if you bought a jefferson smooth edge read this

ok so remember the 2007 thomas jefferson smooth edge error coin that was found by someone "i wont mention his name here but this man said and had gotten 300 of these smooth edge coins and the only other one found was by ken potter who sold his..well here is were i'm confused as to wether or I should be really p o'd
ok so i get a hold of the company that this person sold all his 300 smooth edge jeffersons to and i buy a ms-65 the price 3 grand ..but the huge sales pitch was the fact that only 300 exsisted..well first another 200 showed up at pcgs pop same company and company told me they were all bought from same person ..well take a look at the pcgs population now its 800...was this really necassary to lie and say their was 300 when they both new all along their was at least 800 and who knows maybe more .. he told me their were 300 totall and thats it .... when he knew all along their was a heck of alot more so far 500 more and who knows how many more are comming..greed at its worst

 

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Ohhhhhh, theres more. Ken purchased his from a gentleman who had purchased a bag of them from the mint and found the one. Photo'ed it and sold it on ebay. I talked to him about that a few weeks ago. I don't think there are as many as the Adams, however... I could be wrong. I do know how many Adams I went through here in SE Michigan when they were found and I do know how many of those I found. Now if my numbers hold true for the entire area. I have a pretty good idea how many of those are out there. Same holds for the double edge Adams. Very un-scientific approach however.


Good Luck on the Jeffersons. I am guessing that the numbers will rise somewhat. One person found "all" of them? I think not. Its a shame that they are not telling the truth about a well known fact. says alot about "said" company.

 

IMHO NOT JUST THE COMPANY is the culprit here the original owner of the 300 a well known person in the coin business had told many ,many people that he found 300 total and that he sold all 300 to the company when all along he knew that their were so far anyway at least 800 ..might be legal to do ,but imho he is really not such a nice guy to do that.
greed is one thing but c'mon....shame on you and you know who you are ..... why go out of your way to mislead people into thinking their was 300 when 800 was still a low number or is their even more then that comming ...wow and people paid over 4500 dollars for one ms-65 because of this hype

 

First off, I am sorry to hear of your bad experience, and you have good reason to be angry....

That said and apologizing in advance for my bluntness.... Anyone who believes what a seller says should look in the mirror before blaming others. That doesn't dismiss the possible lying/misrepresentation of the seller/sumbitter -- far from it -- but you as a buyer should have considered the possibility that more of these coins were out there.

FWIW, that's part of the risk associated with buying low-pop modern "rarities"; you never know when another group will arrive on the scene.

Look on the bright side, at least you didn't buy 10 of them....and you just learned a very valuable lesson too.

Respectfully submitted...Mike

 

Shall we think about this for a second?

Someone claims to have ALL of them. How many Jeffersons were minted for starters?
The only way he could guarantee that he had ALL of them would be to have the mint ship him each and every coin so he could go through all of them. That would take a while now wouldn't it.
Who knows how many were minted. Who knows how many are STILL circulatiing.

I remember when the 1995 DDO Lincoln was discovered. People were paying $100 each for them. I stumbled on an ebay seller that had a roll. Bought two that grade MS66-67 no problem for $21 each. Key point is I waited.

As a rule I don't jump on a new error as soon as it's announced. Not that I'm that big on the error coins but if 1 is found chances are a lot more will be found. Unless you're getting into extremes like the Sacagawea-Washington mule prices will most likely drop dramatically.

Sorry if this rubs you the wrong way but it sounds to me like you burned yourself. A smart seller dumps coins like that fast for an IMMEDIATE, high dollar profit.

clembo

 

i understand what your saying but if i know you and we have done business before and we talk on the phone and i'm not saying that we are friends but when the original finder tells me that he only found 300 and that he has sold all 300 and he has no financial interest in the coins anymore because he sold the entire lot and he was lying the entire time and he knew all along that their was well more then 300
thats not a very nice thing to do to a repeat customer and a good repeat custmer .. he should have said nothing ..not went out of his way to pitch the 300 only and you better buy now or you will be sorry if they sell out.. knowing he sold at least 800 ..he didnt find more later he sold the entire lot all in one shot....
you might say it just business ,i say its greed at its worst and that man lost a very good customer that spent alot of money ..i'm not just a guy who spent a few dollars with this man and he got on the phone with me and assured me that this was a great deal to get in on and that i should buy imediatley or take a chance of missing out on getting one ..when he knew darn well their was plenty of them .... why lie

 

my point is the one who went out of his way to tell me that their was ONLY 300 was not the SELLER , so why even lie. he had already sold to a company and gotten his money . i can see the company lying .

 

Maybe part of his deal when he sold the coins was that he got a percentage of what the seller sold them for. The higher the price the more he makes. It's been done before.

 

When it comes to collectables and money the only one you can trust is yourself.

 

I don't know the person you got them from. But I work at the company that bought them all. We sell those things as fast as we get them back from PCGS. I've never heard there were any more than 800. Even if there were a thousand this makes the Jefferson the rarest of the bunch. The boardwalk of the dollar error coins. It's not the kind of coin that you re-sell within a day or two. If you buy a coin and really want to make the money on it you should hold it for at least 10 years.

The reason he may have said he only had 300 is because we immediatly bought 500. That left him with three hundred that he didn't have a firm comitment from us that we would buy. We wanted to see how they would sell before we bought the rest of the bunch. So in that way of thinking he only had 300 that weren't spoken for. Once they got to us if you're not one of our preffered customers you would have had no chance of buying a Jefferson. So they would have been all gone had you waited. Unless you are a preffered customer with us.

My two cents. Pun intended.

 

Because it was in his own best (financial) interest to do so. Perhaps the coins were on consignment, perhaps he hoped to sell more to them in the future.

The bottom line is this: Never trust a seller's words (or one who might have something to gain from the sale). Never.

Trust a seller's contract, and figure out the rest yourself. Seek opinions of those who have no financial stake in the transaction, because the unfortunate reality of the coin game is that greed is more powerful than honesty.

Respectfully...Mike

 

"The reason he may have said he only had 300 is because we immediatly bought 500. That left him with three hundred that he didn't have a firm comitment from us that we would buy. We wanted to see how they would sell before we bought the rest of the bunch. So in that way of thinking he only had 300 that weren't spoken for."

Talk about splitting hairs.....& yeah you got ripped. Thats what greed does for you.

 

And you know this how, precisely?

 

p.s. your post here smacks of high-pressure sales techniquest that I, for one, would run the other way from. Unsubstantiated statements provided with the intent of playing up the alleged rarity of these coins, when in fact you have ABSOLUTELY NO IDEA HOW RARE THESE COINS ARE OR ARE NOT or what their value will be in the future.

 

And it also provides just the reason for the source of these coins to allegedly lie/misrepresent.

 

Leadfoot, I was only trying to quote Rareuniquecoins. My only thought was is "That is what greed does...."

DUI4U was greedy & overpaid & thought he was gonna cleanup down the line. Now he has to wait & see how many are actually out there & sit on what he bought if he was looking for a profit.

Then again, if he is truely a MV collector then he should enjoy the coin & not worry about it.

Cheers

 

That's sounds a lot like a favorite tactic used by some real estate agents, especially in a buyer's market: Create a sense of urgency by inventing competition for an item.

"There is another couple that has looked at this house and they really liked it. I believe they are going to make an offer tomorrow. So if you like the house you should hurry up and make an offer today. And don't make it too low because that other couple may top your offer."

And there never was another couple interested in the house.

(Is a preffered customer anything like a preferred customer?)

 

I was typing about the same thing Leadfoot originally said if you all look back.

Since then Leadfoot has pointed out everything else I would have.

As with Leadfoot no offense intended but read ALL of his posts.

He's just telling it like it is.

clembo

 

You do make a good point...and alluded to in my first post to this thread. FWIW, I wasn't disagreeing with you, but simply pointing out the words of the seller providing all the reason in the world for the submitter to lie/misrepresent how many coins were out there.

That said, I suspect DUI4U simply fell for a well-devised, and to me objectionable, sales tactic which played to his "greed" (which others might call investment expectation, a far less pejorative term).

Does some of the blame fall on DUI4U? Absolutely. However, some of the blame should also fall on the seller/submitter who are using what seem to me to be questionable sales techniques to make the sale. At least DUI4U can claim ignorance, but the seller knew, in my opinion, exactly what they were doing.

I'm just calling them like I see them, and I mean no disrespect to any involved...Mike

 

Leadfoot,

Absoluty right.... I reread ur first post.

What is DUI4U's reply to your insightful answer/reply?

Cheers to Mike!!


Peace