A coin dealer's worst nightmare when dealing with a retail customer

halfcentman · February 6, 2012 7:51AM

PEOPLE WHO BUY THEIR STUFF OFF OF TV!

Share your horror stories as a dealer where your heart just bled for the widow(er) or child of someone who purchased essentially nothing but glorified pocket change and tschotskes.

My horror story is someone who spent over $50K (receipts were kept) and the stuff was only worth about $9K. When I told the widow (frail and 88 years old), she screamed and passed out and her daughter had to call 911.

I was not blamed, as these people were known to me in town through a common friend. It was the most depressing thing that I had to do as a full-time coin dealer.

CaptHenway · February 6, 2012 7:52AM

Have had to do that many times.
It is so sad.

dogwood · February 6, 2012 7:59AM

I was going to say a dealer's worst nightmare would have to do with being physically enticed to hand over the keys to the safe, but damn, the widow story is a heartbreaker.
Sorry to hear that one.

commoncents05 · February 6, 2012 7:59AM

<< Have had to do that many times.
It is so sad. >>

Same here. On the other hand, telling other people their collection is worth thousands of dollars is a pretty good feeling.

-Paul

Sonorandesertrat · February 6, 2012 8:12AM

It's not just buying coins via TV advertising that can be a nightmare. I was in coin shops at least a dozen times during the last 6 years, when I witnessed customers bringing in altered/overgraded/counterfeit coins to sell. They were mostly bought from vest-pocket dealers. In one case, an elderly man had spent ca. $30K on gold coins (all in flips) and every single coin was wildly overgraded (many were polished and wouldn't even grade--I saw the coins). The dealer refused to even make an offer.

Unfortunately, this sort of thing can happen to anyone who can be suckered into blindly buying coins for investment purposes. Some well-known numismatic companies are also known for their high-pressure sales tactics, offering up fairly common coins (usually in gem+ grades) as 'investment quality.' Think their clients won't end up taking haircuts?

RYK · February 6, 2012 8:16AM

When I saw the title, I was hoping to be able to offer a witty retort, but there is none for this. It just sucks.

Coinosaurus · February 6, 2012 8:18AM

Sadly, the underlying investment hype from a few has had a pernicious effect on the public mindshare, to the extent that way too many readily accept the idea of rare coins being in the same investment class as stocks, bonds, annuities, etc.

bidask · February 6, 2012 8:19AM

<< When I saw the title, I was hoping to be able to offer a witty retort, but there is none for this. It just sucks. >>

hope the widow woke up....that would be worse if she didn't.

joebb21 · February 6, 2012 8:29AM

Heard a story from a certain dealer where somebody came in with about a hundred thousand dollars worth of high grade/key date morgans.
He saw this listing on craigslist and emptied his wife's and kids savings to make a score buying the coins for about 1/3 of their worth.

He then took them to this dealer and was told that all of them were fake pcgs holders/coins.

The guy was on the floor crying realizing how much he just lost and how much worse things were going to be when he got home...

DoubleEagle59 · February 6, 2012 8:35AM

When I go to a coin show I often overhear a dealer's response to a retail customer trying to sell one of those 'coins in a frame' century or theme sets.

The dealer often says...'well I'll give you 10 bucks for the frame".

renomedphys · February 6, 2012 8:38AM

Heard a story from a dealer about a woman who brought in an all unc set of Indians in an old Wayte Raymond album. They were all beautiful, and reportedly original. The store worker was very excited, and foretold a value in the mid five figures, but was unable to buy them since he was not the "money man". The woman was told to take the coins home and bring them back in a week so that the bossman could have a look and make her a fair offer, which she did. Only thing is that while she had them at home, she took them all out and polished them up a bit. When she brough them back in, they were all as pink and dead as could possibly be. Upon hearing the news, she just cried and cried, and eventually took the dealers "pity offer" of $300 for the whole set.

WTCG · February 6, 2012 8:53AM

I wouldn't call that situation a dealers' worst nightmare. There are other things that can be worse. The truth hurts sometimes but being blunt works best. I compare it to killing rats: it's a dirty job but if you don't do it the situation will only get worse.

RYK · February 6, 2012 8:56AM

<< I wouldn't call that situation a dealers' worst nightmare. There are other things that can be worse.... >>

True. Getting shot in the head for some rolls of wheaties would be a lot worse.

dmarks · February 6, 2012 9:03AM

<< Sadly, the underlying investment hype from a few has had a pernicious effect on the public mindshare, to the extent that way too many readily accept the idea of rare coins being in the same investment class as stocks, bonds, annuities, etc. >>

I think way too many readily accept the idea of stocks, bonds , and annuities as investment classes. If you don't do your homework in anything, you open yourself up to getting fleeced. There are plenty of investment companies that make the late night coin shows look like saints.

Coulport · February 6, 2012 9:08AM

<< Heard a story from a dealer about a woman who brought in an all unc set of Indians in an old Wayte Raymond album. They were all beautiful, and reportedly original. The store worker was very excited, and foretold a value in the mid five figures, but was unable to buy them since he was not the "money man". The woman was told to take the coins home and bring them back in a week so that the bossman could have a look and make her a fair offer, which she did. Only thing is that while she had them at home, she took them all out and polished them up a bit. When she brough them back in, they were all as pink and dead as could possibly be. Upon hearing the news, she just cried and cried, and eventually took the dealers "pity offer" of $300 for the whole set. >>

Had a similar thing happen at a show. A guy brought his widowed mother in with a large run of classic commems. All had been not just cleaned but heavily polished. I took the guy aside and ask about the coins. He said it was his idea to remove the "rust" and they had spent the previous evening doing just that. I told him he had just about destroyed any premium and I wasn't interested at any price and that I would leave it up to him to tell her what he wished. Made me ill.

halfcentman · February 6, 2012 9:09AM

<< I wouldn't call that situation a dealers' worst nightmare. There are other things that can be worse. The truth hurts sometimes but being blunt works best. I compare it to killing rats: it's a dirty job but if you don't do it the situation will only get worse. >>

"Nightmare" is in that kind of context.

It's harder when you have my kind of cliientele where 75% of my customers are known to me within 2-3 degrees of each other.

Yes, she did wake up, but the house had to be sold to settle many of the debts.

AUandAG · February 6, 2012 9:20AM

I had a 90 year old that had that que sera attitude (thank goodness) on her coins.

She had been dealing, not with a TV outfit but a phone solicitor group. They knew
what they sold her and routinely upgraded her into better coins for a small fee. Well,
you know that they were over-hyping everything from the get go. Had the receipts
and traded a common date Morgan in their grade of MS63 up to a common grade
$5 gold piece over many transactions. Ended up over $5,000 into the coin and it
was worth about $900 at the time I bought it. Gold was raw in one of their holders
and I had it graded and it too was a 63.
Her entire collection was that way. She sold all but the $20 gold pieces as she had
about $8-9,000 in each one. Said she'd give them to the grand kids.

Hope she did.

bob

jdimmick · February 6, 2012 9:33AM

Here's one for ya:

last year I had a guy who was about 70, start bringing me in his collection a portion at a time, (had brain cancer) and wanted sell his stuff before he passed. Kept telling me that his kids were worthless , and would not help him or give him the time of day when he needed it. In all , he sold me about 60-70k worth of coins over 2-3 month period. About 6 months after that, I get two ladies that come in with a coin (a fake $3.00 piece) said they were daughters of MR X and that he had passed. They mentioned they were looking for there dad's collection and if I was intrested in buying it, but they did have this piece they found so far. I told them that it was a fake and he knew about it, and that I had already purchased his entire collection months earlier. They were pizzed , i mean down right pizzed. Apparently , not only did he not leave them the collection, but took his entire savings and dontated it to charity so they couldnt get a single dime. I did hold back and not tell them the reason was that he thought they were worth less.

jim

BryceM · February 6, 2012 9:42AM

These stories are just horrible. Sad, sad. I guess that's part of the reason that rare coins are rare.

The point about securities, real estate, bonds, and stocks being potentially just as bad is valid too. A good friend of mine comitted suicide after finding he had invested his entire retirement plan in a local ponzi scheme. Diversify! And that doesn't mean partly into classics, partly into moderns!

Pokermandude · February 6, 2012 9:51AM

Obviously those stories suck and you feel for them.

But there is a small silver lining in those kind of stories. At least they recouped some part of the money spent on their hobby. When you consider all the other ways that people throw their money away (booze, drugs, etc) or even how much resale value most other expensive hobbies have, it's a lot better than nothing. Hell, even some "investments" with previously legit bankers and investment "gurus" (not to mention the actual con artists) can easily give a return of -100%.

halfcentman · February 6, 2012 10:05AM

<< Obviously those stories suck and you feel for them.

But there is a small silver lining in those kind of stories. At least they recouped some part of the money spent on their hobby. When you consider all the other ways that people throw their money away (booze, drugs, etc) or even how much resale value most other expensive hobbies have, it's a lot better than nothing. Hell, even some "investments" with previously legit bankers and investment "gurus" (not to mention the actual con artists) can easily give a return of -100%. >>

You can spend rolls of Presidential Dollars. Good point.

It is part of the job, and every job has an undesirable angle to it.

PerryHall · February 6, 2012 10:13AM

<< Here's one for ya:

last year I had a guy who was about 70, start bringing me in his collection a portion at a time, (had brain cancer) and wanted sell his stuff before he passed. Kept telling me that his kids were worthless , and would not help him or give him the time of day when he needed it. In all , he sold me about 60-70k worth of coins over 2-3 month period. About 6 months after that, I get two ladies that come in with a coin (a fake $3.00 piece) said they were daughters of MR X and that he had passed. They mentioned they were looking for there dad's collection and if I was intrested in buying it, but they did have this piece they found so far. I told them that it was a fake and he knew about it, and that I had already purchased his entire collection months earlier. They were pizzed , i mean down right pizzed. Apparently , not only did he not leave them the collection, but took his entire savings and dontated it to charity so they couldnt get a single dime. I did hold back and not tell them the reason was that he thought they were worth less.

jim >>

You were lucky they didn't get a lawyer and sue you for what they would claim is a coin dealer taking advantage of some old guy with brain cancer and dementia. Just saying.

crypto79 · February 6, 2012 10:44AM

<< 

<< Here's one for ya:

last year I had a guy who was about 70, start bringing me in his collection a portion at a time, (had brain cancer) and wanted sell his stuff before he passed. Kept telling me that his kids were worthless , and would not help him or give him the time of day when he needed it. In all , he sold me about 60-70k worth of coins over 2-3 month period. About 6 months after that, I get two ladies that come in with a coin (a fake $3.00 piece) said they were daughters of MR X and that he had passed. They mentioned they were looking for there dad's collection and if I was intrested in buying it, but they did have this piece they found so far. I told them that it was a fake and he knew about it, and that I had already purchased his entire collection months earlier. They were pizzed , i mean down right pizzed. Apparently , not only did he not leave them the collection, but took his entire savings and dontated it to charity so they couldnt get a single dime. I did hold back and not tell them the reason was that he thought they were worth less.

jim >>

You were lucky they didn't get a lawyer and sue you for what they would claim is a coin dealer taking advantage of some old guy with brain cancer and dementia. Just saying. >>

Thats what I would do even if I knew better of the situation. I have access to free legal and I would either get a settlement or milk any profit away from the smug dealer. But I would have known the 3$ was fake and probably never had the confrontation that pissed me off and gave me a target to take any family frustration out on.

mrpotatoheadd · February 6, 2012 10:55AM

<< Thats what I would do even if I knew better of the situation. >>

You would deliberately cause trouble for someone even if you "knew better of the situation"? Nice.

PerryHall · February 6, 2012 10:59AM

<< 

<< 

<< Here's one for ya:

last year I had a guy who was about 70, start bringing me in his collection a portion at a time, (had brain cancer) and wanted sell his stuff before he passed. Kept telling me that his kids were worthless , and would not help him or give him the time of day when he needed it. In all , he sold me about 60-70k worth of coins over 2-3 month period. About 6 months after that, I get two ladies that come in with a coin (a fake $3.00 piece) said they were daughters of MR X and that he had passed. They mentioned they were looking for there dad's collection and if I was intrested in buying it, but they did have this piece they found so far. I told them that it was a fake and he knew about it, and that I had already purchased his entire collection months earlier. They were pizzed , i mean down right pizzed. Apparently , not only did he not leave them the collection, but took his entire savings and dontated it to charity so they couldnt get a single dime. I did hold back and not tell them the reason was that he thought they were worth less.

jim >>

You were lucky they didn't get a lawyer and sue you for what they would claim is a coin dealer taking advantage of some old guy with brain cancer and dementia. Just saying. >>

Thats what I would do even if I knew better of the situation. I have access to free legal and I would either get a settlement or milk any profit away from the smug dealer. But I would have known the 3$ was fake and probably never had the confrontation that pissed me off and gave me a target to take any family frustration out on. >>

You would sue someone just to get a few bucks from him? I hope you were kidding but there are people like this in this world so maybe you weren't kidding.

Coinosaurus · February 6, 2012 11:03AM

<< You would sue someone just to get a few bucks from him? I hope you were kidding but there are people like this in this world so maybe you weren't kidding. >>

Guess what, sometimes it actually ISN'T about money. People will spend $500 to make someone else pay $50. At that point, it's not about money, it's about proving you are right and the other guy is wrong.

bosco5041 · February 6, 2012 11:07AM

<< These stories are just horrible. Sad, sad. I guess that's part of the reason that rare coins are rare.

The point about securities, real estate, bonds, and stocks being potentially just as bad is valid too. A good friend of mine comitted suicide after finding he had invested his entire retirement plan in a local ponzi scheme. Diversify! And that doesn't mean partly into classics, partly into moderns! >>

Diversify, you got that right. That is by far the best way to avoid any con jobs, and do some homework before investing.

UtahCoin · February 6, 2012 11:12AM

Several years ago a guy comes in and wants to sell a Green Monster box of Silver Eagles. He had just bought two and realized he couldn't afford it. It just so happened I was getting ready to order a box from Tulving, so I offered to pay him what I would have paid Tulving. He yells and calls me a cheat and a thief, whips out his invoice (HSN or such) and shows me he paid about twice my offer. I pointed to the chalk board on the wall that showed our buy/sell prices..... He was still mad so I suggested he offer them back to wherever he bought them.

And of course the gold plated "Tribute" State Quarters (we would pay face)
"Tribute Proof" gold double eagles layered in 2 microns of PURE 24k gold (we would pay a buck, maybe)
"Yesteryears" type sets of cleaned, damaged "Bygone Coinage" (pay melt plus nothing for Copper & Nickel)

coindeuce · February 6, 2012 11:18AM

The worst nightmare I ever dealt with was in the case of a son, who brought his father's purchases from the previous several years to me. It seems that the father was widowed and lived alone. Even though the father was obviously known by the family as having gradually increasing dementia symptoms, none of the family made any effort to protect the father from self destruction. All of what was brought to me was material sold through television coin sellers through slick manipulation of this man's credit card information. I was as much nauseated by the actions of the TV hucksters as I was by the inaction of the family. I never met the old man, and I'm glad I didn't have to face him. Most of what I purchased was at face value , as that is what it amounted to.

ebaybuyer · February 6, 2012 11:20AM

the absolute worst part is that no one "forced" those people to overspend, they were caught up in the hope of buying something today and doubling thier money on it tomorrow (which isnt all that difficult to do if you know what your are buying) HSN isnt the venue for making money... ...that is unless you are the one on TV

leothelyon · February 6, 2012 11:28AM

How about twilight zone storys about Jefferson nickels...........woooooo............wooooooo.............woooooooooo!

Broadstruck · February 6, 2012 11:34AM

halfcentman, Based on all the episodes you've posted here, I just have just one question... Do you wear kevlar

AMRC · February 6, 2012 11:36AM

I was called out to go see a collection that belonged to gentleman in his late 80's. When I arrived at his home I met his 40 something girlfriend who had to be at least 300 pounds. That last sentence has nothing to do with the story but I threw it in for good measure. He had laid out on his living room table his "collection." He said everything was there except what he kept in one safe, and he would show me that later. Most of everything it turned out was common or bullion. The stuff bought from what was advertised on envelope flaps of credit card companies back in the day. Silver was about $18 at the time. On the table were several Silver $100 Bill remakes. Each one contained one ounce of Silver and each was a very nice looking duplicate of a $100 FRN and exactly the same size dimensionally, and so they were pretty thin as well. I could tell this guy thought his collection was pretty amazing but it did not take long to understand otherwise. I happened to be holding the Silver $100 bills in my hand when I explained they were one ounce of Silver and that I would pay about $17 each for them. He did not miss a beat and told me that he could not sell them for that because he can take them to the bank and get $100 for each of them.

So not wanting to spend the time adding all of that stuff up (there were about 120 or so pieces), I thanked him for his time and started to head for the door. He then asked me if I wanted to see what he had in the safe and so curious, I agreed. I walked over and after fiddling with it for a bit I see the big door open wide and soon I was confronted by rolls and rolls of Gold coins. Now I could understand how this guy could afford the trophy girlfriend! Excited, I move-in closer to find that there were all "Ballistic" rolls of presidential dollars. He had thousands of dollars worth, all still in the packaging from that company that was selling rolls of 50 coins for $149 each. I told him the were worth a dollar each and he told me I did not know what I was talking about. I said no more and turned around and left.

To add insult to injury his girlfriend called me a few hours later asking me if I had the number to the "real" coin dealer that was about 5 miles from where they lived (I drove 25 miles to see them).

I have a million of these.....

ModernCoin · February 6, 2012 11:41AM

<< the absolute worst part is that no one "forced" those people to overspend, they were caught up in the hope of buying something today and doubling thier money on it tomorrow >>

That may describe many HSN buyers, but I don't think it describes most. I think a lot of people buy from HSN and other outfits simply because they are ignorant and buy into the spiel. They believe they're a good value and will be worth more later, but they're not necessarily looking for a double in short order or anything like that. Regardless though you're on the money with your 'no one forced them to buy' assessment.

I found out a few years ago I have an uncle in the family who has spent the better part of the last 20 years buying oodles and oodles of Franklin mint, hologram quarter, etc. crap from catalogs, TV, etc. They were glowing with general excitement when they pulled the stuff out and showed me just some of their purchases. I didn't have the heart to tell them (nor would it have been my place at the time) that they had it all wrong as they have been buying crap since I was a child

. They literally had a closet full of garbage and I was dying to get out of there once the show and tell started. If I see them again I plan on giving them a proof ASE and/or some generic MS64 Morgans so they'll have something of value, but I simply don't know them well enough to tell them they've had it all wrong for all these years. I did however set my father-in-law on the right path when he showed me some proof Isle of Man 1/20th Au coins that he purchased for $180ea back when gold was around 1K/oz (he was excited that they were "limited" to 5000k pieces each ~doh~). After talking to him over a few weeks and taking him to a show, he's seen the light so to speak and buys for close to melt or close to sheet for classics.

Many of the stories shared here are truly heartbreaking, but at the same time I'm thankful to hear about them on some level if that makes sense.

Mission16 · February 6, 2012 11:49AM

-plated state quarter sets
-"tribute" coins
- A lot of U.S. and Royal Canadian Mint stuff.
- Worst one I personally dealt with: A fellow came to a show with a complete set of Ike dollars, all MS70 or PR70DCAM, in some 3rd world slabs. He had THOUSANDS of dollars in the set. I wouldn't make an offer. I don't believe anyone at the show offered him more than a couple hundred for them.

baccaruda · February 6, 2012 12:06PM

When I started collecting in the early-mid 90s, I knew I didn't know much about coins and assumed I'd be one of those people that ended up throwing $50k worth of purchased coins into the trash someday if I didn't have some basic strategy. I decided I'd buy only precious metal coins for a long time until I knew far more about the hobby - figuring that at least the intrinsic value of the gold or silver would help make up for any mistakes.

Bought a lot of silver @ $5/oz and some gold in the <$300 range. That's put me so far ahead that I can now justify making a lot more mistakes now.

I owe a heck of a lot to this board.

EVillageProwler · February 6, 2012 12:13PM

My Mom once bought me a modern commem issue from the US Mint. She was so excited to give that to me for my birthday. I thanked her, and as nicely as possible asked her never to buy me coins again. I hope never to know anyone at the heart of such horror stories.

Fountainhead · February 6, 2012 12:20PM

Very early on into this hobby a dealer sent me a catalog for some gold coins, four-ducat restrikes I think. I actually bought a few but returned them right away (lucky they had 7-day return) for in the meantime I realized they were charging me three times what they were worth. They argued with me over the phone but in the end took them back and returned my money.

The funny thing is that if I had kept the coins I would be ahead today since gold isn't three times what it was then but six times.

cmerlo1 · February 6, 2012 1:31PM

I watched a guy come into one of the B&M's here with 6-8 of the 'ballistic rolls' of presidential dollars- the ones in the boxes that look like gold bars and were sold in ads that showed them being unloaded from armored cars, etc. He was completely floored when he found out they were only worth $1 each. The dealer took pity on him, and offered to buy them at face value, to save him a trip to the bank, explaining that he'd give them out in change.

Numismatic education can be expensive for some.

Mockingjay · February 6, 2012 1:38PM

This is all like Simon Cowell telling some American Idol contestant that not only can they not sing, but that the people they've been paying to teach them how to sing have been lying about their ability to do so.

Backintime · February 6, 2012 1:57PM

Some very sad stories for sure Perhaps I should stop beating myself up for some of the poor purchases I have made over the years and realize that it could have been much worse.

crypto79 · February 6, 2012 1:57PM

<< 
You were lucky they didn't get a lawyer and sue you for what they would claim is a coin dealer taking advantage of some old guy with brain cancer and dementia. Just saying. >>

Thats what I would do even if I knew better of the situation. I have access to free legal and I would either get a settlement or milk any profit away from the smug dealer. But I would have known the 3$ was fake and probably never had the confrontation that pissed me off and gave me a target to take any family frustration out on. >>

You would sue someone just to get a few bucks from him? I hope you were kidding but there are people like this in this world so maybe you weren't kidding. >>

I used to fight for the sport of it and it became a bad habit I carried too late into my life. One day I was accused of being too forward with a guy's girl at a party (I was) and he decided he was going to show off at the party and be a tough guy. I chipped 3 of his front teeth and broke his nose. He proceeded to sue me and make my life hell for about the better part of a year among all the other legal trouble that stemmed from it. I settled for low 5 figures but got a valuable lesson in life out of it that I will pass on to you free of charge. While he has a mouth full of caps I lost the fight in a landslide.

Just how natural selection has redirected what the fittest means in the "survival of the fittest" equation to a more social economic foundation based off smarts=earning potential instead of brawn=blue color . The natural enforcement mechanism of this is the intellectual based legal system and Lawsuits, it is no different than two Mooses locking horns to the death at least in the way that it is simply to emasculate your opponent most of the time. And yes, some times one picks a fight simply because they are mad or it is an easy fight to win.

Lawsuits are just how grown ups with money fight, same guttural rawness as a street fight but on their playing field that hits them where it hurts them which is the pocket book or public opinion.

Coinosaurus · February 6, 2012 2:24PM

<< I used to fight for the sport of it and it became a bad habit I carried too late into my life. One day I was accused of being too forward with a guy's girl at a party (I was) and he decided he was going to show off at the party and be a tough guy. I chipped 3 of his front teeth and broke his nose. He proceeded to sue me and make my life hell for about the better part of a year among all the other legal trouble that stemmed from it. I settled for low 5 figures but got a valuable lesson in life out of it that I will pass on to you free of charge. While he has a mouth full of caps I lost the fight in a landslide.
>>

Dude. You gotta tell me this stuff before the next coin club meeting. It would be a lot more interesting than anything I have to say

melvin289 · February 6, 2012 2:25PM

You know I have found myself watching these TV shows that sell coins where the sellers yell at you. It's strange but I find myself tempted to want to order what they are selling sometimes. I can understand how people are taken in by them. Sad.

Ron

mkman123 · February 6, 2012 2:40PM

Some of these stories hurt to read!

g048406 · February 6, 2012 4:49PM

<< You know I have found myself watching these TV shows that sell coins where the sellers yell at you. It's strange but I find myself tempted to want to order what they are selling sometimes. I can understand how people are taken in by them. Sad.

Ron

>>

OK, I'll admit it.....Back in the early 90's, before ebay and I was bored, I watched this Chambers guy selling morgan dollars. I was not a coin dealer than, but, I still knew better but.........I bought his book 1 of 30 different Morgans and his book 2 for $500 each. At the time I was working for GTE/Verizon and there were no coin shops in my area. I later found out the 60 different morgans could easily have been had at half that price. I wish that was my last stupid coin thing I did, but, I also bought supposed UNC Large cents fro RAMAPO Coins in NJ for $700 each (they weren't UNC DUH) and I bought some 1793 half cents from Sunshine coins in FL that were counterfeit. These companies advertised in CoinWorld, so I thought they were legit. Live and learn

amwldcoin · February 6, 2012 10:21PM

The worst case I experienced was around 10 years ago. I had no idea what the gentleman had paid for his collection until after I purchased it. He came in knowing he was going to loose his arse. Well...lottsa FM and littleton stuff. I had dealt with the man in the past and don't think I left a dime on the table. The entire collection came to right around 5K. After I paid him he handed me a stack of receipts from littleton and the like. He had well over 30K in what he sold. For the life of me I don't understand how some people are able to be drawn in so deep.

TwoSides2aCoin · February 6, 2012 10:37PM

She was a vibrant young lady. Obviously involved in things that lead so many of our citizens on the road to destruction. While there was little I could do to help her, she would come in periodically with a gold ring or a necklace for sale. The last time she came in, she was nervous and almost twitching. I asked her if she needed help. I told her to seek counsel. She was a wreck. She did not sell me the items because she demanded more. I could not pay higher than my fair offer. She didn't sell and left. A few days later, a detective from another state visited me and asked for surveillance tapes, knowing that she'd been in. He was looking for evidence regarding the theft of some of her relative's items.

Some weeks later I read this :

On the news.

pf70collector · February 6, 2012 10:39PM

I bought a coin on Coin Vault in the early 2000s for $1600. An SS Republic Shipwrecked coin. Did not now much about coins back then. Did not even know what PCGS was. Sold it for $900 several years later while the market was still interested. I knew what I was doing and I am responsible for my actions. I have none to blame but myself. Educate yourself.

BillJones · February 6, 2012 10:43PM

A friend of my father and mother in-law showed me a 1921 Peace dollar for which they had paid $3,100. They had bought the coin from one of those "investment houses" that ripped so many people in the 1980s. I hated to say it, but the coin was only worth about $125 at best. It was a hard thing to do.

Although there had been a price "melt down" in the 1980s, this 1921 Peace dollar was never worth anything close to $3,100.

UtahCoin · February 6, 2012 10:54PM

<< I was called out to go see a collection that belonged to gentleman in his late 80's. When I arrived at his home I met his 40 something girlfriend who had to be at least 300 pounds. That last sentence has nothing to do with the story but I threw it in for good measure. He had laid out on his living room table his "collection." He said everything was there except what he kept in one safe, and he would show me that later. Most of everything it turned out was common or bullion. The stuff bought from what was advertised on envelope flaps of credit card companies back in the day. Silver was about $18 at the time. On the table were several Silver $100 Bill remakes. Each one contained one ounce of Silver and each was a very nice looking duplicate of a $100 FRN and exactly the same size dimensionally, and so they were pretty thin as well. I could tell this guy thought his collection was pretty amazing but it did not take long to understand otherwise. I happened to be holding the Silver $100 bills in my hand when I explained they were one ounce of Silver and that I would pay about $17 each for them. He did not miss a beat and told me that he could not sell them for that because he can take them to the bank and get $100 for each of them.

So not wanting to spend the time adding all of that stuff up (there were about 120 or so pieces), I thanked him for his time and started to head for the door. He then asked me if I wanted to see what he had in the safe and so curious, I agreed. I walked over and after fiddling with it for a bit I see the big door open wide and soon I was confronted by rolls and rolls of Gold coins. Now I could understand how this guy could afford the trophy girlfriend! Excited, I move-in closer to find that there were all "Ballistic" rolls of presidential dollars. He had thousands of dollars worth, all still in the packaging from that company that was selling rolls of 50 coins for $149 each. I told him the were worth a dollar each and he told me I did not know what I was talking about. I said no more and turned around and left.

To add insult to injury his girlfriend called me a few hours later asking me if I had the number to the "real" coin dealer that was about 5 miles from where they lived (I drove 25 miles to see them).

I have a million of these..... >>

Change a minor detail here and there and many of us have the same experience (minus the girlfriend)

A coin dealer's worst nightmare when dealing with a retail customer

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The more qualities observed in a coin, the more desirable that coin becomes!

My Jefferson Nickel Collection

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