Have a read of the battle between Nobles and Coinworks:
http://www.heraldsun.com.au/news/holey-war-over-rare-coin/story-e6frf7jo-1226621148621
http://www.heraldsun.com.au/news/holey-war-over-rare-coin/story-e6frf7jo-1226621148621
This link still wont come up properly
Not much detail in that link ?
better link
http://www.news.com.au/breaking-news/holey-war-over-rare-coin/story-e6frfkp9-1226621148621
so Coinworks is Downies
who runs Noble?
Let me see if I have got this right:idea:
A bloke pinches a coin and gets Nobles to sell it for him at $186.000.
the thief then pays $200.000 in restitution and the coin goes back to its original owner.
the total cost of the coin with everyone's fingers in the till was $225,375.60.
Am I up to speed so far ?
Coinworks now wants $216.690 from Nobles ( Who got the $200.000 in restitution?)
As far as I am concerned they both should loose their commissions on the sale and the $200.000 restitution is more than enough .
This goes back to the question of WHO got the $200.000 restitution:dodgy:
Between the pair of these buggers they got a whopping $39.375.60 just for selling one "STOLEN" coin.
Is Yeager the only crook in this story ?
I wonder how long the Monetary Museum had owned the coin.? Was it gifted to them originally by a genorous benefactor.? Did they receive any insurance payout at the time.?
Many unclear bits to this affair. Why did it take so long to discover the coin was missing.? :dodgy:
Here is some more info on Whatt Yeager http://www.coinworld.com/Articles/ViewArticle/former-ana-museum-manager-sentenced
The story makes much more sense now.! Thankfully he didn't work there for more than 3 months or the Cupboards would be bare.!!:dodgy:
Belinda Downie, the CEO of Coinworks was married to the boss/owner of Downies but divorced many years ago.
Mr Downie kept going with the shop and online business sales whilst Belinda started dealing in rare and high priced coins with hubby before they separated/divorced and she is now CEO of Coinworks.
Both my 1930 pennies were purchased from Belinda.
A COLLECTOR'S agent has launched a legal battle to recoup almost $200,000 spent on a stolen rare coin.
The Supreme Court battle centres on the provenance of a rare 1813 five shilling Australian "Holey Dollar" -- the first coin struck in Australia.
The coins were restamped from Spanish silver dollars and the centres punched out: those plugs, or dumps, were then used as coins worth 15 pence.
Coinworks Pty Ltd is suing Noble Numismatics Pty Ltd for refusing a refund once the theft of the coin was revealed.
Coinworks says it bid $186,000, on behalf of an unnamed customer, at an auction conducted by Noble at Dallas Brooks Hall in July 2007.
It says a 15 per cent buyers' premium, GST and a 4 per cent commission for Coinworks took the total cost of the coin to $225,375.60.
Coinworks says that in January last year an employee discovered the coin had been stolen from the Money Museum of the American Numismatic Association in early 2007.
Coinworks says the US attorney in the district of Delaware had confirmed a man named Wyatt Yeager had pleaded guilty to theft and had provided $200,000 in restitution.
After giving its customer a refund for the coin, which was returned to the ANA, the company then sought reimbursement of $216,690 from Noble. But Coinworks says Noble has failed, or refused, to refund the sale price less $US50,000 received from ANA as restitution.
It claims representations made by Noble were misleading or deceptive, as the coin did not have a legitimate provenance and was unlawfully supplied for sale to Noble by Yeager.
Once they were phased out of circulation, most Holey Dollars were returned to Britain to be melted down and sold as silver bullion. Only 300 of the coins remain.
peter.mickelburough@news.com.au