Collapse Of Major Australian Coin Company - Page 2

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Author	Replies: 21 / Views: 6,305	Page: of 2

sel_69l Bedrock of the Community Australia 21788 Posts	Posted 09/23/2013 03:59 am If some of the allegations mentioned here are true, it seems to me as if RCC were slowly being sucked into fraudulent transactions through their own mismanagement and poor business model. Originally, it was most probably NOT premeditated fraud. Banks have been known to fail in such a manner, and it becomes very fuzzy to know when they first get into trouble. Prudent management (less risky financial behaviour) by staff may have prevented this. Report this Post to the Staff
Pertinax Pillar of the Community United Kingdom 2133 Posts	Posted 09/23/2013 06:10 am It's difficult to determine whether overpriced coins are fraud or incompetence. When I went to change money in Greece in 2009, I noticed that many of the banks were offering silver and gold coins. All were overgraded and many were overpriced even for their inflated grade. In my most visited bank, one of the tellers who spoke good English told me that they were on commission from a coin dealer - the bank got 20% commission and they sold a few each week. Report this Post to the Staff
PNC king Valued Member Australia 444 Posts	Posted 09/25/2013 05:47 am article in today west australian newspaper says people will not get the coins out of storeage in rare coins safe until xmas if they are lucky , westpac (greedy bank ) has put a court order on al rare coin stock held in the albany safe Report this Post to the Staff
sel_69l Bedrock of the Community Australia 21788 Posts	Posted 09/25/2013 08:07 am That's greed by the bank alright! Those coins, if they exist, don't belong to the bank! Report this Post to the Staff
serial Pillar of the Community Australia 539 Posts	Posted 09/25/2013 08:09 am plus the banks will only give them face value :P Report this Post to the Staff
PNC king Valued Member Australia 444 Posts	Posted 09/25/2013 10:15 am darn right it is greedy by the bank they are trying to stake a claim on coins held by the clients of rare coin in the albany safe for safe keeping and are making it hard for people to get their coins out of the safe Report this Post to the Staff
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