While you were at the bank getting those coins with the presidents on them.....

Mercury10c

I was picking up, at face value: 13 40% silver Kennedy's, 2 90% silver Kennedys, 1 1922 Peace dollar, and yes, an 1883-S Morgan. All turned in today by a customer for face value. Thank you very much.

commoncents05

Nice score!! Want to quick double your money?

-Paul

Mercury10c

CheeseGuy

Do you work at the bank or do you have someone planted there? I'm slightly jealous.

Mercury10c

Work at one. Unfortunately, I don't get stuff like this all the time. Some butthead beat me to $175 worth of halves last week, some of which the tellers said were "funny looking." I did buy about $275 in halves several months ago and came up with 21 40%s and 10 90%s. All Kennedys.

ipmman

The teller who accepted those silver dollars at face value ripped that customer off. When these showed up years ago while i did retail, they were usually stolen from parent's coin collections.

At the very least, the teller should have questioned these unusual coins. Were you the teller? Better issue, is it ethical for bank personnel to profit off the ignorance of their customers?

Cnitas

<< <i> When these showed up years ago while I did retail, they were usually stolen from parent's coin collections. >>



I used to work in a gas station...when people need gas and/or smokes, the coin and currency collections often come out and get spent. In fact, I started collecting after seeing some of the cool stuff that went through there.



<< <i>Better issue, is it ethical for bank personnel to profit off the ignorance of their customers? >>



Why not? It is called knowledge, and it is power. It is generally what people do in order to earn money.

Why can an electrician charge $100 to wire up an outlet? It is very easy and cost nowhere near $100 in materials. Oh yeah...because there are a lot of people who don't know anything about electricity or who simply don't care, just like this customer did not know or care about the 'numismatic value' of the coins..

Besides, in your world the coins were stolen. Why do you assume that the thief/customer was ignorant? Maybe he was just trying to get rid of the stuff quickly.

flaminio

<< <i>The teller who accepted those silver dollars at face value ripped that customer off. >>

She did nothing of the sort. It's a bank, not a coin shop. People bring in money, and they deposit it at the bank. That 1883-S Morgan, valuable to you and I, is still legal currency, and worth one dollar in a deposit. It's not her job to question every deposit; indeed, bank policy might even prohibit it. How would you feel if you went to make a deposit and the teller started grilling you, "Where did you get this money?"

Writersblock

<< <i>The teller who accepted those silver dollars at face value ripped that customer off. >>


It is a bank, they are not authorized to pay more than face value for deposited money. And in many cases the tellers DO tell the depositor that they could get more money selling the coins to a coin dealer, but the customer doesn't want to bother going to a dealer and insists on depositing the coins anyway. If the customer insists on depositing it and then the teller buys it out of the till I don't see how they have ripped off the customer. The customer ripped themself off.

Barndog

<< <i>I was picking up, at face value: 13 40% silver Kennedy's, 2 90% silver Kennedys, 1 1922 Peace dollar, and yes, an 1883-S Morgan. All turned in today by a customer for face value. Thank you very much. >>



I'll give you ten bucks for the lot!

cohocorp

this just comes down to your own personal beliefs. if it were me, i would certainly inform the customer as to the value.

theump

I can't argue whether a bank should tell a client that a coin is more than face. But, it is illegal to take advantage of someone's lack of knowledge. For example, you are going through a collection and see several HQ 1909 SVDB's. It is illegal for you to say these coins are only worth a couple of dollars. If this person ever finds out that you did this, he can sue and win.

Now if you point out that the true value of the SVDB's and the person says how much will you give me, and you low ball him and he is desparate or accepts, then that's another story.


Again, I am not quite sure where the silver coins at a bank fits in. I would tend to think that if you are the teller and accept the coins without telling the person, you may be liable.

cohocorp

i never knew it was illegal. what is it? theft by deception? i know it wouldnt feel right to me to scam someone like your example with the svdb so thats good enough for me. i wouldnt do it.

theump

I learned that years ago and have forgotten what the correct legal term is. Keep in mind it only protects a person from being fleeced when that person doesn't know what he has. It does not protect someone from making a bad deal.

cohocorp

i think a good general rule of thumb is-- treat people how you would want them to treat your family. -- easy enough.

13PacesEast

nice rip.

remember....

it's not illegal or immoral if it is in the name of PROFIT™.


P R O F I T ™

walkerminus1

All the people claiming the teller was wrong...ever cheerypick a coin or get a silver coin as change or anything that was to your favor that you could have said to the person with less knowledge "you could get more for this if you did (whatever they would need to do). If you have never gained an advantage over somebody because you knew more, then say what you want, otherwise congratulate them, tell them they suck and move on to the next post.

I say, congrats for your find at the teller line. I have a couple tellers at the bank I work for keeping an eye open for me, one in the darkside and one not. Never get that lucky.

Rob

flaminio

<< <i>But, it is illegal to take advantage of someone's lack of knowledge. >>

You're going to have to cite this law. I've never heard of any such thing.

And if such a law did exist, it would completely dismantle the rare coin business.

Barndog

<< <i>

<< <i>But, it is illegal to take advantage of someone's lack of knowledge. >>

You're going to have to cite this law. I've never heard of any such thing.

And if such a law did exist, it would completely dismantle the rare coin business. >>



and the fancy coffee business

Cnitas

<< <i>But, it is illegal to take advantage of someone's lack of knowledge. >>



Did you even read my post?

Mercury10c

<< <i>The teller who accepted those silver dollars at face value ripped that customer off. When these showed up years ago while i did retail, they were usually stolen from parent's coin collections. >>



That is the most asinine statment I have ever heard. And no, I was not the teller. Banks are not coin dealers and cannot value every coin and note they take in and pay the customer accordingly. If a customer deposits a worn ass Morgan into his account are we supposed to credit him with $12 or some other amount? Stupid stupid stupid.

And furthermore....what about these guys who bought Presidential dollars at their local bank for face value, found they had no edge lettering, and sold them on ebay at huge profits? Didn't they rip the bank off? Shouldn't they return the original roll to the bank and tell them that it is not worth $25, but actually hundreds? Isn't this illegal for these customers to rip off the banks like that?