How does the statute of limitations apply to coin sales?

291fifth · February 19, 2011 12:15AM

Let's say you bought a coin several years ago that turns out to be a counterfeit. You have a receipt. The dealer you bought it from is still in business. How does the statute of limitations apply if you try to get your money back.

Is it applicable at all?

Do the statutes vary by state?

LindeDad · February 19, 2011 12:21AM

I would think the value involved would come into play also as you mentioned where it happened.

shorecoll · February 19, 2011 12:23AM

I believe most PNG dealers have a lifetime guarantee of authenticity. Of course, proving it's the same coin might be a challenge.

notwilight · February 19, 2011 12:38AM

This is a good legal question which I'm sure there are people here who can answer. I remember from middle school civics class that there are a few crimes with no statute of limitations and otherwise, it is alway less than 10 years. Does time of discovery matter?

I have some coins in my collection, bought from a reputable dealer who would stand behind them, that have been raw for 15 years. If I sent one in and it came back counterfeit and he told me to pound sand, would the statute of limitations preclude any police involvement.

--Jerry

MilesWaits · February 19, 2011 1:08AM

I purchaed a few of the 1/10 Ounce Platinum Eagles years ago on ebay and a year or so later read the article

in CW on the counterfiet versions. I checked mine and all were indeed the counterfeit examples.

I emailed the seller and he responded: "Sure send them back for a refund. I will keep them as someone will

pay more for them as novelties." I cannot remmeber who I purchased them from and it was long before I joined the boards.

Try. It may work.

Miles

Julian · February 19, 2011 6:40AM

Counterfeit coins should be returnable forever. If not, the US Secret Service has jurisdiction over this matter.

If it is a matter of opinion, such as grade, then the seller's terms probably apply.

If it is a matter of fraud, whether intentional or not, such as a doctored or repaired coin, you should be able to return it.

RRich2004 · February 19, 2011 8:22AM

<< <i>Let's say you bought a coin several years ago that turns out to be a counterfeit. You have a receipt. The dealer you bought it from is still in business. How does the statute of limitations apply if you try to get your money back.

Is it applicable at all?

Do the statutes vary by state? >>

Generally, small claims cases have a statute of limitations of one year.

If you're going by your question(hypothetical?), and you want to sue the dealer to get your money back, you would have to file your suit no later than one year from the date you bought the coin. However, in the situation posed in your question, you have a duty to act much sooner than that, as well as getting the coin evaluated for authenticity. You really would not be able to wait a year to discover it's a fake and then file suit.

JCMhouston · February 19, 2011 9:24AM

One of the lawyers need to jump in here, but I didn't think title could pass on counterfeits.

How does the statute of limitations apply to coin sales?

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