What should I do, Pawn Shop Selling Fake Mexican Gold Coins
Texast
Posts: 1,899 ✭✭✭✭
I went to a local pawn shop this morning and looked at two Mexican 2+1/2 Peso and two 5 Peso Gold Coins, as soon as I looked at them it was obvious they were fake. I talked with the manager who admitted they were 14 k plated.
I asked why there was no information about them being fake around them, she said it comes up on the computer at time of sale.
This is just not right and I'm asking what you would do about this situation, I know the local PD could care less about this kind of thing.
On BS&T Now: Nothing.
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
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Who has jurisdiction over local business fraud like this? You could also leave online feedback, anonymous if you are concerned about reprisals. State consumer agency could act; but I would document it. Pawn shops have licenses that can be pulled for allowing stolen material to be fenced if caught as well as standard frauds.
Send in a buddy to buy one and see if their story checks out about being notified at the time of sale.
Call the local news or walk away and forget about it. Not many options. My local coin and jewelry pawn shop offered me 50% of melt on a $5 Indian a few years ago. One of the wealthiest men in our community owns the check into cash businesses all over the country. Legalized loan sharking. Lots of sub par human beings willing to separate you from your money any way possible.
Unless they are marked as genuine or they say they are genuine when asked there probably isn’t much you can do about it other than stating the facts and business name.
But if someone purchases something and can prove they were told/sold a counterfeit then they can pursue action.
I guess you could contact your local news station to see if they would do an undercover consumer thing and bring it into the light.
TurtleCat Gold Dollars
How are they priced and what information if any is provided up front? It is not illegal to sell plated coins, they are legally produced.
You could as someone else said have a buddy do the good boy scout thing and scope them out; next step would be buying with a receipt preferably with a credit card. Thoroughly document why this is a fraud, go to the desk sergeant at the local police department with your evidence. They have to file a report. Follow up with county or state officer. The worst that usually happens to an agent of fraud is they just have to give the money back fishing for new suckers.
Working through the local cops. I have even been able to have them issue arrest warrants on people in the West who issued rubber checks.
They are priced as if they were genuine. If these had been copy's of U.S. coins I would just report it to the Secret Service. Being Mexican there is not much to do.
As far as the local media there is just one local paper, no media from Houston sixty miles away would even bother to come down. This is a "Company Town" Between Dow Chemical and the Port not much bad about anything ever makes it to the news.
As far as the Police, well I will let you figure out what would happen to the pawn shop / Gun Shop, the only one around that also provides discounts.
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
Seems like a red flag to not deal with them for anything. I doubt the staff tell customers what the computer says. Maybe a news team would buy one to see if the staff informs them and if the receipt reflects this. Otherwise what else are they doing to rip people off.
You say the manager "admitted." Were the coins offered as genuine or were they just shiny stuff in the case?
Mall stores have gold filled cheap jewelry in their cases.
I bet Melania doesn't buy them.
tell this shop why you cannot do any business with them. then find another shop.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Yes. With all the sketchy info about what was on display, for heaven's sake don't trade there.
Assume it was fake Mexican gold and was labeled genuine.
Stay out of the pawn shop. Pawn shops are for losers and suckers.
They were in the display case where they would normally have coins, I have to believe they were offering them as real, the guy that showed them seemed surprised when I told him they are all fake.
They don't have much in the way of coins just some "junk" silver grouped in one dollar face packages, such a rip off pricing it at 40 x face. It's the only place anywhere close that I go to, not easy for me to get around, the only reason to go is looking for items they failed to research, I did get an antique shaving box today that had a Marble honing stone, worth much more than the $10 I paid for it, dates back to 1890 from a company in Missouri.
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
And all coin dealers are crooks and raw coins are fakes.
Don't put words in my mouth. I didn't say that or even come close.
Oh you came VERY close with your unfounded statement.
You DO know that pawnshops keep records and report scrap buys to the cops, don't you?
This is "Small Town America" I learned the politics of this town when I worked for this same Police department for several years in the early - mid 80's, since then the town has lost 70% of it's businesses and 50% of its population. Like most small towns between Wal Mart and other large retailers that swarmed a town 12 miles away there just isn't much left, and the locals protect what's left turning a blind eye to a bunch of stuff. I will call the Chief directly on Monday and see what he does. I will let everyone know what his response is.
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
and we now know that at least one sells plated gold without proactive disclosure.
This probably best exemplifies the difference between a coin shop and a pawn shop when buying coins or precious metals.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
If you are routinely able to cherry-pick items there for less than they are worth, it just sounds like they have a problem authenticating and valuing what they put out for sale in general, not that they are purposely trying to deceive anyone.
Be glad you know better.
OY VEY
not if they have a note in their computer that the coins are plated.
...one of the toughest cats I know, is from Chi-town and is in the Pawn business...I’m pretty sure he has never been called a loser to his face, or if he were then it probably never would have left the room where it happened...I think @Hydrant may have been referring to pawn shop patrons and not shop owners...I may be wrong but either way, relax @topstuf ...your obviously one of the good guys
No note on the computer, it comes up when the item is sold, it's then up to the clerk to tell the customer. I seriously doubt there going to tell them after they have made the sale.
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
Sounds like a shady business....I would just avoid it. There are a couple of antique shops like that around here... I no longer patronize them....Cheers, RickO
Go to a coin shop, instead. No spam intended.
To far away, I was not going for coins, I just needed to get out of the house for a while, when I go there I always look and see what they have on the shelf, this time it was fake Mexican Gold Coins.
I appreciate all that opined, It has given me many options. The best of which is to just stay away and not worry about it.
Thanks for everyone's help
Tex
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
It's a sham and a shame that pawn shops get a pass on ignorance.