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 Replies: 12 / Views: 3,013 |
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Pillar of the Community
United States
2596 Posts |
I don't have all the details, but this story was relayed to me recently.
A dealer at a coin show in the south sometime in the last few months had a female-male tag team that came up to his table. The female opened his case and palmed two ROLLS of 1 oz gold Krugerrands, while the male was distracting the dealer. The dealer grabbed her hand in the act and she dropped one of the rolls and then ran off with the man. Unfortunately, the dealer did not realize until later that she still had the second roll, long after the two left the coin show.
At current spot price of gold, that is a $25,000 loss and the dealer was sick about the loss.
I have increasingly been seeing dealers with camera setups at shows.
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Pillar of the Community
 United States
6498 Posts |
That's a hard loss to swallow. Camera setups at shows seem prudent. I couldn't imagine being taken for that much. I'd be sick for months.
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Bedrock of the Community
United States
33743 Posts |
It would have been smarter for the dealer to have one or two K Rands in the display case with a sign showing prices. Also you always keep your case locked until someone wants to look at something then you relock it. In todays world security needs to be taken very seriously.
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Bedrock of the Community
United States
12387 Posts |
Quote:
In todays world security needs to be taken very seriously. So true (and not just for coin show dealers). Camera setups/DVRs are very affordable these days, and a fraction of the price of a tube of gold. Not sure why you wouldn't buy/use one just as a deterrent, if not a potential source of forensic evidence.
Edited by CelticKnot
12/28/2018 12:10 am
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Pillar of the Community
United States
581 Posts |
This is no way, shape or form a slight at the OP.
Something doesn't sound right, or is "off" about this scenario.
Or, maybe, the dealer was simply new and overwhelmed.
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Pillar of the Community
United States
5732 Posts |
That doesn't sound right!
2 rolls of gold worth $50K that's easily accessible, she must of walk right into the dealer booth.
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Pillar of the Community
United States
581 Posts |
I'm with you on this one macmercury.
I second the motion.
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Pillar of the Community
 United States
2596 Posts |
I'm sorry some of you are skeptical of the story I posted. I have been on this forum over 10 years and don't post to make things up. I don't have the luxury of playing those kinds of games.
This really happened, as I described it. I have two accounts, one from our local coin club president and the other a local coin store owner. Both are reputable people. Both accounts were nearly identical and I posted what they told me and left out anything I was not sure of. I also have the name of the dealer this happened to, but chose not to post it out of privacy respect.
The dealer has been doing this for decades and is very seasoned and I'm sure this was not the first time he had a theft in all his years. I have dealt directly myself with this dealer and he is honest, he does watch his stuff well, and he is organized and knows his inventory. So it can happen to even the best of dealers that are hawks. I think at first he was happy to have caught her red-handed and happy to get back the roll. He wrongly assumed only one roll was stolen and did not realize until later he lost a 2nd roll.
As for locking cases, it is a great idea, but it is not always practical. If you are at a busy show, with multiple customers at your booth wanting to inspect items in your display case, you will leave it unlocked so you can get to the items quickly and try to make sales.
In the future, cameras are the way to go. Less than 1% of dealers are using cameras right now, but look for a sharp increase in this in the future, given the drop in price for security cameras that are easy to set up.
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Bedrock of the Community
United States
17836 Posts |
Quote:
2 rolls of gold worth $50K that's easily accessible, she must of walk right into the dealer booth. Didn't have to walk into the booth just open the case and reach in. Quote:
As for locking cases, it is a great idea, but it is not always practical. If you are at a busy show, with multiple customers at your booth wanting to inspect items in your display case, you will leave it unlocked so you can get to the items quickly and try to make sales. Very true, but sometimes you have to balance security and convenience. Considering display layout helps too. Keep the highest value items away from the edges of the case and in the cases toward the center of the table. It keeps them closer to you and a thief has to reach into the case further rather than just opening it slightly and barely reaching in to grab a high value item close to the edge.
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Pillar of the Community
Australia
1333 Posts |
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Pillar of the Community
United States
2596 Posts |
I did not get the year(s) on the stolen gold coins.
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Valued Member
United States
64 Posts |
Please tell us he had insurance.
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Pillar of the Community
 Canada
5184 Posts |
Wouldn't matter insurance or not. Insurance company simply claims you did NOT do everything reasonably possible
to mitigate a loss . Leaving TWO ROLLS OF KRS out on display in an unlocked case , not the smartest screwdriver in the tool box.
Not sure if any one has successfully had an insurance claim for this type of loss. Company will simply say see you in court ,good luck winning!
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Replies: 12 / Views: 3,013 |
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Posted 12/18/2018 10:05 am
