GRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

    That bullionbourse preorder looks like the only avenue for 2012 dragons. Shite im happy i pre-ordered.

    I was sure bullion dealers in sydney would sell at Spot + 10%, or at least give the illusion they were honest.. ie: sorry we had them at Spot + $10 but pre-sold out.. Coin shops blatently ripping customers off will get what they deserve.. an empty shop (or still sell out at $90 who knows but its shite!)

    1for1
     
  2. thatguy

    thatguy Active Member

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    yep name and shame, if there is no shame the naming will not be an issue?
     
  3. Diablo21

    Diablo21 Member

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    Wow, $90 is pretty damn steep. If my local coin shop has the same/similar prices, they won't see another dollar from me.
     
  4. Slam

    Slam Well-Known Member Silver Stacker

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    I think its probably the same dealer I pointed out last week.

    Slam
     
  5. Ouch

    Ouch Active Member

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    I have a feeling I know the dealer referred to here. I would feel down too if they were gouging like that. Am I right? Am I am I?
     
  6. Graeme

    Graeme Member Silver Stacker

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    Pricing is not regulated so dealers are free to sell items for what they wish.

    It's up to the public to vote with their feet and go elsewhere to purchase bullion.

    Nice in principle, but to put in practice could leave users, including the forum owners, in legal hot water if the dealer chose to seek a remedy for potential defamation, slander, loss of business etcetera.

    I'm not standing up for them but directing our anger at someone clearly trying to make a profit is pointless IMO. Cost too much ? Don't buy. Tell friends verbally as verbal slander/defamation is harder to prove than written. :lol: :rolleyes: <-- does not constitute legal advice and is no reflection on my sanity.
     
  7. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    Who knows, $90 might seem cheap compared to other price gougers. At least you don't pay postage!

    If that is the going rate then that is what I would have to pay but I would only buy one item and not two rolls of them and I certainly wouldn't be browsing around the rest of the shop to see if anything else caught my fancy.

    Free market folks, who knows, if they don't sell out straight away the dealer has a lot of room to come down on special offers, at that price you know you can negotiate.
     
  8. fishball

    fishball New Member Silver Stacker

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    This Sydney shop charges $27.50 posted to non-Sydney NSW areas.

    What a joke.
     
  9. 1for1

    1for1 Well-Known Member

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    Hi Graeme, in essense you are 100% correct.. hence why i have kept it anonymous at this stage.. if this is what all retail shops do then otririsizing one wont help out anyone..

    I really just wanted to bring this to everyones attention..

    I was absolutley shocked and thought they would abide by the code to be fair and honest and do the bullion +$10 thing.. i didnt realise the Perth Mint put no ceilings on the prices they sell at.

    I agree and will not buy from these types.. but i respect there right to sell at the market rate (even though i think it is unethical and bad business practice)..

    I will soon know who my good sydney coin shops are from the very very bad eggs...

    1for1
     
  10. Graeme

    Graeme Member Silver Stacker

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    There is a coin shop in WA selling a proof 1982 $10 Commonwealth Games coin for $80 ! Yes, ridiculous, but I don't buy anything from that store even if it is remotely reasonable. This business lost all my business for ripping people off.

    The market they target will pay that so they have a niche.
     
  11. Loxmyf

    Loxmyf Member

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    The thing that gets me though.

    www.staticice.com.au plug in a computer part and compare prices from a bunch of retailers.

    www.shopbot.com.au plug in one of a truckload of items, from womens perfume to playstation 360s and compare prices from a bunch of retailers.

    Post a list of silver prices from a bunch of retailers. No other comments, positive or negative, just a simple list,

    1oz Silver Dragon - $ @ retailer A - $ @ Retailer B - $ @ Retailer C - etc
    1oz Silver Kookaburra - $ @ retailer A - $ @ Retailer B - $ @ Retailer C - etc

    and retailers want to sue us for slander, defamation, whatever else they want.

    Yep, that makes no sense to me either.
     
  12. 1for1

    1for1 Well-Known Member

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    You make logical points which a agree with, i am all for a laisse-fair free trade market.. its just when we are used to price fixing this free market stuff seems jilted..

    Dont you agree that its extremely rude of this perth mint stockists to buy at bullion prices and rip-the-bits off there regular customers.. i mean.. the perth mint hasnt gouged them? So really they are taking $800 worth of silver and making $1000 per roll.. Its a form of oppertunism. Fair enough if Perth Mint were charging more due to scarcity (like the gouging Perth Mint did on the 300 5 oz koalas they released in boxs for $479?)... but they didnt.. same price to perth mint stockists.. the retail stores are just FLEECing us and milking us any way you look at at it.
     
  13. 1for1

    1for1 Well-Known Member

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    Understood but this is a different scenerio the 82 proof now has an established secondary market (even if demand is minute).. these are straight out of the mint.. brand new product.. where there is a two tier selling policy (ethical dilemma). Those with good business acumen are selling at the normal price and pirates looking for maximum bounty.

    Those willing to risk losing all there customers are trying to maximise there yeild of allocated dragons.. IMO it wont be worth it for them.. a few thousand bucks to annoy the bits out of bullion customers...

    I see how they are tempted.. yet its better to conduct business on the straight in narrow for longevity.

    WOW.. this type of event where retail stores cheat their customers is what brought down the collectable card industry... Reputations get shattered when customers know they are being taken for a ride (and this is blatent).

    1for1
     
  14. 1for1

    1for1 Well-Known Member

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    Extremely good point,

    Educated Customers these days use 3rd party comparison sites to do a side by side price comparison... so the smart money knows where to buy at the best rate.. having a murky hidden pricing market only benefits the price gougers.. I think the slander and defamation would come from the forum post being called "boycott/name and shame)..

    Maybe if we called it.. retailers prices on 2012 1 oz silver bulllion there would be no recourse for legal action?

    1for1
     
  15. Loxmyf

    Loxmyf Member

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    Unfortunately, those same dealers take offense to that simple action too. It's been done on the forum previously, and GP was threatened with legal action, even though the posts were simple "This dealer has this price"

    In fact, I'll be surprised if even this thread discussing the subject in the most general terms will be allowed to continue too much longer.
     
  16. 1for1

    1for1 Well-Known Member

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    Ok then boys (and Girls)... Best of luck hunting honestly costed Dragons... Thursday 1st September 2011

    Ill see yall on the other side.

    1for1
     
  17. Matthew 26:14

    Matthew 26:14 New Member

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    I'll be naming and shaming. There is the truth defense. If you are just stating that Coin Shop X is charging you $X for a coin, then you are free to publish - as its just fact. If you say Coin Shop X is charging $500 for a coin and they are not then its probably not so good.
     
  18. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    The Truth Defense will only work if the Big Bird lets you, it is his forum and he might be looking for site sponsorship from the shamed!

    I used to sell preying mantis (long time ago, don't ask) I took them to a reptile show and sold them for what they were worth, they were hatchlings and the majority would not make it so I kept the prices low so people could afford to buy ten at a time, that way they would get a few surviving and not have to pay too much.

    They were all bought by the same shop (different people though only buying five at a time) who then put the price up by a factor of 10. And they didn't mention that most would die so kids were paying the full adult price for a hatchling which had a good chance of dying off pretty soon.

    The shop was basically cashing in on the full knowledge that they were ripping customers off but they made enough money on the initial sale that they didn't need to rely on repeat business from customers who were probably only making an impulse purchase and would not become regulars.

    It is shortsighted but it happens in every area, whether you name and shame them or not they will get a reputation which will be hard to shake off.

    If anyone hears of the same practice in Brisbane though I would appreciate a heads-up PM!
     
  19. Smoothcriminal

    Smoothcriminal New Member Silver Stacker

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    Wouldn't happen to be located nearish the mint would they?
     
  20. Graeme

    Graeme Member Silver Stacker

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    No comment. :rolleyes:

    The term 'ripping people off' refers to those people who are not educated in the value of coins and precious metals. Whilst I consider it a 'rip off' they may consider it a bargain.

    Mind you, I consider Perth Mint 1oz silver commemorative coins to be very highly priced, but they target the same market ... I do buy the occassional one I like but from a dealer selling them online at less than retail and in some cases, less than their buy price. :p Not sure if they are a member here but a big 'HELLO' if they are and sorry. :lol:
     

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