Pawn shop owner brags about buying a 1802 drapped bust dollar for $20

CoinHusker · June 12, 2008 1:28AM

I was out to lunch with some coin buddies from the club yesterday and one of my friends brought up his recent trip to a local pawn shop where the owner showed him a number of classic coins that he had recently purchased. ie. a 1802 dollar for $20! Anyone else think these are "hot" coins and should be reported to the police rather than bragging to customers about getting a rip?

edit to correct a mental fart

gecko109 · June 12, 2008 1:30AM

<< I was out to lunch with some coin buddies from the club yesterday and one of my friends brought up his recent trip to a local pawn shop where the owner showed him a number of classic coins that he had recently purchased. ie. a 1802 flowing hair dollar for $20! Anyone else think these are "hot" coins and should be reported to the police rather than bragging to customers about getting a rip?

>>

If the pawn shop paid $20 for an 1802 FLOWING hair dollar, they got ripped!

doh · June 12, 2008 1:33AM

Flowing hair or not, I bet the coin is more than likely a fake.

UtahCoin · June 12, 2008 1:33AM

With a little luck, they are counterfeit and the pawn broker has been taken (he deserves it if he thought they were real). About 5 years ago I was in just such a shop when a guy came in with 5 Trade Dollars and took a loan out on them for about $200 (as I recall). When the customer left, I asked if I could look at them for a second. Yep, counterfeit.

ziggy29 · June 12, 2008 1:35AM

Hopefully, it really is "flowing hair" and this guy who thinks he ripped someone badly is instead out a couple sawbucks.

CoinHusker · June 12, 2008 1:42AM

Drapped bust...sorry....

....I was thinking about my wife while I was typing the thread.

savoyspecial · June 12, 2008 1:47AM

seems like a good time to revist this post

are dealers just glorified pawn brokers?

i would submit that there is a huge difference in a true coin dealer and a pawn shop......no dealer worth their salt would operate on this profit margin in the OP's example (assuming it's real of course, and to be honest i hope it isnt)

greg

Robb · June 12, 2008 1:54AM

I guess I'll be in the minority here in hoping that the coin is real and the pawn broker is just another scum. The seller had the responsibility of knowing what they were pawning and ultimately made the decision to accept $20 for it.

That coin will then be sold to a customer on the assumption that it is real. The real victim will be that guy if it's a fake. But... even then... buyer beware.

CoinHusker · June 12, 2008 2:02AM

<< I guess I'll be in the minority here in hoping that the coin is real and the pawn broker is just another scum. The seller had the responsibility of knowing what they were pawning and ultimately made the decision to accept $20 for it.

That coin will then be sold to a customer on the assumption that it is real. The real victim will be that guy if it's a fake. But... even then... buyer beware. >>

The pawn broker isn't selling. He keeps 'em.

ziggy29 · June 12, 2008 2:04AM

If it's real, he should be outed here and in the local community as a ripoff artist -- assuming the story is true.

Robb · June 12, 2008 2:07AM

<< The pawn broker isn't selling. He keeps 'em. >>

Odd way to make money.

If you believe the story to be true, stay far, far away, obviously. I don't think there's any grounds for filing police reports.

etexmike · June 12, 2008 2:08AM

I hope the coin is not a stolen item and turns out to be a fake.

That way the nice pawn shop owner got exactly what he paid for.

Mike

TwoSides2aCoin · June 12, 2008 2:19AM

I went to the pawn shop for a ladder. The pawn shop owner offered me a deal on a step ladder. I told him I had a step ladder and that I never knew my real ladder.
I don't think he got it.

Russ · June 12, 2008 2:19AM

If somebody walks in the door with a legit 1802 dollar and only wants twenty bucks for it, it's stolen.

Russ, NCNE

TomB · June 12, 2008 2:21AM

<< Drapped bust...sorry....

....I was thinking about my wife while I was typing the thread.

>>

Your wife was born in 1802?!?!?!?!

ziggy29 · June 12, 2008 2:36AM

<< If somebody walks in the door with a legit 1802 dollar and only wants twenty bucks for it, it's stolen. >>

But will it sticker?

Broadstruck · June 12, 2008 2:40AM

<< I went to the pawn shop for a ladder. The pawn shop owner offered me a deal on a step ladder. I told him I had a step ladder and that I never knew my real ladder.
I don't think he got it. >>

Guess you need to be a lil warped to get it!

Edited to add: TwoSides2aCoin, I'm in tears!

Tvac897 · June 12, 2008 3:10AM

lol nice. probably stolen.

PerryHall · June 12, 2008 4:22AM

Probably one of those fakes coming out of China.

ChrisRx · June 12, 2008 4:25AM

Just wrong!!

nicetoning42107 · June 12, 2008 7:54AM

It depends how the deal went down.

Did the customer plop it down on the counter, pawn shop owner scrutinize it, then the pawn shop owner offer $20?

Or did the customer plop it down on the counter and ask $20 for it?

It's usually proper for the pawn shop owner to make his highest offer for it after scrutinizing it (scenario 1), but ya never know.

There are deals I get on coins and see others get on coins that would probably have you guys crying "thief" too but in these cases it was the original seller of the coin that made the offer.

ziggy29 · June 12, 2008 7:59AM

<< There are deals I get on coins and see others get on coins that would probably have you guys crying "thief" too but in these cases it was the original seller of the coin that made the offer. >>

If someone wants to sell me a coin for $20 and I know it's worth $2000, it may not make me a "thief" to take the deal, but it doesn't exactly make me the paragon of ethics and fair play.

PerryHall · June 12, 2008 8:09AM

<< There are deals I get on coins and see others get on coins that would probably have you guys crying "thief" too but in these cases it was the original seller of the coin that made the offer. >>

If the shoe fits.............

… · June 12, 2008 8:29AM

<< It depends how the deal went down.

Did the customer plop it down on the counter, pawn shop owner scrutinize it, then the pawn shop owner offer $20?

Or did the customer plop it down on the counter and ask $20 for it?

It's usually proper for the pawn shop owner to make his highest offer for it after scrutinizing it (scenario 1), but ya never know.

There are deals I get on coins and see others get on coins that would probably have you guys crying "thief" too but in these cases it was the original seller of the coin that made the offer. >>

I have an interesting story relating to this. I was at a local show shooting the breeze with a dealer, and he told about how one time an old man with no relatives came into his store with a complete set of proof walkers, all 67. The old man asked $500 for the group. The dealer didnt really know what to say, but the old man told him that he didnt have any relatives, and he didnt want the government getting the coins after he died, so thats why he asked $500 for the whole lot. The dealer took it, and thats the end of the story.

AUandAG · June 12, 2008 9:43AM

Wouldn't that be a blast to do and then make sure you pick it back up before the redemption period ends???
Make the guy think he's getting a deal on a great coin (not necessarily a 02 dollar) and then snipe them
back??
Hmmmmmmmm
bob

PS; it's a fake

coindeuce · June 12, 2008 9:52AM

We have a regular visitor to our coin shop who could easily be mistaken for the homeless(and jobless). I think he is possibly a Vet w/PTSD. Every time he appears, he browses silently for a while and then leaves. After each visit we find a small package of items that he has left which he apparently scavenged from either the ground or maybe even from dumpsters or trash barrels. He has left damaged karat gold and sterling silver jewelry in the past, but refuses to accept any compensation. What would you do in this case?
And BTW- A sure cure for the pawn shop owner's braggadocio: Place an anonymous call to the local news media, with the exciting news that a local pawn shop owner has aquired an ultra rare and historic U.S. silver dollar. I'm sure they'll be glad to help spread the exciting news!!

bestclser1 · June 12, 2008 3:32PM

<< If somebody walks in the door with a legit 1802 dollar and only wants twenty bucks for it, it's stolen.

Russ, NCNE >>

seatedcoins · June 12, 2008 4:59PM

<< 

<< There are deals I get on coins and see others get on coins that would probably have you guys crying "thief" too but in these cases it was the original seller of the coin that made the offer. >>

If someone wants to sell me a coin for $20 and I know it's worth $2000, it may not make me a "thief" to take the deal, but it doesn't exactly make me the paragon of ethics and fair play. >>

TavernTreasures · June 12, 2008 5:45PM

If item is not "hot", maybe he should get one of this forums "you suck" awards...

seatedcoins · June 12, 2008 5:50PM

<< If item is not "hot", maybe he should get one of this forums "you suck" awards... >>

I was thinking something along the same lines. If a forum member rips someone, they brag about it here and get the more than prestigious "You Suck" award. Which I do hope to get some day.

BigE2 · June 13, 2008 1:20AM

<< I went to the pawn shop for a ladder. The pawn shop owner offered me a deal on a step ladder. I told him I had a step ladder and that I never knew my real ladder.
I don't think he got it. >>

Dang! THAT is the funniest thing I've heard this week!

Pawn shop owner brags about buying a 1802 drapped bust dollar for $20

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