Ever worry about a dealer stealing your coin?

I thought about this ..

What if I or you go to a show and show a dealer a raw or certified coin and let him hold it and 5 minutes later he says, "Thank you" and then I say "May I have my coin back" and he says, "This is not yours..."

I always fear that and since dealers are so well knit with other dealers and security, how can I actually prove it'd be my coin.

Thoughts on this?

 

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For raw, it'd be easier than slabed. Most dealers have there own way of pricing stuff, and some use customized flips, ET. If that one coin is out of the ordinary then you may have a case.

But then again, that doesn't mean much. The dealer could say he just purchased it off of someone else.

stainless

 

Then I'd take one of his and say "thank you" and how could he prove it was his? But, most shows I've been to, there are always a lot of others around and even if a dealer was so evil, I doubt they'd try because there are too many eyes everywhere. Thats also the advantage to going to shows at casinos....cameras every place you look.
Guy~

 

BNB, This is dumb. :rolling:

Dealers have reputations, I doubt 99.999% want to play around with this notion.

Also, keep records showing proof of purchases along with photographic records. And look into insuring your coins. Do a CT thread search for suggested insurers when it comes to coins.

 

I know what you mean.

I remember once in high school, I showed a kid my Wayne Gretsky rookie card.
When I asked for it back, he said "what do you mean yours? This is mine."

I've never forgot that experience and now I'm reluctant to hand anyone anything. The old adage "look with your eyes, not with your hands" holds true to this day.

Dealers are thick and tend to look out for their own. I think the best way to prevent this from ever happening is to never hand anything to anyone you don't know.

PS this is not a true story.

 

No, I don't worry about that. What I worry about is other "collectors" wandering around looking for coins to steal, either from other collectors or dealers.

 

Nothing's dumb krispy. We live in a world of uncertainty and this happens.
People are not all normal. There are people(dealers) and collectors(who steal) out there that would do this and I've sensed them at shows. This is just a question. No dumb or smart, just a question of life.

 

No question about it for me, but your need to question it for conversation was dumb. I too am aware of what can happen. Sound, simple advice in your favor was given. Don't sweat it and be smart by not handing your property over to someone you sense you cannot trust or if you haven't previously insured and recorded ownership of you items.

 

Alright well that's your opinion that it was dumb but believe me, maybe other people don't think it is especially buyers who may have thought this once or twice before.

So I stand by my idea to make this post and hopefully it will help not only me but others become very careful with who they deal with and what kind of coin they decide to show "just anyone".

Thanks!

 

All's good! I just figured with your high priced pieces you were covered on this situation already. :thumb:

 

This is why you should have high resolution pictures of your coins and a complete inventory in case it ever gets stolen or someone attempts to steal it.

If you had this and a dealer said a coin was his like this all you have to say is-

"Either hand over my coin or I call the police right now and file charges. I have high resolution photos at home to prove it is my coin. Do you have any?"

And then the dealer would meekly hand the coin back to you and give you five gold ounces as a reward for not sending him to prison.

 

Do I ever worry about a dealer stealing my coin? No.

I consign stuff from time to time. I just get a written receipt with full details including the certificate number.

"Trust, but verify"

 

That's always a good idea for a lot of reasons. It also illustrates an advantage slabbed coins have over raw - a unique serial number.

 

there must be a 1,000 more probable ways to get screwed in a coin deal

 

I think if I were that paranoid, I'd just "swallow a pistol" and quit worrying.

 

I have dealt with a few dealers, my opinion is that most of them know that honesty pays in the long run, I have heard stories about dealers from hell, but often the person telling the story is the collector from hell.

 

Let's see. Dealers and security are tight knit?
To an extent dealers are and security is something a dealer desires to have at a show.

I happen to work for a dealer. Sunday I hope to stop by a show for a while. I will know at least a half dozen reputable dealers there.

Now I can assure you if one of these guys saw a "customer" stealing from another dealer they would make it known. I can also assure you that if they saw a dealer stealing from a "customer" they would make it known.

Whether or not they know the dealer, a dealer that would stoop that low would NOT be welcome to participate in shows. If gives ALL of them a black eye in essence as well as the venue where the show is being held.

I have shown dealers my complete set of Two Cent Pieces and never thought a thing about it. Of course I showed them to guys I know and didn't wander away while they looked at it.

A good dealer will NOT cover for a bad dealer.

 

I agree with the paranoid part.

 

It's not paranoid it's fear and yes, dealers DO have the authority to do this crappy tactic. They don't because it would KILL their business with the internet and all.

Just a thought!

 

:rolling: