<< <i>"No, not register. You just complete the paperwork part at the PS instead of the coin shop or pawn shop."
Whether this is the format or otherwise, it is still a direct impingement on personal liberty in this constitutional republic. What's next? Objects of art ? used clothing ? gardening tools ? old appliances ? >>
Gold and Silver smelter pots. By the time they were out of your driveway, sterling, gold chains, etc. was being melted.
FedEx boxes galore. Small valuable stuff was in the FedEx box and dropped off within a couple miles. Instead of looking for it in Dallas, it was in Des Moines or Whittier California or who knows where and then sold. No way to have every shop trying to read a description of everything stolen in the US everyday. Gold ring, with Diamonds, about size 6: Be on the Look Out .
When dealing with stolen merchandise is the last person to be holding it [when it's determined to be stolen] on the hook for any loss when the goods are finally reunited with the owner?
in Ohio, the rightful owner of stolen property which has been purchased/pawned with us can reclaim the items if they pay all costs, make the store whole. it is then up to them to pursue via their local Law Enforcement some recourse to get their money from whoever stole the items. we have had items from as far away as 200 miles go through this scenario.there are probably some members who hold a dim view of Pawn shops, but try to view things objectively --- if we hadn't followed the Law in such a case, reported to the local's, worked with them and the rightful owner while holding the items, they would have lost them. as things worked out the thieves were apprehended and I assume prosecuted. sometimes the Law works and everyone is protected by it.
Laws vary by State and even Municipality within a State. in the case above the items were stolen in New York and pawned in Ohio.
In our area here is the process...cliff notes version of local ordinance:
-Photocopy seller's driver's license or state issued ID-two IDs preferred. SSN used to be required also but is now apparently optional after large uproar. -Fill out a form describing items purchased with date and time of purchase. Seller signs off as legal owner. -Take pictures of all items purchased -Either issue payment on the spot or inform of 14 day hold on funds depending on the amount. Some guys hold funds or postdate checks. See below. -Within 12 hours of purchase, all info and image of items must be uploaded to Leads Online (database for pawn shops, coin dealers, gun shops, jewelers who buy OTC etc.) -Items must be held 14 days (used to be 7). You can sell at any time but cannot deliver for 14 days. -After 14 days you own the items- sorta. See below. -If claim arises before the 14 day period expires, all items are confiscated and the dealer has no recourse except against the seller (which means he's out both the items and money 98% of the time). -If any claim arises after 14 day period, items "should be returned" if still in inventory. Otherwise, previous owner has no further recourse except to file insurance claim if applicable and/or prosecute the thief for recovery of monetary damages.
<< <i>In our area here is the process...cliff notes version of local ordinance:
-Photocopy seller's driver's license or state issued ID-two IDs preferred. SSN used to be required also but is now apparently optional after large uproar. -Fill out a form describing items purchased with date and time of purchase. Seller signs off as legal owner. -Take pictures of all items purchased -Either issue payment on the spot or inform of 14 day hold on funds depending on the amount. Some guys hold funds or postdate checks. See below. -Within 12 hours of purchase, all info and image of items must be uploaded to Leads Online (database for pawn shops, coin dealers, gun shops, jewelers who buy OTC etc.) -Items must be held 14 days (used to be 7). You can sell at any time but cannot deliver for 14 days. -After 14 days you own the items- sorta. See below. -If claim arises before the 14 day period expires, all items are confiscated and the dealer has no recourse except against the seller (which means he's out both the items and money 98% of the time). -If any claim arises after 14 day period, items "should be returned" if still in inventory. Otherwise, previous owner has no further recourse except to file insurance claim if applicable and/or prosecute the thief for recovery of monetary damages. >>
I don't have a shop so I am asking these questions because I just don't know how all of this works. How do you accomplish all of this within the 12 hour deadline? Sometimes deals are so large (in volume of coins purchased) that I don't know how you would get everything photoed and uploaded in 12 hours. Let's say you buy $500 face in silver dimes. That's 5,000 dimes. Do you have to photo each one individually? If so, you'll never get it done in 12 hours, and this effort eats up your profit real quickly. What if you buy 10 books of circulated Lincoln cents in the 1941-1964 books? Those are worth about $2 each wholesale and $3 retail. If you have to photo the book, now it's unprofitable to buy it.
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>In our area here is the process...cliff notes version of local ordinance:
-Photocopy seller's driver's license or state issued ID-two IDs preferred. SSN used to be required also but is now apparently optional after large uproar. -Fill out a form describing items purchased with date and time of purchase. Seller signs off as legal owner. -Take pictures of all items purchased -Either issue payment on the spot or inform of 14 day hold on funds depending on the amount. Some guys hold funds or postdate checks. See below. -Within 12 hours of purchase, all info and image of items must be uploaded to Leads Online (database for pawn shops, coin dealers, gun shops, jewelers who buy OTC etc.) -Items must be held 14 days (used to be 7). You can sell at any time but cannot deliver for 14 days. -After 14 days you own the items- sorta. See below. -If claim arises before the 14 day period expires, all items are confiscated and the dealer has no recourse except against the seller (which means he's out both the items and money 98% of the time). -If any claim arises after 14 day period, items "should be returned" if still in inventory. Otherwise, previous owner has no further recourse except to file insurance claim if applicable and/or prosecute the thief for recovery of monetary damages. >>
I don't have a shop so I am asking these questions because I just don't know how all of this works. How do you accomplish all of this within the 12 hour deadline? Sometimes deals are so large (in volume of coins purchased) that I don't know how you would get everything photoed and uploaded in 12 hours. Let's say you buy $500 face in silver dimes. That's 5,000 dimes. Do you have to photo each one individually? If so, you'll never get it done in 12 hours, and this effort eats up your profit real quickly. What if you buy 10 books of circulated Lincoln cents in the 1941-1964 books? Those are worth about $2 each wholesale and $3 retail. If you have to photo the book, now it's unprofitable to buy it. >>
In your examples, we'd photo the bag/container of dimes, listing it as "5,000 silver dimes, various dates", and photo the stack of open folders, calling them "10 partial circulated sets Lincoln Cents 1941-74". So far we've been able to handle the 12 hour window thing...but if it gets heavier we'd likely have to have an extra person around doing photography and uploading.
Edit to add... we also have to buy a secondhand dealer's license annually, just as pawn guys and anyone buying merch OTC from the public is supposed to. The weekend hotel buyer crowd also has to buy a temporary version of said license, at a much higher rate and also abide by the reporting rules. This was done to help level the field with local dealers. Problem is, they can just set up across the river and not have to do any of that
<< <i>I don't know for sure, but I doubt that car dealers report every purchase to the local police department.
And whatever system works for stolen cars, why can't we adopt that system for stolen coins? >>
Having to have title to the car is probably the biggest protection for dealers that the car is not stolen. I am not aware of any coin that requires a title regulated by the DMV.
Somebody touched on this as well. There are folks who are upstanding and honest as the days is long, but do not want there Id and or a receipt recorded for whatever reason.
This happened to me late yesterday. A guy, well known in the community who actually owns the Nissan dealership here in town brought some jewelry (coins in bezels) for me to price which I did an bought. He did not want a receipt period.
Do I not buy it and loose out , because guy don't want a receipt, heck no. enough said
Comments
<< <i>"No, not register. You just complete the paperwork part at the PS instead of the coin shop or pawn shop."
Whether this is the format or otherwise, it is still a direct impingement on personal liberty in this constitutional republic.
What's next? Objects of art ? used clothing ? gardening tools ? old appliances ? >>
Welcome to the new Murica!
We had a local ring (Dallas) busted.
Among the things they had in the "getaway" van:
Gold and Silver smelter pots. By the time they were out of your driveway, sterling, gold chains, etc. was being melted.
FedEx boxes galore. Small valuable stuff was in the FedEx box and dropped off within a couple miles. Instead of looking for it in Dallas, it was in Des Moines or Whittier California or who knows where and then sold. No way to have every shop trying to read a description of everything stolen in the US everyday. Gold ring, with Diamonds, about size 6: Be on the Look Out .
in Ohio, the rightful owner of stolen property which has been purchased/pawned with us can reclaim the items if they pay all costs, make the store whole. it is then up to them to pursue via their local Law Enforcement some recourse to get their money from whoever stole the items. we have had items from as far away as 200 miles go through this scenario.there are probably some members who hold a dim view of Pawn shops, but try to view things objectively --- if we hadn't followed the Law in such a case, reported to the local's, worked with them and the rightful owner while holding the items, they would have lost them. as things worked out the thieves were apprehended and I assume prosecuted. sometimes the Law works and everyone is protected by it.
Laws vary by State and even Municipality within a State. in the case above the items were stolen in New York and pawned in Ohio.
-Photocopy seller's driver's license or state issued ID-two IDs preferred. SSN used to be required also but is now apparently optional after large uproar.
-Fill out a form describing items purchased with date and time of purchase. Seller signs off as legal owner.
-Take pictures of all items purchased
-Either issue payment on the spot or inform of 14 day hold on funds depending on the amount. Some guys hold funds or postdate checks. See below.
-Within 12 hours of purchase, all info and image of items must be uploaded to Leads Online (database for pawn shops, coin dealers, gun shops, jewelers who buy OTC etc.)
-Items must be held 14 days (used to be 7). You can sell at any time but cannot deliver for 14 days.
-After 14 days you own the items- sorta. See below.
-If claim arises before the 14 day period expires, all items are confiscated and the dealer has no recourse except against the seller (which means he's out both the items and money 98% of the time).
-If any claim arises after 14 day period, items "should be returned" if still in inventory. Otherwise, previous owner has no further recourse except to file insurance claim if applicable and/or prosecute the thief for recovery of monetary damages.
RIP Mom- 1932-2012
<< <i>In our area here is the process...cliff notes version of local ordinance:
-Photocopy seller's driver's license or state issued ID-two IDs preferred. SSN used to be required also but is now apparently optional after large uproar.
-Fill out a form describing items purchased with date and time of purchase. Seller signs off as legal owner.
-Take pictures of all items purchased
-Either issue payment on the spot or inform of 14 day hold on funds depending on the amount. Some guys hold funds or postdate checks. See below.
-Within 12 hours of purchase, all info and image of items must be uploaded to Leads Online (database for pawn shops, coin dealers, gun shops, jewelers who buy OTC etc.)
-Items must be held 14 days (used to be 7). You can sell at any time but cannot deliver for 14 days.
-After 14 days you own the items- sorta. See below.
-If claim arises before the 14 day period expires, all items are confiscated and the dealer has no recourse except against the seller (which means he's out both the items and money 98% of the time).
-If any claim arises after 14 day period, items "should be returned" if still in inventory. Otherwise, previous owner has no further recourse except to file insurance claim if applicable and/or prosecute the thief for recovery of monetary damages. >>
I don't have a shop so I am asking these questions because I just don't know how all of this works. How do you accomplish all of this within the 12 hour deadline? Sometimes deals are so large (in volume of coins purchased) that I don't know how you would get everything photoed and uploaded in 12 hours. Let's say you buy $500 face in silver dimes. That's 5,000 dimes. Do you have to photo each one individually? If so, you'll never get it done in 12 hours, and this effort eats up your profit real quickly. What if you buy 10 books of circulated Lincoln cents in the 1941-1964 books? Those are worth about $2 each wholesale and $3 retail. If you have to photo the book, now it's unprofitable to buy it.
An authorized PCGS dealer, and a contributor to the Red Book.
But not surprising anymore...
My YouTube Channel
<< <i>
<< <i>In our area here is the process...cliff notes version of local ordinance:
-Photocopy seller's driver's license or state issued ID-two IDs preferred. SSN used to be required also but is now apparently optional after large uproar.
-Fill out a form describing items purchased with date and time of purchase. Seller signs off as legal owner.
-Take pictures of all items purchased
-Either issue payment on the spot or inform of 14 day hold on funds depending on the amount. Some guys hold funds or postdate checks. See below.
-Within 12 hours of purchase, all info and image of items must be uploaded to Leads Online (database for pawn shops, coin dealers, gun shops, jewelers who buy OTC etc.)
-Items must be held 14 days (used to be 7). You can sell at any time but cannot deliver for 14 days.
-After 14 days you own the items- sorta. See below.
-If claim arises before the 14 day period expires, all items are confiscated and the dealer has no recourse except against the seller (which means he's out both the items and money 98% of the time).
-If any claim arises after 14 day period, items "should be returned" if still in inventory. Otherwise, previous owner has no further recourse except to file insurance claim if applicable and/or prosecute the thief for recovery of monetary damages. >>
I don't have a shop so I am asking these questions because I just don't know how all of this works. How do you accomplish all of this within the 12 hour deadline? Sometimes deals are so large (in volume of coins purchased) that I don't know how you would get everything photoed and uploaded in 12 hours. Let's say you buy $500 face in silver dimes. That's 5,000 dimes. Do you have to photo each one individually? If so, you'll never get it done in 12 hours, and this effort eats up your profit real quickly. What if you buy 10 books of circulated Lincoln cents in the 1941-1964 books? Those are worth about $2 each wholesale and $3 retail. If you have to photo the book, now it's unprofitable to buy it. >>
In your examples, we'd photo the bag/container of dimes, listing it as "5,000 silver dimes, various dates", and photo the stack of open folders, calling them "10 partial circulated sets Lincoln Cents 1941-74". So far we've been able to handle the 12 hour window thing...but if it gets heavier we'd likely have to have an extra person around doing photography and uploading.
Edit to add... we also have to buy a secondhand dealer's license annually, just as pawn guys and anyone buying merch OTC from the public is supposed to. The weekend hotel buyer crowd also has to buy a temporary version of said license, at a much higher rate and also abide by the reporting rules. This was done to help level the field with local dealers. Problem is, they can just set up across the river and not have to do any of that
RIP Mom- 1932-2012
<< <i>I don't know for sure, but I doubt that car dealers report every purchase to the local police department.
And whatever system works for stolen cars, why can't we adopt that system for stolen coins? >>
Having to have title to the car is probably the biggest protection for dealers that the car is not stolen. I am not aware of any coin that requires a title regulated by the DMV.
This happened to me late yesterday. A guy, well known in the community who actually owns the Nissan dealership here in town brought some jewelry (coins in bezels) for me to price which I did an bought. He did not want a receipt period.
Do I not buy it and loose out , because guy don't want a receipt, heck no. enough said