I need help for a friend who got scam by a coin shop

You mean an old woman, who grew up in an age/culture when/where family-men took care of their business, told they shouldn't get involved in financial matters, etc. etc.?

Now - perhaps on their own, or frightened of their spendthift children - these old women have no alternatives but to jump in and learn HOW to invest... at 75 years old???!

I'm not in the least bit surprised a coin-shyster would do this, though.

To the OP:
1) Have granny get a BIG magic marker and sturdy white cardboard for her sign : "I GOT RIPPED OFF HERE!"
2) Get here to notarize a simple copy of her alarmist story in full, photocopy on a single page then park her at their doorstep with a sturdy teen and camcorder.
3) March in there (take an attorney friend) tell them you want her to get a refund IN FULL. And you're ready to wait a year to get it!

Even a rotten shyster will realize he will lose more longer-term not squaring this account properly. She will be made whole.

Remember: squeaky wheel gets the grease....

 

Log in or Sign up to hide this ad.

People taking advantage of other people is as old a crime as any. It usually is a crime of opportunity, the dealer saw his opportunity and took it, fleecing a woman out of her money. I am sure that he does plenty of honest business...with people who know their stuff, but not everyone can be knowledgeable of all things at all times.

 

I think it matters mainly in how the coins were sold. If the dealer made any misrepresentations regarding spot price, premiums, what other shops are selling it for, how heavy the roll is, ect., then you'd probably win in court.

Best thing to do is ask for her money back politely while explaining her position as a rookie. If he refuses, then let him know what options you have in your pocket. She can file a small claims case, go to a lawyer, go to the local media, write a letter to the local newspaper, leave bad online reviews or stand outside with a poster.

 

Granny wanted 8 grand in Silver, get her 8 grand in Silver. Nothing wrong with that!

That she wasn't given 8 grand in Silver proves chicanery of one sort or another (it matters not which) that's not the issue and don't get sidetracked.
She wants full refund or 775+ 1964 Kennedys or 1,900 of the 40% Ag coins.
In that order. Dealer's choice, that's as fair as you'll budge. Next stop, the sheriff's office.

Granny should have her sign made, at the door, with flyers in hand. READY FOR ACTION!

 

Will you feel that way when your parents are elderly and prone to making unwise decisions?

Let me tell you a little story about my father.........

Dad loved to ride his bike and would often ride 20 miles a day even when he was in his 80's. One of the biggest problems in South Florida during the rainy season is the infestation of mosquitoes. So, Dad would spray a good coating of "Off!" on his skin and clothes. One morning I went into the garage and found him preparing to go for a ride. Apparently, he had run out of insect repellant and was rubbing insect poison all over his face, arms and legs.

That's what can happen to the minds of elderly people.

Chris

 

I also believe that taking advantage of people is an age old crime, however I also believe that people tend to sensualize things and take things out of context it happens everyday in politics and no one tunes it it in. To say that a person of 70 grew up in a different age may be true but times changed as they were growing up and they were part of the change. I know that I was and they should have been too.

When I first started collecting I felt that I was taken advantage of because of my lack of experience, but I never got burned to her extent in one fell swoop because I would never have allowed myself to spend that much on something that I didn't know to a sufficient level to make that size of purchase.

The old adage of you can't cheat an honest person is very true. There were more that an few times where I got pulled into something that wasn't quite right because of either the passion of the moment or the apparent justice of the words be spoken.

To use the poor old person routine is just a bad a trotting out or using the argument of "do the right thing" as if what the other person is doing is automatically not.

$8,000 is sure a lot of money to spend on something that is supposedly a first time investment in a venue that not of your knowledge. I don't subscribe to the premise that old people don't know what they're doing. Otherwise they shouldn't be allowed to go to the store. Besides what is old. If the purchaser involved is 50 I don't think so. If the person is 80 a case could be made. If the person was 90 quite definitely so.

I don't think that I'm being cynical but hopefully pragmatic.

 

There are ignorant people out there. Heck, all of us were "ignorant" at one point in time but, there is a certain responsibility that we accept as numismatists to spread "knowledge" and if there is anyway to get this lady her money back, then I'm all for it. Maybe next time, she won't act so "irresponsibly" and will actually consult with a non-biased party before spending $8,000 dollars on anything.

Well, except for a good cup of Kopi Luwak!




( I keed! I keed!)

 

I think the OP said "old friend" who happened to be a lady.

I have many "old friends" that would not be considered "elderly" and might actually get defensive if they were referred to as "old".

 

19Lyds-
Parse the OP more carefully.

CONTEXT. It's clearly implied that this woman is older and elderly. Why are you trying to say she's not and seeking some justification for the ripoff?

Beyond disreputable dealing, fleecing the poor, the elderly or the sick is ALSO immoral. PERIOD.
Honestly, I do wonder about the scruples (or lack thereof) in some people here. Red Staters, I presume?

 

If this 'dealer' that is taking advantage of people refuses to refund your friend her money perhaps your friend should consider plastering his name all over every coin forum you can find. Contact the local BBB, write reviews on Yelp and other sites. It will cost him far more than $8,000 in lost sales if he refuses to make her whole. Of course consult an attorney before taking any action.

Contacting your local television station is a great idea if every other course of action is not sucessful, many have investigative reporters that look into scams and will give the dealer a lot of negative publicity.

 

Hosing anyone like that is bad, elderly or not. However, I admit the victim being elderly might help resolve the situation.

I agree with others here saying no law was broken, but that would not stop me. I would calmly talk to the shop owner about how this person is inexperienced and elderly, and did not wish to make such a purchase. Hopefully he will reverse the transaction. If he doesn't, I would, (again calmly), let him know you ARE a collector, and a member of a coin website whose posts get picked up by Google searches very well. Promise him if he does not do right that once a month you will start a thread, (that will be picked up by anyone googling his business), about how his shop rips off elderly customers and is untrustworthy. Also let him know you will tell EVERYONE you know in the state, and every stranger you meet at shows, how his business just loves to rip off the elderly and uninformed.

Just because a law was not broken is no reason to so eggregiously swindle anyone. I am not saying I would advocate doing this to someone who charges $38 for an ASE versus the going rate of $34, dealers should have EVERY RIGHT to determine their profit margins. However, this is not something like that, but more simply taking advantage of someone's ignorance. YES, she should have educated herself and not been in a position to be swindled like this, people should have that responsibility, but hopefully you can change the man's mind.

 

Sorry Juan Blanco but my reply in no way "implied" that the transaction wasn't a ripoff so take your defensive posturing into the other room and apologize for implying that my "scruples" are questionable or that I'm a "Red Stater". (Whats a Red Stater anyway? Is that a political reference?)

As for "parsing the OP", the OP was stated that "they take a big look at elder people being taken advantage of" and the implication could very well have been that if they look at that then why not this. The OP also stated it was an "old friend" which could be taken in any number of ways.

 

OK. Out with it!

How "OLD" is your friend?

 

One thing I was surprised no one addressed is the receipt. Uh...two things, what is the return policy of the store. Good Luck.

 

Well that's certainly one way to keep bugs away!

 

Right, she wasn't taught how to invest or to handle financial matters. That is my point! At her elderly age she thinks it would be intelligent to walk in with $8,000 cash and ask the dealer for silver without making sure she was getting $8,000 worth of silver or probably not even knowing the price of silver per troy ounce of silver at the time. How about asking the dealer how much per coin am I paying. It's common sense. Another thing this women should have done before leaving was to ask the dealer what he would buy back the coins for in the future. To ask a friend what the value of these coins are after the fact is absurd. Does she go to a gas station and hand the worker a hundred dollars and ask for one hundred dollars worth of gas? No, she probably looks at the cost per gallon before purchasing and knows approximately how much gasoline she should receive.

Now is this business practice ethical? I am not sure. Is this any different than one dealer charging $10 over spot per troy ounce than another charging $1. At what point does it become unethical? Tell her to bring the case to court. Maybe she will get a judge that has sympathy and sides with her. If she can prove she has an illness that affects her decisions than that too would be golden. Just threatening to sue may be enough. Who knows.

 

this confused ignorant lady may be mistaken and either not paid that much, or maybe not bought them at all. Maybe shes insane, who knows, the op didnt really provide any details.

Dealers can charge what ever they want for their coins. Antique shops can charge 1000.00 for a 40.00 coffee table, Mcdonalds can charge 1.00 for a five cent cup of coke, a used car lot can charge 10,000.00 for a 5,000.00 dollar car.You dont have to pay it, and you have the option to go somewhere else. I think this is called capitalism.

 

Pitcher to catcher: Throw to first. Tyler is way off base.

Chris

 

only coin collectors come up with arbitrary profit margins that coin dealers must obey or they are scamers.

 

I agree