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Serious question on coin ownship title, ie. coin scandal.

Started by truthteller,

5 posts in this topic

truthteller

truthteller

Posted
Posted

Since there are millions of dollars worth of rare coins missing, how does a collector or dealer know he/she is buying a missing coin from the now defunct trading fund? If I go to a show and spend $10k on a coin, and it's one of the missing coins, what recourse do I have? I assume the state of Ohio will confiscate it Will I then have to fight for my money? This is very scarey stuff, since there is no information about the missing coins. They might show up at Long Beach.

 

 

 

TRUTH

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supertooth

supertooth

Posted
Posted

Do we even know when these coins were stolen? It could be that they have already been cracked out---resubmitted to a different TPG and sold again already. Apparently law inforcement is just finding out itself what is missing so, if it were done say last year, who would even have known what to look for? And, unless somehow these coins are "plate" coins or in some other way traceable, they could have been sold back into the marketplace already---sent overseas--- or just locked up in a private collection like a lot of the stolen art of the world. There are so many possible ways for this to end up----it just boggles the mind. Bob [supertooth]

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Posted
Posted

I think eventually one of the graders with a long memory for certain coins will come across one or more of the hoard. Then it's anybody's guess how many, if any, will get returned to the rightful owner. And over time quite possible, thanks to photography, eventually more will indeed be recovered; but that could be decades down the road.

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gmarguli

gmarguli

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Unless it is a really expensive coin, likely nothing will happen. If there was insurance, the insurance company will pay the claim and move on. The cost associated with going to court trying to prove something like a coin was the exact one stolen would be high. They'd probably just write it off as a cost of doing business.

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