Gaithersburg Coin Exchange Warning

Need to share my horrific experience with Gaithersburg Coin Exchange. Recentlly send a large shipment of gold and silver coins to sell. Was informed by the owner Marc Watts, that my shipment got "accidently" mixed in with their general inventory and they lost track of what I had sent them. Long story short I only got paid for about 1/2 of what I sent them. Just want to warn subscribers about this unscrupulous behavior.

 

Log in or Sign up to hide this ad.

ohhy get a lawyer and sue..
did you keep an inventory list???
was it raw coins??

 

I agree with the post above. Sue them! I am hoping you have pictures and copies of the inventoried coins you sent to them.

 

No need to have two threads on the same subject. Here's the other one (maybe a mod will merge them):

http://www.cointalk.com/t193782/

 

Sorry to hear that, but then why would you mail a large shipment of gold and silver to anyone in the hopes of getting money for it? If you can't conduct that business in person then things like this are bound to happen.
Guy

 

Agreed... there's a ton of places that buy gold and silver, so you can do your dealings in person.

 

I disagree. I see no problem in mailing a shipment of gold or silver coins.

The problem came about from not doing some research about the company it was being sent to. I sent off a little over 5K of silver about 2 months ago. But I spent about 2 hours researching the company online. I emailed them and asked a few questions. And mailed the silver off to them the next day.

The dealers or gold buyers in my area wouldn't pay more then about 70% of spot. The place I sent them too paid 90% of spot

 

Sorry to hear that. I have dealt with numerous dealers in the past and with the exception of Gaithersburg Coin Exchange have never had an issue. All the others have been honest, up front decent folks. I assumed GCE would be the same, boy was I wrong. Guess every education costs something, some just more than others.

 

Provident is the best for selling coins. They have raised their minimum to $1,000 from $500.

 

Thanks for the update Tyler!

 

"The dealers or gold buyers in my area wouldn't pay more then about 70% of spot. The place I sent them too paid 90% of spot "
=============================================================

You should seriously get some connects. I know folks buying @ spot + 5 % in Boise.

 

Who pay's spot + 5%??
I have plenty I'll be sending them if so.

 

Most dealers I know pay 90% of spot. It sounds like you went to more gold buyers than dealers. Try selling here first for melt then ship it elsewhere.