Important!! Coins Stolen In Florida!!

Not that the person/s would be that stupid, but I'm sure there are a lot of people from this forum and a lot of other places that are going to be searching for these coins on the net. Like stated before, some of these have to be pretty rare, whether they are slabbed or not they may stick out like a sore thumb. Let's hope he can recover some if not all.

That's my point Muckeye. I agree. They can easily take the coin out of the slab. However, some of the coins that would be removed from the slabs you would think would still stick out due to the rarity. Maybe even more so since it would be an older coin raw and in great shape. JMHO.

They could remove them from the slabs, but would probably do damage to the coins without experience. PCGS and NGC slabs are not the easiest to break open. Every dealer has been informed of the theft, though, and breaking them out would probably not help much. Most dealers would know enough to question these coins if someone came in to sell them. On the other hand, if they were stolen for a collector, it could be years before they come to light.

The reason I wanted to post it here on the forum is to make as many collectors aware as possible. The more people that know about this, the better chance there is of recovering them.

Muckeye, coin shows are very common here in the US. Many, many dealers bring high-value coins to these shows to sell or display. Many dealers also use the shows as the mainstay of purchasing for their inventories. Most of these extremely high-dollar coins pass between dealers rather than collectors. Eventually, a very rich collector will acquire them, usually through a coin show or a coin auction. The amount of money in this inventory is not out of line with what many dealers bring to these shows. On a side note, there are surprisingly few thefts at coin shows.

Not to be a contrarian, as I also feel horrible for the gentleman who lost the coins and everyone in our hobby who feels a little more vulnerable, now. But, there seems to be a real lack of common sense here. There is a big difference between carrying a pocket full of your best Morgans to the coin club and moving possibly millions of dollars worth of coins by yourself in an area where people know who you are and what you have. Yes the hotel could have had different security and armed guards, but the dealer could have and should have arranged his own security. Sometimes I can have $400/500 dollars in my pocket if I am going to go buy coins. Even then, I have the majority of the bills in one pocket and small spending cash in another. This was if I stop and buy coffee I am not flashing big bills in front of someone. Not to cast aspersions, but does this cavalier attitude about security not make you wonder. And, yes it does look like an inside job and you have to wonder who arranged it. Jim

More info from AP article via Yahoo!News:

Robbers net $4M in coin convention heist

2 hours, 18 minutes ago

A band of masked robbers pulled off a $4 million coin heist at knife point outside a convention, getting away with gold, silver and a rare set of 1843 coins once owned by President Tyler, authorities said.

It was the second time in two years that the Florida United Numismatists' annual coin show had been hit, and this year's loss was much larger.

On Saturday, a Minnesota coin dealer's employee was unloading an SUV in the valet parking lane of the Peabody Hotel when a robber wearing a surgical mask and a hooded sweater grabbed him from behind, held a knife to his throat and forced him to the ground, witnesses and the victim told authorities.

While the robber kept witnesses at bay, two other men in surgical masks grabbed a suitcase from the SUV, the Orange County sheriff's report states.

"Nobody would have thought they would have been so brazen," said Robert Brueggeman, executive director of the Professional Numismatists Guild and owner of Positive Protection, which coordinated security at the convention.

Detectives say it's unclear whether the latest heist was linked to the thefts last year, when thieves nabbed about $450,000 worth of coins by breaking into cars, most of them while dealers ate in restaurants.

This year, the convention's organizers had increased security with more off-duty sheriff's deputies and a 24-hour secured room where dealers could store their coins, convention coordinator Cindy Wibker said. The four-day show attracted 1,750 dealers.

48) 1853-O $20 NGC 53(PQ) Came out of a PCGS 55 holder. DOH!
I guess it doesn't always pay to resubmit.

I suppose they will turn up all over the place given time. At least they have been stolen by "professional thieves". Otherwise they would spend the $476.15 face value at the local Wal Mart. Hummm, Still, I'd be checking my change.

I've noted the comments above about the cavalier attitude of these dealers in transporting their coins to shows....Here in Alabama every one I know who carries inventories to shows or even club meetings has a pistol or two to keep the thieves at bay. Certainly if you are across a state line that could get illegal, so it goes right back to the issue of having MILLIONS of dollars in your hands in a public area known to be hosting a COIN SHOW. Is common sense being exercised here?
My humble opinion is that armed security should be provided the dealers at these large national shows, and the cost be included in their table fees.