Has anybody had their coins stolen by a dealer?

Discussion in 'Coin Chat' started by ACE Mike, Jul 18, 2019.

  1. Conder101

    Conder101 Numismatist

    Call 911 where?
     
    Paul M. and ACE Mike like this.
  2. Avatar

    Guest User Guest



    to hide this ad.
  3. ACE Mike

    ACE Mike Internet Dealer

    Latest update: Unfortunately not much has changed. I have called the dealer twice this week and continue to get the same excuses. He apologizes and promises that funds will be on the way soon but that is the same thing I have been hearing over and over for months. Tomorrow I will give a call to lawyer Lyn Stevens and see about having a demand notice sent to him, as suggested by several posters, in the hopes of motivating him. If nothing else, that should prevent any problems with reaching a statute of limitations should a lawsuit become necessary. It will show that action has been taken.
    An internet search shows that the dealer has a less than perfect reputation but I find no reports of him outright stealing. Of course there is a first time for everything….
    Thanks for all the advice folks!
     
  4. Collecting Nut

    Collecting Nut Borderline Hoarder

    Best wishes for a favorable solution.
     
    ACE Mike, Inspector43 and Seattlite86 like this.
  5. Seattlite86

    Seattlite86 Outspoken Member

    +1 hoping for the best.
     
    Collecting Nut and ACE Mike like this.
  6. Paul M.

    Paul M. Well-Known Member

    I haven't had coins stolen from me, but I have had a couple of coins misplaced. I wanted to have them sent to PCGS in his next submission, but I failed to get a receipt (dumb), and it was near the end of the show when he was packing up that we did the deal.

    A couple months went by, and I asked about the coins, and he said he didn't remember but would look for them. Based on past dealings, I believed him then and still believe him now. Later on, I ended up buying a raw coin of the same date + mint + series out of his case that looked suspiciously like the one I wanted to send to PCGS.

    In my case, the total loss amounted to about $850, at best. I don't believe there was any malfeasance involved, so I just let the matter drop, because I want to continue to buy coins from him. ;)
     
    ACE Mike likes this.
  7. PaNT3rA

    PaNT3rA Active Member

    That's messed up, edited
     
    Last edited by a moderator: Jul 26, 2019
  8. Santinidollar

    Santinidollar Supporter! Supporter

    Too bad that people like this dealer can’t be handled legally that way. That’s part of the reason they try to get away with this stuff. The law protects people like that — not us.
     
    Last edited by a moderator: Jul 26, 2019
    Randy Abercrombie likes this.
  9. PaNT3rA

    PaNT3rA Active Member

    Hey a person could file a report, then the police will take the other guys statement denying it all, then it's give to the DA's office and nothing happens. You can hire a lawyer and spend thousands suing the other guy and even if you win it still doesn't mean he will pay up. edited
     
    Last edited by a moderator: Jul 26, 2019
  10. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    $850 is a lot of money. I could buy a nice commemoritve for that kind of money. Suspecting that the dealer was less than honorable, why would you continue to buy from him? Get an more honorable dealer......
     
  11. Santinidollar

    Santinidollar Supporter! Supporter

    Unfortunately, in my state (Louisiana), a lock in a sock is considered a deadly weapon, just like a handgun.

    I remember a bully in middle school that other kids used a lock in a sock on. Quite impressive damage....
     
  12. ldhair

    ldhair Clean Supporter

    Put the weapons away. This is not a lot of money for a dealer to pay out. He must not be much of a dealer to let this deal drag out this long.
     
    352sdeer and micbraun like this.
  13. ACE Mike

    ACE Mike Internet Dealer

    The amount is a lot, over $95,000 if you are replying to the original thread. Agreed he is not much of a dealer, taking a year (so far) without paying me for the 88 coins. I don't know how he has been in business since the 1970's if this is his normal mode of operation. He still attends shows every weekend so obviously he is busy turning inventory.
     
  14. PaNT3rA

    PaNT3rA Active Member

    Yea the damage it does is crazy. I seen it happen because one guy didn't pay the other the honey bun he owed.
     
  15. Paul M.

    Paul M. Well-Known Member

    OP is out $95k. I'm the one out $850, and I think it was an honest mistake.
     
  16. justafarmer

    justafarmer Senior Member

    Have you checked or talked with your homeowners and insurance rider agent to see if any benefits or debt collection assistance is available? Probably not but sometimes a policy will provide benefits for some of the strangest things.
     
    ACE Mike likes this.
  17. C-B-D

    C-B-D Well-Known Member

    Love the tough guy talk. Good way to end up in jail charged with manslaughter. You got a wife that'll miss you? Kids? A mother? No thank you. Stick to the legal methods.
     
  18. Tracy62

    Tracy62 Well-Known Member

    Maybe you should attend his next show with the Sheriff by your side.
     
    micbraun and ACE Mike like this.
  19. PaNT3rA

    PaNT3rA Active Member

    There was no tough guy talk. I apologize if it was inappropriate for these forums.
     
  20. Pickin and Grinin

    Pickin and Grinin Well-Known Member

    It was impressionable none the less.
     
    PaNT3rA likes this.
  21. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Mike... One other aspect of this thing that merits some consideration on your part. Right now you are out 95k. It is very reasonable to consider that this dealer does not have 95k to send you. Often when I get lawyers involved in a collection matter, I frequently receive in return an offer to “settle” the debt. All that means is they are offering to send you a portion of what they owe you. An offer of 50% of the debt owed is not unheard of. It puts you in a difficult position. Do you stand your ground and possibly end up with nothing? Or do you accept the offer and take what you can get?.... Just figured I would mention this as it is a common result of a collection effort.
     
Draft saved Draft deleted

Share This Page