The DISGUSTING side of the Coin buying Business

[2centsal]

PLEASE READ.

http://www.coinworld.com/articles/viewa ... w-stampede

[Daniel]

Hum, interesting and controversial article, thanks for posting. I would offer my opinion, but I would write a book and still not be satisfied with how it sounded. So many things going through my head on this one... :dunno

[dipper13]

Not surprising. Silvertowne is the place that brought and still brings that TV huckster Robert Chambers, one of the best examples of what coin collecting is not about. It is a veritable whos who of the worst that collecting offers,opportunists who pray on most folks ignorance of this hobby and their slick marketing.
"Now let us corner the market and set the price."

[2centsal]

Why would someone wait in line all that time to just sell their 1 in 1000 Coin for a lousy $100 when they can send it in to be graded like the three Companies listed and increase the Value more than a lousy $100 per Coin. Now these Companies are going to have them grade and sell them for over $2600 instead of maybe a couple hundred over purchase price. Someone said they should lower the Max. to one per person . I think that would be a good idea because would you give up your only one coin for a profit of $100 ? I think not.

[Daniel]

A lot of people tend to in the fast buck category and have no desire to send coins to PCGS or NGC so when they think of how easy it is to get an extra $100-$500 cash at a show then it's a no brainer to them. How many people can make $100 in a just a few minutes to a couple hours? I see why they did it, but I wouldn't.

[dipper13]

Some of this stuff is nauseating. On one of the shopping channels another huckster, Mike something or other sold black beauty nickels for over $200 and the people bought them. They are worth a premium but not that much. I could not do to people what he did, but when you have the venue, I guess you can try what you like.

[Paul]

I've watched that 'MIKE' guy, just to see the pitch. Those 'buyers' would not know a proof from a xf circulated polished up.....whatever. They must record the 'show', as the same 'patter' is used in their ECRAP listing ad. They show up on-line 10-15 days later, for $75-$100 more. I LOL when I see these go 'round & 'round for 3 months, finally selling for the original price they paid, or a little less.

[Daniel]

I started this website and forum to inform and combat this kind of "taking-advantage-of-people's-lack-of-numismatic-knowledge" coin selling. I first targeted online auctions in my guides, but then there's these fast-talking TV sellers.

I just can't reach people like I need to so they don't fall for this. You can buy anything they're selling much cheaper at ebay and dealerships, and coin shows. I just wish I could do more and the message out to more people.