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AttorneyTom, Attorney
Category: Consumer Protection Law
Satisfied Customers: 9176
Experience:  Attorney
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a friend asked me to sell some coins for him. He told me to

Customer Question

a friend asked me to sell some coins for him. He told me to get what I could for them.To take what i felt was fair for a commission.Now all the coins are sold and all of a sudden he is saying I owe him 10K because he feels I sold the coins too cheap.He is saying hes going to proscecute me unless I pay.I am not a professional coin dealer.though I do sell coins sporadically on Ebay.Can he proscecute me? The contract was verbal It was witnessed by a buddy who owns a coin shop.
Submitted: 5 years ago.
Category: Consumer Protection Law
Expert:  AttorneyTom replied 5 years ago.
Thank you for the opportunity to answer your question. I am sending this answer to you only a few minutes after you submitted your question.
Even if you did sell the coins for too little, that wouldn't constitute a crime. Instead, your friend would file a lawsuit against you for what he alleges the value of the coins to be and for the difference in what you paid him and what he believes they should have sold for. If you failed to do your due diligence in trying to ascertain the value of the coins prior to selling them, he could potentially be successful. However, you may have defenses if you can show that you sold the coins within the range of their value on the market (even if it was on the low end of that range). If your friend files a lawsuit, you will want to retain an attorney to help you defend against the suit.
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Customer: replied 5 years ago.
The coins in question were world coins. He was very much aware i mainly sell US.coins. It took me over 10 weeks to sell his coins as i have a full time job.i spent between 4-6 hrs per night on the computer to sell his coins I also bought reference books to help.Up until the last of the coins sold he was always happy telling what a great job I was doing.Then one day ought of the blue he says this
Expert:  AttorneyTom replied 5 years ago.
Thank you for your message. I apologize for the delay, as I was responding to another customer when you sent your reply and I was unable to see it until now.
I understand. If he indicated that he was content with the selling prices and you continued according to those figures, that may work in your favor and it's something that you should present to your attorney. However, if due diligence would have improved the sale price and you failed to exercise that diligence to obtain the fair market value of the coins, he could potentially have a basis for a claim. When one individual entrusts another with his property, the person with whom the property is entrusted generally has a duty to avoid wasting that property. Therefore, if he sued, you would be attempting to show that you were responsible in your sale of the property. Again, it's definitely something you'd want to retain counsel for.