Skip to comments.'Pawn Stars' store melts down $50K in gold coins
Posted on 03/14/2014 6:16:29 AM PDT by ConservativeStatement
March. 14 (UPI) -- A Nevada man filed a criminal complaint alleging his niece stole and sold his $50,000 coin collection to reality TV's Pawn Stars, which then melted the gold down.
David Walters filed the complaint with the Clark County Justice Court on Nov. 27, and by time police notified the pawn shop on Dec. 5, the gold pieces had already been melted down, Radar Online reported.
(Excerpt) Read more at upi.com ...
Who melts down valuable old gold coins just for their gold?
Unless you are trying to hide something...
Well, since the niece pilfered them, who committed the crime?
So “Pawn Stars” turn out to be crooks...what a surprise!
Melting down collectible rare coins for the gold doesn’t make sense.
UNLESS you are up to no good.
It seems as if she needed money fast, a certain amount and accepted it. At least that is one interpretation.
Since they were melted, there is no way to determine the actual value, beyond the gold. So sure, they were worth $50K...
Who says the gold coins were valuable?
I read this story a few days ago on another forum. The rightful owner claims the coins were worth $40,000.
Sure they were. At least he’s hoping to collect that from his insurance company.
But to a pawn shop? Its just scrap metal.
“Who melts down valuable old gold coins just for their gold?”
Several gold traders used to show up at the gun show I go to. They sold several grades of coins, including one called “scrap gold.” This meant that the coins had no collectable value because of their condition and were only worth what the gold was worth.
Not saying I bought any of those or would have buried them anywhere.
I wish someone would start a “Pawn Stars Channel”. Then maybe they’d put some history shows on it.
According to the store’s spokesperson, there was concern over the claimed value, so they had the cases opened and the coins appraised (at least some of them). They are claiming that the coins were not as valuable as the owner believed (or chose to use for the complaint).
It does not appear, on the surface, that the store did anything in contravention of the law. Sales at pawn shops generally include a statement from the offeror that he/she is the legal owner of the goods offered and the value offered in exchange by the shop is clear and accepted.
Seems to me the owner has an issue with the actual thief...
And, the store has an issue with a fraudulent customer.
Isn’t that the truth?!
people pawn their stuff because they need dinero pronto...
Nowhere in the story does is say the coins were “rare, collectible”...gold coins are not in fact rare. I DO however agree that melting them down makes no sense. The spokesperson said something about melting them down if the coin’s grader is not known to them. STILL makes no sense to me...either it’s gold or not.
If they didn’t have a show would this story even make the local news? $ound$ like he’$ looking for deep pocket$.
Why do we waste so much money on our justice system when we have you? Defendants could simply be paraded out in front of you and you could judge them simply based on their appearance.
I think you’re right. The article I read the other day? It said that Rick was selling similar gold coins in his own shop for thousands of dollars. So why did he melt down this “scrap gold”?
Pawn shops generally buy at 50 cents on the dollar. Then double that as a quick sale retail price. If they paid $12,000 for the gold and got maybe 24-25 thousand in return for the scrap value, then they made a good deal. Could they later have held on to the coins for months and maybe gotten $30,000?
To my above post...some older gold coins are obviously rare and very collectible, but the story doesn’t say what they were.
Especially in Vegas.
Unless he had his collection professionally appraised, the victim of the theft can claim anything he likes about the supposed value of the coins. After the fact, common gold coins in beat-up condition (with no numismatic value at all) can suddenly and magically be transformed into rare ones in mint condition.
Their McReality show is a fraud anyway so why should something that looks shady be a big shock?
The recent story of the family that found $10M in coins on its property confirms your post. Everyone thought the couple was stupid to report the find... We later learned they had the coins for one year before the find became public. They were probably appraising the coins to determine value. If the coins were “scrape”, then they would have been quietly melted and sold. But it turned out the coins were very rare and worth more as antiquity. Thus the publicity even though they will pay much more in taxes....
LOL! People in Cali who find a bunch of them in old rusty cans. Would have been my guess. ;>}
If they are the bullion coins currently being minted and sold since 1986, then their value is essentially the gold alone. Same for silver bullion coins and bars.
If they are the coins once used and circulated as currency, their value is both their metal content and their numismatic value based on the year minted and their condition.
When talking about the $10,000,000 gold coin find in California, many Freepers were suggesting they should melt down the coins so they could avoid taxes. Of course the melt value was $50,000 or so, and they would have cleared $6,000,000 after taxes. In this case I believe Rick, the family is conservative and I think that they try to avoid the typical pawn shop sleaze.
IIRC, the expert ID'd the gold coin as an Omega Man fake.
He may have been going on "insurance value" which is generally far higher than real market value.
From the article it appears the coins were brought in at different times. It also appears like all the coins may not have been melted down. Evidently they didn’t trust the grader. The uncle probably bought these things over priced.
O no! You mean The “History Channel” might have to drop “Tales of the Occult” or some of the other hosshiite that has caused it to lose respect among anyone who went beyond 3rd Grade?
Anyone that pawns ANYTHING at that store is an idiot.
And the store owners are COUNTING on idiots desperate for a few bucks which is why they placed their pawn shop right in the ghetto not far from the casinos.
History Channel? Must be aliens.
He probably bought them from the Franklin Mint which consistently overvalues the worth of the crap they sell.
If the show is to be believed,(and therein lies the rub), Harrison bought an old Lincoln that the guy wanted 100,000 for.
They agreed on 90,000 if the shop paid him in gold. Harrison gave him 60 one ounce gold coins for the car as the price of gold that day was 1,500 per ounce. So, in that instance, Harrison figured that the coins were only worth their spot gold value.
Not all gold “coins” are or ever were currency. There are lots of “commemerative” coins created to sell for more than the value of the gold. (ie. Get your rare commemorative Elvis coin in pure 14 carat gold!). If that’s what these were than the items were probably worth no more than the gold contained in them. The “melt value”.
Are there ANY gold coins not worth MORE THAN THEIR MELT VALUE????
True. The article never states what kind of coins these were.
Items that are manufactured and sold as “collectibles” eventually descend to the intrinsic value of whatever they are made of.
These networks do their internal polling and put on the shows people want to watch. The low information crowd wants “reality” shows, food shows with chefs screaming at each other and plenty of aliens, UFOs and Bigfoots. Those are what brings in the ratings.
Destroying the evidence is a pretty good indicator of guilt.See Waco,as in missing entry doors and quickly bulldozed site.
I haven’t time to judge everyone but feel free to get in line!
But thanks for your endorsement.
When I worked in a coin shop I saw it happen a few times.
This was when gold was close to $2,000.00 an ounce and the coins were European. Still, they looked MS to me but the buyer had them scrapped.
I can only imagine how many fine coins were scrapped during all the times silver prices were high.
Which is a perfect location. My XH was a pawnbroker/store owner. They specifically scouted locations where there were a lot of old apartments in a central location, and usually preferred a strip center with a liquor store in it.
They melted down gold all the time, but mostly “scrap gold”, which was usually 10K gold jewelry. I don’t recall them running across many gold coins, though.
If this daughter sold the coins outright, then the store owns them and they can do as they wish. No crime committed by them. The daughter’s the criminal here.
We used to have a good weather channel, then NBC bought it, turned it into a weather history and sometimes weather channel.
We hated it when a tornado was on the way and we were getting some history show for an hour.
Not that station is gone, and DTV has a really good weather channel on now. 361.
Too many of the good History style channels have fallen to Reality shows. No history anymore. At least they are not hunting ghosts now.
Not = “Now we have....”
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