Sometimes working in a financial institution you come across investment opportunities.
In 95 I had an older lady in my office looking to settle up her husbands account after he passed away. As I was going through his records I noticed that he had purchased a credit life policy to cover his account balance. I told his widow that she didn’t need to worry about paying us off that day and if she would help me fill out the death claim paperwork and get me a copy of the death certificate I would take care of it for her.
She helped me by getting the paperwork together and stopped in a few days latter. After I processed everything and discharged the debt she told me how grateful she was. She was just about out of insurance money and would have been next to broke after paying us off. Then she asked me if I knew anything about coins and would I help her with some other financial details.
Latter that day she presented me with the contents of a safety deposit box. The container was about the size of a shoe box and it was filled with pre 1930 US gold coins and Sovereigns.
She was looking to get $225 an oz for the entire lot. She offered it all to me or any part that I wanted to buy. I however had recently passed my securities exams and knew how much better I could do in the stock market. I only had about $5,000 cash at the time so I couldn’t buy the whole lot if I wanted to, I declined.
Had I bought what I could, at today’s prices it would be worth $13,300 spot bullion price. The numismatic value would be much, much higher, somewhere in the $200,000 range. Her departed husband was something of a coin expert and had several pieces that were in above average condition. He had a thing for $1, $2 1/2, $3 and $5 coins from the mid 1800’s. I could have bought them for spot.
What happened to my $5,000? Funny you should ask. Part of it was spent on an engagement and wedding ring set. The rest disappeared when the company I invested in filed for bankruptcy in 2001.
Sometimes working in a financial institution you come across investment opportunities; and really blow it big time.