Grandson steals grandfathers coin collection in North Carolina
Michigan
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My apologies if this story has already been posted by someone else:
Wednesday’s weather might have tempted you to curl up and get lost in a good book.
However, you don’t have to turn to a mystery novel to find an unusual caper.
That’s because more than a $100,000 worth of rare coins have been stolen in the east.
Investigators arrested a suspect—though Nine On Your Side’s Philip Jones reports many of the coins could be lost forever:
“The coin collection belonged to Mr. Lionel Willis Sr., who ran a store in the Goose Creek area of Pamlico County on Neuse Road for many, many years,” said Pamlico County Sheriff’s Department investigator Billy Jewel.
He says that store was once an institution for people who lived in the area.
“If you were traveling that way and you wanted to stop and get a Coca-Cola, that’s where you went,” he said.
But even more legendary than the store was Willis’ coin collection.
He owned hundreds, if not thousands, of coins.
So when he recently died, his family wanted to take stock of the gold dollars, steel pennies, Morgan dollars and mercury dimes.
“When they opened the safes up, the coins were missing,” Jewel said.
An investigation was launched immediately.
Eventually, Jewel says, it became clear Willis’ grandson, Shannon Todd Willis Jr., had been stealing the coins and selling them for months.
Jewel says Todd Willis Jr. has confessed to selling hundreds of those coins to two different shops in New Bern for a little under $12,000. Because the investigation is on-going and because those stores had no way of knowing the coins were hot, Jewel has asked us not to identify them in this story.
Investigators were able to recover very few coins from Todd Willis Jr.
The rest of the coins—valued roughly between $180,000-$250,000—may never be found because they’ve either been sold by those shops or are still missing.
Todd Willis Jr. faces two counts of safecracking and felony larceny.
Deputies say he admits to stealing some of those coins. But, he told investigators some were already missing before he got to them.
Jewel says Willis Jr. got the combinations to the safes from other family members and that he used the money to support himself after he lost his job.
Wednesday’s weather might have tempted you to curl up and get lost in a good book.
However, you don’t have to turn to a mystery novel to find an unusual caper.
That’s because more than a $100,000 worth of rare coins have been stolen in the east.
Investigators arrested a suspect—though Nine On Your Side’s Philip Jones reports many of the coins could be lost forever:
“The coin collection belonged to Mr. Lionel Willis Sr., who ran a store in the Goose Creek area of Pamlico County on Neuse Road for many, many years,” said Pamlico County Sheriff’s Department investigator Billy Jewel.
He says that store was once an institution for people who lived in the area.
“If you were traveling that way and you wanted to stop and get a Coca-Cola, that’s where you went,” he said.
But even more legendary than the store was Willis’ coin collection.
He owned hundreds, if not thousands, of coins.
So when he recently died, his family wanted to take stock of the gold dollars, steel pennies, Morgan dollars and mercury dimes.
“When they opened the safes up, the coins were missing,” Jewel said.
An investigation was launched immediately.
Eventually, Jewel says, it became clear Willis’ grandson, Shannon Todd Willis Jr., had been stealing the coins and selling them for months.
Jewel says Todd Willis Jr. has confessed to selling hundreds of those coins to two different shops in New Bern for a little under $12,000. Because the investigation is on-going and because those stores had no way of knowing the coins were hot, Jewel has asked us not to identify them in this story.
Investigators were able to recover very few coins from Todd Willis Jr.
The rest of the coins—valued roughly between $180,000-$250,000—may never be found because they’ve either been sold by those shops or are still missing.
Todd Willis Jr. faces two counts of safecracking and felony larceny.
Deputies say he admits to stealing some of those coins. But, he told investigators some were already missing before he got to them.
Jewel says Willis Jr. got the combinations to the safes from other family members and that he used the money to support himself after he lost his job.
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Comments
<< <i>Do you ever tire of the morose? >>
No. People depend on me to let them know these things, it is a public service I am doing.
<< <i>My apologies if this story has already been posted by someone else:
Jewel says Todd Willis Jr. has confessed to selling hundreds of those coins for a little under $12,000.
The rest of the coins—valued roughly between $180,000-$250,000—may never be found because they’ve either been sold by those shops or are still missing.
>>
So the guy sold 250K in coins to these 2 shops for 12K..... If true the dealers are either dirtbags who ripped off the guy or dirtbags who move stolen coins.
<< <i>
<< <i>My apologies if this story has already been posted by someone else:
Jewel says Todd Willis Jr. has confessed to selling hundreds of those coins for a little under $12,000.
The rest of the coins—valued roughly between $180,000-$250,000—may never be found because they’ve either been sold by those shops or are still missing.
>>
So the guy sold 250K in coins to these 2 shops for 12K..... If true the dealers are either dirtbags who ripped off the guy or dirtbags who move stolen coins. >>
I agree thats pretty shady on the dealers part
<< <i>If it's found that the dealer bought $180,000-$250,000 of coins for $12,000, their names should be posted. So everyone knows to stay far away from them. >>
I don't know... even after a 50% markup, they might be selling great coins really cheap!
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
The Numismatic Crime Information Center
"That’s because more than a $100,000 worth of rare coins have been stolen in the east."
"Jewel says Todd Willis Jr. has confessed to selling hundreds of those coins to two different shops in New Bern for a little under $12,000."
"The rest of the coins—valued roughly between $180,000-$250,000—may never be found because they’ve either been sold by those shops or are still missing."
Also, "He owned hundreds, if not thousands, of coins."
Exactly how many did he own and exactly how "rare" were these if they averaged (at just a thousand) $100 to $250 each?
The name is LEE!
<< <i>...or the guy's coins were really not worth anywhere close to the $180-250K he thought. How many times have you seen someone think their collection is worth 10x what it's really worth? Might have been a bunch of whizzed sliders valued at PCGS MS 65 prices. >>
My ex-father-in-law had a collection that he said was worth over $50k. I was asked to go through the coins (my ex-wife suggested he have me do this). My total was just under $5,000, Not counting some foreign coins he and his family got while living in change in England over a 2 year period. I was very tactful when I told him the true value and provided documentation to back up my estimate.
He was quite surprised.
And no, that had nothing to do with our seperation.
<< <i>That is really sad when a family member rips it off..... Yeah.. those dealers have something to answer for as well. Cheers, RickO >>
That pretty much says it all for me.
JT
I collect all 20th century series except gold including those series that ended there.
<< <i>
<< <i>
<< <i>My apologies if this story has already been posted by someone else:
Jewel says Todd Willis Jr. has confessed to selling hundreds of those coins for a little under $12,000.
The rest of the coins—valued roughly between $180,000-$250,000—may never be found because they’ve either been sold by those shops or are still missing.
>>
So the guy sold 250K in coins to these 2 shops for 12K..... If true the dealers are either dirtbags who ripped off the guy or dirtbags who move stolen coins. >>
I agree thats pretty shady on the dealers part >>
I sure there are two sides to this story.
One side is where the "owners" of the coins vastly over value their coins, and on the other side the dealers would most certainly have payed much, much, less than they would have sold at auction.
Unfortunately, it just provides further insight into how far people will go to make end's meet in this tough economy.
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"To Give Anything Less than Your Best, Is to Sacrifice the Gift" - Steve Prefontaine
<< <i>...or the guy's coins were really not worth anywhere close to the $180-250K he thought. How many times have you seen someone think their collection is worth 10x what it's really worth? Might have been a bunch of whizzed sliders valued at PCGS MS 65 prices. >>
Does anyone use a canned inventory program that has its own price guide? $70k turns into $180-$250 real easily.
That collection might have been quite a fine one who the heck will ever know. What a legacy, you spend a lifetime collecting something and hope one day it might benefit your children and your grandkid ends up in prison with a fellony conviction. Sad
Just my eversohumble opinion.
Her uncle had told his wife they were worth $100,000 before he died.
She in turn, got ahold of some coin price magazines and figured they should be worth $150,000.
Anyway, I met with her at her bank to look through the collection.
There had to be at least 30 notebooks filled with coins. Just everything imaginable.
Unfortunately, amost all were of low grade, and common.
The 1893-S Morgan Dollar was in reality an 1898-S Morgan that had had the 8 in the date skillfully carved into a 3. The coin had been treated with acid, and that's what tipped me off. Looking at the reverse, I saw the mintmark was in the wrong place.
The Trade Dollars were all real, but many were harshly cleaned, some were polished.
The 1916 and 1917 Standing Liberty Quarters were BU. There again, they were fake.
Book after book of low grade common "junk".
After 4 hours, and half way through, I asked what the rest of the collection was like. She said it was all similar.
I told her she could expect to get around $10,000 for everything, but that I wasn't interested in them.
So, as you can imagine, she was angry with me for telling her the truth.
How much were the coins in this article worth? There's no way for us to know.
Ray
I agree with most of you though. Everyone thinks their junk is FAR more valuable than it really is.
Hope the little Thief gets what he deserves for ripping off his Grandad !
<< <i>
<< <i>...or the guy's coins were really not worth anywhere close to the $180-250K he thought. How many times have you seen someone think their collection is worth 10x what it's really worth? Might have been a bunch of whizzed sliders valued at PCGS MS 65 prices. >>
My ex-father-in-law had a collection that he said was worth over $50k. I was asked to go through the coins (my ex-wife suggested he have me do this). My total was just under $5,000, Not counting some foreign coins he and his family got while living in change in England over a 2 year period. I was very tactful when I told him the true value and provided documentation to back up my estimate.
He was quite surprised.
And no, that had nothing to do with our seperation.
You can be surprised too some times. My wife's father brought up he had some old junk coins and lots of proof sets. Not expecting much I went to take a look and found Hundreds of rolls of 90% cir stuff mostly 50c Benj's some walking and Kennedys. Several dozens of Lincoln and late Indians. bags of buffalos mostly P mint or no date. No key dates mind you and about 3 dozen Morgan's and a peace. A complete set of more or less ASE (no 95w) and 1/10th gold and plats proofs in mint packaging. Not counting the mint probucts there must have been Hundreds and hundreds$ in face value alone.
Huston I think we have a hoarder
That is some sad stuff all kidding aside. I would of thought grandpa might of had a theory of that little dingbat grandson of his, ripping him off one day.
I was watching a show on the History channel about the so called "Gene" pool. Well, grandpa maybe should of kept his collection in the bank vault. On the other hand never let his grandson near his home..
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<< <i>Do you ever tire of the morose? >>
No. People depend on me to let them know these things, it is a public service I am doing. >>
I agree. The board needs people of all types and Michigan certainly fills a useful niche.
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<< <i>
<< <i>Do you ever tire of the morose? >>
No. People depend on me to let them know these things, it is a public service I am doing. >>
I agree. The board needs people of all types and Michigan certainly fills a useful niche.
I have noticed that too...
Many successful BST transactions with dozens of board members, references on request.
"his family wanted to take stock of the gold dollars, steel pennies, Morgan dollars and mercury dimes."
I've been called to look at "a massive coin collection worth several hundred thousand dollars" and it turned out to be junk. Families of the deceased are hoping their loved one had something of value and most of the time are disappointed. The most disappointed family I ran into, the grandfather bought holed and damaged coins, placed them in 2 X 2 mylars and placed the highest price from the Redbook on the mylar. He knew what he had, but the family was fooled.
Remember that in the news business, death, sadness and tragedy sell. If the family would have scored, Nine on Your Side's Philip Jones wouldn't have reported on it because it would not have been newsworthy.
Lance.