A New York couple spent nearly $20 million on “rare” coins, and they pretty much turned out to be worthless.
The New York Post reported:
Rocco Marini, 54, and his wife, Josephine, 50, took money from their kids’ trust funds to pull together nearly $17 million to buy 86 “rare’’ coins from buddy Harold Adamo Jr. — only to learn the pieces were worth a fraction of that.
Among the pair’s coin purchases was a 1988 Morgan Silver Dollar that they bought from Adamo for $100,000. The coin turned out to be worth $200, according to court papers.
Ah, the old classic “buy some rare coins” shtick. Usually speaking, people don’t drop the price of a small private jet on their coin collection, but who am I to judge.
Having said that, if you are going to spend an absurd amount of money on coins, I would probably recommend bringing an expert along to make sure you’re not getting swindled. How to buy a coin for $100,000 and it turns out to be worth the same as eight cases of Miller Lite? I want to feel bad for these two, but their lack of awareness makes it really hard.
What type of arrogance do you need to possess in order to drop $17 million on coins and get fooled? I’ve been told that I have an ego, but not even I have enough confidence to pull off a move like this. I would bring an entire army of experts to verify the purchase.
The New York Post reported that they won a massive lawsuit against their old friend, but have really collected anything. I hope they’re not holding their breath for payment because I doubt it’s ever coming. What an absolute disaster. Their ability to piss away millions is honestly so stunning that I’m borderline impressed.