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

Big Ed,

All that I can add is, that while I do not know you, I do sincerely thank you for looking after your friend.

The world would be a better place if we all did this more...


Bill

 

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Want to feel sick to your stomach? Watch an older person, not necessarily elderly, who knows nothing about computers try to purchase one. My mother-in-law has called me for advice on more than one occasion. Stores can be downright brutal.

 

You multiplied today's price of silver per ounce by 180.

 

To go in another direction, would you say someone made a bad purchase if they bought an UNC 2012 Silver Chinese Panda for $50?

 

You are correct sir. My wife is the math teacher...not me. lol.

No, but then we really aren't talking about bullion though. We are talking about a collector premium that the coin normally sells for. That being said, if you paid $50 for the Panda and the dollar crashed...the premium value for that panda would probably be gone too.

 

Wow. I am sorry if for any reason I am causing a stir in the group. This has been a great place for information. So far you guys have been great and gave me some ideas about how to handle this.
First is if the receipt list the coins as Kennedy half dollars? or it may just state silver and have a price per ounce. This is going to be the key piece I need to see.
Second she did say that when asking me what I thought the coin was worth an told her between $8.00 to $12.00 dollars her response was that she paid $32.00 each for them.
Third she had ask her husband to invest in some silver and gold, he said he did not want to. So she did this without his knowledge and now I have to do this without him finding out.
This is very tough.

As far as her mental and education. She is a very sharp minded person. She made a dumb mistake and that is it. At the time of my starting this thread I may have been a little upset when asking for advice from this group. But I do not think being stupid in one moment justifies a whole character of a person. She went in to this coin shop and everyone was very nice. She said she wanted to buy some silver, and explained her fears and not having faith in the US dollar. The Dealer
told her these Kennedy halves would be a good investment and she was getting a deal. This is where he said they would be $32.00 each. She said that she wanted to purchase $8000.00 worth. This is where I am at as of now.
Sorry that I want be able to do anything else till Friday night. As I stated earlier in the post she lives over a 100 miles from me. The only reason I will see her Friday I am going Bass fishing and where I am going will take me by her house and this is why I will be there Friday night.
As far as this coin shop. I cant find that they belong to any ANA. other associations. They have a very simple website and mainly state their pages on ebay. So far I have not seen anything on the site or ebay that is not with in reason as far as price.
I will keep you posted and thank you all.
Biged

 

Ugh. She was played. I really, really hope this plays out well for her.

 

Thank you for getting back to us. Don't get me wrong by my previous posts. I do feel bad for her and do feel she was legally robbed. However we have to view this in the dealers point of view too. The dealer didn't know she was looking for $8,000 worth of silver at the start. He may have thought she was only wanting one so for his time $32 wouldn't have been a complete robbery. Then when she offered $8,000 for more would it have made sense for the dealer to lower the price after she already accepted to buy them at $32 each? However, he did say they were a good deal which is obviously untrue and deceptive. Also the next thing you said is a very key. She didn't walk in and say she wanted $8,000 worth of silver. She told the dealer she wanted $8,000 worth of halves after being quoted the price of $32 each. I honestly do hope she can return them or at least a fair amount of silver for her money. Let's hope if she does get her money back she isn't turned off by the whole PM thing.

 

No, she put her trust in someone who she felt was worthy and he failed her. Shame on him........

 

Agreed...there is no way to frame this up to be moral on the dealers part. Even if she only wanted one...more than 3x the value is ridiculous.

 

With the price being $32 each, I wonder if there was some confusion on someone's part between Silver Eagles and Half Dollars. $32 is right in the ballpark of what ASE's would be at if you're getting a good deal at a coin store.

 

Its a real shame that scumbag dealers like this exist and kudos to you for helping her out :thumb:

I suspect speed could be the key here, the longer that money sits in the dealers account the tighter his grip will be on it. Your best bet might be to claim the lady is in a poor mental state regardless of her actual situation. Hoping the receipt shows an anomaly that may help.

Ultimately though anyone who walks into a shop and hands over $8K hard earned without knowing what they are doing and without doing any research could probably do with learning a lesson. Sometimes people need to take responsibility for their silly actions, this could all have been avoided by her making a single phone call before handing the cash over.

 

Watch us get a new update in five days that they were actually eagles all along. Oh how fun that would be.

 

Could be right. Maybe she or the shop just made a mistake.

 

Now that would be an interesting twist.

 

I've been thinking that for some time now. I just keep seeing a eagle that's silver in content and color on the reverse of a 1964 Kennedy Half. And I also see a eagle that's silver in content and color on the reverse of an ASE. What do you think? Too far of a reach? :hatch:

 

It would be even more interesting if the dealer was monitoring or even contributing to this thread. TC

 

In a earlier post I stated I have seen the coins. There is 9 plastic tubes of regular rolls of 1964 Kennedy half dollars. 180 coins.
Thanks Biged

 

I kind of think that $8000 missing from their bank account is going to be a dead give away to the hubby.

 

I was thinking more sir that MAYBE, (huge maybe I know), the dealer accidentally charged her for morgan dollar prices for halves. Maybe you could suggest that to him if you go to the shop, saying "you realize it must have been an error, yada yada yada". Sometimes if you give a man an out when you catch him being underhanded, that is the path of least resistance.