Stolen Coins and Pawn Shop Loopholes - video

Same laws here
BUT
Every item in the shop needs to have a stock number & still has to go in the books as to what you bought
 
That means absolutely nothing when you are the one who suffers the loss of theft and someone brings it to a pawn shop. This loophole makes the entire reporting process of coins and pms a mute point in being able to predictably get back your stolen stuff within the same timeframe that would apply to all other items.




.
 
I had 20 OZ silver lifted . I found no cooperation from local pawn shops as to if they received any coins .
One owner told me, the Pawn industry - 1 week is like a year.

Life is relative if I had $40,000 worth of coins I would have a Vault in the home
That maybe only my lawyer knows about . (in my will)

The loop hole must be because of PM's price fluctuation's in the market . Thay can't buy and hold for 30 days .
 
I don't see that explanation being valid at all when it comes to semi-numi and numismatic coins....their value has little or nothing at all to do with those market spot price fluctuations.

The coins in the video linked to above were collector coins, not merely silver or gold blobs of metal....big difference in where they get their value.

.
 
I missed that, wile collector coins should be a part of the 30 day wait , who decides what is PM only and what is - PM collector coins.
I think with law makers just want it cut and dry .
The conjecture of a $20.00 Double Eagles(Liberty 1850-1907) for $1,328.60
or a rare 1 OZ gold coin worth $5000

And Or
A one ounce 1884-CC Morgan Dollar MS-64 NGC - GSA Certified MS-64 GSA Dollar. for
$ 278 compared to a $23 Morgan
is just to much information for them

One of the reasons I like silver is if I need cash I can sell fast . If a new law kicked in
that caused a 30 day pay out wait Stacking silver would be less desirable.

Registration requirement to sell PM's
pictures taken , finger prints (banks do for check cashing ) 3 or 4 forms of ID
& best of all approval from a police database .
So a thief knows there is a good chance of going to jail EVEN after they get paid might think twice

Will cause another issue ,
do we want big brother knowing our business ?
If the USA economy and system went broke
would you want your name as a owner of PM's shining like a beacon of light

The Nazi party was known to utilized wholesome information - Bank information - Normal census & utilize it for robbery and genocide .

If we want freedom to buy and sell we must protect our MONEY after all silver and gold is money in a different realm
 
To me, it's simple. Treat pms like any other item....holding the same length of time. If a pawn shop owner is not comfortable with the idea of holding pm products for fear that the spot price will drop drastically and stay there for a period of time precisely equal to the number of days he's required to hold all other items the second after he takes hold of the pms, then he has the right to not take the pms from the person coming into his store. It's that simple. This doesn't have to be some perplexing explanation loop hole. Guess what, the pawn shop owner can already refuse to take anything he doesn't want. So, that leaves zero risk to the owner and zero good explanation as to why pm products are given a loop hope to fall straight through.



.
 
What a turtling stupid law.

Requiring stuff to be held for 30 to 90 days in case it's stolen, but allowing coins to be melted immediately.

Obviously if a pawn shop has any inkling stuff might be stolen they will melt it asap !
 
Yes they covered there trail.

It's not just pawn shops other establishments buy silver or gold . I see how carefully they analyze the market at the moment of sale .No way they will hold for thirty days Heck the coins go out as fast as they come in.

If you go back thousands of years the stealing of gold and silver is common place . Seems like all is fare in love and war & silver and Gold
 
Why should a pawn shop owner suffer all the money loss if some goods prove to be stolen? As long as the law is so harsh, they will do whatever they can to prevent such loss.
 
^ Exactly!!
If I were a pawn shop, I would do EVERYTHING the law allowed to protect myself, if a shop gets caught with stolen merchandise, they get stuck with the bill.
Get pissed at the people who steal, not the people who unknowingly buy it!!!!

This is why pawn shops DON'T want stolen stuff, if someone makes a claim THEY loose all their money AND the items!
 
That's rubbish. Pawn shops don't have to take a loss if the merchandise they buy happens to be stolen....that's why there's pawnbroker insurance. There are many insurance companies that offer coverage for this business, here's just one: http://marshallsterling.com/specialty-risk/pawnbrokers-insurance

Besides, you, I, and everyone else would be held liable to return stolen merchandise, why should ONLY pawn shops get exclusivity to not??? That's rubbish and very bad law that there is this loophole in my opinion.


.
 
Golden said:
Why should a pawn shop owner suffer all the money loss if some goods prove to be stolen? As long as the law is so harsh, they will do whatever they can to prevent such loss.
Click to expand...

Well apart from insurance that is just the business they are in and why they pay people little for their stuff and sell them for large profits
So they can cover the expected losses
 
Do you know what happens when you file a claim on insurance?
Your premiums GO UP, thus costing you even more!

Go after the dirt bags who STOLE the merchandise, NOT the person who bought it!!!
 
funman, you must be a thief or work for a crooked pawnbroker because what you are doing is defending a very bad loophole that benefits thieves and nefarious pawnbrokers only. Your argument makes no sense because pawnbrokers are required to hold all OTHER merchandise for X (often 60 ) days and if any of these items are proven to be stolen within the contract period, the pawnbroker is required to return them to the owner. So the pawnbroker has no less risk of insurance rate hikes if the coin/precious metal loophole were not in place because all other loss from all other stolen merchandise results in that insurance fee hike. Why on earth should that not apply to coins and precious metals???????? It only benefits crooked pawnbrokers and thieves who know about this malicious loophole.


.
 
They still have to return the silver weight. Is the weight worth much less than what they paid for the coins?

In any case, of course this doesn't make sense. Why would a shop melt coins? They would lose so much money! I hope the guy sues them.
 
I am not sure the Gov really wants people to stack Gold and silver .
It's almost Stack at your own risk .
BUT sure lets serial number them Lets register them Lets put a 30 day wait

LETS NOT FORGET ...................................

............................ The Silver Purchase Act of 1934.......................................

President Franklin Delano Roosevelt's 1933 executive order outlawing the private ownership of gold in the United States was unconstitutional ............................................

.................................January 30, 1934 the Gold Reserve Act ..................................

.................... how about President Nixon changed the dollar/gold relationship.....................

lets be happy we can have , gold , silver - to our own discretion - sell as we please - keep as we please - Do as we please with PM"s as people did in the BC times .
Lets celebrate that we can go on Ebay and pick up an OZ for $23 with free shipping (some times) and $27 for sure OR sell on Ebay no mus no fuss .

The Law treats PM's as they have always been treated , do you care about all the Gold stolen by the Roman's as they took over countries So who has it now!! .
The crusades yes gold
The Nazi party started with like No Gold .
and ended up with TON's Who has it now ??

Can YOU really be sure your silver or Gold is 100% theft free . How about 99%
It's our responsibility not to have that 1% sadness of loss
 
You must log in or register to reply here.
Back
Top