Coins on consignment stolen

rhedden

A few weeks ago, I put a bunch of Morgans and a few large cents on consignment with my friend in his shop central PA. I was happy when a whole bunch of them sold to a gentleman who said he was from the state of Indiana. There was a problem, however: he only payed my friend for for the Morgan dollars. I don't know if the large cents were stuck into his pocket, or if he used some other ruse to sneak them out, or (unlikely) if he didn't realize he didn't pay for them, but he walked off with two large cents- an 1803 stemless S243 in VG and an 1848 N27 in XF. Of course, he payed in cash and didn't leave his name. All of the coins were in 2x2 cardboard holders conspicuously stamped "RH" in black letters on the front. If any of you see these coins floating around at a show, please get a name and PM me so I can recover my property. It's only $120 in coins, but it's $120 I'd like to have back. Sorry for the downer of a message, but you never know, this might get the coins back for me.


P.S., this is the second time I've left coins on consignment with a dealer (two different dealers). In both instances, the dealer was a trusted friend, and in both cases, the coins were stolen out from under his nose. I was fortunate to recover my property the first time when the perpetrators (an upstate NY couple) was busted by another dealer and forced to pay everyone back for what they had been stealing. However, from these experiences, I strongly discourage any of you from leaving your property with a dealer on consignment, or even for an appraisal.

LanLord

Quite a drag, yes, I'll keep an eye out, but unlikely I'll see them here in California.

I wonder if dealers are just less concerned with another person's property.

Seems odd, but 2 for 2 seems odd.

tincup

Would not your friend have some liability in this? Since you turned the coins over to him to handle/sell? (I'm assuming that he was getting some percentage of the selling price). Thus it would seem that there is a contract of sorts; he sells your coins for a commission, but he is also responsible for handling the coins and their safe keeping. Unless you signed some form that relieved him of any responsiblity, or verbally agreed to such terms.

Otherwise, a less-than-honest dealer could 'arrange' for a rip off for their own gain. Or, perhaps the dealer just doesn't care to use due care in the handling of your coins, and thus lose them to theft. And you would have no safeguards or recourse against something like that happening. Please note- I am not saying your friend is anything but honest. I am only speaking hypothetically. But since this has now happened to you twice.... you may want to start getting something in writing.

One other option.... since your friend has a shop, surely he has some kind of insurance. You should be able to file some claim under his insurance to recoup the loss? Good luck.....

rhedden

My friend offered to reimburse me, but he made exactly zero profit on the deal, and was "dumping" the coins for me. I refused the refund. The person who has the $120 is the person who stole the coins.

MICHAELDIXON

I wouldn't give up on leaving coins on consignment. I've been on both sides, as the dealer accepting the consignment and the one leaving the consignment. Once I had a BU Bust half stolen that was on consignment to me. I knew who had taken it, how they had taken it and saw them, but couldn't react fast enough. I contacted the consignor and explained what had happened and let him know I would pay for the coin. Fortunately, the coin was recovered and I ended up selling it for the guy. Currently, I consign coins to different shops. If they would be stolen, I would expect the dealer to reimburse my original costs of the coins. If I have enough trust to consign my coins, I expect the dealer to have enough respect to watch over my coins until they are sold.
.
Currently, we take consignments for auctions. If the consigned coins are stolen or lost, it is our responsiblity to reimburse the consignor for these coins. I don't know your dealer, but I would have taken the money he offered because he was negligent in protecting your property.

UncleWiggly

I'll keep a look out too. They actually COULD show up anywhere, especially 5 states away at a local show. I'm going to start keeping track of the stolen stuff. Everytime I consign coins, I worry until they are sold or returned.


Jerry

sliderider

Where are you located? It might help for us to know so we can keep an eye out if we live near you. Odds are the coins didn't travel very far. They probably showed up at another nearby dealer right after they were stolen so the thief could dump them before anyone could get the word out. I'd check around all the shops near the one you left the coins at. Also, is it possible that the person who bought the other coins may have thought that the cents were included in the sale and taken them by mistake? How were your coins displayed in the dealers shop? If they displayed as a group, and the dealer quoted a single price, the buyer may have gotten that impression.

rhedden

I am located in central Pennsylvania. Perhaps the person who bought them really was from Indiana, as stated, but you have to figure that if he steals coins, he lies too. I seriously doubt that the coins will surface, but thanks to everyone for keeping an eye out.

I didn't take the money from my friend because he was selling the items for me as a favor, not to make a profit. He didn't make a dollar off the deal- was just helping me sell off some unwanted coins. If he scored $500 off the deal, I would've been out the door with his $120 in a flash.

thebeav

<< <i>My friend offered to reimburse me, but he made exactly zero profit on the deal, and was "dumping" the coins for me. I refused the refund. >>



We call this 'doing the right thing'...I don't think you have reason to caution others about leaving coins for an appraisal or memo when your dealer is obviously a straight shooter.
Paul

Coinosaurus

This is a really good reminder - always get this spelled out before you give a coin to anybody without getting cash in return