Like us on Facebook! Subscribe to our Youtube Channel! Check out our Twitter! Check out our Pinterest! Check out our Google+!
Save Password
Forgot your Password?

Welcome Guest! Need help? Got a question? Inherit some coins?
Our coin forum is completely free! Register Now!

Pawn Stars Melts $50k of Gold & Silver Coins?!  

To participate in the forum you must log in or register.
Author Previous Topic Topic Next Topic  
Pillar of the Community
Learn More...
United States
7603 Posts
 Posted 03/03/2014  10:19 am Show Profile   Bookmark this topic Add CelticKnot to your friends list Get a Link to this Message
Here's an article that combines two of our favorite topics: gold coins and Pawn Stars. Unfortunately, it also involves two of our least favorite topics: coin theft and melting of specimen coins.

Gold & Silver's official statement:

I agree with the former owner that it seems fishy that Gold & Silver would simply melt those coins when the numismatic value purportedly far outweighed the bullion value. So I imagine that one of the following happened:

1. The former owner vastly overestimated their worth/quality/grade and G&S melted the coins because they weren't worth anything more than bullion anyway.
2. G&S wanted to legally avoid a $12k loss by melting the coins.
3. G&S wanted to (legally?) avoid a $12k loss by saying the coins were melted and ultimately doing something else with them.

Or maybe a little of all of the above or maybe something else entirely that I haven't considered. In any case, that loophole seems like it needs some attention.

I apologize if this has already been posted but I didn't see anything recent about it here in the numismatic crime forum.

Pillar of the Community
United States
2543 Posts
 Posted 03/03/2014  11:07 am  Show Profile   Bookmark this reply Add denco7 to your friends list Get a Link to this Reply
I read some other articles on it. The LVPD have said that Gold and Silver Pawn obeyed the law. It sounded to me like, the guy had over paid for some bullion coins and that he was basing his estimates on what he paid, not what they were worth. Like when someone buys a SEGS MS70 ASE for $90. To them, it was a $90 coin that got stolen, to the rest of us, it is worth $21.50.

These guys make millions per year from that shop. Their money is all based around their show and the shop. Does anyone really think that the Old Man or Rick are going to risk a multi-million dollar empire on a couple of thousand dollars?

All transactions in the store, in all the pawn shops that I have been in, are video taped, logged on a stolen item data base, require positive gov't issued ID and a signature.

As far as melting goes, where do you think they get the silver for the $70 Old Man rounds ?
Pillar of the Community
Learn More...
United States
2373 Posts
 Posted 03/03/2014  11:15 am  Show Profile   Bookmark this reply Add nlp coins to your friends list Get a Link to this Reply
If G&S finds it economically prudent to melt the coins they buy and cash in on the bullion value after wasting the cost of utilities, I think they need to tweak their business plan. That whole story wreaks of corruption. I wouldn't be surprised to see those fungible coins down the street in another B$M. nlp
Pillar of the Community
3640 Posts
 Posted 03/03/2014  12:58 pm  Show Profile   Check Libertad's eCrater Listings Bookmark this reply Add Libertad to your friends list Get a Link to this Reply
That's the problem with gold. It's a bit too liquid. If you make a gold statue with the meaning of life engraved on it, somebody out there will find a reason to melt it.

That's part of the trick with these gold places. They can have some junky coins and scrap in reserve to send to the refiners with the exact weight of what you have, then send it out to get paid. The evidence disappears and you still have something valuable. It's really the perfect criminal form of money - if you think about it it's very ironic that thieves steal "legal tender" and not make up their own form of pirate currency.
Pillar of the Community
Learn More...
United States
3311 Posts
 Posted 03/03/2014  2:10 pm  Show Profile   Bookmark this reply Add CoinsKelly to your friends list Get a Link to this Reply
From the article

First day: 7 coins for $2600 ($371.43 per coin)
Second day: 25 coins for $9300 ($372.00 per coin)

The article does not mention the number of coins for the third sale. While G&S numbers differ slightly, I have a tough time believing that they would melt valuable coins for bullion or that they would risk their store for a measly $12,000 (well measly to them).

If G&S sold the coins, wouldn't they have a record of that transaction that the authorities could check out? If that is true and there is no record of sale, then the owner may be over estimating the current market for his coins and they were bullion or G&S managed to sell them quickly under the table. I just do not see them throwing valuable coins into the melting bin to cover themselves.
  Previous Topic Topic Next Topic  
To participate in the forum you must log in or register.

Coin Community Member eBay Sales

Ending Soon   Newly Listed   Lowest Price   Highest Price   Certified Coins   Certified VAMs   Certified Errors  

Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2017 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us  |  Advertise Here  |  Privacy Policy / Terms of Use

Coin Community Forum © 2005 - 2017 Coin Community Forums
It took 0.53 seconds to rattle this change. Powered By: Snitz Forums 2000 Version 3.4.05