Business owner buys 160 morgans for $1200 and finds out they are fake
mkman123
Posts: 6,849 ✭✭✭✭
Found this on coinflation
Read it here!
$7.50 each for morgans...........wow what silver spot chart was the business owner looking at? If it was too good to be true, it probably is LOL
Read it here!
$7.50 each for morgans...........wow what silver spot chart was the business owner looking at? If it was too good to be true, it probably is LOL
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Yogi Berra
Bruce
Because he was so excited to get his greedy hands on these dollars for $7.50 each, that's why.
Serves him right.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
bob
They both should be charged
I stop short of applauding the conman , he must have been amazed they sold without being tested , a few glasses of saki that evening no doubt .
The store owner should be embarassed and I hope he gets fewer customers selling to him........$7.50 for a silver dollar, wow! He probably pays $1 for silver halves.
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<< <i> and searched the Internet for comparable prices for them. >>
I think I'm going to e-mail the police department tomorrow.
Sure, it makes no difference, but they need to know what kind of %^*^#@#$ they are dealing with.
Why buy in China when you can buy locally here:
US Seller of fakes
If, and they can, run a simple search on the buyers PC, they can see what he saw for a fair price.
I know its not on their to do list, but Id rather see this KNOWING dealer charged, than a possible collector who may have not known they were fakes.
Everyone here including the police seem to be missing something here...
The sellers motives or knowledge are still in question. As oppose to the buyer, who happens to be in the business of buying such items.
The buyer/business owner filed a false police report at the very least, and quite possibly tried to commit fraud by deception. And these are facts, not speculation, like the seller of the coins is receiving.
The more important arrest or charges lay with the corrupt business owner. IMHO
<< <i>Why, is it not filing a false police report?
If, and they can, run a simple search on the buyers PC, they can see what he saw for a fair price.
I know its not on their to do list, but Id rather see this KNOWING dealer charged, than a possible collector who may have not known they were fakes.
Everyone here including the police seem to be missing something here...
The sellers motives or knowledge are still in question. As oppose to the buyer, who happens to be in the business of buying such items.
The buyer/business owner filed a false police report at the very least, and quite possibly tried to commit fraud by deception. And these are facts, not speculation, like the seller of the coins is receiving.
The more important arrest or charges lay with the corrupt business owner. IMHO >>
Unscrupulous , yes .. illegal , no
The dealer offered 7.50 , the seller accepted (gleefully)
<< <i> Id rather see this KNOWING dealer charged
the buyer, who happens to be in the business of buying such items.
....
The dealer offered 7.50 , the seller accepted (gleefully) >>
You guys need to read the article more carefully. It doesn't say anywhere that the buyer was a coin dealer. The article refers to him as a "businessman" and "merchant." It seems more likely to me that he's a pawn shop or jewelry store owner who is not an expert in coins.
<< <i>Why, is it not filing a false police report?
If, and they can, run a simple search on the buyers PC, they can see what he saw for a fair price.
I know its not on their to do list, but Id rather see this KNOWING dealer charged, than a possible collector who may have not known they were fakes.
Everyone here including the police seem to be missing something here...
The sellers motives or knowledge are still in question. As oppose to the buyer, who happens to be in the business of buying such items.
The buyer/business owner filed a false police report at the very least, and quite possibly tried to commit fraud by deception. And these are facts, not speculation, like the seller of the coins is receiving.
The more important arrest or charges lay with the corrupt business owner. IMHO >>
Where does it say that he is in the business of buying such items?
Hmmmm??????
<< <i>
<< <i> Id rather see this KNOWING dealer charged
the buyer, who happens to be in the business of buying such items.
....
The dealer offered 7.50 , the seller accepted (gleefully) >>
You guys need to read the article more carefully. It doesn't say anywhere that the buyer was a coin dealer. The article refers to him as a "businessman" and "merchant." It seems more likely to me that he's a pawn shop or jewelry store owner who is not an expert in coins. >>
And nobody suggested he was a coin dealer , it's ridiculous how touchy people are on that subject , coin dealers are all on the up and up , sure they are , we all know that.
<< <i>It's not hard to figure out the approx. value is a lot more than $7.50 each. >>
http://www.google.com/search?hl=en&source=hp&biw=1245&bih=783&q=value+morgan+silver+dollar&aq=f&aqi=g5g-m2&aql=t&oq=
or
http://www.google.com/search?hl=en&biw=1166&bih=796&q=value+morgan+dollar&btnG=Search&aq=f&aqi=g1g-c1g-v4g-j1g-m2g-b1&aql=f&oq=
I have a suggestion.
Turn the computer OFF, step away and go run the dog. You've been on the internet too long today.
Come on forum, get a life and let this thing go........... or let's go back to talking about Charlie Sheen. Geez!!!!!!!
WHO REALLY CARES? Come on please reply if this issue is really important in your life?
Has no one EVER "lost" money in a deal? You write it off and learn from it.
So done with this thread. Thanks for letting me vent AND do I not mean to minimize others opinions. It's your choice to dwell on such issues.
I think based on what I read that the merchant is a victim of being naive/ignorant and the only "crook" was the the seller. Again, stick to what you know.
<< <i>What if , let's say the buyer @ 7.50 knew very well they were fake , What if the buyer didn't even pay as much as 7.50 but said he did , but ok , let's leave it at 7.50.Is it not possible the buyer only called foul on them when he himself was caught trying to sell them on at full price ? Why did it take 5 days to find a magnet and do a test ? Maybe it wasnt the buyer @7.50 that did the magnet test. >>
Good point. I'll bet he tried to sell them to a coin dealer and the dealer showed him the magnet test.
Sometimes Dealers aren't as detailed as they should be.
I buy a lot of gold from the public. The first test I do is with a ceramic magnet. It elimates a lot of the hassles when dealing with multiple items.
Two days before Thanksgiving, I buy well over a dzn pieces of jewelry from a young woman. She brought her Godmother along. I test every piece before buying them, regardless of whether or not they are stamped, just like I always do. Most everything was 10 or 14kt.
The next day, the Godmother calls me and we meet. She had about a dzn pieces as well. I was somewhat in a hurry. First thing she says " I have two nice chains from Italy, do they bring anymore than just Spot? " I explained why they don't, in a hurry so that I could start testing all the other items that were not clearly marked, I only checked the stamp that said " Italy 14kt". Usually the Italian stuff is right on target with the gold content, unlike many other pieces that are stamped 14kt turn out to be a lower kt etc. Anyway, I did the magnet test and didn't go any further. Most all gold plated jewelry is over some type of ferrous material and always sticks to the magnet. I acid tested the other items as none were attracted to the magnet, and as I recall, they were all plated.
It wasn't until a week or so later when things slowed down, that in the middle of the night I got this nagging feeling. Why did she have two identical heavy necklaces ? I don't think it's common practice for women to buy identical pieces. Realizing I didn't acid test them, I got out of bed and did it. They turned out to be very high quality plated over non ferrous alloy that were obviously meant to defraud someone. It was the first out and out fraudulent purchase I recall making in the 7 years I've been doing this. It was about a $1000.00 learning lesson. Now, it doesn't matter how beautiful the chain is, with the possiblity of reselling to friends for their wifes etc, I take out my file and make a nice deep cut.
Police here won't even put down their coffee cups on a theft/fraud less than $2500. However, she calls me back in about a month with more jewelry to sell. I called one of the prosecuting attorneys who said he'd prosecute. I asked the Fraud Dept Sgt to call him, they sent out a patrol officer when I met the lady. Sure enough, she had another identical necklace to sell me. He wrote her up, confiscating the necklace and she plead guilty, with me getting $200 / mth restitution. I think she just got probation with a fine and restitution. Nevertheless, she's got a criminal record now which will put a big burden on her for a long time.
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TD
<< <i>when people are so bored that they are searching the internet for garbage and then thinking about emailing the police because they don't like what they read....
I have a suggestion.
Turn the computer OFF, step away and go run the dog. You've been on the internet too long today.
I kind of agree with you.
On the other hand, I also kind of agree with the person that said this is like the drug dealer who calls the cops after getting ripped off on a deal.
I wanted to make sure the cops knew they were dealing with two crooks.
<< <i>
<< <i>when people are so bored that they are searching the internet for garbage and then thinking about emailing the police because they don't like what they read....
I have a suggestion.
Turn the computer OFF, step away and go run the dog. You've been on the internet too long today.
I kind of agree with you.
On the other hand, I also kind of agree with the person that said this is like the drug dealer who calls the cops after getting ripped off on a deal.
I wanted to make sure the cops knew they were dealing with two crooks. >>
How can you say that the business owner is a crook. He is not. He made a low ball offer and it was accepted. Maybe he didn't know much about coins. Unlike bullion, many collectibles, such as baseball cards, do not sell for what their "market value" is. Buying baseball cards at 1/4 of market value is probably a fair transaction for everyone. The seller may not know that bullion sells near its market price.
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I think the only crook was the seller. He knew the buyer didn't know much about coins, and maybe had a rep of being ignorant to these kinds of things. That's why he choose that particular buyer.
If either the seller or the "businessman" had tried to deposit the "silver dollars" at his bank at face value, there is a good chance that the bank would take them at face value. Who would be the "crook" then?
No answers here. Just throwing out thoughts.
TD
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<< <i>I remember someone here got a 1 oz gold coin from someone for $10.00 I forgot who though! >>
<< <i>
<< <i>I remember someone here got a 1 oz gold coin from someone for $10.00 I forgot who though! >>
It wasn't here, it was one of the posters here. He went to a coin show and purchased a commerative coin for $10. Most of the coins were not gold, but there were a few made out of gold. The seller assumed this particular coin was one of the common variety.
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