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 Replies: 21 / Views: 6,310 |
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Pillar of the Community
Australia
4411 Posts |
That's if the coins exist in the first place
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Valued Member
Australia
271 Posts |
Interstingly, the coin I purchased was not slabbed....wonder if they were all the same, and I woder how they are stored.... It was put in a 2x2 and a good Lighthouse coin page. Although it came in a nice leather folder.
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Pillar of the Community
Australia
7096 Posts |
I am amazed that anyone would buy an expensive coin and let some total stranger look after it. This just seem absurd to me.  I know that If I bought a super expensive coin I would like to be able to look at it whenever I wanted and most certainly wouldn't let someone else "Look after It" for me  |
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Valued Member
Australia
271 Posts |
I guess the thing to remember is that they were not targeting coin enthusiasts...They were targeting those with a bit of cash looking for somewhere different to invest.
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Pillar of the Community
Australia
4411 Posts |
They were looking for gullible people with money basically.
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Pillar of the Community
United Kingdom
2135 Posts |
Can the investors get hold of their coins ?
In some schemes here,
1. the items bought never existed or
2. had been sold multiple times or
3. weren't identified as client investments.
I worked for a short time for a liquidator,though my advice to him about coins was long after I had moved on.
In 1, as the items didn't exist, there was no asset to send on.
In 2, the choice was to give it to the earliest purchaser or to split its value between all the buyers - I can't remember what happened.
In 3, as they weren't identified as being held for clients, the collectables were realised as general assets, and the investors were ranked equally with all the other creditors and got next to nothing.
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Pillar of the Community
United Kingdom
2135 Posts |
If the investors do get their coins, there will no doubt be lots of people springing up offering for a fee to get the best possible sales value for their coin(s).
What's happened in England, is that there seem to be lots of fraudsters all claiming superb knowledge of the market, exclusive access to eager wealthy collectors, and they'll market the coins to them for a fee. Of course, that fee'll will need to be sent upfront and the sale will never materialise or they'll get a very low offer. This has happened with stamps, coins, medals, share certs. timeshares, etc.
If these coins do exist, it'll be a buyers market.
I feel sorry for these gullible people, partly because my father was almost a victim. I went along to an 'investment presentation' with him in the City of London. They provided a superb buffet with wine and when we had finished eating, the presentation began.
All the coins offered were about 30% to 50% above market value if they had been accurately graded but they weren't.
VF coins were presented as EF, and EF specimens as UNC with plausible reasons for weak strikes. I told my father quietly and he recommended that I didn't stand up and point this out - he wanted us to get alive.
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Pillar of the Community
Australia
674 Posts |
Dad owes you one.!  |
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Valued Member
Australia
444 Posts |
the people still have not got their coins out from rare coins safe in albany, it might take years before they get them back
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Bedrock of the Community
Australia
21788 Posts |
If some of the allegations mentioned here are true, it seems to me as if RCC were slowly being sucked into fraudulent transactions through their own mismanagement and poor business model.
Originally, it was most probably NOT premeditated fraud.
Banks have been known to fail in such a manner, and it becomes very fuzzy to know when they first get into trouble.
Prudent management (less risky financial behaviour) by staff may have prevented this.
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Pillar of the Community
United Kingdom
2135 Posts |
It's difficult to determine whether overpriced coins are fraud or incompetence.
When I went to change money in Greece in 2009, I noticed that many of the banks were offering silver and gold coins. All were overgraded and many were overpriced even for their inflated grade.
In my most visited bank, one of the tellers who spoke good English told me that they were on commission from a coin dealer - the bank got 20% commission and they sold a few each week.
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Valued Member
Australia
444 Posts |
article in today west australian newspaper says people will not get the coins out of storeage in rare coins safe until xmas if they are lucky , westpac (greedy bank ) has put a court order on al rare coin stock held in the albany safe
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Bedrock of the Community
Australia
21788 Posts |
That's greed by the bank alright!
Those coins, if they exist, don't belong to the bank!
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Pillar of the Community
Australia
539 Posts |
plus the banks will only give them face value :P
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Valued Member
Australia
444 Posts |
darn right it is greedy by the bank they are trying to stake a claim on coins held by the clients of rare coin in the albany safe for safe keeping and are making it hard for people to get their coins out of the safe
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Replies: 21 / Views: 6,310 |
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First Page
Posted 07/13/2013 10:24 pm
