Legal Question in Consumer Law in California

Rare Coins--Fraudulent ''Appraisal''?

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I took my father's collection of 200-300 mainly silver colonial era coins to a local dealer for an appraisal--for which I made appointment on the phone. I had found him on the internet where he claimed that ''Mr Foster's business has long been recognized by the State of California as equivalent to ''transactions in securities or commodities through a national securities or commodities exchange.'' He seemed like a ''kindly old gentleman.'' He said he was in a rush and very quickly looked at the coins and gave me what I thought was a security deposit of $450 (cash) and had me sign a blank leger sheet. When I came back the next day he said the coins were gone--he had sold them overnight. He has refused to give me anything in writing. I do not have an inventory of the coins (that's why I went to an ''expert'' -- to get help identifying them). I believe he is required by law as a ''second hand dealer'' to document transactions. Police said it is a civil matter. I have complained to the BBB and he finally at least admitted there was a transaction by claiming that I ''sold'' him the collection. Should I return his money? I can get nothing in writing from the man! Help!


Asked on 11/22/06, 9:05 am

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Rare Coins--Fraudulent ''Appraisal''?

I could discuss legal options but, no, probably you didn't even photograph or Xerox your collection. From now on when you see a coin, remember your extreme foolishness in parting with your father's coin collection for a pittance and without getting anything whatsoever in writing, and promise yourself you will teach your children better than you were taught.

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Answered on 11/22/06, 10:59 am


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