Keep your eyes open when purchasing coins

March 1, 2012 – Taken for granted, it was only the emergency case that forced the heir of an important coin collection to sell the 60 coin books full of coins at the ridiculous price of $72,000, even though it was much worthier. He had gone bust, the house submerged, he needed money at once. Robert Friedman, an American coin and stamp collector thought this to be a good deal. He paid: $28,000 in cash and in addition a $42,000 cheque.

Two weeks and two days later the collector took the coins to an expert. Andrew Reiber concluded that the bargain was not worth its price. Most of the thousands of coins were counterfeits, naturally all of the rare pieces. These are said to originate from China as well as approximately 200 coins in slabs graded by a certain company “World Coin Grading” otherwise unknown to experts.

Now it is to the Palm Beach County Court to establish whether the sale was motivated by a fraudulent intent or not.

More detailed information on the law suit you will find here.

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