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How I once delt with a scam situation
customroll
Posts: 523 ✭
This it a true story.
Once upon a time I purchased a pretty rare coin raw with a "partner" who put up half the money. We paid a very low price for it. I sent it in to get slabbed and to my surprise it came back from PCGS 2 full grades higher than I thought it would, making our potential profit go pretty much to the moon. A short while later another dealer "friend" of ours approached us and advised that he had a customer that would give us $10,000 cash for the coin if we sold it to him right now and our "friend" would only take a $100 commission for putting the deal together. I knew that the coin was worth more than $10,000 at that point in time and that it would be worth even more as time passed by, so I smelled the scam being put together by both my "partner" and "friend" against me. They wanted me out of the picture because the "friend" had a full retail buyer in the wings.
I asked the "friend" if he was sure he'd be happy with the $100 commission and asked my "partner" if he would be happy with his $4950 end of the bargain. They both said yes. I then put the slab in my pocket, said I'll take it, handed the "friend $100 and handed $4950 to my "partner"
You should have seen the expressions on their faces as they screamed and tried to claim that I can't do that. A short while I later sold the coin at a National show to a collector for $18,000 and wish I could buy it back today for that amount. The "friend" and "partner" are no longer a part of anything I do.
Edited for speling
Once upon a time I purchased a pretty rare coin raw with a "partner" who put up half the money. We paid a very low price for it. I sent it in to get slabbed and to my surprise it came back from PCGS 2 full grades higher than I thought it would, making our potential profit go pretty much to the moon. A short while later another dealer "friend" of ours approached us and advised that he had a customer that would give us $10,000 cash for the coin if we sold it to him right now and our "friend" would only take a $100 commission for putting the deal together. I knew that the coin was worth more than $10,000 at that point in time and that it would be worth even more as time passed by, so I smelled the scam being put together by both my "partner" and "friend" against me. They wanted me out of the picture because the "friend" had a full retail buyer in the wings.
I asked the "friend" if he was sure he'd be happy with the $100 commission and asked my "partner" if he would be happy with his $4950 end of the bargain. They both said yes. I then put the slab in my pocket, said I'll take it, handed the "friend $100 and handed $4950 to my "partner"
You should have seen the expressions on their faces as they screamed and tried to claim that I can't do that. A short while I later sold the coin at a National show to a collector for $18,000 and wish I could buy it back today for that amount. The "friend" and "partner" are no longer a part of anything I do.
Edited for speling
0
Comments
<< <i>Edited for speling >>
Too many positive BST transactions with too many members to list.
<< <i>This it a true story.
Once upon a time I purchased a pretty rare coin raw with a "partner" who put up half the money. We paid a very low price for it. I sent it in to get slabbed and to my surprise it came back from PCGS 2 full grades higher than I thought it would, making our potential profit go pretty much to the moon. A short while later another dealer "friend" of ours approached us and advised that he had a customer that would give us $10,000 cash for the coin if we sold it to him right now and our "friend" would only take a $100 commission for putting the deal together. I knew that the coin was worth more than $10,000 at that point in time and that it would be worth even more as time passed by, so I smelled the scam being put together by both my "partner" and "friend" against me. They wanted me out of the picture because the "friend" had a full retail buyer in the wings.
I asked the "friend" if he was sure he'd be happy with the $100 commission and asked my "partner" if he would be happy with his $4950 end of the bargain. They both said yes. I then put the slab in my pocket, said I'll take it, handed the "friend $100 and handed $4950 to my "partner"
You should have seen the expressions on their faces as they screamed and tried to claim that I can't do that. A short while I later sold the coin at a National show to a collector for $18,000 and wish I could buy it back today for that amount. The "friend" and "partner" are no longer a part of anything I do.
Edited for speling >>
Great story.
My kind of justice.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
An authorized PCGS dealer, and a contributor to the Red Book.
TRUTH
60 years into this hobby and I'm still working on my Lincoln set!
<< <i>Neat story but now I want to know what the coin was
If I told you several people here would know exactly who they were and who I am. No need for that.
Great job!
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
Played exactly right.
Lance.
<< <i>
<< <i>Neat story but now I want to know what the coin was
If I told you several people here would know exactly who they were and who I am. No need for that. >>
You didnt give enough info already?
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
Great story - thanks for sharing it.
~~~~~~~~~~~~
Coin collecting is not a hobby, it's an obsession !
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