Made $325 in 30 minutes yesterday.
ANACONDA
Posts: 4,692 ✭
I went to the bank to make a deposit. I ask the guy for a pen at the drive up window. He passes me a pen and a worn walker (he knows I deal in coins) and says "Are these things worth anything?"
I reply, "Yeah, about a buck and a half." (I come to find out that was a little low!)
He says that some kid just deposited a bunch of old coins. The teller said "I bought about 27 dollars worth but you can buy the rest, just park and come in."
I do and end up buying five rolls of Roosevelt dimes (I think it was five), three rolls of Franklin Halves, six or seven rolls of old Jefferson nickels and a roll of 40% Kennedys. (I think that is a fairly accurate accounting.)
They cost me $60.
I then drive over to the Richardson Coin show and go to one of the dealers who pays me $385 for the group less the Jefferson nickels which he didn't want.
I thought, 'that was cool'!
Today I'm going to buy some nickel boards and let my daughters fill in the holes with the Jefferson's that I bought.
I reply, "Yeah, about a buck and a half." (I come to find out that was a little low!)
He says that some kid just deposited a bunch of old coins. The teller said "I bought about 27 dollars worth but you can buy the rest, just park and come in."
I do and end up buying five rolls of Roosevelt dimes (I think it was five), three rolls of Franklin Halves, six or seven rolls of old Jefferson nickels and a roll of 40% Kennedys. (I think that is a fairly accurate accounting.)
They cost me $60.
I then drive over to the Richardson Coin show and go to one of the dealers who pays me $385 for the group less the Jefferson nickels which he didn't want.
I thought, 'that was cool'!
Today I'm going to buy some nickel boards and let my daughters fill in the holes with the Jefferson's that I bought.
0
Comments
You suck.
No, I paid face and I know it was $60 on the button. I just couldn't remember exactly how many rolls of Roosevelt dimes and how many rolls of Jefferson nickels I bought.
The teller said that he told the kid not to deposit the money but said that the kid said "I've got a whole mess of these that my Grandmother left me" and proceeded to deposit them anyway.
roadrunner
The name is LEE!
<< <i>I hope someone's dad isn't upset somewhere.
The teller said that he told the kid not to deposit the money but said that the kid said "I've got a whole mess of these that my Grandmother left me" and proceeded to deposit them anyway. >>
Depending on how old the kid was, it may have required more explanation from the teller (or parents!).
Let me tell my wife's groaner of a story... She worked at her fathers farm stand/nursery when she was just a little kid. An old lady made a purchase with a bag full of silver quarters. She bought them from the drawer and took them to the bank for her savings account. She assumed that when you put money in the bank, you got the same money (literally) back out when you needed it. Doh!
It's too bad an adult didn't explain things to her at the time. Maybe this kid assumed the same?
collections: Maryland related coins & exonumia, 7070 Type set, and Video Arcade Tokens.
The Low Budget Y2K Registry Set
<< <i>I thought, 'that was cool'! >>
ANACONDA - Do you like taking candy out of the mouths of babies too?
You could have insisted that the bank manager contact the kids parents first.
<< <i>
<< <i>I thought, 'that was cool'! >>
ANACONDA - Do you like taking candy out of the mouths of babies too?
You could have insisted that the bank manager contact the kids parents first. >>
No need to push the Good Samaritan thing to that extent. I see nothing wrong with the deal.
Positive BST as a seller: Namvet69, Lordmarcovan, Bigjpst, Soldi, mustanggt, CoinHoader, moursund, SufinxHi, al410, JWP
You could have insisted that the bank manager contact the kids parents first."
Man, some of you guys are like dentists with a pick. Any glint of criticism you can throw in my direction is what you're gonna do.
I hope you get fat.
<< <i>
<< <i>I thought, 'that was cool'! >>
ANACONDA - Do you like taking candy out of the mouths of babies too?
You could have insisted that the bank manager contact the kids parents first. >>
Nonsense......Anaconda purchased them from a third party and not the kid himself, nor did have have any part in the original transaction. It's not Anacondas legal or moral responsibility to ask his bank to contact anyone. If you are intent on pointing a finger of blame or immorality somewhere, it should be at the bank employee.
BTW Anaconda.........I'm already fat
<< <i>If there was any fault, it was with the bank. If Anaconda didn't take them somebody else would have. Under the same circumstances I think I would have done the same thing. >>
I know, that is why I said Anaconda should have spoken with the branch manager. The coins in question, could have been stolen from someone's collection, a prudent person would have attempted to verify (especially if another collector). In my opinion, the bank teller should have tried to verify the status with the parents and Anaconda should have inquired if it had been done. There is nothing else to say.
Believe me, this would not have been that hard a thing to try to do.
$325 shouldn't always be what ultimately drives this hobby, unfortunately it usually is. While I had ZERO consideration for dealers leaving money on the table, when it comes to the public that should be a different story.
roadrunner
<< <i>I know, that is why I said Anaconda should have spoken with the branch manager. The coins in question, could have been stolen from someone's collection, a prudent person would have attempted to verify (especially if another collector). In my opinion, the bank teller should have tried to verify the status with the parents and Anaconda should have inquired if it had been done. >>
I agree. A quick call to kid's parents by the bank manager or a follow-up by the bank is warranted. I would assume a respected and ethical dealer or collector with knowledge of what happened would make a reasonable attempt to make sure this transaction wasn't detrimental to someone. Of course, if making $350 profit was a life or death situation then it might be OK.
<< <i>Nonsense......Anaconda purchased them from a third party and not the kid himself, nor did have have any part in the original transaction. It's not Anacondas legal or moral responsibility to ask his bank to contact anyone. If you are intent on pointing a finger of blame or immorality somewhere, it should be at the bank employee. >>
Depends on what the state statues says. In my state, based on the facts presented, I would charge "Possession of Stolen Property" if the coins were reported stolen and I could prove they were the same coin that Anaconda bought and sold.
The real story could have been creating a new YN or feeling great about getting coins back to the rightful owners for their rightful price.
Had this been me who got the $325, I know I would not have been proud of the fact and then put it in a thread. At least that much I do know. Reminds me of the CT coin dealer who took an old lady's husband's estate collection for $50K when it was worth 5X to 10X that amount (this was 1988-1990). I'm sure he bragged to all his friends too. That dealer is a very prominent and well thought of dealer to this day.......however but not by me.
roadrunner
Kids are silly.
-Amanda
I'm a YN working on a type set!
My Buffalo Nickel Website Home of the Quirky Buffaloes Collection!
Proud member of the CUFYNA
Depends on what the state statues says. In my state, based on the facts presented, I would charge "Possession of Stolen Property" if the coins were reported stolen and I could prove they were the same coin that Anaconda bought and sold.
Statues don't talk in my state, and if they did, I wouldn't listen to them. If the property was reported stolen, whoever filed the police report would be charged with filing a false report. The kid said his grandmother gave them to him, he was the legal owner, and can "spend" them for face if he pleases. I'd bet noone here would really go calling anyone's parents to tell them what he did. Even if you wanted to, the bank wouldn't just give you that information. Oh yes, let me give you the name, phone, and how about socail security numbers of our customers. Get real!!!!
Will’sProoflikes
Snakes did nothing wrong and has absolutely no obligation to speak with the bank manager or to try and track down the kid who cashed-in the coins.
He was just in the right place at the right time.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
<< <i>How come you felt the need to post your $325 bank profit adventure? >>
Probably wishes he didn't!
There are some vicious folks here who will flame 'ya just for the fun of it!
<< <i>Those who are making this a moral/ethical question are barking up the wrong tree IMO.
Snakes did nothing wrong and has absolutely no obligation to speak with the bank manager or to try and track down the kid who cashed-in the coins.
He was just in the right place at the right time. >>
I disagree. If the teller had simply said that he had some coins for sale then I might agree, but with an understanding of the source and circumstances of the where the coins came from it becomes a differrent issue. The bank's manager should have been informed of what happened, at the very least, and a reasonable attempt made to contact the parents or a responsible party.
Of course it's silly to think the bank BM would give you out any names. But I'm sure they would attempt to contact the people for you if you made it clear it was important to you. I know my bank manager would. And if they didn't, I'd probably move my business elsewhere. If the kid and grandma said take a hike Mr. or Ms. bank manager, I'd leave it at that, then post my thread on making $325.
Yes, it's always easiest to take the money and run. And I've often stated that my views on what is proper business in this "hobby" often butts heads with the majority of coin dealers. If I happen to disagree how a dealer "legally" does business, I have a right to go elsewhere.
roadrunner
I think that since the bank(er) obviously knew who deposited it you should have made (or still should make ) an effort to return the "unjust enrichment" to the kid.
Or are you gonna say that it's too bad for the stupid uninformed little kid - he shoulda known beter - huh counselor?
You knew what the stuff was worth when you got it. Why not give the guy at the bank $300 or so & tell him to make the kids day!
BUT
You all MUST know that Adrian is just puttin' this story out there to see which side of the ethical line YOU fall on & will then file that info away for use at a later date. There's NO WAY I'll believe that Adrian participated IN ANY WAY in taking advantage of a little kid no matter how far removed from the original transaction. You guys are SO gullible.
I mean, c'mon, he's a multi-zillionaire attorney with 40 or so attorneys WORKING FOR HIM! Get real.
roadrunner
On one hand, I see the viewpoint of those who agree that the guardians of the minor should have been made aware of the circumstances. On the other, and this is silly and taking it to nth degree, there are 1000's of collectors who search rolls of coins for silver, varieties, etc. Do you think when someone finds a Frankie in a roll of clad Kennedy halves they are obligated to find out if some demented widow did not accidentally put the Frankie in the roll by mistake. Should her children or grandchildren be consulted before title of the Frankie is passed to the roll searcher?
Of course not! And your analogy is not only flawed but inappropriate in THIS situatiuon. Presumably the minor is known and can be found/contacted. It's NEVER OK to take advantage of someone else if you know what they didn't know & may or may not should have known.
Am I correct counselor?
"...it's something to make you feel good about."
<< <i>My first thought was that the kid lifted the coins from his family for video game money. Notice that no quarters were in the booty.
On one hand, I see the viewpoint of those who agree that the guardians of the minor should have been made aware of the circumstances. On the other, and this is silly and taking it to nth degree, there are 1000's of collectors who search rolls of coins for silver, varieties, etc. Do you think when someone finds a Frankie in a roll of clad Kennedy halves they are obligated to find out if some demented widow did not accidentally put the Frankie in the roll by mistake. Should her children or grandchildren be consulted before title of the Frankie is passed to the roll searcher? >>
We are not talking about one 'frankie'.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Good one. You obviously blindsided the true pigs! If Adrian ever notices your deposition you'd better run for the hills!
p.s. if he EVER made ONLY $325 in 30 minutes it'd be a HUGE pay cut AND failure.
"I bought about 27 dollars worth but you can buy the rest, just park and come in."
I do and end up buying five rolls of Roosevelt dimes (I think it was five), three rolls of Franklin Halves, six or seven rolls of old Jefferson nickels and a roll of 40% Kennedys. (I think that is a fairly accurate accounting.)
They cost me $60.
Maybe the teller was feeling a little guilty ( if he could afford $27 he could afford another $60) and invited you in on something he knew he shouldn't be doing. If you were managing a bank, would you want your employees to behave this way?
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Well, for how many Frankies would it no longer be rip and instead be one's moral obligation to initiate an investigation to return the Frankies to the family of the demented widow. Two? Five? Ten? A whole roll? Multiple rolls? I do not know the answer, but apparently this can be quantified.
<< <i>Am I the only one who finds it odd that Anaconda is now dealing in bulk silver? >>
And while Brandon is frying the big fish.
(What a shock) Since in bizarro world the above would be true, in THIS world it must NOT be true.
<< <i>We are not talking about one 'frankie'.
Well, for how many Frankies would it no longer be rip and instead be one's moral obligation to initiate an investigation to return the Frankies to the family of the demented widow. Two? Five? Ten? A whole roll? Multiple rolls? I do not know the answer, but apparently this can be quantified. >>
RYK, we are talking about a minor who brought in coins at face and the teller and a knowledgeable dealer divide the booty, no questions asked that results in the profit descibed not including the tellers eventual profit. Not talking about a demented widow.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Well, my most humble apologies, master, but I have decide to alter the conditions to a hypothetical. I did not realize that this was against the TOS of this forum.