- Report: #934645
Complaint Review: Hays City Gold & Silver - Hays Kansas
Reported By:
ruined person -
, Kansas, United States of America
Submitted:
Updated:
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Author Confirmed
Why?
Hays City Gold & Silver
2201 Vine Street Hays, 67601 Kansas, United States of America
Phone:
785-628-3603
Web:
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Hays City Gold & Silver Lowell D. Lappin Coin Dealer Ruins Me Hays, Kansas
This is a customer dissatisfaction report about Lowell D. Lappin, proprietor of Hays City Gold & Silver at 2201 Vine St. in Hays, Kansas.
I originally purchased about $40,000 worth of collectible coins from him, based on the fact that he appeared to be the operator of an established, reputable business. He told me at the time of purchase that he bought coins for "10% under spot price
and sold for 10% over", a perfectly reasonable offer.
After purchasing the coins, I decided to finally double-check their value by getting the opinions of a few other coin and bullion dealers, and I found that they were all worth just about one-half what I paid for them.
Actually I do have the receipt from a NYC numismatics firm for their purchase of eight of these plastic-sealed coins for a total of about $6400, and their stated value on Mr. Lappin's letterhead receipt to me is about one-half of that or even somewhat less.
There is one even more outrageous exception, which is what motivated me to file this report. Mr. Lappin had sold me an 1894 S $1 silver dollar, in an NGC sealed plastic case, rated at VF35, for which his own letterhead receipt says he charged me $2500.
But a representative at the well-known numismatics firm in NYC said the coin was worth only $60 or $70. Just like that, $2400 gone, down the drain and into the pocket of Mr. Lappin on just one coin.
But I had purchased a whole portfolio, and the loss of my entire investment was on the order of 50% straight out the door. In fact, between the time I made my purchase and the time I double-checked the value of the coins, actual gold bullion has
gone from about $750/ounce to $1400/ounce, almost double the value. So during a time when gold bullion had doubled in value, my coin investment remained stubbornly and to this day worth one-half what I paid for it.
When I checked with an attorney who specializes in fraudulent numismatics sales, he asked me if I had gotten a signed statement of value first from Mr. Lappin before making the purchase. Is that not what the letterhead receipt itself stands for? Apparently not. Would you normally think to ask anyone at an established business selling you anything of equivalent value, to
sign a legal document stating and affirming that it is worth what the seller claims it is? Regrettably, I had not obtained such a document, and the attorney refused to represent me. I only had Mr. Lappins word, which turned out to be worth, well, what I'm reporting.
How could I complain publicly about this gentleman, when the mere public knowledge that I have such coins in my possession would make me the target of thieves possibly by home invasion? In the face of such fears, I did not know how to speak up. I am regrettably not as knowledgeable as I might wish, and found myself with absolutely no recourse that I knew of.
This is how this gentleman operates when he can get away with it without the danger of getting caught. I lost one-half the value of not only that coin, but $40,000 worth of other coins I purchased from him. He made what is known as a killing on me.
Please be forewarned and do not rely on Mr. Lowell D. Lappins long-standing business record for reliable service, he will ruin you if given the chance to get away with it.
Mr. Lappin, I have letterhead receipts from your shop showing a list of all the coins and prices, the date, and your squiggle of a signature at the bottom. Even though I have since had to sell most of the coins at a ruinous loss of about 50% of their value (I do still have nine coins left), a reputable numismatics firm would be able to research the official value of each of these coins at the time of purchase, and certify that they were worth only one-half of the value you wrote on your own receipt to me at that time. By your own hand, the proof of your own fraudulent
dealings with me is in my possession.
I also still have the one 1894 S $1 silver dollar, in an NGC sealed plastic case, rated at VF35, for which your own letterhead receipt says you charged me $2500, and which the NYC firm told me just today is worth about $60 or $70.
Do you wish to subpoena my name from Ripoff Report, and have it out in court so you can 'prove' that they were worth what you told me they were? Do you want to lie to a judge and jury in court the way you did to me when you originally sold them to me?
I originally purchased about $40,000 worth of collectible coins from him, based on the fact that he appeared to be the operator of an established, reputable business. He told me at the time of purchase that he bought coins for "10% under spot price
and sold for 10% over", a perfectly reasonable offer.
After purchasing the coins, I decided to finally double-check their value by getting the opinions of a few other coin and bullion dealers, and I found that they were all worth just about one-half what I paid for them.
Actually I do have the receipt from a NYC numismatics firm for their purchase of eight of these plastic-sealed coins for a total of about $6400, and their stated value on Mr. Lappin's letterhead receipt to me is about one-half of that or even somewhat less.
There is one even more outrageous exception, which is what motivated me to file this report. Mr. Lappin had sold me an 1894 S $1 silver dollar, in an NGC sealed plastic case, rated at VF35, for which his own letterhead receipt says he charged me $2500.
But a representative at the well-known numismatics firm in NYC said the coin was worth only $60 or $70. Just like that, $2400 gone, down the drain and into the pocket of Mr. Lappin on just one coin.
But I had purchased a whole portfolio, and the loss of my entire investment was on the order of 50% straight out the door. In fact, between the time I made my purchase and the time I double-checked the value of the coins, actual gold bullion has
gone from about $750/ounce to $1400/ounce, almost double the value. So during a time when gold bullion had doubled in value, my coin investment remained stubbornly and to this day worth one-half what I paid for it.
When I checked with an attorney who specializes in fraudulent numismatics sales, he asked me if I had gotten a signed statement of value first from Mr. Lappin before making the purchase. Is that not what the letterhead receipt itself stands for? Apparently not. Would you normally think to ask anyone at an established business selling you anything of equivalent value, to
sign a legal document stating and affirming that it is worth what the seller claims it is? Regrettably, I had not obtained such a document, and the attorney refused to represent me. I only had Mr. Lappins word, which turned out to be worth, well, what I'm reporting.
How could I complain publicly about this gentleman, when the mere public knowledge that I have such coins in my possession would make me the target of thieves possibly by home invasion? In the face of such fears, I did not know how to speak up. I am regrettably not as knowledgeable as I might wish, and found myself with absolutely no recourse that I knew of.
This is how this gentleman operates when he can get away with it without the danger of getting caught. I lost one-half the value of not only that coin, but $40,000 worth of other coins I purchased from him. He made what is known as a killing on me.
Please be forewarned and do not rely on Mr. Lowell D. Lappins long-standing business record for reliable service, he will ruin you if given the chance to get away with it.
Mr. Lappin, I have letterhead receipts from your shop showing a list of all the coins and prices, the date, and your squiggle of a signature at the bottom. Even though I have since had to sell most of the coins at a ruinous loss of about 50% of their value (I do still have nine coins left), a reputable numismatics firm would be able to research the official value of each of these coins at the time of purchase, and certify that they were worth only one-half of the value you wrote on your own receipt to me at that time. By your own hand, the proof of your own fraudulent
dealings with me is in my possession.
I also still have the one 1894 S $1 silver dollar, in an NGC sealed plastic case, rated at VF35, for which your own letterhead receipt says you charged me $2500, and which the NYC firm told me just today is worth about $60 or $70.
Do you wish to subpoena my name from Ripoff Report, and have it out in court so you can 'prove' that they were worth what you told me they were? Do you want to lie to a judge and jury in court the way you did to me when you originally sold them to me?
4 Updates & Rebuttals
ruined person
Hill City,Kansas,
United States of America
no coins in my home
#2Author of original report
Sun, September 02, 2012
Since originally posting this report, I have taken steps to safeguard my home life from thieves and home invasion specialists, and for anyone who thinks they can figure out from my posts who I am or where I live, there are no collectible gold or silver coins or other numismatics in my house. So forget about trying to rob me because there's nothing worth stealing at my home.
And by the way, for anyone who thinks they can figure out who I am or where I live, who wants to try to make trouble for me over this report or anything else they think they have a gripe or beef about in any way, shape, or form, this is to let them know that now I know how to make anonymous public Ripoffreport.com reports about it to the whole world.
And so does everyone else who learns about this report and this web site. So anyone who wants to try acting uncivilized with the usual creepy little small town bag of harrassment tricks, be aware that Ripoffreport.com was tailor-made for your victims to tell the world all about you and your scheming ways.
And such reports have been proven to hit Page One on relevant Google search results within 24 hours of being created. So be cool and play fair already.
ruined person
Hill City,Kansas,
United States of America
re: 'do your homework'
#3Author of original report
Fri, August 31, 2012
^Yes, well, now with this report people can do a different kind of 'homework' before making up their minds if this is really the kind of person they want to do business with.
And I already checked, and already within 24 hours any Google search of this gentleman's name or place of business instantly brings up this Ripoffreport on Google's page one of results.
coast
USADo your homework first
#4Consumer Comment
Thu, August 30, 2012
The receipts do not reflect the value of the items. The receipts reflect the price paid for the items. The value of merchandise is partially determined by supply and demand and by what people are willing to pay. Merchants are not required to sell goods and services at the current market value because we don't have price controls in a free enterprise economy.
You foolishly spent $40K before you determined the market value of the merchandise. Next time do your homework prior to purchase to avoid suffering from buyer's remorse.
ruined person
Hill City,Kansas,
United States of America
Correction:
#5Author of original report
Thu, August 30, 2012
In my original report, I mistakenly wrote the following paragraph;
"Actually I do have the receipt from a NYC numismatics firm for their purchase of eight of these plastic-sealed coins for a total of about $6400, and their stated value on Mr. Lappin's letterhead receipt to me is about one-half of that or even somewhat less."
I meant to write instead;
"Actually I do have the receipt from a NYC numismatics firm for their purchase of eight of these plastic-sealed coins for a total of about $6400, while their collective stated value on Mr. Lappin's letterhead receipt to me is about twice that or even somewhat more."
In other words, for eight of these coins for which I have reciepts for my purchase of them from Mr. Lappin's shop and also the NYC numismatics firm which later bought them from me, during a time when gold bullion went from about $700 to about $1400, the actual purchase vs. sales prices were, and I will take my figures directly from the receipts;
Sold to me by Hays City Gold & Silver:
Eight coins, total cost: $14,300 (letterhead receipt).
Resold later by me to reputable NYC firm:
Same eight coins, total price: $6,405 (letterhead receipt).
So that, during a time when gold bullion approximately doubled in value from $700 to $1400, instead of doubling my money, I went from $14,300 to $6,405.
I lost $7,895 just on those eight coins.
But that was just part of the total portfolio. The total purchase price of all the coins from Mr. Lappin was about $40,000. The actual loss from that $40,000 was in about the same proportions, half or a little more than half. Whereas as I already reported, Mr. Lappin originally claimed to 'buy for 10% under spot (the going rate) and to sell for 10% over'.
This correction truthfully supports my original report statement that Mr. Lowell D. Lappin of Hays City Gold & Silver charged me double or slightly more than double for the portfolio of these coins.
There is also the one outrageous exception of the one coin, the 1894 S $1 silver dollar, in an NGC sealed plastic case, rated at VF35, for which his own letterhead receipt says he charged me $2500. But a representative at the well-known numismatics firm in NYC told me just yesterday that the coin was worth only $60 or $70.
