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 Replies: 35 / Views: 5,579 |
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New Member
United States
5 Posts |
Hey everyone! First off, thank you very much for opening this up and thank you in advanced for your advise. So I made my way to the coin shop the other day to sell 50 Troy ounces of silver. Once again I'm new... had no idea what it was worth just trying to see what I could get for what silver I had. Guy estimated $1650, cut me a check for $1000 and gave me $650 in cash. All is fine in dandy until..... I look at my bank today and there is a $1000 hold because the guy at the coin shop here in town put a stop payment on the check. Turns out I call him and he's like oh ya I didn't have your number and had to stop payment because I miscalculated and paid too much. Does he have the right to do this? I have my receipt from him and the check he wrote me! Any thoughts, suggestions, idk what to do!
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Pillar of the Community
Canada
1747 Posts |
so by my calculations of what the spot is currently ($17) you had by my calculations roughly $850 worth of silver. the guy offered you over 2x spot price ($33) and you did not think that something was off?
what was his buy price? What is he offering you now?
I don't think the guy is shady, he made a bad deal, and did the only thing he could.
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Pillar of the Community
United States
677 Posts |
That is tough. You don't say what type of silver you cashed in. Was it just bullion silver? If so, he did overpay by quite a bit. The $650 cash would be much closer to the value. Did he write a per ounce price on the receipt? Did he say what he is paying per ounce for silver when you called him?
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New Member
 United States
5 Posts |
Ya it was about $17 per ounce. I had no idea, first time seller. Yes he is willing to give me around $200 more to make it like $850 for the 50 ounces which is right... but I have an overdrawn bank and fees to pay because of the check. It was completely his fault. I just wondered if he had the right to go back on what he already had given
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New Member
United States
5 Posts |
He can just randomly can decide I don't want to sell at that price ?
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Pillar of the Community
Australia
7096 Posts |
Quote:
I don't think the guy is shady, he made a bad deal, and did the only thing he could. Good, Bad or Ugly a Deal is a Deal, Do these coin dealers come bullion dealers ring up customers when they realise that they have underpaid a customer so they can give them the rest of their money? Of course they don't. |
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Rest in Peace
United States
7075 Posts |
Do you do much business there? Or are you planning to in the future?
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Pillar of the Community
United States
677 Posts |
I agree that he did not handle this well (to put it mildly) But unless you are willing to go to court, I think the best you can do is get as much $ out of him as possible and move on. I know that sucks, but I'm pretty sure (I'm no expert) small claims court is your only resort.
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New Member
United States
5 Posts |
Heck no I don't want to do business anymore! I just want my money as soon as possible. Thoughts?
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Pillar of the Community
 United States
2843 Posts |
 this seems like an honest mistake. I would personally request/demand that he pay the overdraft fees. He did cause you a loss in trying to recover his $800. You have every right to your money. Another example of too Good to be true situation. |
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Pillar of the Community
United States
1699 Posts |
I don't like that at all. The deal was done. I would give him all his money back and ask for your items back to sell elsewhwere.
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Pillar of the Community
United States
677 Posts |
Quote:
I would personally request/demand that he pay the overdraft fees. Absolutely. First, come to terms on the price of the silver. Then say, "and add $X.XX for my overdraft fee." |
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Pillar of the Community
United States
677 Posts |
 Of course ErrorCoins is correct... That is the other option. But, if you do go that route I would still insist on him paying your overdraft fee. |
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Pillar of the Community
United States
7390 Posts |
Yeah. What a knee-jerk reaction. I agree with trout but that really doesn't matter. You have 4 options.
Take him to small claims court.
Get your silver back and give him the cash back minus the overdraft fees
Accept his offer of $200 but tell him you need him to also add the overdraft fees on top of the extra $200. If he rebuffs tell him you will take him to court but say it like you mean it.
Or just take the $200 and never do business with him again
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Pillar of the Community
United States
1326 Posts |
I would try to recoup the overdraft fee, but let it go if you meet resistance. I've never tried selling bullion like that before. I have a feeling I would've been offered a lot less than $850 in my neck of the woods, though.
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Bedrock of the Community
United States
10034 Posts |
The best thing would be to talk with him and see if you think it was an honest mistake. I cannot imagine him offering twice face value on purpose if he is a coin shop and it was bullion.
Of course anyone running a legit business also should be willing to pay you the bank fees for the error they cost you.
When it comes down to it, the deal was made. So you are being civil and doing him a favor if you see he made an honest mistake and are willing to work with him on it.
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Replies: 35 / Views: 5,579 |
Posted 01/18/2017 7:07 pm
