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 Replies: 86 / Views: 9,828 |
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Pillar of the Community
United States
1208 Posts |
Let your sister, and any other siblings, come here and read too.
So they know you aren't just feeding them a line. Families can
get all sorts of suspicious when it comes to perceived valuable
items of parents, such as coins, jewels, etc... Make sure your
family is trusting of your motives. Not saying your family is
petty like that, but it happens.
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New Member
 United States
26 Posts |
I understand and my mother was the actual motivator of this thread as she is growing old of it and enabling him. I had shared some earlier posts with her while I was over at their house but have not had a chance to exchange any of the more recent ones.
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Pillar of the Community
United States
1208 Posts |
That's a good sign that your mom (and other family) is ready
to join a unified front to save your dad from himself.
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Pillar of the Community
United States
1388 Posts |
@Tobit,
Whatever ends up happening, please keep us posted.
Good luck!
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New Member
United States
26 Posts |
My dad has at least a dozen wooden display case boxes in his back room with only two coins in them. My mom, nor I, know where the rest of the coins are and/or if he has them at all as we keep finding random coins all over the place. The whole situation is a bloody mess but all of his hobbies has been like this for his entire life. We probably can't change him but have to get a better control over it. Regardless of incomplete "collections", from the research I've done, these collectible boxes don't add anything to resale value and is just part of the marketing scam. Like I said earlier, this most recent "boxed set" he purchased from the Danbury Mint started with a pair of Barber dimes. I don't recall, off the top of my head, what else was listed in the "display case" but none of them seemed to have any relation to a Barber dime at all. Edited by Tobit
12/22/2014 11:31 pm
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Pillar of the Community
 United States
1949 Posts |
Regardless of the other issues, you have certainly received some good advice, and you can only do what you can do... It sounds like a real tough situation, and I sincerely hope it ends up with a good resolution... One other thing to keep in mind, once someone is on a 'list', there will be other sellers who deal with direct sales similar to other companies that will continue to try and make high pressure sales... I had a situation with a family member who was ignorant in regards to numismatics but was cold called and talked into a large Morgan dollar purchase for the purposes of 'investing'... Luckily. someone let me know about it and I was able to rationally explain to him he got got scammed... We were able to return the shipment and get the money back, it was such a boiler room operation, they literally were talking about how they needed to speak to 'The Vaultmaster' in order to make sure they would accept returns... Anyways, my relative still receives fairly frequent unsolicited cold calls trying to sell him all kinds of numismatic and bullion junk, since now his name is on a list of people who have fell for the bait... Be prepared that even if this situation does resolve itself in the best possible way, he will still be hearing from people who want to get his money... |
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New Member
United States
26 Posts |
jdmern, I am hoping I am able to convince my mother tomorrow to return this $3600 25-piece Morgan set that recently arrived in her name from National Colletors Mint. The paperwork states she has sixty days to return and it hasn't been that long. I highly doubt the local coin shop will appraise it for near that amount.
Plenty of great advice, thanks to everyone.
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Pillar of the Community
United States
1949 Posts |
That's good, make sure you hold on to the paperwork... Expect the return to be quite an experience, I'm not familiar with that particular company but the one I had to deal with was truly a nightmare...
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New Member
United States
26 Posts |
PCS, Mystic, Littleton, NC Mint, Danbury Mint are my dads go to "dealers".
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Pillar of the Community
United States
4409 Posts |
Tobit and family,
It breaks my heart to see others blatantly take advantage of older people.
My grandma couldn't hear the best and often got preyed on by telephone scammers. Finally, it got so bad that my uncle (who had power of attorney) closed that bank account and opened a savings account in her name but she didn't have access to account number. His doing that literally saved my grandma from losing thousands of dollars. He didn't leave her broke, but gave her enough to get by on that week.
While my story isn't coin related, it is of a similar theme. Once the telephone scammers figured out my grandma was an easy target they figured out to call towards the end of the last month, get the account number and authorization and put it through when her Social Security check was deposited.
Now that those places know your dad is an easy source of $$$, they are going to milk that for all it is worth. They prey on older people because they tend to be trusting.
-MV
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Pillar of the Community
United States
2563 Posts |
At most the Morgan set is $650-850. That's my take. Sad to hear that someone has been such a big victim of marketing, but it happens all the time.
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Pillar of the Community
United States
1192 Posts |
I hate to say it but there is a cash for gold Southpark show that directly examines this problem. The grandpa keeps buying jewelry gifts for his grandchild from home shopping networks. It's my favorite one.
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New Member
United States
26 Posts |
Meadowview, my dad's thinking is very skewed. He will not let my mother connect with family and friends on Facebook because he is convinced she will be hacked, yet he lets a place like NC Mint steal his money because Barry Goldwater is on the board so it must be legit despite the lawsuits against them that I've shown him. He admires me for the life I made for myself in the computer security field but, at the same time, slaps me in the face when he just doesn't listen to things that should make sense to him. It is not a matter of his old age either, he's had OCD complexes like this most of his life. It's just one more phase I think we need to break him of and hope the next one isn't worse.
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Pillar of the Community
United States
1192 Posts |
The ending of the show was that he was just using it to give his life some higher purpose and meaning to connect with his children. If he's having loneliness issues etc maybe it would make him hoard like that. I'm pretty sure your dad will hoard and overspend no matter what. However it wouldn't hurt to give him more bang for the buck and help the local economy by spending it at the lcs. :)
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Pillar of the Community
United States
589 Posts |
As some have said "investing" in coins is risky, but it can be done...usually by dumb luck. For example, between a span of a few years 7-10 years ago, I had bought a number of things, mainly lower grade silver, some lower grade mid-1800 coppers, plus some higher end (but still cheap) mid-1900 silvers; I took a collecting hiatus for around 5 years, collecting out of pocket change, before getting back into it a little over a year ago. All of my older "investment" gained value per the Red Book, most coins more than doubled in value (namely the silver, of course that's due to silver's jump in price from a decade ago), but some of the coppers are worth three times what I paid for them. Give enough time, give enough inflation, and let the metal value rise, and any collection will have been a decent "investment", at least worth somewhat more than what you paid for it. The trick to it all is to not get scammed. Buy as close to market price as possible, and if your investment just consists of solely lower grade silver, a better option (ESPECIALLY right now) would be to return the $3600 Morgans and buy 2 100 ounce bars of silver from JM Bullion or APMEX ( JMBullion is cheaper at $1643 per bar), and then just wait a few years. My take on it, but buying BULLION for just a little over what is a REALLY low price of silver right now, with the state of the world economy...I can't see any possible way that's a bad investment for over the next 10-20 years. Of course, getting your father to see that might be challenging, but just throwing out possible ideas... |
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Posted 12/22/2014 11:14 pm
