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<p>[QUOTE=&quot;jaceravone, post: 504127, member: 9474&quot;]Went to my coin club last night and saw the usual folks.&nbsp; Everybody in the group is as friendly as can be, but most are private people and do not share much about their coin collections.&nbsp; There are a few guys that have put together fantastic high end Morgan dollar collections, the likes of which many of us will only see on the floor of a large show and they are more and happy to share with the group each successful purchase.&nbsp;&nbsp; </p><p>&nbsp;</p><p>This one gentleman was coming to the end of his collection and made a large purchase back in October..... an 1893 UNC Morgan.&nbsp; The cost was over 3k and he made this purchase by paying half with cash and the rest he traded. </p><p>&nbsp;</p><p>Once he got the coin home, he looked it over good and brought it into a few of the clubs here to have other &quot;experts&quot; look at it.&nbsp; Nearly everyone agreed that the coin looked funny and that he should either bring it back to where he got it or send it in for submission.&nbsp; So he decided to do the later, and used the dealer he bought this from as the person to send it in to a TPG - Either PCGS or NGC (can&#039;t remember which one).</p><p>&nbsp;</p><p>Well, that was back in October.&nbsp; Since then, he was informed that the coin was returned as being counterfeit by the dealer, but has neither received the old coin or his money back.&nbsp; Obviously, this is a retired fellow that has just lost a bunch of money and he was visibly upset.&nbsp; A lawyer in the group advised him to get his coin back asap.&nbsp; He said that without the coin, he has no proof that anything happened since this was all going on under the table.&nbsp; The dealer could just say that he gave him the coin back and he doesn&#039;t know what this guy did with it after wards.&nbsp;&nbsp; If he were to try and pursue this through the courts, the wrong people may get involved (the Feds) and he may lose his coin and lose his money since it was counterfeit, so his advise was to try and solve this by other means.&nbsp; There was some other legal mumbo jumbo that was mentioned but went in one ear and right out the other.&nbsp; Of course, other people in the room told this guy that this dealer just bought a whole bunch of counterfeit coins as real and the dealer himself is going under.&nbsp; It wasn&#039;t welcoming news as you could expect.&nbsp; So as of last night he was contemplating what to do next.</p><p>&nbsp;</p><p>Lessons Learned:</p><p>1. When buying an super expensive and rare coin, make sure that all your I&#039;s are dotted and Ts are crossed.&nbsp; Make sure there is an iron clad return policy.&nbsp; Also, make sure you have receipts and proof of purchase.</p><p>&nbsp;</p><p>2. Make sure you know what you are looking at before you buy it.&nbsp; Although, he recognized that there was a problem, it obviously was a bit too late and what he thought was a long time, trusting dealer has turned into a shady character.</p><p>&nbsp;</p><p>3. Lastly, when buying a coin like that, you should buy one that is already authenticated.&nbsp; Now, obviously there are fakes of those out there, but if you follow rule number two, you should be better protected.&nbsp; </p><p>&nbsp;</p><p>I can&#039;t think of anymore lessons now as I am being called to work, but if anyone else can think of any, be sure to put them down.[/QUOTE]</p><p><br /></p>

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