Article On Recovery Of Stolen Property - Ohio

Because I get to see both sides of this issue, I think some might look at
each case on it's own merit.

Most coin shop / pawn shop do not want to purchase stolen items.

To me it seems like the owner has (sometimes) fault in the items being
stolen.
Not securing the items, no insurance. Many times I ask, where were the
coins, my head will hurt, when I hear on my dresser, or the closet shelf.

I have seen many times it is a family member or family friend that has
done the stealing. And they want their stolen items back, with out
filing charges against the thief. This can cause problems with the
shop owners getting restitution.

We had a case where coins and jewelry were sotolen, the owner came
in to identify the items, we had to hold them for the police to work the case.
When the owner was in the shop she mentioned she was getting her
insurance claim, other household items were stolen.

In this case the Judge ordered the items returned, with out addressing
the lady got paid from the insurance company.

So the only ones that lost out, was the coin shop. Most times restitution
is never paid to the shop owners.

I have seen a very good coin shop go out of business over the thief
of 50K in gold coins.

I think it is a bad deal all around, for both the owner/victim and the shop.

I wonder what would happen if there were no local shops in the area.
Would the coin just be spent? Or maybe taken far out of the area.
The coins may never get recovered.

I figured this might come up.

There is more than one victim.

Coin owner and the coin shop

I am a big supporter in personnel responsibility.

Most of the replies were against the coin shops.
I try to look at both sides, try and feel the
pain of the coin shops.

I think the anger should be at the person that stole
the coins.

Some are saying that the coin shops should always give the
coins back, and it is the coin shops responsibility to
recover their money from the thief. I feel each case
is different, and sometimes the owner has "some" responsibility.

Each state has laws that are different, some States do
understand that the coin shops and pawn shops should not
be held responsible all the time.

Condor, I'm out of state right now, or I would just look up on the wall and find the Code section for you.

It most certainly does provide for the owner reimbursing the Shop. However; as I mentioned it is only one of three permitted actions.

If I may though, it is not only the shop owners that perpetuate the first option; it is often law enforcement. Police in my town will tell the victim that if they find the item they MUST pay the shop owner for it/them to recover their property; unless the Police themselves recover the items when they are listed online with Law Enforcement. I believe that it is a case of pure laziness. It is just so much easier for the Police than having to deal with the shop owner and the property owner.

Although I can sympathize with coin shop owners when they get burned when unknowingly purchasing stolen property, however they are the ones that can better afford to absorb the loss. It is just another cost of being in the business and surely they will adjust their buy/sell margins to compensate.

Shop owners need to do their due diligence when purchasing items. Ask questions on where the items were obtained and if the story doesn't sound right don't make the purchase. Make the seller provide good identification (and make a photocopy), sign an affidavit stating that they are the owner of the property, have visible surveillance cameras recording the transaction, and pay in check. These simple things will help to deter purveyors of stolen goods from using your shop as a dumping place for their ill gotten gains.

Collectors would do well to maintain an inventory of their collection so if it ever becomes necessary they could produce a list of their coins including, dates, mintmarks, slab cert. #'s, and if possible photos so that a positive identification can be made.

Personally I think that law enforcement should give coin dealers a heads up when a collection is stolen in their area. Leeds Online is a nice idea but it only works after the dealer has purchased the item(s) and has entered them into the system.

A lot just posted, is easier said than done.

Many smaller coin shops can not absorb a loss on a big collection.
It could put them out of business ...and does.

As far as working with police, we do. And have help put more than I can
count in jail. Some get arrested right at the shop. Yes we have cameras
and do provide video when requested by the police.

Our local police picked the shop I work at, as the test site for Leeds
Online when the system first came to our county. They picked us
because we work with them ...often.

Hands down ... Most coins are stolen by someone that has access
to your home, like family, friends or workers doing work in your home.

All I am suggesting is don't use your local coin shops as part of your
insurance of getting your coins back.

Protect your coins, before they get stolen.

When we get coins or any precious metals in the shop we have to list how many of each denomination and/or type of coin, paper money, ect. We then post it on "leads online".

As for losses....well it is a part of the equation. We do have to guard against buying stolen property. I believe the language of the law states that if we just suspect that the property is stolen we are not to purchase it.

It can be hard when you deal with a lot of addicts, whether drugs or drink. Are they selling the collection that "Grandpa" gave them for drugs or are they selling something they stole? OF course if they are high or drunk we can't buy under any circumstances.

MOST of these purchases are relatively minor. The large collections are usually brought in by older "Mom and Pops"; who are liquidating their retirement fund. 99 percent of those are legit. The one percent that are not can be devastating. It is up to us to be watchfull and to use good judgement.

Oth, I just watched a dealer here in California buy a collection of Morgans ( about 100),Barber Halfs,Quarters, Dimes, Walking libety Halfs, Slqs, Buffalo nickels, Lincolns, IHC,ect, for $1400. And the dealer was silently pleading with me to keep my mouth shut. The reason? The Morgans included an 1896-S in MS, a couple of 1895-O's in VF, 1903-S in MS....and those were just the ones I saw. Needless to say when he noticed them in the Whitman folders he hurridly counted them and closed them. There was ONE coin in that buy that took could pay for buying the whole collection.

And if you think he is the only dealer that buys like that......though most will have given at least a bit more.

There is a tremendous profit potential in buying coins. Having said that most buys are of lesser coins and really consist of buying...say buffalo's at 15 cents and selling them "in the bin" for 50 cents. At the end of the day we typically make about 3 to 4 times our purchase price, but only after a lot of work.

A piece of advice. Most shops pay a "per piece price" to buy coins. Only after a customer ask about the value of certain coins will most dealers adjust their purchase price.

Lol, on the other hand, if I have had one customer come in and say "I saw it on the internet it's worth X dollars"; I have had thousands. I had a customer come in and try to sell a large cent to me at 10k because he saw one on the net that went for 100k, and figured his had to be worth a tenth of that price because the condition was about a tenth of the one they saw!