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B&M in Florida, Interesting Experiance
linerguy
Posts: 355
While in Florida driving I saw a small shop. When I went in, there was a young man selling a Mercury dime. The owner was talking quitely to him. The owner then sends his wife out to cash a check. While waiting for the money,the owner shows me a few coins. Wife comes back and he is paying 400 dollars to the young man.The dime is just laying on the counter. 1916 d. vf maybe better. The young man is leaviing and says he has alot more coins to sell on his next trip through. I told him I might be interested in the coin. He refused to let me look at it or to even discuss it. Maybe a shady deal. Did not buy a thing. Is it normal to not ask for ID or to pay only cash for coins at a B & M?
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<< <i>While in Florida driving I saw a small shop. When I went in, there was a young man selling a Mercury dime. The owner was talking quitely to him. The owner then sends his wife out to cash a check. While waiting for the money,the owner shows me a few coins. Wife comes back and he is paying 400 dollars to the young man.The dime is just laying on the counter. 1916 d. vf maybe better. The young man is leaviing and says he has alot more coins to sell on his next trip through. I told him I might be interested in the coin. He refused to let me look at it or to even discuss it. Maybe a shady deal. Did not buy a thing. Is it normal to not ask for ID or to pay only cash for coins at a B & M? >>
$400 for a 16D in VF? I hope the "D" falls off.
My icon IS my coin. It is a gem 1949 FBL Franklin.
out um
<< <i>While in Florida driving I saw a small shop. When I went in, there was a young man selling a Mercury dime. The owner was talking quitely to him. The owner then sends his wife out to cash a check. While waiting for the money,the owner shows me a few coins. Wife comes back and he is paying 400 dollars to the young man.The dime is just laying on the counter. 1916 d. vf maybe better. The young man is leaviing and says he has alot more coins to sell on his next trip through. I told him I might be interested in the coin. He refused to let me look at it or to even discuss it. Maybe a shady deal. Did not buy a thing. Is it normal to not ask for ID or to pay only cash for coins at a B & M? >>
Screw the dealer. You should have followed the guy outside to discuss future sales.....
Eh, knowledge is power.
Now, how many young men have a 16d mercury that they are willing to sell to a dealer for $400. He's not old enough to have
paid that or less in any normal transaction. So, why wasn't he walking out of that store madder than he**? It's because he has
no clue to real value and it's STOLEN! This dealer is aiding and abetting a thief in my opinion. Lawyers take note. If the cops
get involved that dealer is in HOT water!
SAD, so sad.
bob
When I was a kid they offered me face value for the minor coinage in my silver proof sets.
A pity for the good dealers that FL has a disproportionate share of the bad ones.
<< <i>Young man? Took $400 for a 16d mercury? STOLEN COLLECTION is screaming at me. >>
Hate to say it, but that is the first thing I thought, too. Could have been a shady deal, all right. In fact, both parties in the deal could have been shady.
<< <i>Is it normal to not ask for ID or to pay only cash for coins at a B & M? >>
Cash payments are not unusual at all and are probably normal. The asking-for-ID part and the reporting of transactions over a certain amount are what I would like to know. Does that vary from state to state, and what exactly are the laws regarding that? I would imagine 400 bucks might fall below the mandatory reporting minimum. Is it just bullion stuff that has to be reported, over a certain quantity? This is a good question I would like to know the answer to myself.
<< <i> Once again, the FL coin dealers
When I was a kid they offered me face value for the minor coinage in my silver proof sets.
A pity for the good dealers that FL has a disproportionate share of the bad ones. >>
Yes, it is a pity, but I'm sure it is not limited to Florida. When I was a kid I traded with a dealer (really just a flea market dealer), and made a pretty bad trade. He took advantage of me, but for no more than twenty or thirty bucks. Maybe that was an acceptable margin to him. When I later realized I had made a bad trade and cheated myself of twenty or thirty bucks, though, it stung a bit, because that was a fortune to me when I was twelve or thirteen years old, in the late 1970s. Coincidentally, I lived in Florida then. Actually, I got an education. If the dealer had been a better person, he would have explained to me that I was not making the best trade and let his end of it go at cost, but I guess a dumb kid was tempting bait.
Collector since 1976. On the CU forums here since 2001.
<< <i>Everyone was happy with that deal, except the guy who actually owned the 16d dime that the kid stole. >>
Yup. Probably a stolen collection.
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
As far as cash goes, yes it is very much prefered and depending on what a companies anti-money laundering plan says, they dont need ID for transactions under 10,000. Some do some don't. Remember, credit card companies charge 2-3.5 percent for credit card usage so if you want the best deal from a dealer, you have to flash the green.
At my age, I'd use the term "young man" for anybody under the age of 30. Exactly how young was this man in the OP's eyes?
The name is LEE!
Lots of variables in this story to make a definative judgement.
-wes
Too many positive BST transactions with too many members to list.
I agree with Wes, impossible to know what's what without examining the coin, and the dealer certainly wasn't obligated to show it to linerguy.
Collector since 1976. On the CU forums here since 2001.
for inquiring minds...
<< <i>I am in no way automatically defending the deal but it is extremely bad form to try and talk to a dealer's customer in their place of business. They put up the money for inventory and rent and that at least should give them some rights to deal with his customers as he sees fit. Unless you looked at the coin with a glass, how are you to know that the coin wasnt scratched, cleaned, whizzed, whatever. Given many times that isnt the case and you could be right that they ripped the coin, however it is really none of your business what another person is doing in another persons place of business.
As far as cash goes, yes it is very much prefered and depending on what a companies anti-money laundering plan says, they dont need ID for transactions under 10,000. Some do some don't. Remember, credit card companies charge 2-3.5 percent for credit card usage so if you want the best deal from a dealer, you have to flash the green. >>
If you are speaking about my comment, let me respond.
If you read closely I said to "follow the guy outside". I agree it is bad form to discuss in the shop. But once you are outside
it's a free for all.
As for the comment left by others as well. I did not read into the OP that he thought it was any of his business. Curiosity maybe.
I do not see a problem with a dealer purchasing a coin. Then when the seller leaves asking if the coin is for sale.
The big RED flag for me, was the fact his wife had to go cash a check for 400 dollars. When have you ever went to a B@M coin shop
and they not have 400 dollars on hand..
Sounds like an under the counter transaction. Takes the check to another store to cash to eliminate the paper trail.
As far as the ID issue. My local B@M photo's your DL and staples it to a form when you sell anything coin related.
I once asked why they do it. I was told to cover themselves incase a coin has been stolen.
<< <i>The young guy was 20 to 25. Talked on a cell phone during the whole transaction. >>
now I'm almost 100% convinced it's stolen goods.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)