Coin collector rant

Perhaps a coin publication could run a column area " Bad Things that Happens in Numistmatics". But then there would be a chance that 60% of their advertisers would be mentioned. But wait, aren't there pledges against that?? No, I don't really expect such. As said, there will always be the poor among us...now it is more like "poor and ignorant , and unfortunately hopeful". A very bad combination.

 

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I wouldn't count on a coin publication doing squat. I figure the ONLY chances would be through a professional organization and a consumer protection agency.

And again, I admit I am likely....

 

just came across a HSN youtube vid yesterday and vomited when I saw the prices for CC morgans. My favorite was when he was like "we had an 1879 but that sold, went for $86,000". The old "keep things in perspective" trick.

 

As mentioned there really is no fraud occurring. Do they hype things yes, do they not necessarily give the whole picture yes, but they don't flat out lie or product swap. More importantly though I really don't want the FTC being named as the price setter for consumer goods.

Minnesota has no power to enforce their laws on the rest of the country. Their isn't an AG in the country that would extradite one of their citizens to MN for that absurd law.

 

I'm not proposing that the FTC be a price setter, not by any means. But sales tactics -- such as the agency's landmark work to halfway reel in the funeral industry -- clearly fall under its jurisdiction.

 

There's more shady things going on elsewhere then that show. I've never seen them say or do anything that would reach the level of agencies stepping in or even anything close to that. Now if you ran stings on some shops day to day I bet there you could actually find clear violations

 

I'm sure there are more shady things going on. No doubt about that. But this is a shady thing that sooner or later casts a bad shadow on our hobby.

It'll take about an hour or two to compose a letter to the FTC. No muss, no fuss. The worst thing they can do is tell me to go jump in the river. Same with the ANA.

I never mind toweling myself off.

 

True but get their attention and get them involved and you do run the risk of that happening.

 

So your saying .999 isn't pure enough for you? I'm confused

 

In my estimation, these guys sell their coins 50 percent higher than retail (prices in coun mags, etc.)

 

The thing makes me the maddest about Mike M. is his presentation called, "last of the silver Kennedy's in which they usually sell a roll of what are said to be uncirculated 40% Kennedy halves for $99.99. (I saw one version of the presentation where you only got 10 coins for $99.99) NOT ONCE does he mention they are only 40% silver. He just goes on and on referring to this as a great way to acquire physical silver and always refers to the coins as "silver coins" or "the last silver Kennedy's." Now...are the coins silver? Well, they certainly CONTAIN silver, but I would think a coin would have to be at the very least a majority (51%) silver to be referred to as a "silver coin." In fact it would seem more appropriate to refer to these as "copper coins" since its 60% copper. But if all that is required is that the coin contain SOME amount of silver then why not get a bunch of silver plated pieces and sell them as "silver coins?"

 

What irritates me is the way people abuse the general public's ignorance of the difference between the troy and avoirdupois ounces and the pound, then bank on common unspoken suggestion that $1 face value of 90% silver is somehow an ounce of silver. The general rules of coin collecting should include NEVER BUY COINS ADVERTISED ON TV. Thank goodness we are all safe from such thievery, here on the Internet.

 

I hate to be the one to break the news, but the tv guys aren't going anywhere. Truth be told, I once worked with a tv guy at Blanchard. I hate the tactics used with these pitchmen, but they are cash generating machines for the hobby, and their client lists are extremely valuable. If you think what the sell or tv is overpriced, you should see what gets sold to them afterwards. It's not a real stretch to say that many of the high rarities are in the hands of novice collectors sold as investments. Some may eventually win on these transactions, but many pay to store the coins in a vault for years and end up selling them for less than they paid for them to begin with.

 

Out of curiosity, what do you call our five cent pieces?

 

Condor, your point is well taken. I am aware a nickel is only 25% nickel. My point here, however, was that this man is selling the fact that these coins are "silver coins". His whole pitch is "you should buy these coins because they are "silver." Thus he should clarify that the metal he is selling you makes up less than half the weight of the coin. As far as I know, no one is advertising nickels as "nickel coins" and touting them as a fine way to acquire and invest in physical nickel. One is an issue of semantics that is of little consequence while the other is an intentional misrepresentation with the purpose being to deceive. IMHO anyway.