Let's make people aware.

There are two "traveling roadshows" that travel the country. These places are nothing but a scam.
They place full page, color ads in newspapers "paying top dollar for antiques, coins," etc.

They usually set up at motels and other event centers.





They operate under:

Ohio Valley Gold & Silver Refinery
​

Treasure Hunter Roadshow
Buy it Now.
Free Roadshow.

These people are nothing but low-balling scammers.

Their advertising scheme involves prices like "up to 65,000 dollars for silver dollars". This draws the crowd in.

They rip off the elderly who live on fixed income, and people who do not have price guides.

This outfit set up in my town last year.

They were paying about $8 each for silver dollars. This was when silver was at an all time high. The melt value alone on a silver dollar was well over $30.

Yesterday I visited an elderly lady who I purchased a butter container full of wheat cents from. She was told by this outfit that her wheat cents were only worth face value.

We need to make all friends, family members, etc aware. Do not take any gold/silver jewelry, coins, antiques etc to any place that flys by night, or sets up temporarily.

Now you may be thinking "well if people are uneducated then that's their fault". While that MAY hold truth, intentionally ripping off the elderly who sometimes do not have the means to educate themselves is a whole different ball game.

Here are some other things they did that got them in hot water.

1. They told most of the media "we buy things for our collectors". They word things to sound like it's actual collectors buying your stuff FOR THEIR collection. Not shysters buying stuff to resell at absurd profits.

2. They had signage saying they were BBB accredited. A BBB agent saw that sign and come to find out they were not... whoops!

3. They wrote bad checks....tons of them actually.


http://www2.wrbl.com/news/2011/mar/02/bbb-answering-calls-about-traveling-treasure-hunte-ar-1529863/

 

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I agree with you, but with eyes open I actually had a good experience. They were honest about not knowing anything about an antique I wanted to sell, and gave me more than my LCS for a handful of 40% JFKs I wanted to dump...in cash.

 

And especially do not confuse them for the most amazing show ever.. The Antiques Roadshow! We love you Mark Wahlberg!

 

When I give out my card to purchase any silver or any type of collectable I always tell them If you go to the people in the hotels I can always give you more than they will give you. Then I let them make up there minds. Hopefully they will pick me and my friend.

 

Been aware of this since the sixties. Nothing new here.

 

You can lead a horse to water but you can't make him drink!

Educate all you want but with most folks, it goes in one ear and then out the other.

I have a cousin who knows full well that I collect coins.
She needed some money.
So she went to a Jeweler/Coin Dealer in her home town to sell a Half Eagle that had been given to her by her Father and which she had worn as a pendent.
The "dealer" told her that since it had been used as jewelry, that it had no collectible value.
He offered her $200 and she accepted.
Had she called me FIRST, she could have at least gotten "melt" value for the coin. ($400)

A month later when I learned of what she had done, she cried.

The bottom line is that these traveling gold/silver buyers know full well that there are folks out there who are ignorant of gold/silver melt values and they simply use that to their advantage. It's not illegal to tender a low ball offer and a savy seller will do some research.

Is there an answer to the problem?

No.

 

And there is coin dealers that do basically the same thing as well as people buying off craigslist, etc. Unfortunately it's easier for these people to make a profit doing nothing by taking advantage of someone else and as long as there are people willing to sell these types of outfits will continue to buy. Look at how many places now have signs saying 'we buy gold' etc, it has become big easy business to make a profit off doing this type of thing especially in a down economy. I'm sure the people selling the stuff are doing it willingly because they need the money all moral aspects aside. But it's business and businesses are out to make money it's really no different then chain grocery stores raising there prices significantly the week people get food stamps which also effects many elderly people,etc. Why do they do this because they know that these people usually are out of food and will be spending all there money on that day and they don't care that these people will be getting less food for their money they only care about the increased profit margins they take in. Doesn't make it right but it is what it is and the world is a dog eat dog place. Also the BBB is a joke they have no actual authority they are an organization that will overlook any complaints as long as a business pays there membership dues oops I mean makes there donations. Look up your local BBB's 990 and see how much of there donations are spent on just salaries for the employees versus other expenses.

 

Detecto

Thank you for the subject thread. I don't think you can warn or educate people too much.

 

What do you mean here Detecto?

The linked web page states:

"Meanwhile Leonard Crain of the Better Business Bureau says his office is experiencing a lot of calls from people inquiring about the legitimacy of the company. Crain recommends people get a second opinion before selling collectibles to anyone..............................The Columbus BBB has not received any formal complaints. Crain says the company has a B+ rating."

Additionally, if you actually Name Specific Companies, you should prepare to defend your claims in civil court because they will sue you for liable and you'll more than likely lose. Regardless of what your personal feelings might be on their practices.

 

Actually, a company may have a rating (as this one does), but not be accredited (nor allowed to display signage as such). I didn't realize this either until I read a little deeper into an older article:

http://www.wwaytv3.com/bbb_warns_treasure_hunter_roadshow_could_be_pirates_your_possessions/09/2010

 

If you read... numerous online articles. They got in trouble with the BBB for using their logo, and saying they were accredited. Turns out they were not.

[h=4]BBB Accreditation[/h]THR & Associates is not BBB Accredited.

 

It's too bad that those that need the education don't come here to CT, making this thread a waste of time.

 

Yes, but CT members who may or may not be aware of the above situation can alert their friends and family who may have gold/silver jewelry and coins they wish to sell.

 

Nothing new here. We even have local jewelers constantly advertising on TV that they pay the highest price for gold. those TV ads aren't free, so I'm sure they make a good profit with their "highest prices".

 

NFN, but this has been the subject a many threads here at CT.

Bottom line is, and I've made the same statement on the other threads here, no one's arm is being twisted forcing them to take their valuables to these people, nor to accept their offer.

Same holds true with pawn shops.

 

I posted a thread about this a couple years ago. The convicted con man who is now the Gen. Manager (D.W.) walked off with my raw 1944D steel cent. A relative of mine is an undercover sherriffs detective, and quickly obtained a warrant. After ransacking the entire operation and not finding it, I looked at mugshots, I.D.ing the associate who I then learned was a convicted con man. I used pics I posted on this site of my coin to help in the ensuing investigation. Due to the potential value eyes were kept on him through his travels for business. Just under a year passed and when I got the mail one day there was a blank, white envelope containing one thing: my coin. When the show returned the a few months later the same individual had been promoted to General Manager. To this day I'm not sure how the coin got back to me... But I sent the sherriffs some donuts anyway STAY FAR AWAY FROM TREASURE HUNTERS ROADSHOW.

 

A business must pay a fee to be accredited. Many are not going to pay that fee or deal with the garbage required. You can pay the fee in one city and be accredited but a city 100 miles away will not show you accredited if you have not paid the fees for that office or city. I could go on but it's not worth the time. I don't think the BBB has the power to make anyone take down a sign.

 

They probably can if they are using their Logo without permission.

 

That's par for the course, wouldn't you say?

 

I understand now. Being "Accredited" means that a company has a "good" rating. Not being "accredited" means that the BBB knows who you are but your business practices are not what the BBB would recommend!