THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Wednesday, July 13, 1994 TAG: 9407130395
SECTION: LOCAL PAGE: B3 EDITION: FINAL
SOURCE: BY JUNE ARNEY, STAFF WRITER
DATELINE: NORFOLK LENGTH: Medium: 65 lines
Crystal chandeliers hung over the auction block Tuesday as coin dealers, collectors and others gathered to outbid one another for the treasures of an alleged marijuana dealer.
The sheriff's auction held in a conference room at the downtown Howard Johnson's brought about 40 people to haggle over the coin collection amassed by Ray R. Giampoala, 41. Uniformed deputies handled the transactions.
The coins, estimated to be worth about $40,000, brought in $17,200. Most of the proceeds will be used by the Police Department and Commonwealth's Attorney's Office.
``What you see is what you get,'' auctioneer Stephen Zedd said just before numbers started rolling off his tongue and the bidding frenzy began.
Potential buyers clustered at the front table to look at Olympic coins, World War II anniversary coins, U.S. Mint proof sets and coins from the early 1800s.
The goods were seized Feb. 10 when Norfolk police arrested Giampoala in the 9600 block of 9th View and charged him with possession of marijuana with intent to distribute.
Officers recovered more than 60 pounds of marijuana, two cars and $7,480 in cash, said Capt. Robert E. Wash, commanding officer of the vice and narcotics squad.
Giampoala is scheduled for trial Tuesday.
``He was doing a pretty good business,'' Wash said. ``It was supporting his lifestyle. He wasn't working. It was obvious at that point that he had gotten the coin collection from proceeds from the drug trade.''
Giampoala allegedly spent more than $20,000 on coins purchased by mail and from local dealers during 1993, Wash said.
On Tuesday, coin dealers and collectors got their first peek at the coins.
Melvin Bridges, 44, of Chesapeake, who has collected coins since he was 6, found some good deals but wasn't overwhelmed by Giampoala's collection.
``If I was going to judge him, I think he really didn't have good taste,'' Bridges said. ``He bought on whims, it seems. I think he just spread himself too thin.''
Shane Daniels, 59, a retired naval officer and a part-time coin dealer, spent $1,025 on Indian Head pennies.
``A lot of them were in especially good condition,'' he said. ``It was missing the two best coins. If they'd been there, it would have been worth about $5,000.''
Daniels was ready. He held a loop used to magnify the coins in one hand, and had copies of Numismatic News and The Coin Dealer Newsletter on a seat nearby.
Leonard Tatem, 53, of Norfolk had a different reason for bidding. ``I'm strictly buying to put them in a vault for my granddaughters,'' he said. ``I'm not a dealer or a collector.''
Tatem said he found some good deals, adding that not everyone was driving good bargains.
``Some of them are actually paying more for the coins than they would in the store,'' he said. ``People get wrapped up in it.'' ILLUSTRATION: Photo
CHRISTOPHER REDDICK/Staff
The auction attracted about 40 people to haggle over the
collection.
by CNB