Coin Dealer Refusing Money?!

JWAR · September 10, 2012 1:39PM

I was on the website Moderncoinmart.com and saw a strange note. It said:

"Limit One Gift Certificate Purchase Per 90 Days"

Is this seem strange to anyone else? A dealer refusing money?

illini420 · September 10, 2012 1:56PM

One dealer at the Long Beach show refused to sell me a coin for cash. I was told that I would have to pay them via the Internet or give them a check, then they would mail the coin to me when they got back to their shop out of state. Apparently the reason was that they were not licensed to do business in California and couldn't conduct sales at the show. I even told them I had a resale license so the state tax issue shouldn't matter to them, but that didn't change their position. I chose not to buy their coin as there were just too many hoops to jump through. Not sure how they get a table at the show in the first place if they can't do business in the state... was really strange.

savoyspecial · September 10, 2012 2:00PM

illini, there is a word for that: exhibitor

pennyannie · September 10, 2012 3:17PM

I have never seen a dollar i did not like. I have dealt with people all hours of the day and night. I would think most business would love gift card money. Some never gets redeemed and they get the cash up front.

WTCG · September 10, 2012 3:36PM

A known scheme is to use stolen or laundered cash or cash equivalents (travelers' checks, credit cards etc.) to redeem multiple gift vouchers which are then quickly redeemed into merchandise in lieu of cash. Doing that the potentially illegally obtained cash is quickly spent and turned into a form of merchandise (coins and precious metals) that retains cash well and can be easily transported or liquidated. Every company sets their own policies but the 90 day rule might have to do with respective local, state or federal anti-money laundering regulations.

In the numismatic business I don't sell gift certificates but if I did the per 90-day limit sounds like a good way to protect myself from unknowingly participating in criminal or unlawful money laundering activities.

LindeDad · September 10, 2012 3:37PM

What happens when a merchant gets a stolen card that has been suspended by the issuer?

Bochiman · September 10, 2012 4:01PM

<< I was on the website Moderncoinmart.com and saw a strange note. It said:

"Limit One Gift Certificate Purchase Per 90 Days"

Is this seem strange to anyone else? A dealer refusing money?

>>

John and crew are very easy to contact. Instead of a thread that has a negative appearance, maybe you could have called/emailed them and politely asked "why?"
I had been thinking the same way that Wei responded.....it isn't necessarily a bad policy but if it really bothered you, you could have easily inquired right to the source.
Not as much fun that way though, right?

bestclser1 · September 10, 2012 4:27PM

<< One dealer at the Long Beach show refused to sell me a coin for cash. I was told that I would have to pay them via the Internet or give them a check, then they would mail the coin to me when they got back to their shop out of state. Apparently the reason was that they were not licensed to do business in California and couldn't conduct sales at the show. I even told them I had a resale license so the state tax issue shouldn't matter to them, but that didn't change their position. I chose not to buy their coin as there were just too many hoops to jump through. Not sure how they get a table at the show in the first place if they can't do business in the state... was really strange. >>

You are an interesting guy with alot of stories.Life is easy,try it that way.

JWAR · September 10, 2012 10:20PM

<< 

<< I was on the website Moderncoinmart.com and saw a strange note. It said:

"Limit One Gift Certificate Purchase Per 90 Days"

Is this seem strange to anyone else? A dealer refusing money?

>>

John and crew are very easy to contact. Instead of a thread that has a negative appearance, maybe you could have called/emailed them and politely asked "why?"
I had been thinking the same way that Wei responded.....it isn't necessarily a bad policy but if it really bothered you, you could have easily inquired right to the source.
Not as much fun that way though, right?

>>

I'm just point out something funny on a website i found. I have no issue with how they run their busines just thought it was funny. They can run their business however they want. Lighten up a little.

M · September 11, 2012 12:53AM

MCM is a great company - nice to know they offer gift certificates, thanks!

Coinsponge · September 11, 2012 1:54AM

pennyannie · September 11, 2012 5:14AM

<< 

<< 

<< I was on the website Moderncoinmart.com and saw a strange note. It said:

"Limit One Gift Certificate Purchase Per 90 Days"

Is this seem strange to anyone else? A dealer refusing money?

>>

John and crew are very easy to contact. Instead of a thread that has a negative appearance, maybe you could have called/emailed them and politely asked "why?"
I had been thinking the same way that Wei responded.....it isn't necessarily a bad policy but if it really bothered you, you could have easily inquired right to the source.
Not as much fun that way though, right?

>>

I'm just point out something funny on a website i found. I have no issue with how they run their busines just thought it was funny. They can run their business however they want. Lighten up a little.

>>

johnny9434 · September 11, 2012 5:28AM

we might see a cashless society in our life times yet

Coin Dealer Refusing Money?!

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