http://www.macombdaily.com/stories/021908/loc_coins.shtml Rep. Bieda wants coin sellers to come clean Buyers duped into believing value of commemorative coins will increase. By Eric Freedman Capital News Service LANSING - Not all that glitters is gold, and not every shiny new coin is a wise investment - not even, say, a $5 Elvis Presley commemorative coin issued by the Marshall Islands. But many unsophisticated coin investors and collectors don't understand that, according to a Macomb County lawmaker... /////////////////////////////////////////////////////////////////
A lot of 3rd party (Franklin Mint, Pobjoy, KN, Etc.) NCLT (NON CIRCULATING LEGAL TENDER) COINS FIT this category as well as Liberty Dollars, Twin Tower Commemoratives AND THOSE 1933 Gold clad (plated) coins! Clinker
its a free market and consumers need to educate themselves. it might be wrong to prey upon the ignorance of people but as they say in court, ignorance is no excuse. i'm a huge advocate of consumers but that also means i advocate consumers educating themselves and if they buy something without looking into it how is it anyone's fault they get taken? now i have some beach front property in arizona....who wants to buy some?
Now, if only they would become as concerned with the oil companies ripping us all off, maybe we'd get somewhere. Guy~
Bieda's new proposal would require mints, issuers or foreign governments that advertise in Michigan to "clearly and conspicuously disclose" that such coins "cannot be exchanged or redeemed at face value for U.S. currency in the United States." That requirement wouldn't apply to advertising by coin dealers in the state. Now come on!!! why only go half way? that is basicaly telling dealers (those who do) they can keep ripping people off. Include them in this list as well.
Hey, the coin ripoff artists don't donate to the politicians' campaign funds. Therefore, they are fair game. On the other hand, the oil companies..........
People waste enormous amounts of money every day on all sorts of worthless trinkets, and I normally just take the attitude that buyers should be more careful. But some of the "coin" advertising is pretty close to line as far as deception goes, and I wouldn't be against requiring them to disclose a little more information. For example, many ads obviously imply that the coins contain a lot more silver than is actually present.
