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