Problem Coins...

As we all here understand the value of our respective collections is an important aspect of the hobby. And, the more valuable a coin is, usually the more desirable it is. The more desirable it is the more someone else wants it or one like it, etc....

Here is a scenario which has played itself out numerous times in various situations. Unbeknownst to you a coin you've recently acquired is on a HOT LIST. I mean it's a stolen coin and is been placed on a "look out for" list of stolen items. How would you handle a situation if the police came to your place of business, home, or office and said, "I'm Officer ______ _____ , and I believe you have a coin which has been determined to be stolen from ____ _____. You are not a suspect in the crime, never-the-less the coin in your possession was stolen and we're here to retrieve it and return it to the rightful owner." What would you do, the private collector?

To add a little perspective to the question, the local dealer in town has on numerous occasions declined to purchase items from individuals he has gotten a "Bad Vibe" from so to speak. Maybe it's a obviously shady looking character with a paper or plastic grocery sack full of gold & silver bullion or a couple of kids who are constantly looking over their shoulder and don't want their name recorded for any reason. He's told them to leave his shop and don't come back.

Take Care
Ben

 

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Not much you can do, make sure it is the coin they are looking for and if it is turn it over.

 

Currently, I think it's a problem which is virtually unpoliceable when Ebay transactions are thrown into the mix.

Trake Care
Ben

 

include the slab in the fire, just to be safe.

 

From what I understand the dealer must take the personal/contact information from the (seller, AKA the thief) of the coins. Therefore the police can go after the original (thief, seller of th coins) and HOPE to recoup the loss of/for the shop owner. I believe that's how the process works. Nobody gets off scott-free when the process works.

Take Care
Ben

 

I think it's the dealer's problem. There are two victims here, but for the dealer it is an unfortunate but forseeable business risk. This isn't just a problem for coins. The buyer of any sort of stolen merchandise is subject to the same risk of loss. It would also seem to be a risk that is insurable under some commercial lines insurance policies.

 

No, I think I answered the question. The dealer had gotten his money back from the the thief when the police caught up with him and the money retrieved. I darn sure wouldn't pay the dealer again after they'd been reimbursed by the law. Under the law he (the coin dealer) had no choice but the give-up the coins after the poloce determined they'd been stolen. And, if the dealer was familiar with the victim, I'd venture to say he also might have recognized the coins.

Unfortunately, it's a time consuming process and in a perfect situation usually the last person to get their property back is the original victim. If I'm not mistaken the coin dealer must keep records (like a pawn shop) of their transactions for instances such as this.

Ben

 

If the shop owner was the looser in the case I certainly would offer him a reward based upon the value of the coins returned. Just keep in mind I'm only going by the dealer who I'm associated with, the secretary of our local coin club. He's been to my house and is familiar with my collection. He's helped me get it where it's at and I've even loaned him coin attribution (Overton) books which he's taken to various shows and used to purchase (Bust Halves) by attribution. He's a friend.

In the one case documented similar to this the dealer got all of his money back since he paid the (bullion thief) with a check.

Take Care
Ben

 

Let's review:

The dealer gets some-to-all of his money back from the thief through the normal legal process.
The dealer gets some-to-all of his money back from the owner by laying a guilt trip on him.
The dealer gets some-to-all of his money back from his insurance company minus the deductible.
The dealer writes-off the loss on his tax return.
The dealer gets some free advertising and publicity in the local news from returning the stolen coin to a grateful owner.

 

For one it seems like the right thing to do. Unfortunately the dealer (assuming he wasn't new to the business) would have known the dangers of buying coins from walk-in customers who's coins might be of questionable origin and verified the veracity of the sellers story and transaction. If not then their operation as a B&M dealer will be short lived indeed.

Now, if the thief is broke and in jail, the coin dealer is out X amount of dollars, and the original owner has their coins back... For the sake of my friendship with him and in thanks I would probably reimburse the dealer 1/2 of the value of the coins. That's it, certainly not the entire RedBook value. Is the owner of the coins required to reimbures the coin dealer? No, not at all, but it's the right thing to do.

If the dealer is still unhappy with the offer, then so be it. Some is better than none. The owner needs to find a new dealer...
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But, back to the original question. If you were the owner of a newly purchased valuable coin and your door-bell rang, etc... What would you do?

Take Care
Ben

 

Dealer is at the mercy of the legal system and any restitution the criminal may be ordered to pay IF he has the ability to pay it back....owner of coins is under no obligation to pay dealer anything

 

I'd give the coin to the police, call my insurance agent, and if the cost was in the thousands of $$ get a lawyer to see if there was any legal recourse against the thief.

What else could anyone do?

 

It's a vicious circle for sure...

Take Care
Ben