Dealers--Have you ever had a coin confiscated by the FBI?
rec78
Posts: 5,874 ✭✭✭✭✭
I used to spend a lot of time in local coin shops in the early 1980's. I was in a one man coin shop when a guy comes in with two other guys and returns a 1909-S VDB that he had bought there a few weeks earlier and had sent it to ANACS for authentification. It came back fake and the guy demanded his money back. The dealer immediately gave him a full refund. As soon as he had given the refund the other two guys he brought along identified themselves as FBI agents and confiscated the coin. The dealer was out the money. He could have gotten a refund from the person who sold him the coin if these agents had not confiscated it. Has this or something like this ever happened to you? You don't hear too much about FBI agents confiscating counterfeit coins.
Bob
Bob
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I had gone, the day before, to the bank to make my daily deposit. The teller said that they would not
take a hundred dollar bill as they thought it wasn't real. Gave it back to me. I knew who gave it to me
and was going to give them a call the next day to come switch it out.
Well, next day, I opened my shop I had two men in suits waiting for me to unlock and open. The
identified themselves as SS and said they wanted to see the $100 bill I tried to turn into the bank
the day before. Yes, it was a fake, they said, and took it.
Bummer.
I called the customer and asked him where he got it. He said he'd stopped by the bank and picked it up
on his way to my store to make his purchase.. Same Bank!
Bummer.
Called my insurance agent and got my $100 from him as counterfeit currency is covered on my policy.
Yea!
bob
<< <i>I used to spend a lot of time in local coin shops in the early 1980's. I was in a one man coin shop when a guy comes in with two other guys and returns a 1909-S VDB that he had bought there a few weeks earlier and had sent it to ANACS for authentification. It came back fake and the guy demanded his money back. The dealer immediately gave him a full refund. As soon as he had given the refund the other two guys he brought along identified themselves as FBI agents and confiscated the coin. The dealer was out the money. He could have gotten a refund from the person who sold him the coin if these agents had not confiscated it. Has this or something like this ever happened to you? You don't too much about FBI agents confiscating counterfeit coins.
Bob >>
That is odd. Normally the FBI would not touch a counterfeiting case. That is the Secret Services bailiwick.
Wonder if the guy who was returning the coin had a friend who was an FBI agent.
<< <i>In the very early 1970's I ordered 5 $2 1/2 Liberty's, 5 $2 1/2 Indian's, 5 $5 Liberty's and 5 $5 Indians from a dealer that advertised in the CDN. I showed them to the local dealer and he thought that they were counterfeit. The dealer knew a local Secret Service agent and suggested that I contact him. I took the coins to the SS office. The agent thought that the coins were bad. He filled out paper work and sent them to Washington, D.C. After several months the report came back that only the 5 $5 Liberty's were good ,which they returned to me. The dealer that I purchased them from refunded my money but was mad that I contacted the SS. He thought that I should have just sent them back to him for a refund. If I had done that I suspect that he would have just sold them to someone else. After that episode the dealer never again advertised gold coins in the CDN. He only advertised proof sets. >>
I wouldn't trust the secret service to authenticate coins. They confiscated and destroyed several 1969 DDO cents that were submitted to them for authentication. Their expertise is in paper money rather than coins.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>I used to spend a lot of time in local coin shops in the early 1980's. I was in a one man coin shop when a guy comes in with two other guys and returns a 1909-S VDB that he had bought there a few weeks earlier and had sent it to ANACS for authentification. It came back fake and the guy demanded his money back. The dealer immediately gave him a full refund. As soon as he had given the refund the other two guys he brought along identified themselves as FBI agents and confiscated the coin. The dealer was out the money. He could have gotten a refund from the person who sold him the coin if these agents had not confiscated it. Has this or something like this ever happened to you? You don't too much about FBI agents confiscating counterfeit coins.
Bob >>
That is odd. Normally the FBI would not touch a counterfeiting case. That is the Secret Services bailiwick.
Wonder if the guy who was returning the coin had a friend who was an FBI agent. >>
My first thought was FBI-impersonation to get the coin and cash
<< <i>Back in the early/mid 1970's I had a visit by the Secret Service at my place of business.
I had gone, the day before, to the bank to make my daily deposit. The teller said that they would not
take a hundred dollar bill as they thought it wasn't real. Gave it back to me. I knew who gave it to me
and was going to give them a call the next day to come switch it out.
Well, next day, I opened my shop I had two men in suits waiting for me to unlock and open. The
identified themselves as SS and said they wanted to see the $100 bill I tried to turn into the bank
the day before. Yes, it was a fake, they said, and took it.
Bummer.
I called the customer and asked him where he got it. He said he'd stopped by the bank and picked it up
on his way to my store to make his purchase.. Same Bank!
Bummer.
Called my insurance agent and got my $100 from him as counterfeit currency is covered on my policy.
Yea!
bob >>
I would be looking for a different bank!
Rob
Successful Trades with: Coincast, MICHAELDIXON
Successful Purchases from: Manorcourtman, Meltdown
I would be looking for a different bank! >>
It was the only bank in town, population of 3,000.
bob
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
approval that never came back. I was reimbursed less than their full value. At least I got something. That dealer eventually was sent to jail as I recall.