Coin Dealer Gets Burned trying to rip off customer

[jeff of pa]

The dealer paid $20 for each fake Morgan Dollar. Several of which would have been worth more than $1,500 had they been real,
and then told the police they would have been worth almost four times more if they had been real.

http://www.peninsuladailynews.com/a...ctor-coins-from-china-show-up-in-port-angeles

 

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[CrazySlasher]

I have no sympathy for that dealer. He lost 400.00 bucks but if they were real the customer would have lost thousands. Screw him.

 

[jeff of pa]

My guess all that was on this dealers mind was

"This guy dosn't know what he has,
I Gotta Pay him quick & Get him out of here !"

I Hope the guy got them for a buck apiece on ebay

 

[desertfox]

LMAO, guess there is justice sometimes. lol

 

[dirt doctor]

A sharp coin dealer would have known about these being in existence , He probably will make up his loss quickly by screwing his next clients twice as hard . I have seen one of these coins and they are well made but something about the stamping and the luster looks just a bit too perfect . I guess these will be turning up in the wood chips soon . Just the other day I saw a checker at Costco inform a lady the Hundred dollar bill she was going to use was a counterfit . As I was leaving I heard her saying " but I just got this from my bank today " and you know what ? I believe her .One time several years ago I did a transaction at a bank which required several hundred dollars and this happened to me . I spotted a VERY questionable one when I went to spend it several days later and rather than take a chance on the bank denying it and my family taking a loss because it would be used as evidence I took a chance and spent it at a large chain drugstore . Looking back I feel a bit guilty maybe it would have exposed an unscrupulous bank teller , who knows .I'm sure glad the mint is now using the watermarks when printing their "funny money " .

 

[savant365]

Aren't these actually 90% silver though? That would make them worth a little over $20 melt value wouldn't it? The way I read the article they were just letting people know that these were reproductions from China and not actually 100 years old. The article said that there was just a little iron in them and that a magnet would barely stick. Since they don't have "copy" stamped on them though they should be illegal here.

Charlie

 

[jeff of pa]

http://www.komonews.com/news/local/115789384.html?tab=video

 

[savant365]

Sure didn't ring like silver when he dropped the fake one did it? That video interview made more sense, he was trying to get a big money coin for $20 and got burned. Nope...I don't feel a bit sorry for him.

Charlie

 

[jeff of pa]

Another Coin dealer Ripped trying to Rob Customer

Dealer pays $7.50 a Piece for 180 Counterfeit
Morgan dollars.


According to reports, the business owner believed the coins looked genuine and searched the Internet for comparable prices for them. He then made an offer to the man, buying 160 coins for $1,200, police said.

The business owner realized shortly after that the coins were counterfeit when one was attracted to a magnet, "which shouldn’t happen," said Carr.

http://www.northjersey.com/news/118967094_Police_search_for_man_selling_counterfeit_coins.html

 

[LukeTHr]

Sure didn't ring like silver when he dropped the fake one did it? That video interview made more sense, he was trying to get a big money coin for $20 and got burned. Nope...I don't feel a bit sorry for him.

Charlie

I have to agree with you, he was trying to rip the seller off, no doubt. And if he did it this time, you know it ain't his first time being in the business for as long as he says. He gets no sympathy from me. None !!

 

[bigscoop]

Yep, the dealer got burned, which happens sometimes.......it's just part of the business and if he's been in the business very long I'm sure he's made bad buys before. But as for assuming the dealer was trying to "rip the seller off", I have to disagree. When a seller goes to a buyer completely blind of what he has or what it's value is, then I don't feel too bad for them. I was in the antique and collectibles business for a while and the idea was to make money, can't do that if you give everyone who walks in the door a fair market price. Giving appraisals is a different story, which I had very little problem with, telling them all I knew about the item, even going as far as to show them a list of completed sells on ebay just so they would have a good idea of what the item's potential value was. But when someone walked in the door and said, "Hey, I want to sell these, are you interested in buying them?" Again, just like a coin dealer, it's a business that needs to realize a profit and I'm going to try to barter a price and buy them as cheap as possible. If that makes me a crook in the eyes of some people, then so be it.

 

[Dave44]

Yep, the dealer got burned, which happens sometimes.......it's just part of the business and if he's been in the business very long I'm sure he's made bad buys before. But as for assuming the dealer was trying to "rip the seller off", I have to disagree. When a seller goes to a buyer completely blind of what he has or what it's value is, then I don't feel too bad for them. I was in the antique and collectibles business for a while and the idea was to make money, can't do that if you give everyone who walks in the door a fair market price. Giving appraisals is a different story, which I had very little problem with, telling them all I knew about the item, even going as far as to show them a list of completed sells on ebay just so they would have a good idea of what the item's potential value was. But when someone walked in the door and said, "Hey, I want to sell these, are you interested in buying them?" Again, just like a coin dealer, it's a business that needs to realize a profit and I'm going to try to barter a price and buy them as cheap as possible. If that makes me a crook in the eyes of some people, then so be it.

I am now confused,, did you not rail against a company that was expanding a couple of posts ago? I do not think I understand your duality. And that company buys cheap, and sells cheap for very little markup relying on huge product movement. Nearly everyone uses that company. HMMMMMM.

 

[bigscoop]

Yep, the dealer got burned, which happens sometimes.......it's just part of the business and if he's been in the business very long I'm sure he's made bad buys before. But as for assuming the dealer was trying to "rip the seller off", I have to disagree. When a seller goes to a buyer completely blind of what he has or what it's value is, then I don't feel too bad for them. I was in the antique and collectibles business for a while and the idea was to make money, can't do that if you give everyone who walks in the door a fair market price. Giving appraisals is a different story, which I had very little problem with, telling them all I knew about the item, even going as far as to show them a list of completed sells on ebay just so they would have a good idea of what the item's potential value was. But when someone walked in the door and said, "Hey, I want to sell these, are you interested in buying them?" Again, just like a coin dealer, it's a business that needs to realize a profit and I'm going to try to barter a price and buy them as cheap as possible. If that makes me a crook in the eyes of some people, then so be it.

I am now confused,, did you not rail against a company that was expanding a couple of posts ago? I do not think I understand your duality. And that company buys cheap, and sells cheap for very little markup relying on huge product movement. Nearly everyone uses that company. HMMMMMM.

I think you're mixing apples and oranges. And if you're talking about the Walmart post and the Express store issue, I don't think I really rallied against them, just expressed the opinion that I felt they had their ugly foot on the throats of the dollar stores. But you're right, I don't care for a lot Walmart's business practices, or a lot of other big biusiness practices, and I don't care for all the foreign imports that are flooding this nation and stealing American jobs. But I believe that's a whole different issue.

 

[Dave44]

I am not sure it is apples and oranges. But as a business owner I understand being upset at a company I cannot compete against. Many products are produced by slave labor in communist and socialist countries, but thank goodness as our own country sinks in the Marxist morass. I cannot compete with the slave labor that is flooding this country (illegals) as I will not hire, employ or use them. That is making me poorer and poorer and I need these cheap goods.
But this post is about the shady coin dealer, a special place exists for a man like that. When all you can see is your own profit and who you can trample to get there you have forfeit part of your soul

 

[ivan salis]

MONEY IS NOT THE ROOT OF ALL EVIL , HOWEVER THE LOVE OF MONEY OVER WHAT IS LEGALLY RIGHT AND PROPERLY MORAL IS . (THERE ARE TIMES WHEN SOMETHING MIGHT BE "LEGALLY" OK BY THE LETTER OF THE LAW * BUT STILL BE MORALLY WRONG TO DO TO ANOTHER )

 

[bigscoop]

I have to admit, some of you folks slay me. There isn't a one of you that if you walked into a garage sale and you spotted an extremely valuable painting sitting in the corner for $10.00, well, I'm sure you'd walk away from this buy of a lifetime because it was morally wrong. Now you can say whatever you want to say. For instance, you can say that this is an entirely different situation because the item has already been priced, or you can say that you'd quickly point it out to the garage sale host, and others will say that they'd even offer to give the seller a fairer price, but one thing is for certain........if that extremely valuable painting remained for sale for $10.................."You're buying it!"

 

[jeff of pa]

I have to admit, some of you folks slay me. There isn't a one of you that if you walked into a garage sale and you spotted an extremely valuable painting sitting in the corner for $10.00, well, I'm sure you'd walk away from this buy of a lifetime because it was morally wrong. Now you can say whatever you want to say. For instance, you can say that this is an entirely different situation because the item has already been priced, or you can say that you'd quickly point it out to the garage sale host, and others will say that they'd even offer to give the seller a fairer price, but one thing is for certain........if that extremely valuable painting remained for sale for $10.................."You're buying it!"

& IF a person at a Yard sale had 100 Silver Dollers
for $5.00 thinking they were Toys,
I'd
plop down $5.00 for them & Walk fast.
These people didn't come to me,
expecting me to tell them the truth.

& If I got burned I Wouldn't go Crying to the Police


However If I Was in the Buisness of buying Silver
or If I Was asked What I Can get for them,
I'd be Honest.

Both these Dealers Were Trying to get over
on these People. Both got Burned because
all that was on their minds was, "Sucker"

 

[ivan salis]

the differance is in one case GS --they set the price and you paid their price *--- in the second pawn shop --the dealer set the "price" knowing full well hes hosing the sellers -- with silver prices what they are hes offering a low ball bid knowing that even at scrap silver prices he will turn a profiet , knowing full well that if their really legit several of those coins were are high dollar very rare collector coins worth thousands of dollars -- do you think as a legal "bussiness" offering $20 for a coin that you know ahead of time is worth several hundreds or even thousands of dollar is "morally fair?"

pawn shops often specialize in screwing hard up folks in dire need of cash * low balling them on their items for "maximum profiet"-- also many are known for being "off the book" dump spots for stolen goods esp --jewelry which they send out for melting or melt it themselves right away to avoid it being IDed
( the main reason I NEVER go to pawn shops --cheap pay out-- found a 14 k bracelet once while beach hunting -- figger out gold % and weight -- came up with value of $350 bucks in gold at that days "spot" price --local pawn dealer offered me a pitiful $74 -- about 20% of its actual worth-- 20 cents on the dollar for gold --please)

now if the person walks in and says --I want $20 for this and you pay "their price" thats one thing -- but if they ask you what it worth and you (knowing full well your lying) tell them --uh its only worth $20 to "hoodwink" em into selling it to you for $20 that another. --thats my point of veiw--- tell em the truth , it might be worth more but I can offer you $20 at this time for it --that way your not lying and its then its their "informed" choice to sell for that price.

 

[bigscoop]

I don't know, I see little difference in paying an uneducated set price at a garage sale and making a low ball offer through a business operation, in both cases you still know what the true value of the item is and you're not telling them. Like I said in my first post, if they ask me what it's worth I'd be glad to tell them and show them all I can, but if they walk in blind and simply ask, "will you give me $20 a peice for these?" I'm buying them for $20.....(after making certain they're real, of course.) I read the article and watched the video and since I don't know what the dialog was between the seller & buyer I simply have a hard time labeling the dealer, "a crook". However, one things for sure, I'll bet that dealer checks ever coin he sees before he buys them from here on out. The real crook in this story is China, could be the original US seller bought them online and got took and didn't even realize it?

 

[bigscoop]

And by the way, the antique and collectibles market is full of knockoffs and it's real easy to be taken, been going on for years now. In fact, there was so much of it and they've gotten so good at it I got completely away from dealing in certain product. I'm not surprised at all that these fake coins are finding their way into the market.