I know some of you have seen the commercials, magazine ads and Home Shopping Shows selling various coins, sets and collections. You know the ones, touting coins that supposedly were “Just released”, or “From the vault” or “Finally released”.
Then use sales pitches from every angle about were gold and silver spot is and were it could be going, mintage figures to make the coins seem more rare, the age of the coins like it matters most, on their value, and try to convince buyers to hurry now before the deal ends.
These companies or private mints even go as far as to limit the amount ordered to each house hold and talk about “future regret” to sensationalize and try to prompt immediate purchases.
It’s all hype so don’t buy into it. There’s nothing wrong with making a profit as a company but when you influence people’s minds into thinking something is worth more than it is, it’s wrong. It’s no different from the proverbial Snake Oil Salesmen tactics.
There’s several private mints that mint coin with original designs, or they’re commissioned by companies to mint coins for them. It’s these coins that are hyped as “finally released” or “just released” and coins that are .09 mm, 24KT gold coins. Pay close attention to the 9 mm because that means the coin is only clad in a thin layer of gold.
I repeat, these coins are clad in a thin layer of gold and are NOT completely gold!
In example, the 24kt gold tribute Buffalo being sold is another gold clad coin and it only consist of 14 milligrams of gold! At current gold melt (2013 January) the gold value for this coin is less than a $1. So think before you buy and always read the fine print and listen to every single word the announcer speaks, and how they word it.
A centimeter is a very THIN layer of gold, and underneath this super thin layer, is a coin struck in a much cheaper metal.
Does the United States Mint produce or sell gold or silver-plated coins? No. “The United States Mint has never produced or sold, gold or silver-plated coins.” Exact quote from the United States Mint website.
The sad aspect of all this is that these companies have sold gold-plated coins for years and making a huge profit from unsuspecting buyers. The ads and sells are ongoing proving that people are not listening or haven’t heard the truth.
These gold-plated coins might never reach the value people are buying them for and are worth less than the purchase price before they reach consumer’s hands. So beware and only buy authentic coins actually mint by the US Mints only.
Here’s another interesting read The Consumer Warning Net Work Beware Gold Coin Rip-off
Ebay Gold Coin Auctions
Two Dollars-Fifty Cents
Gold Bullion Coins