Would you want a coin if you couldn't OWN it?
topstuf
Posts: 14,803 ✭✭✭✭✭
Hypothetical: A crazy SOB offers you a really rare coin to .....HOLD. For as long as you wish. He has a security interest in something of value of yours so you have no way to "stiff" him even if you wanted to. But you can NOT sell the coin......or.....leave it in your estate.
You can LOOK at it. As long as you want. BUT.....when you're done either looking or breathing, it goes back to Mr. Stupidhead.
Would you WANT it? Would it become like a puppy and you'd get attached?
You can LOOK at it. As long as you want. BUT.....when you're done either looking or breathing, it goes back to Mr. Stupidhead.
Would you WANT it? Would it become like a puppy and you'd get attached?
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David
Joe.
Dan
mcinnes@mailclerk.ecok.edu">dmcinnes@mailclerk.ecok.edu
Years ago a dealer-collector let me borrow a 1793 Chain Ameri. cent that he had purchased after multi year quest to own the coin. This is a bizarre story.
Years a go a less than ethical person (whom I will call “The Owner”) from the North Country purchased 50 large cents for $50 from a local yokel. Among the 50 large cents was a 1793 Chain Ameri. Cent in “old time grade” EF-AU condition. Today the coin would make AU-55 in a slab easily. A local dealer got wind of it and tried to buy the coin from The Owner. At one point he offered to trade him an automobile for the coin, but The Owner refused.
In the mean time The Owner, who was not much of a collector but liked to brag about what he owned, carried the piece around with him and showed it to people. During the course of this time it picked up some nicks and scratches. Finally The Owner sold the coin to the North Country dealer. The nicks and scratches probably knocked $3 or $4 thousand off the value of the piece at the time of the sale.
After the dealer bought the coin he loaned the coin to me to photograph and do most anything I liked. At one point I put it in a display at an EAC convention where it received a lot of admiring comments despite the marks and scratches.
Finally it came time to give the coin back, and like a puppy that would grow on you, I wanted the coin. The most that I could scrap together was $10,000, which was not enough, but I made the offer anyway. The dealer refused, which did not surprise me, but none the less I did get to “live with” a really great coin for a while.
So yea. Been there; done that; and it wasn’t so bad.
Here's a picture of the coin. (Sorry guys the scan was from a slide.)
with coins from my collection. Then return it.
<< <i>If you have the 1933 Double Eagle, I would be willing to hold on to it for you. >>
With a 1933 Double Eagle I would be concerned about losing the it or having it stolen. If I had lost the Chain Ameri cent, I could have paid for it with some stretching. With the 1933 Double Eagle, I'd have go for bankruptcy.
-YN Currently Collecting & Researching Colonial World Coins, Especially Spanish Coins, With a Great Interest in WWII Militaria.
My Ebay!
<< <i>Sure. I'd use it to pick up coin chicks! >>
Now, that was funny
When we are planning for posterity, we ought to remember that virtue is not hereditary.
Thomas Paine
If I'm going to have someone elses coins in my possession there would be a reason other then looking at it for fun, LOL!
Katrina
I "own" several items from family members on what we call "semi-permanent loan". There
always callable and they have the right to look at them at any time but otherwise they are
mine. We do occasionally call such things back so I really can't sell them without permission.
I can go to the coin shop and look at the rare coins all I want and have no liability whatsoever.
"Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."
~Wayne