How I once delt with a scam situation

customroll · December 20, 2010 6:45AM

This it a true story.
Once upon a time I purchased a pretty rare coin raw with a "partner" who put up half the money. We paid a very low price for it. I sent it in to get slabbed and to my surprise it came back from PCGS 2 full grades higher than I thought it would, making our potential profit go pretty much to the moon. A short while later another dealer "friend" of ours approached us and advised that he had a customer that would give us $10,000 cash for the coin if we sold it to him right now and our "friend" would only take a $100 commission for putting the deal together. I knew that the coin was worth more than $10,000 at that point in time and that it would be worth even more as time passed by, so I smelled the scam being put together by both my "partner" and "friend" against me. They wanted me out of the picture because the "friend" had a full retail buyer in the wings.
I asked the "friend" if he was sure he'd be happy with the $100 commission and asked my "partner" if he would be happy with his $4950 end of the bargain. They both said yes. I then put the slab in my pocket, said I'll take it, handed the "friend $100 and handed $4950 to my "partner"
You should have seen the expressions on their faces as they screamed and tried to claim that I can't do that. A short while I later sold the coin at a National show to a collector for $18,000 and wish I could buy it back today for that amount. The "friend" and "partner" are no longer a part of anything I do.

Edited for speling

coinguy1 · December 20, 2010 6:48AM

guitarwes · December 20, 2010 6:51AM

<< Edited for speling >>

customroll · December 20, 2010 6:54AM

Glad someone caught the joke LOL

DoubleEagle59 · December 20, 2010 6:58AM

<< This it a true story.
Once upon a time I purchased a pretty rare coin raw with a "partner" who put up half the money. We paid a very low price for it. I sent it in to get slabbed and to my surprise it came back from PCGS 2 full grades higher than I thought it would, making our potential profit go pretty much to the moon. A short while later another dealer "friend" of ours approached us and advised that he had a customer that would give us $10,000 cash for the coin if we sold it to him right now and our "friend" would only take a $100 commission for putting the deal together. I knew that the coin was worth more than $10,000 at that point in time and that it would be worth even more as time passed by, so I smelled the scam being put together by both my "partner" and "friend" against me. They wanted me out of the picture because the "friend" had a full retail buyer in the wings.
I asked the "friend" if he was sure he'd be happy with the $100 commission and asked my "partner" if he would be happy with his $4950 end of the bargain. They both said yes. I then put the slab in my pocket, said I'll take it, handed the "friend $100 and handed $4950 to my "partner"
You should have seen the expressions on their faces as they screamed and tried to claim that I can't do that. A short while I later sold the coin at a National show to a collector for $18,000 and wish I could buy it back today for that amount. The "friend" and "partner" are no longer a part of anything I do.

Edited for speling >>

Great story.

My kind of justice.