Stolen numismatics--where do coins and notes end up?

[Nutmeg Coin]

This is a real mystery for truly numismatic coins and currency, rather that coins that can be sold as raw metal and notes that can be spent. Where do all the stolen coins and notes end up? I know a number of dealers who have lost around six figures or more each without a trace showing up later.

[TonerGuy]

Private collections ? With art there is definitely a black market for high end stolen works. And there are plenty of dealers that are more than willing to work in that area.

 

The coins never come back onto the open market but rather trade hands in private offerings.

 

Why do you think it would it be different for numismatic items ?

[WoodenJefferson]

Google the DuPont coin heist...one of our board members here or ATS was involved in the recovery of some of the coins.

[e1cnr]

relatively few coins are easily recognizable

 

slabs easily cracked

high value can be dipped or dinged up more

 

 

and then recycled in the collectible arena

[Nutmeg Coin]

It all depends on how rare the items are. A club member told me he had lost or stolen a $500 star note, of which there aren't that many, and I asked him for the serial number. I spoke with a high denom. dealer who has all the connections to interdict theft and fraud, and he said there is really nowhere to run with rare currency due to the serial number. But the former judge and currency dealer who lost over half a million in currency at the Westchester show last year has last to find one note turn up in the system though he has the necessary records of what was stolen. Heritage Auctions has its stolen numismatics report system and there is Doug Davis of the Numismatic Crime Center who fields reports. If I had a bunch of stolen stuff I would have to find an obscure flea market somewhere and do only cash sales at discount, even then the cops may come by, or with all the high tech gadgets people could make quick records.

[jom]

Google the DuPont coin heist...one of our board members here or ATS was involved in the recovery of some of the coins.

 

True! I heard his account on a Podcast some time ago. Fascinating story....

 

jom