I need help for a friend who got scam by a coin shop

Hello everyone I been absent a while but I am back now. The is Biged.
My problem is this. A very close and old friend came over the other day and showed me a 1964 Kennedy Half dollar and ask what I thought it was worth. I told her with spot being around $28.00 about $8.00 to 10.00 dollars. She turned white. The coin dealer sold her 9 rolls for $8000.00.
Here is where I need your help. This is a coin shop. What is if any recourse does she have for being scammed? Is this fraud. In Florida they take a big look at elder people being taking advantage of. Any reply would be helpful.
Thanks Biged

 

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Why did she buy them? I dont see a scam. A coin dealer can ask what ever they want for coins, you dont have to pay it.

No, its not fraud.

 

Maybe they're all in mint condition.

 

Have you or your friend attempted to discuss this with the owner of the coin shop? Perhaps she could get a reduced price or even a refund.

There is a fine line in claiming out-and-out fraud in a case like this because she didn't have to buy them, but if you get nowhere with the shop owner, then she might want to talk to someone in the State Attorney's office to determine what her options would be. Since it is apparent that she knows little about numismatics or even the current price of silver, it might be a good idea if you went with her.

Was it a dealer in Naples? There aren't that many down there.

Chris

 

what made her think that 9 rolls of coins would be worth $8000 in the first place? i am not sure what can be done at this point. if the dealer is not wanting to refund her money she might want to consult with a lawyer.

 

How did she pay for it? Cash?

 

It is not really a scam, the dealer gave her what she paid for. I hate it, but it's true.

She should try to return them (perhaps with a few angry looking friends by her side), but she should expect to take some sort of hit. Sorry to say it, but your friend made a very uninformed purchase and will likely loose out in the end.

I really hate to hear stories like that, it gives a bad reputation to the entire hobby and hurts the honest dealers.

 

even if all rolls were ms63 at $17 a coin thats only 3060 if there all 196 in avery single roll then she wasent buying junk siler they were more then likly unc 8000 was way to much

 

Why did your friend not consult with you first? She knew that you're a collector and should have consulted with you before ever plunking down that amount of 'jing' on a coin(s) purchase.

Now, what I would do........I'd bundle up my friend, along with the coin purchase, and head on out to this guys shop. I'd explain to the owner that the coins in question are in no way worthy of the price paid by your friend. Be calm and cool about it, in a matter of fact way, and I'll bet the owner will give your friend a refund on these items.

 

It's sad how the minds of some of our elderly people deteriorate, and it's also why so many states have enacted laws to protect them.

Chris

 

Eight Thousand? Are you sure it wasn't $800?

Hopefully she's had them for less than 48 hours and can take them back. Unless they have a 'No Returns' policy posted, she should be able to get a refund.

 

So true Chris. The authorities just busted busted some bad guys 'round these parts for selling way overpriced gold coins to older folks.

 

young people get taken advantage of just as much. I see them at Starbucks paying 5.00 for a cup of coffee.sometimes they do this twice a day.

 

Yeah. I tend to brew my own at a fraction of the cost. Young folks tend to be caught up in what is 'trendy' and Starbucks is fashionable in today's world, but when it all boils down, it's just another cup of coffee. So many people wanting to be seen........I choose (many times) to remain anonymous.

 

I'd like to know if it was a dealer in Naples too.

 

Thanks for all the replies. Yes $8,000.00. She was told she needed to invest in some silver and was told this coin shop would be a good place to go by friends. She was not thinking she needed any help because she felt this place would treat her right. She was not buying coins she was buying silver so she did not think to call me. We live a 100 miles from each other. Is it true a coin shop can charge what ever they want to with out price gouging laws are regulations? She does not the difference between a Kennedy half and a silver eagle. I believe this guy knew this.
Thanks Biged

 

No the dealer is around the Sarasota area

 

Sadly it's not fraud or a scam.

A scam or fraud requires that what you are buying is not what was advertised. She bought some rolls of halves and that is what they were.

 

As others have said, if she agreed to the price, she made a decision to buy as I assume no one held a gun to her head. Check with state laws, but off-hand I cannot think of anything that would automatically get her out of this. You may wish to consider taking a lawyer into the shop even if from a legal perspective it may not matter. Sometimes the threat of a law suit can change minds in a hurry, especially that of a physical location seller.

Another thought is if your local new stations have a "call for action" type reporter who may give the dealer some very unwanted bad press. Even though this unfortunate situation is of her own causing, the apparently and extremely excessive price warrants whatever response she deems necessary IMO.

 

Shoot, she was taken big time. It's now your duty, as friend and mentor, to take this devil to task.