Kind of makes you wonder....

I was at the flea market on Fathers day just getting ready to pack up for the day when a older man walked up and started looking in my cases. I told him if I could help him with anything just let me know. He replied he just wanted to ask a quick question. He said he had a coin and he wanted to know if I could tell him if it was real or not. I told him I'd try. He reached in his pocket and pulled out the pictured coin. I told him I was positive it was real and it was a very nice coin. He said he didn't understand why it was in that "Plastic Thing" I explained that was a PCGS Holder and it assured that it was real and the quality of the coin. He said someone borrowed some money from him and gave him the coin as collateral. They never paid him back or came back to get the coin. He asked the value of the coin and I told him the gold alone was worth between $1,200 and $1,300 Dollars. I never asked how much money he gave the person. I just wonder why he gave them the money if he didn't know the coin was real in the first place.

 

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Makes you curious on the entire scenario right ?
how much was he owed, etc.

 

Crazy that people have stuff like that and don’t know it. Also that someone gave a gold coin as collateral.

 

I had a young lady that worked for me for three years. She worked my accounting office. I walked in one day and noticed a nice half eagle and gold dollar both in a Capitol type holder on her desk. Well, my interest level shot up as I gushed over them. She told me they belonged to her deceased mother and was taking them to a "buy your gold" type place that day for two hundred bucks. I asked if she would rather have four hundred for the two pieces. I believe she thought I was kidding. Quick trip to the bank and we were both quite happy...... Lots of folks end up with these pieces one way or another not knowing what they have.

 

So, did you buy it?

 

First thing that came to my mind!

 

Interesting story. Having always been fascinated with coins, as a child I used to put many aside and I never knew the value, just that I really liked them. Maybe the older gentleman just liked how it looked so made the loan. Was he looking to sell it, or just wanted the value to see if he had been cheated? Wonder how long ago he made that loan.

 

No. He never mentioned wanting to sell it and even if he did I didn't have the money at the time to buy it.

 

The cert number checks out..

https://www.pcgs.com/cert/4369432

 

You have to leave your calling card with these random people you encounter.
You Never know what they may turn up in the future and then they already have your contact info.

 

Too bad. Is the kind of coin I love to buy

 

Looking at this another way, as it's happened, the man knew you sold there and while he knew what he had, is it possible he may have been testing you for your honesty?

 

This raises an ethical question. If he did want to sell it, and you had the bucks, what should you offer him for it? Conversely if he announces he is taking it to the local Gold And Silver place, do you offer to buy it for whatever amount of money you have on you?

 

The guy who held the 'note' passed away or got killed in a gun fight, or was entered into the witness protection program. That's why he never showed up again. The recipient ain't got a clue as to what it is he's holding.........

 

Sometimes we loan to people we know and they insist on giving us collateral.
I have friends who would not accept a no interest loan no matter what they
need the money for. Testing his honesty before showing up later with an entire collection is also possible.

 

Simple a fair market value for it with a reasonable profit. These sell for x I can give you y as I need to make something. Those sell for 1300 to 1400 pretty consistently and the green label should help it. Anything 1100 or over seems fair. Any less than that and he’s without a doubt be way better off sending it to auction himself

 

I believe what the OP posted really happened, but I question if the gentleman's story is true. Why would he not ask the borrower why it was in there or what it was? Why would he not know the value of it before he gave him the money? How long had it been since he loaned the borrower his money? Did he really not ask a single person these questions about this item until he saw the OP at the flea market? I am thinking it is a stolen coin from someone who was looking for a dealer to make him an offer but not having the courage to ask upfront.

 

Usually fishy stories like that mean the coin was ill-gotten somewhere along the lines.

 

I would start out around Spot $1,250 and see where he wanted to go

 

I contacted the local coin shop and he hadn't heard of any stolen $20 Gold pieces but it could have come from somewhere else