Sad story from Albany dealer today

Their, not there........

 

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I checked out a new gold buyer in the area, "Beckers of West Hartford". I went in with a 50 peso gold coin, and predictably after all the malarky they offer less than two thirds of gold spot price. Typical. I'll bet there are ways for thieves to get cash too at even lower prices.

 

You're knowledgeable Owle. Most regular folks are not......

 

My research capabilities are decent not great. All you need is a computer these days to get pricing levels on numismatics. But I run into lots of dealers who hate computers; their loss is my gain.

 

Flea Markets and Craig's List are both venues where criminals and dishonest people go to do their business. If you deal there often, your similar experience will be posted here too. It just seems so obvious. Even though they are sad, after awhile you begin to get numb to these type of stories. They just keep repeating.

 

Yeah, you got that right!

 

maybe the lady did not realize that the check was not good. it is possible that she is not a crook.

 

I'd find it hard to believe that the lady wouldn't know that the account the check corresponded too was a closed account.
Also any person can call and attempt to verify funds on a check as long as it's within normal business hours when a branch of the bank that the check is from is open. If I was a dealer unless I had a standing business relationship with someone I wouldn't accept a check unless I could at least do this. You simply have to call and ask to verify funds on a check and they will only tell you if the check will clear based off current balance and no other info. You could still end up with a bad check but you'd know right away if the check was on a closed account or there was ISF to cover the check.

 

I called a local bank to verify a check I received from a small shop owner. Then went to that bank and cashed it within the hour. I got a call from the shop owner asking why I did that 24 hours later. It seems several other checks bounced because of ISF and those were written prior to mine, but presented after mine the same day. He said he was going to deposit additional funds to cover them all, but didn't convey that to me. I felt sorry for him but it could have ended up my problem and not his.

 

Some folks just don't know how to run a business, flea market or swap meet table. It's a sad story but hopefully he has learned his lesson. Expensive lesson but there is a reason why vendors have signs that say "No personal checks."

 

That's not your fault.

If he wrote the check before he had the funds in in the account, he was gambling that he'd be able to make the deposit before the checks were cashed. He should have been banking with an institution like one local to me that offers "24 Hour Grace Period" if you overdraw your account....

 

His problem, not yours Sam. Anytime I write a check I always verify that the funds are in place and if they're not, I won't write it. In today's world of electronic banking, funds can change hands in a matter of seconds. Gone are the days where you could write a check and expect it not to clear for a few days (if not close to a week).

 

There are 20 pennyweight [dwt] in an ounce, therefore at 14 KT using your $1600 per oz, a DWT of pure gold has $80 of gold.

14 KT, [14/24] = $46.67 per dwt. or $953.40 per oz. of 14 KT.

Is there something wrong here?

yes, your logic.
I doubt that they paid $57 per DWT for 14 KT at $1600 per oz. list.

And, yes, I did my homework, did you?

 

Tough on the shop owner.

In fact: he gave you a bad check, and it is not your fault.
You had the right to cash his check, and he had the right to have sufficient funds.

Technically he was 'kiting' a check. [Writing a check that did not have good funds behind it, considering all the outstanding checks that he had written.]

Tough on the shop owner.
You did right.

 

I'm actually surprised this stuff happens anymore. I don't know more than two people who use checks these days and both of those people tend to use them for hot checks. I hope this dealer gets the money back.

 

Checks are exchanged between the public and dealers all the time at shows and other venues. It leaves dealers financially exposed, to say the least, but each dealer has to determine on a case-by-case basis if the risk is worth the transaction.

 

Simple, Yes I'll take your check and when it clears I will send you the coin.....

 

when I go to the flea market (not that im buying 100's of dollars in coins) I look through the little "cr*p bin" and then call my dad who has the coin book at home and find where I can get good prices on coins(but its never more than like a few dollars)

 

Checks are no good from a stranger. Period...