I have heard from time to time the TV coin selling people refer to the leading coin magazine in the hobby. They keep quoting the "latest price" on a coin from this leading magazine. They never name the magazine. What is the name of the magazine are they talking about here? What is the magazine that I should put my money into with a subscription. By the way, the TV coin prices are really inflated, even considering some of the eBay prices. I learned the hard way to only purchase coins from reputable individuals and not from the television. Thanks for everyone's help on this forum. Jim
Like all things, the stuff that Mr Barnum says on TV have to be taken with a grain of salt. By my best guess, the leading numismatic catalog for prices is the Greysheet published by CDN. I have no idea what magazine he is speaking of. Cris
Although not a magazine (more of a weekly newspaper for coin collectors and dealers), it is possible they are referring to Coin World (http://www.coinworld.com).
The catalog Mr. Chambers refers to most often although not by name is the American Historical Society. This is the leading "numismatic catalog". You have to listen to his words correctly. While he doesn't for the most part blatantly lie, he often is very misleading. I love his program. It is the best free entertainment I have found.
I referred to him earlier as Mr Barnum, and I have to tell you that I watch that aboration religiously! It may be sad, but I can't help myself. Especially the last couple of weeks with new mint products hitting my door and then showing up on the tube. I look like a rabid football fan yelling at the TV! All foolishness aside, there is information on the program. Some of it is good, some of it is bad, and some is just hilarious. My favorite one yet was "I've got a stack of magazines so high a show dog couldn't jump over them, and I can't find a better price." He is a showman... thanks for the info, ND. Cris
Well I see this gentleman quite frequently at the larger shows. They are incredible buyers. I can't blame them for taking a market that the rest of us dealers aren't. It is only are fault that such shows exist.
Just thinking out loud, but I'll bet if a few large PNG members pooled their resources (or even one or two very large dealers) you could cut a deal with QVC to sell coins at fair prices (between wholesale and retail) to the TV markets. Sounds like a win-win: fair profits for the dealers, and fair prices for customers.
Many already do. The only real problem with selling to TV shopping channels is usually their money is a little slow.
Leading Coin Magazine I was wondering if anyone has noticed Mr. Barnum selling the silver 5- coin state quarter sets for $57.95 each, when they are still available for sale from the US Mint at $27.95. Surely no one is buying these from him. It seems like they attempt more and more to scam the older folks in telling them if they have a grandson or granddaughter, the coins they have for sale will become family heirloom in a short time. Jim
Most people have no idea the mint sells anything. It is sad but true. So many people blame the TV guys, but if you think about it, this is our fault. We as a whole do not share our hobby and knowledge with the masses.
I think the problem is that TV is an expensive medium to sell in and, unless you can bring the same amount of profit to the shopping channel as Ronco's Electric Hair Twirler and Toilet bowl Cleaner, there is no way they are going to waste the air time on you.
Frankly, and this will bring a wave of heat on me, but hey - sometimes heat is good - the TV programs have their place in the marketplace. How many products can you count that are sold at one price most places they are sold, and are double in high volume areas where conveinence is a huge factor. The joyous can of Coke is a perfect example: most of us who drink soda think nothing of paying $0.75 for a can of Coke when they are available in the grocery store for a quarter a piece. Bottom line, the TV shows serve a purpose. For most of us, it is high-brow humor. For some, it is buying silver proof quarters for $60. Cris
Well as I have said many times, I do not like what the TV shows do to the general coin collecting community, but if we (dealers) don't service that market, we should not complain about someone who does. I try to put out as much info as I am able about the prices these shows sell at, and how it hurts everyone who buys them. Our office is in Delaware, and we compete with QVC directly. I can't number the people who bring in coins they paid 400% over retail on. Just last night, Mr. Chambers was selling a set of silver eagles for the discounted price of $399.00 WOW, that was $90 below retail! The only problem is that this set is sold by almost every dealer in the country for around $210.00 So eventually these TV customers will be heading to a shop or show and expect to get near $400. After we tell them the set is sold at half that, we look bad. Most of these TV customers will leave the hobby after the truth is learned. That is bad for all of us. Coins go up in value because they are hard to find. If no one is collecting, what will your coin be worth? I hope that some of you will share what you know about these shows and their prices with other people. You never know when one of your friends or coworkers will be shopping on TV. Don't bad mouth the shows, just give honest answers.
ND, I don't think it makes the local and show dealers look bad - just the opposite. I'll share my ignorance with everyone here just as an example.... Remember I am first starting out - Saw the MS69 ASE set (86 thru 04) that were NGC certified for $779, and snapped a set up. Went to my local coin shop for the first time the next week. I didn't disclose to them I had done any shopping on TV, and they didn't ask. Around my third visit (and after making a few purchases) we started talking about what I had already collected. The ASE set came up, and they told me they could have sold me the same set for several hundred dollars cheaper. I was frustrated with the TV show, but I was really upset with myself. I had broken a cardinal rule about buying without knowledge, and I was bagged hook, line and sinker. But I didn't stop buying coins, just stopped buying from TV shows. If anyone gets upset with local dealers for TV show pricing, they weren't serious in the first place. I took my hazing like a big boy, and bought some books/magazines and borrowed an old Greysheet. There may be people who back away from the hobby b/c of folks like Mr C and others, but I seriously doubt they are "bought in" to the hobby/addiction. My $0.02.... Cris
You are an exception to the rule. Having been on the other end many times, I can tell you that my staff and I have been called many names for quoting prices far lower than they are selling on TV. Even when we bring out the greysheet, Trends, red book, and other price guides. No one likes to admit they were fooled. Even when they finally do, most still blame us (dealers). It is just part of the business.
Although I disagree with their methods and pricing strategies, I believe all in all, that I welcome the presence of the shows. They reach collectors that other dealers may not, and interest customers that may have never attended a show or contacted a dealer otherwise. Consider this.. A grandmother sees a sale on Morgan dollars on one of these shows and purchases one for each of her teenage grandchildren. Yes, she overpays, but she is happy with the transaction and provides the coins as gifts. The grandchildren know not from where the coins came, they simply open the gifts and as a result, become intensely interested in the numismatics. Would it have been better if the grandmother spoke with a reputable dealer offering fair prices and exceptional service, absolutely. But, would she have thought about purchasing these coins and adding four new individuals to the hobby had the show not been on television is the question to ask.
