Have you ever been in a B&M shop and seen the following?

SanctionII

You are in the shop and in walks a person who does not look like they would have any interest in coin collecting. They place a pile of coins on the counter and ask the person working behind the counter what the coins are worth and if the shop would like to buy them. The guy behind the counter asks where the guy got the coins. The response is lame (i.e. I got them at a gas station down the road). You look at the pile of coins and see silver US coinage (Mercs, SLQ's, Walkers, Peace dollars and earlier coins) including what appear to be high grade (EF, AU and maybe even MS) examples. The guy behind the counter looks at the coins and quickly offers a price of less than melt. The person with the coins says deal. The guy behind the counter takes the coins and pays cash to the guy who brought the coins in. As both persons turn aside, the guy leaving the store and the guy behind the counter taking the coins into the back, they have sly grins on their faces, both satisfied with the deal.

You wonder about what just happened and can only imagine that the coins are stolen property. You also want to smack both the guy who sold the coins and the guy who bought them.

I have seen this on multiple occasions (including a time where the guy [who looked like a homeless person] brought in some very nice early Walkers [teens and twenties], said he got them at a gas station down the road; and was paid under melt for them; and both he and the guy behind the counter had slimey smiles on their faces).

How about you? If you have seen it, what did you think?

PTVETTER

this happens not only in B & M shop but at coin shows with both vest pocket dealers and the collecting public. One big difference at my shop is I REQUIRE photo ID ALL the time. The best I get are full date buffalos and common 90% silver. A high grade IHC would be a no problem VG. I also hold all reciepts for the local PD and sent them a copy of all gold purchases

newbiecollector

Never

mirabela

I haven't seen that. The last time I was in a B&M shop a guy walked in with some gold to sell. The dealer asked him some questions, didn't like the bullsh1t answers he got, and told the would-be seller that he just wasn't interested.

MadMarty

<< <i>Never >>

Yea right!

MacCrimmon

That's nothing; I witnessed first-hand a very MAJOR dealer at the Pitt. ANA gloating about some schmoe that brought in a rare, mid-4 figure foreign gold coin. A few other dealers had offered the guy $500, so the MAJOR guy offers a "generous" $600. DEAL!! MAJOR guy quickly WHOLESALES the coin for $5000.

tjkillian

<< <i>this happens not only in B & M shop but at coin shows with both vest pocket dealers and the collecting public. One big difference at my shop is I REQUIRE photo ID ALL the time. The best I get are full date buffalos and common 90% silver. A high grade IHC would be a no problem VG. I also hold all reciepts for the local PD and sent them a copy of all gold purchases >>



If I knew you would send any of my personal information to someone else, such as the cops, I would never, ever do business again. I have no problem showing ID, but for someone else, espeicially the government, on my personal busines to know what I was doing, I would be so livid I would have to be tied down.

seanq

<< <i>I haven't seen that. The last time I was in a B&M shop a guy walked in with some gold to sell. The dealer asked him some questions, didn't like the bullsh1t answers he got, and told the would-be seller that he just wasn't interested. >>



I've seen a similar situation as the one you describe above. The shop closest to me is also a pawn broker, and I've seen him refuse other merchandise as well.


Sean Reynolds

Shortgapbob

We refuse to purchase merchandise from anyone who does not have an ID at the office.

cmerlo1

Shops in Austin are required to obtain driver's lincense and other info from ALL people who are selling to them. This is not for reporting to the IRS or any government agency; it is required by the local police and is kept on file at the shop.

BECOKA

Guess I don't get out enough, I have never witnessed this.

MadMarty

I know pawn shops here are required to keep records of everything that comes in, but coin dealers do not have to. I know some dealers who require ID for everything they buy, but 75% of them around here do not.

julie42

Wow I tried to sell a trade dollar from my grandads collection and the guy at the B&M wouldn't touch it. Do you think he thought I was a criminal? This was many years ago and I still have it and thank god because I didn't know what it really was worth, not very good condition but I was quite young then and sorta stupid.

grip

You were nieve,not stupid.Most of us starting out have done the same thing.

Al

Robb

If you have an issue with it and have seen it happen at the same shop before, why do you continue to go back?

ziggy29

<< <i>this happens not only in B & M shop but at coin shows with both vest pocket dealers and the collecting public. One big difference at my shop is I REQUIRE photo ID ALL the time. The best I get are full date buffalos and common 90% silver. A high grade IHC would be a no problem VG. I also hold all reciepts for the local PD and sent them a copy of all gold purchases >>

It's one thing to keep records in case you are later investigated by police. IMO, it's quite another to volunteer to send them all records pertaining to private details of people who trade gold with you, even when there is no cause for suspicion. IMO, that's chilling and I'd be out the door immediately -- and no, I have nothing to hide, I just prefer not living in a police state.

Elcontador

Sanction, what about the character who 'found' a rare gold bar who wanted to sell it near melt to my 'favorite' dealer awhile back?

fishcooker

What do the police do with the info you send? Leave out on a desk? Actually file it away somewhere? That'd be pretty ironic if an alleged criminal sees a list of gold investors on a desk at the police station.

SanctionII

I have not been to the shop I saw the described transaction take place in for years (5-6 years ago). In fact the day I saw it happen may have been the final time I was ever in the shop.

Prejudging people on outward appearance alone is a bad thing in my book; however the story the guy told about where he got the coins (a gas station down the road) just did not seem believable. I suspect that coins were stolen. The guy who bought the coins seemed not the least bit troubled by the transaction, even though I am sure he also suspected the coins were stolen.

I also remember the transactions over the gold bar "found" by a worker in Dwight Manley's garage at his home in Irvine. The dealer who bought the gold bar for melt (or less than melt) from the thief either suspected the gold bar was stolen or is an idiot.