Discussion in 'US Coins Forum' started by chascat, Jan 8, 2016.
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Probably grade low as his BU silver dollars seem to have a number of hits and bagmarks on the coins
I actually wrote him back in either Nov. or Dec. It was right around the time Miles Standish went to NGC. Anyway, Rick had been sending in proof ASE's and getting a special label with Miles autograph on it. He hyped this one coin as "the last" blah, blah, blah and then auctioned it off. It went for like $4000. I think it was a PF69 DCAM. I was outraged. I know it was an auction, but as a numismatist, PNG member and self proclaimed coin good guy on TV, I thought he was betraying his customers.
If you ever have watched him, he'll thumb his nose at Barry's antics from Art & Coin and profess to be above "pumping" silver bullion. Anyway, Rick will also paint these pictures of rarity using all kinds of charts with mintages and graded numbers, find the most expensive examples on eBay for comps and basically stretch things a little so he can then sell his product to his audience.
I thought he went over the top with this one Miles Standish signed common Proof ASE. I wrote him a scathing e-mail. I was shocked that he responded. I will say he was fairly professional in his response. He tried to justify this coin auction to me and I told him I just wasn't buying his explanation. We traded a total of 5 e-mails (3 by me) before it ended.
Anyway, I give him credit for responding at all. I thought and still do, that he was being a hypocrite when it came to hyping that particular coin and basically burying someone in it. Not just 6' deep, but like through the mantel deep.
Remember when Rick said "buy the coin, not the holder" Those were the good old days!
I've learned a lot about Franklins and Kennedy's watching his show. I just don't like it when he stretches the facts to enhance his sales.
millions, that aren't in slabs. Keep in mind we minted 80 million 1921's alone, and they didn't get melted, and there were still a quarter-billion Morgans left after the Pittman Act melt.
This is the key. They hype and overpricing are necessary to their business model.
I completely understand this, but I still shake my head at the prices.
True, but in many of his offered sets, he's not offering the common dates. I don't think, in Rick's case, the coins are cleaned, etc..., but I'm guessing they aren't exactly the best either.
The thing is, after the Pittman Act melt, mintage figures don't really correlate to survival rates.
I am respectfully somewhat of a contrarian on this point: TV coin dealers don't account for their production costs through high prices. Rather, they pay those high costs because the business of selling overpriced coins to an unsuspecting public is so lucrative and easily covers the production costs.
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