Southern Precious Metals Exchange - Macon Trae Reid Bey: Before doing business with this individual, I figured Id give him the benefit of the doubt And not rely on the negative online reviews his place of business has received.
However, it turns out that many of the people who gave him such poor reviews were correct.
The reason why am rating him with one star, is because (today), I walked into his place of business with 10 silver coins, that I purchased from SD bullion (some time ago), wanting exchange them for it their monetary value - which he told me were equal to todays fair market value of $39.50 each - however, he would only pay 90% of that value, to purchase them.
He claimed - based on looking at them alone, and then feeling the weight of one coin - in his hand - that "in his expert opinion" - and, based on the way it was engraved (not necessarily its genuine metallurgic composition - Which he never bothered to use his $21,000 electronic metallurgic testing device to determine its composition), that it was a "fake", and... that "he had the right to confiscate them", but would not - because I told him how I obtained them (online), from a reputable merchant.
This should serve as a warning to him (the store owner named Corey), and a "word to the wise", to anyone whos ever walked into his place of business, and had any items unlawfully confiscated by him!
A precious metal exchanger (or coin dealer), in Georgia does NOT have a legal right to confiscate coins that they believe are not authentic!
Heres why:
Dealers are NOT law enforcement: They are "private businesses", and DONT have the authority to seize property.
1. Their role(s) - however - is to assess authenticity: A dealer can decline to purchase coins which they believe to be fake, and should inform the seller of their opinion.
2. Reporting to authorities: If a dealer suspects counterfeit coins, they should advise the owner to contact the U.S. Secret Service (or local police), who can then forward the information to the Secret Service.
Just as a heads up to anyone who elects to continue to do business with this person... recognize that he is NOT vested by the State of Georgia with any authority to arbitrarily cease, confiscate, or take what you bring into his store - into his possession - under any circumstances!
If you have been a victim of his false claims - where he made a statement, and said he had a "right to confiscate something you brought into the the store", Because he believed it was fake, or counterfeit (which is a bogus claim, on his part, that is tantamount to theft), I would highly advise you to go back to his store and, or, report him to the authorities!
SHAME ON YOU COREY!
