Coin Shop Chronicles 01-09-09

[nattybumppo]

Here is the ultimate folks in what this world is turning into. For the past couple weeks there has been a husband and wife come into the coin shop. I have bought tons of 90% and so many penny weights of 14k jewelry that frankly right now I have forgotten just how much.

Anyway, I find out that this couple ( who owned a very profitable resturant for decades) is in trouble with the IRS. They take the money that I give them, then go to the boat (casino) and try and hit it big in order to pay off their debts.

I've seen them once each in the past two weeks, and I reckon I'll see them again this coming Tuesday when they run out of cash again.

[wrs]

Very sad story but even without the IRS, I bet they owe money they cannot pay. I suspect they didn't pay the IRS because it was easier for a while not to pay them.

[nattybumppo]

Very sad story but even without the IRS, I bet they owe money they cannot pay. I suspect they didn't pay the IRS because it was easier for a while not to pay them.

Possible, but these are people that I've known my whole life. Been in their resturant more times than I know. They have for decades helped within the community after coming over from Germany. Their children are successful. I tend to think more harshly in this situation on the IRS. Heck, I always think harshly when it comes to the IRS.

[wrs]

I tend to think more harshly in this situation on the IRS. Heck, I always think harshly when it comes to the IRS.

Me too. However, the thing that bugs me is that they are selling their assets to go try to win money at the casino which is a rigged operation. They aren't using good judgement and I suspect that is why they got crossways with the IRS. The IRS is the mafia, they want their cut first. If you pay them first, you are OK. When people get in a bind, they usually try to pay everything else first and find out the IRS is the one that comes after them the hardest.

I hate the IRS, and I hate that we live in a country where we pretend to be free but allow an organization like that to exist.......................

[nattybumppo]

Me too. However, the thing that bugs me is that they are selling their assets to go try to win money at the casino which is a rigged operation. They aren't using good judgement and I suspect that is why they got crossways with the IRS. The IRS is the mafia, they want their cut first. If you pay them first, you are OK. When people get in a bind, they usually try to pay everything else first and find out the IRS is the one that comes after them the hardest.

I hate the IRS, and I hate that we live in a country where we pretend to be free but allow an organization like that to exist.......................

I cannot disagree with anything that you have said. Right on!!

[cracker]

If they're that stupid they don't deserve to own anything.

C

[Grantbo]

Don't they watch TV. There are ads showing how to only pay a fraction of what they owe to the IRS.

[farm boy]

sorry, no sympathy here.....especially when you gamble your money away.

[Jonas Parker]

Natty, if it's not a trade secret, what are you paying for $1.00 face value of 90% silver US coinage?

[Doc1]

Going to the casino to hit it big? That's INSANE. They would - very seriously - be better of burying their PMs and working out a payment schedule with the IRS. If things fall apart completely, the IRS will be the least of their concerns, or they may even luck out and have an opportunity window to be able to pay it off in hyperinflated dollars. A small % of their PMs might buy them all the dollars they need at a certain point.

Their casino "strategy" is a guaranteed road-to-ruin! Don't they realize that the big payouts are dunned for taxes, too?

Hey, I love casinos. The buffets are great and cheap and it can be fun to blow (a little) money in the slots. However, looking to a casino for financial salvation makes as much sense as trying to find pure, innocent and sweet love in a brothel...

Best regards
Doc

[nattybumppo]

sorry, no sympathy here.....especially when you gamble your money away.

It is just sad because they are both in their 70's and think that this is their only way out.

[nattybumppo]

Natty, if it's not a trade secret, what are you paying for $1.00 face value of 90% silver US coinage?

I pay a generous amount of fiat currency / dollar. quite honestly I have a price for the man on the street (a little more if they are good customers) and then I have a price for dealers. If you want to get in good with coin-dealers, make them your friend. :mrgreen: That is just the plain simple truth.

[nattybumppo]

Don't they watch TV. There are ads showing how to only pay a fraction of what they owe to the IRS.

Well everything that you see on TV is not true. At least not the best course of action.

[nattybumppo]

Going to the casino to hit it big? That's INSANE. They would - very seriously - be better of burying their PMs and working out a payment schedule with the IRS. If things fall apart completely, the IRS will be the least of their concerns, or they may even luck out and have an opportunity window to be able to pay it off in hyperinflated dollars. A small % of their PMs might buy them all the dollars they need at a certain point.

Their casino "strategy" is a guaranteed road-to-ruin! Don't they realize that the big payouts are dunned for taxes, too?

Hey, I love casinos. The buffets are great and cheap and it can be fun to blow (a little) money in the slots. However, looking to a casino for financial salvation makes as much sense as trying to find pure, innocent and sweet love in a brothel...

Best regards
Doc

LOL at the brothel statement. Yes but in their mind I am sure of two things 1) they don't understand precious metals 2) they are up in age and don't think that the silver will get up to the price they would need to pay off the bill, so we again revert back to #1.

I know of another guy who is 63, and has been in college his whole life while working at the post office. He owes so much in student loans, he could never repay them. He told me that as long as he was in school he did not have to repay anything. So the stratgey is to go to school for the rest of his life and play the casino, hoping to get a big pay off to cover his debt. He is 63 and cannot afford to quit the post office. One time he got a call from the casino checking on him because he had not been there for a while. I guess they do love him, lol.

[north runner]

Here is the ultimate folks in what this world is turning into. For the past couple weeks there has been a husband and wife come into the coin shop. I have bought tons of 90% and so many penny weights of 14k jewelry that frankly right now I have forgotten just how much.

Anyway, I find out that this couple ( who owned a very profitable resturant for decades) is in trouble with the IRS. They take the money that I give them, then go to the boat (casino) and try and hit it big in order to pay off their debts.

I've seen them once each in the past two weeks, and I reckon I'll see them again this coming Tuesday when they run out of cash again.

Dead people walking. I've seen lots of them in Vegas blowing their money because thats all they have left to do.

[nattybumppo]

Dead people walking. I've seen lots of them in Vegas blowing their money because thats all they have left to do.

WOW, "dead people walking" is a term I have used in priviate conversation now for over 2 years. I have not heard another besides myself use it.

[north runner]

WOW, "dead people walking" is a term I have used in priviate conversation now for over 2 years. I have not heard another besides myself use it.

Guess I'm #2. :-)

[TXBSAFH]

I cannot disagree with anything that you have said. Right on!!

The IRS's new motto: We got what it takes to take what you got.:twisted:

[ku commando]

......If you want to get in good with coin-dealers, make them your friend. :mrgreen: That is just the plain simple truth.

Well stated....I shop 3 specific coinstores in my area. I never try to cut any deals....I pay what is being asked & I always end up w/ a good deal walking out the door.

Too bad we're about 1000 mi. apart natty.....I'd sure like to patronize your store in person.....you sound like a swell guy. Per chance are you in FL this weekend at the FUN show?

[nattybumppo]

Well stated....I shop 3 specific coinstores in my area. I never try to cut any deals....I pay what is being asked & I always end up w/ a good deal walking out the door.

Too bad we're about 1000 mi. apart natty.....I'd sure like to patronize your store in person.....you sound like a swell guy. Per chance are you in FL this weekend at the FUN show?

Nope, as a matter of fact I have no plans to see Flordia for some time. I am going for a two day get away 3 hrs NE of me in a couple weeks. I'll be heading back on the 20th. So If something big happens in the U.S. I hope it is after I get back.

[Meemur]

Ditto -- I'd like to drop in and visit with you, as well. I'd combine that with stopping at the university and looking up a few buddies, but that's a warmer weather trip, if it holds together for that long.

FWIW, I keep getting interviews in Indy, of all places. The major difference between Indy and Cols is that Indy folks live and breathe auto racing instead of Buckeye Foolball (and that's not a typo). (;

[north runner]

Once upon a time I used to go to Tippicanoe state park for the Live Free conventions. But that was a really long drive. Might work if I can find a used vette for sale cheap.

[Meemur]

N.R., if you do and go through Cols, shot me an email. I'll load you up with local coffee and a few boxes of candy "buckeyes." (:

A used vette. I should be so lucky. I've been looking at cars with diesel engines, again.

[Milk-maid]

I just love the Natty Bumppo chronicles. Keep them coming! :-D

[ouchstop]

I pay a generous amount of fiat currency / dollar. quite honestly I have a price for the man on the street (a little more if they are good customers) and then I have a price for dealers. If you want to get in good with coin-dealers, make them your friend. :mrgreen: That is just the plain simple truth.

Ditto making the dealer your friend. When I go to see my dealer, I shake his hand and call him buy his first name. Some small talk if no one else is in the store. I watch other customers come in and haggle with him over pennies. They are more like opponents and the transaction more like a battle. I go in and say, "Tom, I have a hundred bucks, take care of me".
He always does. When I tally up later what I got for my hundred bucks, it was always a good deal. I've actually gone back in and told him he'd made a mistake and shorted himself. He smiled and said "no mistake".
I've made a small fortune on his advice. Find a dealer you trust and make him your friend.

ouch

[packyderms_wife]

it's one of those days I read the thread title are seriously thought it said Crop Circles!

[nattybumppo]

http://www.thetreeofliberty.com/vb/showthread.php?p=376220#post376220