Compensation For Inflated Coin Valuation

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Author	Replies: 7 / Views: 1,666
Peter THOMAS Pillar of the Community Australia 2830 Posts	Posted 04/28/2014 5:58 pm 1813 Holey Dollar Damages awarded $390,401.50 The damages award is against the defendants personally - after their company was placed into administration in July last year owing $11 million. But, it seems that the defendants did not contest the case, as their business was already being wound up. I wonder if the plaintiff will ever see any of his damages ? Link to newspaper article - https://au.news.yahoo.com/thewest/l...n-valuation/ Link to judgement in W.A. Supreme Court - BURTON -v- JACKMAN [2014] WASC 146 (28 April 2014) http://www.austlii.edu.au/au/cases/...014/146.html Report this Post to the Staff

zxcccxz Pillar of the Community Canada 5417 Posts	Posted 04/28/2014 6:55 pm Wow. Interesting, very stupid of the company to "promise" to buy the coin. Especially in a volatile market as such. Thanks for sharing. Report this Post to the Staff
Sap Moderator Australia 16859 Posts	Posted 04/28/2014 8:28 pm The coin dealership in question went bust last year for making similar grandiosely optimistic promises to quite a number of investors. I think $400,000 for a Holey Dollar was always an optimistically high price. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis Report this Post to the Staff
just carl Bedrock of the Community United States 20753 Posts	Posted 04/29/2014 09:48 am Predicting the future just never really happens with coin prices. Actually not for anything. Yet people go to those places for a future reading all the time. Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 04/29/2014 11:25 am I'm not sure how they figured what his damages were. He paid 370K and was promised 20% increase or 444K If it didn't go up damages would be 74K Since current value is around 128K damages (amount promised less current value) would be 316K The court said that the Jackmans had estimated that it would have gone up to 510K, but that would have been an increase of nearly 40% not 20% so I'm not sure how they got that figure. If the court used that figure compared to the current value then damages would have been 382K so that is probably where they got the damage figure Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 04/29/2014 11:33 am from the other now locked thread Quote: Your opinion? Implications for dealers making "promises"? No legitimate dealer would make a "promise" of a given return on a speculative investment. They might show you trends, or say that it "looks" like it might go up X amount in a certain period. But they won't make any promises that will or make any guarantee that you will be able to sell it for that amount, even back to them. they might make a promse to buy it back after such and such a date, but they won't promise an amount. If they do keep your hand on your wallet and back away, it's a scam of some sort. Report this Post to the Staff
Groszy Pillar of the Community United States 589 Posts	Posted 04/29/2014 3:49 pm "The Jackmans had disputed the latest valuation of the coin, but failed to provide one of their own." Apologies for my potential ignorance, but what does having a specimen personally have anything to do with determining the value of one? I.e., if the owner of the 1933 St. Gaudens Double Eagle sold it, and was then compelled in court (for whatever reason) to determine the value of it, wouldn't he then be forced to accept the court's decision that the coin is only worth (say) 20 USD, by the Australian court's logic (and assuming the case was in Australia) since he didn't have a second specimen (since only one 1933 specimen is legal to own) to present to the court? Sure, the case had merit if the dealer was stupid enough to guarantee a rise in value, but I'm confused on how the court determined numbers... Report this Post to the Staff
Fusion555 Valued Member United States 269 Posts	Posted 04/29/2014 3:58 pm @Groszy What they are saying is, the claimant had the coin valued before he went to court for $150.000 The defendant disputed the latest valuation but did not give his (or another 3rd party) value, therefore the judge accepted the claimants experts valuation Report this Post to the Staff
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