Goldline Exclusive Coins...

Yes, thank you for the link. I've been looking for some reputable dealers. There's only one good shop in my area and every time silver drops they get cleaned out.

 

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I love Provident, they also have 1 oz OPM .999 silver rounds for .69 over spot in any quantity right now and 2013 Year of the Snake 10 oz bars for .69 over spot per oz as well :thumb:

 

First off, a for profit business has to make a profit somehow. Those who buy and sell gold can only make money by selling the gold for more than they bought it for. There's only two ways to do this: either buy the gold below spot, or sell it above (or I suppose you could do both, good luck with that). Since nobody well informed will pay much if anything above spot to buy gold, they have to pay somewhat under spot to make any profit.

What Goldline is accused of is having too much of a difference between the two. But having some difference at all isn't a rip-off; it's the only way a precious metals dealer can stay in business.

 

http://www.mint.ca/store/coin/fine-gold-coin-war-of-1812-mintage-2000-2012-prod1300006

The RCM used to sell on their site but they are sold out now

 

Tinpot, I wish I had found CT a year ago... Listening to talk radio, I heard the ads. Called them (Goldline) and signed up for a monthly plan to get a little gold, a little silver, etc.

I am ashamed to say that I was one of the uninformed. As I learned, read and grew in my knowledge, I realized how absolutely unethical they are.

Luckily, I did not get taken for too much, but even that was too much! Chalk it up to school of hard knocks! Beware!!

Bill

 

Oh yea it was Ny Mint. Anyway i understand the idea of a premium but what is true value of this coin. IMO if you are buying coins as investment devices you need to be able to resell the coin and able to get atleast 80% of its purchase price (assuming spot prices are the same).

 

I am only defending selling unique coins at a retail markup. Per-se they don't develop these coins...but the practice of having exclusives from various world mints has been described in detail on blogs etc. You can do what Franklin Mint did...everything from sketch to manufacture done in-house...and they produced some stunning world coins and medallic items. Better quality than anyone. Or you can do what GovMint/New York Mint does...pitch ideas to mints such as Perth. Spec what you want...then lock in a fixed number to purchase and resell. You leave a few for the mint to sell in other markets so the product is "official." My only goal in collecting is to purchase cool coins that look great....so I am glad when I see exclusives presented. But the companies I mentioned do not engage in the confusing intense marketing that Goldline does...which is probably the only reason they might get into trouble. If you enter the equation knowing exactly what your gonna get and the only promise being that its a cool coin for an important topic..then there is nothing to lose...if you buy the piece because you really want it. Most of the people who get burned are those who know nothing at all about coins and have unrealistic expectations about getting rich off resale. I have spoken with people that buy $15 coins thinking they can retire one day.

 

At least the Perth gold coin on the Goldline site can be purchased in singles...I am just scared to order as I don't want my phone blowing up trying to sell me boring bullion coins.

 

Its proof. Goldline has the satin finish.

 

Unfortunate you used them, but everyone makes a mistake or two in life. At least you figured out you were getting taken after awhile :thumb:

I remember reading an article about a guy who spent $58,000 if I remember correctly with the Franklin Mint thinking he was building a nest egg for retirement, he went to sell his entire collection and it was worth about $2,000 dollars.

Nvm looks like my figures were off a little, I found the article, from: http://billhicksisdead.blogspot.com/2012/04/sucker-born-every-minute-franklin-mint.html

Dear Mr. Berko: During the past 25 years, I purchased more than $47,000 in collectible silver coins and beautiful non-silver coins from the Franklin Mint for my retirement because I thought the scarcity and limited-edition minting of these coins would drive up their value over the years and because I believed the silver content in the silver coins would also increase in value. Now I’m 64 and decided to sell these coins to a coin dealer who offered me $2,500 for the whole lot. He told me most of the coins were worthless, and the only coins that had any value were those with silver in them. I was devastated because when I was buying all those coins, the people at the Franklin Mint told me these coins were minted in limited production and would be more valuable to collectors in the future. I called two coin dealers in Detroit (these coins are too bulky to carry around) and both said they had no interest in Franklin Mint coins and said they don’t know any dealers who would buy them from me. My son told me to write you because he said you might know of buyers for them, and at this point I’d be very happy to get at least half of what I paid for them if possible. Please help me if you can. And if you cannot help me, do you think I can sue the Franklin Mint and recover my cost? And could you recommend a lawyer for me to sue them?

DA

Troy, Mich.

 

The guy that started this thread clearly works for Goldline and is on here to try to generate some sales.

 

And even more unfortunate is the fact that many won't realize they've been scammed until years later, if ever, and will continue to defend scum like these sellers, enticing other gullible people to get scammed.
Guy

 

Um no I do not work for Goldline and have never purchased from them. I was only interested in the 3 exclusive coins they are offering. Or at least exclusive versions of coins already on the market. I know nothing about dealings with Goldline. I like how coin collectors seem to turn communist anytime a retail establishment sells coins. lol j/k If Goldline sold coins for the fun of collecting and made no promises about investment then they would be fine to charge whatever people paid. As long as the push is honest about metal content and mintage levels. I personally collect coins and medals developed by marketers as part of their product mix...if I like the design.

For what its worth I did order the kit from Goldline and its really not about cool coins...but about investing in bullion. Boring. And they have blown my phone up daily.

 

I find it hard to pity someone who drops big bucks without obtaining a basic understanding of what they are buying. It happens with Goldline...it also happens with real estate deals, condos, house flipping...a million times a day all over the country.

 

This is the most logical reply I have received. Yes I agree 100%. As I stated before...my interest was only in the cool explusive coins. If they were affordable and sold in singles I would risk the painful hard sell just to get one.

 

is a false quote. I know Franklin Mint better than anyone here as a hobbyist. FM has really not offered any coins in any significant numbers over the past 20 years to rack up a investment as big as that guy states he spent. And FM never really telemarketed. They sold stuff that was themed. Not investment style coins. Plus, I am also familiar with the issue prices of any medallic or coins FM sold over the decades. The prices were similar for certain products. Even at full issue price...the collections would be worth double or triple just based on current silver spot alone. Again the guy allegedly went to a dealer. Bad move. Lets take a medal from the 1970's Genius of Rembrandt. Stunning 2 ounce medals..set of 100 in American wood chest. $15 each issue price.

I saw the article by that Berko guy on collectible investments etc. He even showed non FM programs as FM programs and his prices were not even for the same product. It was probably put out by the competition to harm FM's attempts at rebuilding.

Also, some people try to sell their "mint" old Franklin Mint items...but they are musty and dirty...not new. Some just don't understand that.

Pre-2003 Franklin Mint designed and manufactured outstanding products. You got what you paid for. They emplpoyed some of the best talent in the industry. But they never advertised them as investments. That theme goes to the roots of their founding in 1964. (selling items as investments always creates a collapse as the product is oversold and underdelivers) FM minting quality is by far superior to most mints out there. The coins and medals...as well as collectibles made using coining processes were outstanding. Some are good investments too...but only because of supply and demand and not because they are called collectibles. FM has been around a long time...lots of fans for their exonumia, model cars etc. These are core collectors that know what they are collecting. Some model cars were tested and sold poorly. These become valuable rarities to core collectors. Or variations in production. These are all things the common buyer has no clue about. To get the most out of re-selling you need to sell to the collector on a global basis. I had a 2003 Franklin Mint Christmas Truck model which cost me $120. I sold it to a guy in China for $450. You have to understand the product and make the sale happen. You can't unload it all on the local coin dealer who does not have the client base that buys that type of product.

I purchase the newer coins developed by Franklin Mint Japan. I love them even though they are marked up a lot. They offered a 1/2 ounce Gold Liberian Charles Chaplin Coin. It sold for $1200. About 3 times the value of gold at the time. I ended up with 2. I wanted to try and get my cost out of one so put it on Ebay...globally. Was patient but it sold at issue price to a German collectors. It can be done. You have to be informed and you have to educate your prospective buyer. Again you can't just bring a boxload of stuff in a store and say "how much is this worth."

As far as quality...hold any FM medal or world coin up next to the best from the big mints...you will be impressed.

As far as the decline of Franklin Mint...it was poor management that abandoned the core collector and chased after mass market with $30 plates and pocket knives. The $30 items were well made but expensive to develop. FM would take a loss on #1 and bring in 100,000 people from a newspaper ad...and hope to profit off additional products those people purchased. It didn't happen.

FM lost their minting and all else. They are a different company now with new small owners. However they are trying hard. The Founding Fathers medals are very well developed and made in USA. As good as the old stuff. And no mention of investment or anything. Its about the history lesson. The medals are cheaper priced than some made in china trinket one would buy at Target or WalMart.

Here are some pics of FM items...all made by them. This is a drop in the bucket though. The colors on the calendar medal were a laser process that FM tried and dropped as it was too costly and damaged lots of product.

That

 

Here is a new Berko article. Again completely made up facts:

http://heraldnews.suntimes.com/business/berko/18510171-420/stay-away-from-private-mints.html

Some quick notes. Westminster Mint sells bullion at fair bullion markup that is struck by their parent company Highland Mint in FL. New York Mint is a marketer that is one of the larges distributors for Perth Mint and others...they sell lots of exclusives. They do not own a vintage coining press as the guy states in the article. All completely false. And the blanket statement about investment is not accurate. With the right product and buyer you can find an investment from any of the places mentioned. Try to find a sealed truck Pierce Arrow model car made by Danbury Mint in the late 80's. Sold for $120 they are now worth $1500 or more.