Silver Scam - Gaithersburg Coin Exchange

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Andy

 

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Gaithersburg Coin Exchange

I'm a newbie here. I want to sell some junk silver coins, and I thought I'd go to GCE because they're within easy driving distance of home. But after reading these posts, I don't want to do business with them. Can anyone recommend another dealer located between Northern VA and Southeastern PA? I want to deliver my coins in person and pick up a (valid) check from a reputable dealer who will give me a fair price. Recommendations greatly appreciated. Thanks in advance.

 

Scottt...

You can always call Apmex for an up to date quote. Simply mail them off and a few days to a week later..$$$$ in hand.

www.apmex.com the click on Top 40 for current prices


BTW... I will be in Gaithersburg area in a few weeks..

RickieB

 

I.m glad it all worked out for you in the end.

Bruce

 

Also, Welcome to CT. You'll learn a lot here.

Bruce

 

Thanks RickieB for the apmex site--good info there. But as far as selling to them goes, the mailing and packing costs to send coins from MD to OK would be substantial, so I'm still hoping someone will recommend a dealer within driving distance of Gaithersburg, MD but not GCE. Then I could just load my early 60s dimes and quarters in the trunk and deliver and sell them in person.

 

scottt,

There is a Coin Show in Baltimore, MD on May 18th and one in Leesburg, VA on May 17th and 18th! I am sure that you could find an honest Coin Dealer there that is paying decent prices for Silver. If they were one of the bigger Coin Shows, then SilverTowne would probably have a table there and I have found that they usually pay better prices for Silver and Gold than anyone else.

Check out the link below and scroll down to State listings of Coin Shows for the locations and Dates and click on the clickable links for more information.

http://www.coinshows.com/


Good luck...Frank

 

Thanks, Frank. There are a lot of these shows--that website is very helpful.

I still wonder if there's a large brick and mortar coin shop between Northern VA and Southeast PA. This area includes Baltimore, Philly, Wilmington, DE, Richmond, VA and plenty of suburban/rural areas. GCE can't be the only one--although they appear to be the only shop in the Washington metro area capable of high-volume transactions for early 60s silver coins.

 

My recent buying episode with GAITHERSBURG COIN EXCHANGE, INC. has been one of the most unpleasant and distasteful experiences of my over 40 year memory.

It all started when I ordered five gold Canadian Maple Leafs on the phone. I mailed them a personal check knowing it would take 10 to 14 days to clear.

After the check arrived, no one from GAITHERSBURG COIN EXCHANGE, INC. re-confirmed whether they received my check, whether it cleared, or, more importantly, when would my coins be shipped.

The third week after the check went, I was getting anxious and started regularly phoning and asking where my coins were.

At separate times, this company promised me delivery dates that proved to be false 3 times in a row. I consider this lying to their customers. On one phone call, I asked for a routing number. The office manager, "Bob", gave me a Registered U.S. Mail Tracking number. When I called the Post Office, they said that number was not in the U.S. Mail system. Another falsehood.

My five coins finally arrived, nearly 5 weeks after I mailed my check. It was a horrible experience because when GAITHERSBURG COIN EXCHANGE kept lying to me about shipping the coins, I was fearful that maybe they were planning to go out of business and that I would stand to lose my money, or that I would need to consider hiring legal help. I was really sweating it out.

I don't own a computer but a friend showed me GAITHERSBURG COIN EXCHANGE's website after the coins arrived. It was there for all to see -- their very poor rating regarding Customer Service and comments about them blatantly ignoring thier gold coin customers over their gold bullion customers. I wish I had seen this information before I did business with them.

After looking at one of their full-page, color ads in the COINWORLD, I notice it said "Over 40 years in business in Maryland!"

I wonder how they have managed that long, considering that - to me anyway - their word is no good, plus their customer service rudeness, along with a very clear and arrogant display of not caring a bit about trying to address and solve customer problems and questions.

-Gene Bujoll

 

It is known there are really no good coin stores here in Maryland. Just two really. One in Annapolis and one in Laurel. That's about it.

 

Hello Gene.

I'm sorry to hear you had a similar experience as mine. The watchword for buying precious metals and coins online is "buyer beware". You may be dealing with some Asian hacker who can put up a very fancy and realistic looking website. You send your money, you never see your order or your money again. I tired to post my experience with Gaithersburg to help people such as yourself, but you have to do due diligence when ordering coins or precious metals online. As the prices continue to go up with the inflation of the dollar, scams are bound to increase. I'd recommend doing a SMALL order from anyone initially, then if you find them to be safe and reliable, make larger purchases.

Thanks for posting your experience.

Semper Fi.

 

I went there a few weeks ago to check the place out. I had read the posts about it but since I was in the area i thought I would check it out.
This was a weekday around noon and they had about 10 people waiting to sell silver. So despite the reputation they seem to do a pretty brisk business. I did talk to a younger guy who was very nice. I only bought a couple commems and the price was reasonable.
However I can see how folks would get upset. They were not very efficient constantly having to "run to the back" for everything.

If you are in the area I would much rather work with either Bonanza coins in Silver Spring or Golden Eagle in Laurel. The Laurel shop has its act together. People are friendly there and very patient even when the place is crowded. I saw one salesman take as much time with a fella looking to buy a bar of copper as he did with another buying thousands in gold coin.
Just my observations.

 

Sales tax of 7% X 10,485.00 purchase price = $733.95 in taxes (extra cost)
That's quite a bit more than "a few cents more per ounce".

 

Clay, I'm sure Gaithersburg is much more pleasant in person than they are in dealing online. The anonymity of dealing online tends toward rudeness and "Keyboard Ramboism" if you know what I mean. It's hard to be rude to an NFL lineman in person.

 

I hate to sound like a jerk, but trying to do a $10,000 mail order deal (especially with someone you have no prior business with) is poor judgement in my opinion. Your handing over control to USPS and the seller.

Why not take your $10000 along with a knapsack to a local coin show and buy some nice stuff. Just fill up your knap sack with the coins. I saw a guy doing this in Aug 2001 when gold was less than $300 with gold coins. He was walking from table buying anything he liked - gold eagles, nice slabbed saints, etc. He spent roughly over $11000. It was all money he made selling tea shirts for a NBA Championship. Sure he may have paid retail on some of them but so what? Look at what they are all worth now. His timing could not have been more perfect.

 

I am sorry to learn of your unfortunate situation with GCE, but I hardly think that it qualifies as a scam. And, I don't think that you really think that it is a scam either, since you did receive the items that you ordered, regardless of the amount of time that it took for the items to arrive.

I made a bad mistake in March of 2006 by taking all of my gold and silver coins to GCE. The mistake was not because of anything that they did, but rather my error in judgment. I should not have been as hasty about divesting as I was. I would have received much, much more money had I waited until now to do that.

But, my experience with GCE could not have been better. They continued to communicate with me via telephone and their website prior to my driving the 200 miles to sell my coins, and they were equally as nice to me for the duration of my transaction. They gave me the spot price for the gold and silver, no discounts or fees, etc. of any type, wrote me a check which I deposited immediately, and they gave me a complete, detailed printout of what they had purchased from me.

I think that you would serve the numismatic community better if you were to re-submit your comments without using the word 'scam', because you know as well as I do what a scam is, and GCE did not in any way scam you. Trust me, if they did the things you claim that they did, they were not with the intention to scam you. They are very busy and make mistakes, but the '40 years' is not because they are dishonest in any way.

I would not hesitate to do business with GCE again, nor would I hesitate to recommend them to anyone who is willing to walk into their shop for the transaction, rather than depend on USPS, whom I would not recommend for anything.

 

This thread is from 2008.

 

Yes it is, but as I was chided so recently (in another thread where I pointed out the chronology), it still is relevant and "now" in regard to today.....

 

Hey, I wasn't "chiding" you, Green-- certainly, I didn't mean to sound like I was chiding you.

 

Just funin' ya......