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Rare coin saves house from foreclosure
By Numismatic News
September 05, 2008

PARMA -- A Parma couple on the verge of losing their home to foreclosure made a rare discovery that saved their house.

The couple, who did not want to be identified, brought an old silver dollar to the Cash-4-Gold store on the corner of Ridge and Pearl in Parma.

Jim Matiach, owner of the business and president of Coin and Jewelry Buyers of America, examined the 1873-CC silver dollar and gave the homeowner the good news.

"We sat down and we were able to negotiate a price and he walked away with enough money to pay off some of his bills and hopefully be able to keep his house," says Matiach.

Depending on its precise condition, the 1873-CC Seated Liberty dollar can be worth tens of thousands of dollars. Only 2,300 were minted but only 40 to 60 are believed to still exist, with the others having been melted down.

Matiach says it is not unusual to find people searching their homes for old coins, especially today. The pile of coins on his counter, recently sold for cash, confirms his observation.

"I deal with this on a daily basis at this point. The economy is very slow right now. Metal is very high," Matiach tells Channel 3 News.

He says people are scouring their houses for silver, gold, old jewelry, silverware, and even old tea sets, a fine example of which was just sold by an older couple.

"People are losing their jobs," explains Matiach, "and the easiest way to get by and pay your bills right now is to go clean out your drawers. I mean we buy everything."

"We have old silverware stored in five gallon buckets," he says. Almost everything except the coins is destined for metal dealers who melt it down.

"I guess you could say I'm in the recycling business," says Jim.


Rare coin saves house from foreclosure

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