Collection stolen? 4% chance you will ever see the coins again...,,

Looks like the mainstream press is on the trail of a hot story.

http://www.washingtonpost.com/local...2/06/10/gJQAouh5SV_story.html?wprss=rss_local

Which would be good, except that it will likely lead to all sorts of regulations that cost, in agregate, far more than all the coins ever stolen combined.

 

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Interesting article, thanks for posting, but..."likely lead to all sorts of regulations"? Likely? Such as?

 

How so?

 

Regulations like what the pawn broker industry faces, --can't sell anything they buy for 30 days in some states. If a coin dealer has to sit on a Krugerrand for a month before he can legally sell it, do you suppose that might affect the price he offers you when you try to sell him one?

 

Wonder why his insurance didn't cover the cost of the coins. That would be a terrible surprise...

 

I'm guessing they weren't covered because they were in transit at the time of the theft. Or would it be unusual for an established coin dealer to not have that sort of coverage as part of his business insurance?

 

Probably for negligence. Even if you have a policy that covers them in transit the company usually has an out if you allow them to be stolen through your own negligence, and I think they would probably call leaving $4 million dollars unattended in your vehicle while you went into a restaurant for supper being negligent. Especially since snatch and grab robberies like that have been going on for decades and being a long time professional dealer you would know about them and how often they occur. But you went ahead and left them unattended anyway.

 

He must have been convinced he wasn't being tailed. Could have been there was a GPS device slapped on the bottom of his car as well. Seems to me, a camera recording all the cars tailing me on my way home would be a strong deterent, provided the data was stored somewhere that couldn't be snatched quickly along with my coins. A flash memory device welded to the engine block??

 

Lots of people suggest that possibility but as far as I know there has never been an actual case of a GPS unit being found in one of these robberies. I'm not saying that it isn't possible, but at the present time I just don't think it is likely

 

GPS device hidden inside of a Prestige Proof set, sold to the dealer at the show an hour before the show closes. Taken with the coins when the car gets knocked over for the rest of the collection.