Q: I am running an organization's bake sale. A customer pays with a one-dollar coin. The intended price is one dollar.
I like collecting one-dollar coins, so I take this one for myself and replace the coin with a one-dollar bill, which is in concurrence with the original intended price and the fiat value of the coin. I have no prior knowledge of the coin's potential value. I take the coin home and get it appraised. It turns out that it's worth 1,250 dollars. Am I legally obligated to give this money, were I to sell the coin, to the organization? Neither I nor the woman who paid with the coin had any knowledge of its value beforehand, and the bake sale transaction occurred under the assumption that this currency was, indeed, worth a dollar, as, economically, that is all it can purchase, regardless of the intrinsic value collectors may or may not place on it.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- (916) 704-3009
- View Profile
- Answered
A:
In situations like this, the legal and ethical considerations can differ. Legally, if you replaced the coin with an equivalent amount of currency, you haven't technically deprived the organization of its due funds. The transaction was completed as intended with the organization receiving the correct amount for the sale.
However, ethically, it's a bit more complex. If the coin was donated during a fundraising event, there's an argument to be made that its full value, once realized, belongs to the organization, especially if the coin was part of the funds raised. This perspective stems from the understanding that all contributions made during the event are intended to benefit the organization.
Before making a decision, you might consider the organization's mission, your relationship with it, and your personal ethics. Consulting with someone in a leadership position within the organization could provide additional perspective. Ultimately, while you may not be legally obligated to hand over the proceeds, doing so could align more closely with the spirit of the fundraising event and the intentions of the donors.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
