The one that got away

Discussion in 'Coin Chat' started by JCB1983, Jan 2, 2012.

  1. JCB1983

    JCB1983 Learning

    Just got off the phone with my Uncle who lives in Lancaster CA. Recently my great uncle passed at 99 years old. He married into and was part owner of the Tropico Gold Mine. (He was also a childhood friend of Judy Garland). Anyhow I guess when he passed his money got split up 22 ways to all of his nieces and nephews (my mother being one of them). I am not a gold digger, but was interested in his bulk silver. I assumed my uncle Bruce had inherited the junk silver, since he did inherit quite a bit of gold. We got to talking photography. DSLRs, 1.4s, Macro lenses.. Stuff I have no idea about. We started talking coins, Lunars, bullion and such. Then he says "geez I wish I would have known you were this much into coins." When Glenn passed we took 100 pounds of silver to be scrapped. He said most of them were wash quarters and mercury dimes all pre 64. I said 100 Pounds!? Apparently they weighed it and everything and a local dealer came up with the figure of 17K. I said "WHAT!!" Doing the math in my head. 17k? 100 pounds of 90% silver is around 50k. Obviously I was shocked, and it is gone, so I might as well get it out of my head. On the other hand could I turn this guy into the BBB? I just cannot believe that they were ripped off to the tune of 30k. It is a shame that my uncle didn't know enough to save those coins. That could have very well propelled me to get my own operation going. Just thinking about it gets my blood boiling. Why am I posting it on CT? I don't know. I told my wife about it and she said " That's ok honey another coin will come along." LOL!? yeah right. I'm going for a walk.
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  3. Hobo

    Hobo Squirrel Hater

    Yeah, that sounds like an opportunity lost. But what is done is done. There is no need to fret over it now.
  4. Numismat

    Numismat World coin enthusiast

    Well, what were spot silver prices at the time the bulk 100 pounds were sold? It may not have been an unfair price at the time.
    I don't think the BBB can do anything here.
  5. Kittrell

    Kittrell Star Collector

    Since we don't know how many of what was in there, but you mentioned wash quarters and merc dimes I did a little math. Melt value of 50 pounds of merc dimes is $18,276.82. 50 pounds of wash quarters comes in at $18,277.78. So $36,554.60, he is a dealer so we'll give him 10%. $32,899.14 - $17,000 = $15,899.14. Now why that is not thirty grand (easily could have been depending on the number of quarters vs dimes), he took them to the bank for sure. It is disappointing that people like this still exist. Even if it was 100 pounds of just merc dimes that's still $36,000 at today's spot. Unbelievable.
  6. BUncirculated

    BUncirculated Well-Known Member

    Actually 100 lbs. of silver would have been $44,736.00.

    But I would say that dealer took advantage of your Uncle.
  7. JCB1983

    JCB1983 Learning

    I'm over it. I have a lot to be thankful for, and my mom was actually able to pay off her medical bills with her portion of inheritance. It's just kind of funny, last week I made a bankrun and bought 1200 Quarters ($300) worth. Didn't find a single 64pre. Can you imagine 100 pounds!? Think of the errors, 32-s, dansco fillers, merc 16-D's, TONED, Oh well.
  8. Kittrell

    Kittrell Star Collector

    Anyway you could figure out who the dealer was? I'd like to add them to my blacklist.
  9. JCB1983

    JCB1983 Learning

    I am going there for a visit this summer. I think he was local, because Lancaster is kind of isolated. Might have been MojaveDave? JK, in all seriousness I bet he knows the guy. There was a seperate lot that the dealer bought for $4400. (I am not sure what was included but I believe it was his note collection). I'm sure they got taken to the cleaners on that as well. I would like to speak to this guy face to face.
  10. rickmp

    rickmp Frequently flatulent.

    What might that accomplish?
  11. Fall Guy

    Fall Guy Active Member

    Yes the dealer got the best of him, but your uncle should have done a little bit more research and had an idea on price before ever walking in there. Especially since he was dealing with a lot of money. As far as the BBB. He quoted a price, your uncle didn't have to take it. Was it a low ball offer? Yes but there is no law that says the dealer has to quote a specified price. Unfortunate, but could have easily been prevented.
  12. zach24

    zach24 DNSO 7070 71 pct complete

    It might stop this sleazeball from ripping off another individual.
  13. JCB1983

    JCB1983 Learning

    I'm sitting here trying to think of something. Nothing comes to mind. Matter a fact, they were never mine to begin with.

  14. coleguy

    coleguy Coin Collector

    It's too bad the situation panned out like it did. Fault is on both ends...the dealer's for taking advantage, and the seller's for not taking five minutes to determine the worth of the silver. But, it's great news your mother was able to pay her medical bills. I know from my wife how difficult and frightening that can be. And, if you make it out here to SoCal let me know.
  15. Kasia

    Kasia Got my learning hat on

    I feel for you, but the old saying to not cry over spilt milk kinda applies here. What's done is done. You can't change that, and even if you did say something to the dealer, that's not going to stop that person from "taking advantage" of other people.
  16. Mojavedave

    Mojavedave Senior Member

    Well, JCB, I hope you are not referring that I "Mojavedave" am the dirty scoundrel that ripped your relative off. I might be looking for deals, but not underhanded ones. I do not own a coin shop, but I believe there is one in the town of Rosemond or Mojave and one each in Lancaster and Palmdale, all in California.

  17. Kittrell

    Kittrell Star Collector

    Dave, I think you missed the JK (just kidding) right after. Just a friendly little jab. :D
  18. JCB1983

    JCB1983 Learning

    LOL I'm sorry Mojavedave that was a total joke. You are like the nicest person on CT. On the flip side you might know this guy, even if you have no association with him. Sorry didn't mean to put your name in this mix! =0

  19. Numismat

    Numismat World coin enthusiast

    Heck, for all we know half of that 100 pounds may have been war nickels. =)
  20. Bisquitlips

    Bisquitlips Junior Member

    This is the kind of account that give Coin Dealers a very bad reputation. And many deserve them.

    When dealing with a dealer beware! Just that.... be aware! There are so many of them that succumb to deceit of wealth at the expense of their conscience. They are around the temptation every day all day.

    I have many times sat in a coin dealer's shop while someone (many times seemingly desperate) would walk in with a myriad of silver coins or say perhaps several rolls of Walking Lib Halves. I would watch these dealers state and stand on their price. Some of them were fair, but the majority were way out of the scope of an honest offer. I noted it. And filed it away for future reference. They knew that and didn't care.

    What is to be said? Except be aware. Beware.
  21. icerain

    icerain Mastir spellyr

    I don't know too many coin dealers but that is a shame. But I also know that in business a dealer has to buy things as cheap as possible. But anyway whats done is done. Not much you can do except remember the dealer and don't deal with them.
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