I decided to get into the approval business for worldwide stamps.

One customer requested my approvals. He returned everything to me with his note. His direct words were, “Let’s say to hell with it.” He explained that my prices were way too high. He said that he looks to buy at 10% or less of Scott catalog value. He just was not interested in what I had to offer.

Then he turned the tables. He said that he had duplicates from his years of collecting. He wanted to sell them to me at 30% of catalog value.

Do you see anything wrong with his request?

Buying at 10% of catalog and selling at 30% of catalog is a great deal for him. For the dealer though, how do I buy at 30% of catalog value but sell at 10% of catalog. I’m losing 20%. I will be out of business in no time!

Years ago, I would have responded with a letter pointing out the flaws in his logic. However, those letters are a waste of time. I am never going to convince someone who is not a stamp dealer, but they know everything about stamp dealing, on their illogical point. Letters like that usually just make the person even more irate that you are not seeing things their way. They are very closed minded, even when presented with facts.

He was right about one thing though. I agreed with him and decided, “Let’s say to hell with it.” I have many more customers who are happy with my approval business. He will search for eternity for someone to buy his stamps at a fixed 30% of catalog.