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<p>[QUOTE=&quot;NorthKorea, post: 1136965, member: 29643&quot;]Hmmm... Nevek, what state are you in? I know some states and some municipalities hold ALL companies that deal with bullion under the pawnbroker (second hand precious metal dealer) laws. This would apply to foreign exchanges and coin stores too. In Hawaii, that law precludes any business that purchases bullion from selling said bullion until a certain amount of time clears. The purpose of this law is to prevent the sale of stolen goods and other fraudulent activities.</p><p><br /></p><p>Many times the buyer is required to keep discernable records of inventory (descriptions or photos), as well as the individual (driver license photocopy and descriptions), when making a purchase.</p><p><br /></p><p>That said, I have issues all over with this:</p><p><br /></p><p>1) How much time passed between the first purchase (@$35 per Panda) and the second? I ask this for one simple reason: Shipping from China. I&#039;m not sure about everyone else, but each time that I&#039;ve dealt with an order from China, it&#039;s taken nearly a month to arrive. (I purchase electronics from China regularly.) I would NEVER buy bullion if I had to wait longer than a week for settlement. The opportunity cost and market risk over the course of five business days precludes MOST investments from having a settlement/delivery period of that long.</p><p><br /></p><p>So, again, I ask, when did each of the four transactions occur?</p><p><br /></p><p>2) Why is the store owner asking a refund on 170 coins ? A coin store selling 70 pandas in one day is pretty huge, unless they&#039;re a really high volume store (which I doubt since they didn&#039;t have cash on hand in the vault to pay $8k). So, how is a low-volume store selling 70 coins in one day? I&#039;m thinking what happened was they had someone offer to buy pandas at $40 each, but that individual decided they only wanted 70 of them. When he couldn&#039;t sell the other 170, he had buyer&#039;s remorse. Pretty simple.</p><p><br /></p><p>3) Why is a store issuing what effectively ammounts to a post-dated check? If it were my store (and for some reason, I had just made a $25,000 purchase to preclude me from having cash on hand), I would have asked you to return later in the day so that I would have the cash necessary to complete the transaction.</p><p><br /></p><p>Now, here&#039;s what I&#039;d do: I&#039;d contact an attorney, as well as the local government agency that supervises secondhand precious metals dealers. If the store owner is threatening to have you turned into the authorities, it&#039;s likely that (s)he should be aware that a law was broken by selling the 70-odd coins, as well (assuming your state/municapality has such laws). Again, just my thoughts.[/QUOTE]</p><p><br /></p>

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