1988 Morgan Dollar for $100,000
ArizonaRareCoins
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According to The New York Post, a man's friend sold him a 1988 Morgan Dollar for $100,000 and a total of 86 coins for $17 Million over the past 15 years. I'm sorry, but if he's spending that much money over that amount of time and he didn't know he was getting ripped-off, well, let's just say a fool and his money..........
https://nypost.com/2018/04/02/family-blew-through-kids-trust-funds-investing-in-phony-coins/
2
Comments
The article states that the 1988 Morgan was in fact worth only $200. Nice research, boys.
Am I missing something? A 1988 Morgan?
Wow I have some nice seated dollars to sell.
and some trade dollars as well.
Hoard the keys.
Haven't read the article yet, but the title suggests something more nefarious as in a mini money laundering scheme. The seller(s) could well have been in on it and this was just a way to get money out of the minor's trust fund with the adults involved sharing in the proceeds.
Edited to add: OK, having looked at the article if the above suspicion is correct, there was probably more to the story. For example, still a possibility that it was only one of the adults profiting and now claiming to the other after the fact that he/she was misled as to the coin values.
Now I've heard it all.
The case says Harold Adamo Jr. purchased the 1988 Morgan for $200 in April 2003 and then sold it to Rocco and Josephine Marini for $100,000 in December 2003. Here's more:
https://www.leagle.com/decision/infdco20140207b67
Harold Adamo used part of the $17 million to send his children to Hofstra University, Fairfield University and Brooklyn Law School. He said the following after the courts prevented the Marini's from getting money back from the schools:
Of note, Harold Adamo Jr. is the godfather of the Marinis' children.
The article had a typo, it should be 1888 Morgan, apparently the dealer also sold a Stella, a $50 commemorative coin, and many other rare coins at much inflated prices, sometimes buying the same coin back at higher price to keep Adamo interested. Link posted by zoins is interesting.
The date of the court case is 2014. Maybe expert Fred Weinberg , who testified in the trial, can update as to any appeals and/or collection on the judgement. Given the large amount of cash alleged to have been paid in the millions there could have been IRS implications as well.
Never, never believe anything that the NY Post prints.
"Among the pair’s coin purchases was a 1988 Morgan Silver Dollar that they bought from Adamo for $100,000. The coin turned out to be worth $200, according to court papers."
yeah, right!
BHNC #203
This is - potentially - a real rat's nest...and the court may be missing the entire root issue (as mentioned above)....That being said, if the case is actually as stated, then it is a major con job and the dealer should rot in prison. Cheers, RickO
I was one of two PNG Expert witnesses' in that
$20 Million Rare Coin Fraud, in Federal Court.
Our Side won.
That NY Post article is correct - I sold the
'Bad' dealer a 1888 (not 1988) Morgan Dollar
with a real nice large, raised retained Lamination
flap (looked like a 3-D Wing raised off the coin) for
$200, and he sold it to the Plaintiff (which I testified on behalf of)
the coin for $100,000.
I was sent a copy of the NY Article a few days ago by the
plaintif, who I've been helping in numerous ways before,
during, and since he won the case, to recover monies from
the judgement. As far as I know, he has not recovered much
at all, but he's keeping a good eye on everything the loosing
defendant (and a poor excuse for a human being) is doing.
Not much more I can common on at this time on the article.
Maybe later
Isn't the NY Post sort of like the National Enquirer?
I thought the Post was the "common man's" NY Times.
No, that's The New York Times.
Good one.
Must have been some kind of an anniversary year for the 1988 Morgan huh? Probably already sold out at the Mint.
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Any chance you can post a photo of the coin? Thanks
Very sad story to hear !!!