when theyâve done nothing to deserve it. Since neither of us intended to include the jewel in the purchase/sale contract, the ruby was outside the scope of the deal. Our unexpected windfall was a direct result of their unexpected loss. Patently, thatâs not fair.â
âFriscoâs settled for an unnamed amount, right?â Ellis asked, his tone as sarcastic as his expression was cynical.
âNo, actually. Friscoâs returned the ruby. I think the powers that be thought it was the right thing to do. Some of my colleagues took a more jaded view. They thought we returned it because the lawsuit would take forever and generate a ton of bad publicity, a big powerful corporation trying to pull a fast one on an older retired couple.â
âSo are you going to give the currency back?â
âOf course.â I was surprised he had to ask. He knew me well enough to know that I never tried to hedge. I called it the I-want-to-sleep-at-night theory of ethics.
He smiled. âNo wonder youâre such a business success. People are hungry for honesty.â
âThanks,â I said, embarrassed. I glanced at Fred. âWhat do you think, Fred?â
âI think I have the best job in the world.â
I laughed, surprised and embarrassed and pleased. âWhat a nice thing to say!â
âItâs true. Too many people spend too much time in gray areas. Iâm like youâI think most things are black and white, with no gray, and itâs great to work for a company with that kind of principles.â
âI agree with you both,â Ellis said. âBack to the issue at hand. How hard would it be to sell this currency?â
âNot hard at all,â I replied. âIf you want to stay below the radar, youâd have to sell at a discount, but thatâs easy. There are about a million numismatist fairs and shows, worldwide. All youâd have to do is take some of the bills to a show, cruise the dealers, and sell them without other dealers seeing what youâre up to, an arrangement dealers are happy to go along with. You want privacy so you can sell to more than one dealer without any hint youâre flooding the market. The dealers want privacy because they want to keep their competition in the dark about their sources. Youâve heard me say that itâs way harder to buy good product than it is to sell it, so dealers, me included, guard our suppliers like Fort Knox.â
âHow can they do that in an open show?â
âNo prob. Iâll give you a for instance. Letâs say a guy shows up in your booth saying he has some Union currency to sell. The dealer tells him to meet him outside or in a hallway or in a stairwell in two minutes. The dealerâs goal is to complete the transaction out of the view of everyone, get the guyâs name and number so he can follow up and buy the rest of his inventory, if he has more, later, and get him gone. Look at the numbers: The seller will only get about a third to half the retail valueâcall it a thousand dollars a bill for a round numberâbut so what? If there are forty dealers at each show, and you sell five bills per dealer to ten percent of the dealers, thatâs what? Five bills times a thousand dollars per bill is five thousand dollars per transaction. Times four dealers per show equals twenty thousand dollars. Using this scenario, youâre selling twenty bills per show. If you pace yourself and only go to one show every few months, inside of a year, maybe less, youâll have sold all the currency and youâll have a hundred thousand dollars in your jeans. I always give receipts and have sellers sign a bill of sale, but itâs not a stretch to think that some dealers may be more lax. It happens all the time. Thereâs a good chance you can get cash with no tax to pay and no record of the sales.â
âWould experienced dealers really pay a thousand dollars for
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