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What happens if a coin dealer accidentally sells a fake coin?
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<p>[QUOTE="Publius2, post: 7405921, member: 105571"]Well, I haven't bought anything in a LCS in a couple of years but when I buy off the bourse at coin shows, anything that is over $50, I request a receipt with the dealers name, phone number, and address plus the date, the price and what the coin is. This is primarily for the purpose of establishing the tax basis value of the coin and insurance coverage. The data goes into my spreadsheet and the receipt goes into my safe. Coin is also photographed and cross-referenced to the spreadsheet and the receipt data. I don't buy many raw coins but when I do it's photographed before it is removed from the dealer's 2x2 or flip. If I was even more anal-retentive, I'd save the old 2x2 or flip but I'm not. For slabs with dealers stickers and decals on them (yes, including Heritage and others) I photograph the slab "as received" before removing the stickers.</p><p><br /></p><p>It's amazing how many dealers do not have a receipt pad with their business data on it. If they don't, I ask them to write it down on the back of their business card. Some also don't have business cards, so I ask them to write it down on the blank pad I carry in my bag. Many are happy to accomodate but some are just grumble, grumble, grumble - you'd think I asked for their passport. Some are extremely reluctant to give out any identifying information at all like business name, address, phone number, etc. I'm all for security but that is ridiculous. You just sold me a coin for $800 cash and you won't tell me your name?!?!?</p><p><br /></p><p>If the coin is under about $50, I just write it down myself but I don't buy much of anything collectible for less than $50 so it's not a problem for me.</p><p><br /></p><p>Never bought a fake to my knowledge so I don't have any experience in trying to return a coin. But, I imagine my documentation would probably work OK except in the face of a particularly unscrupulous person.[/QUOTE]</p><p><br /></p>
[QUOTE="Publius2, post: 7405921, member: 105571"]Well, I haven't bought anything in a LCS in a couple of years but when I buy off the bourse at coin shows, anything that is over $50, I request a receipt with the dealers name, phone number, and address plus the date, the price and what the coin is. This is primarily for the purpose of establishing the tax basis value of the coin and insurance coverage. The data goes into my spreadsheet and the receipt goes into my safe. Coin is also photographed and cross-referenced to the spreadsheet and the receipt data. I don't buy many raw coins but when I do it's photographed before it is removed from the dealer's 2x2 or flip. If I was even more anal-retentive, I'd save the old 2x2 or flip but I'm not. For slabs with dealers stickers and decals on them (yes, including Heritage and others) I photograph the slab "as received" before removing the stickers. It's amazing how many dealers do not have a receipt pad with their business data on it. If they don't, I ask them to write it down on the back of their business card. Some also don't have business cards, so I ask them to write it down on the blank pad I carry in my bag. Many are happy to accomodate but some are just grumble, grumble, grumble - you'd think I asked for their passport. Some are extremely reluctant to give out any identifying information at all like business name, address, phone number, etc. I'm all for security but that is ridiculous. You just sold me a coin for $800 cash and you won't tell me your name?!?!? If the coin is under about $50, I just write it down myself but I don't buy much of anything collectible for less than $50 so it's not a problem for me. Never bought a fake to my knowledge so I don't have any experience in trying to return a coin. But, I imagine my documentation would probably work OK except in the face of a particularly unscrupulous person.[/QUOTE]
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