WOW, Worst rip-off I’ve seen on coin TV! They sold a $100 set of 8 2009 NGC SMS68 Cents from mint sets for $500 by comparing it to a set of MS67 business strikes that supposedly sold for $11,000 and saying it was the same thing, but one grade higher, so probably worth $50,000. Oh, wait a minute, maybe not the worst. Aren’t they the same ones that sell private mint made copies of early U.S. coinage as U.S. Mint pattern coins for hundreds or thousands of dollars?
I was watching that and I called them and asked why they are comparing the Uber rare ms-67 business strikes with the sms collectors coins.I also asked why they would sell an $11000 set for $499. They insisted that the sms are much rarer and more desirable due to the 95% copper content. They are real hucksters on that show.
Unbelievable! I thought they’d at least claim ignorance. Even though I do prefer the SMS cents and like the low mintage, they simply misrepresented what the market prices are in a big way. If that’s not fraud I don’t know what is. Where are the regulators? How can these guys continue to operate unchallenged? Is this a "free market"? Sounds more like the "free for all" that crashed Wall Street.
Anyone ever see Through the Wormhole on the Science Channel? Great episode the other day about pathological liars, which cleared up a lot of questions about these tv coin dealers (and politicians). I often wonder how they can lie like they do and sleep at night. Now I know, they don't have an option to tell the truth, they lie even when it doesn't matter. Their brains are wired with less grey matter and more white matter - so, when talking, their brains race to gather information to concoct a story that they think gets them what they want, whether it be a sale or legislation passed. Explains a lot. Sound like any coin dealers you know? Sound like a politician that tells you they're out for the "Middleclass", all along passing legislation that kills the "Middleclass".
I had a friend (RIP) who was like that - he would lie about all sorts of things that don't really matter for no reason I'll understand. As for the original post - part of me really doesn't care about people being fleeced when they start spending big bucks without doing even a little research. $500 is a nice chunk of change and I won't spend it on a hobby until I'm quite certain on what I'm buying. I'll want the best I can buy. And "regulators" - no thank you.
LOL, now you can say that. Yep, apparently a large percentage of the population are pathological liars. The program mentioned that they get away with it because a large percentage of humans are also gullible/ignorant. They have developed a lie detector that reads minute variations in your pupil, which may be marketed for your smart phone - but then, I would imagine politicians will kill it. I should also mention that the research found that by age 7 everyone has learned to lie to some degree. A good lie would be one that saves another's feelings. So, to take it a little further, a pathological liar coin dealer (and politician) who is also a psychopath, believes they are telling you a good lie, so you don't feel bad about them screwing you.
"pathological liars" "sounds like coin dealers and politicians" An interesting pairing... since many on here "sell" coins, and "trade" coins. One thing is for sure, and that's when the poor souls who have fallen for those TV "hucksters" try to sell their rarer that rare little purchases to a real coin dealer... that's when the poor coin dealer instantly becomes the big fat liar! How dare him try to steal their treasures. Telling them that they got hooked. That those rare MS69's are not worth much more than spot. Such a thief! Just like a politician those TV hucksters are telling them just what they want to hear.. that he is doing them, just them, a favor by selling them an item that could be worth $11,000 for only $500 ..while they last. And the politician tells them that they will save $2500 on this new insurance scam when it actually will cost them $3000 dollars. People only believe what they 'wish' to hear.
Hmm, that new insurance saved me $2500/year, but then I already had a good plan. Guess some lost and some won.
Not much sympathy for someone who hears "This $11,000 coin can be yours for only $500" or similar nonsense. Doesn't add up.
I wonder if they've sold any gold or silver coins to Minnesota residents since the MN Dealer Law went into effect? If so, I wonder if they were licensed to do so at the time. If so, and if not, I wonder if anyone is pressing charges . . . that'd probably be an effective way of getting them to change their modus operandi.
you see a lot of dealers shows who are scurrying around trying to fill orders from these crooks I'm sorry that was not appropriate. They're merely offering for sale something at a very high price compared to it's actual worth. While insinuating that they're selling it to you cheap. On the one hand they have to know what it's actually worth because they've given their dealer/spotter a very specific commission and that definitely includes a maximum price that they will pay. On the other hand we live in a society that embraces the free and open marketplace and that includes caveat emptor (let the buyer beware). all I can offer is that the louder the pitch and the more expensive the pitch medium the less likely that it's actually a good and fair price. Or the other saying which goes something like this: if you look around the table and you don't know who the mark is? It's you
