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 Replies: 24 / Views: 3,199 |
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Pillar of the Community
United States
3592 Posts |
[My first thought was "The six most dangerous words to Liberty/] So very true  |
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Pillar of the Community
3660 Posts |
Quote:
Wow those guys are morons Maybe not... but they were probably hoping that Chris was. |
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Pillar of the Community
United States
1510 Posts |
great story-- I liked the animation!
Retired USAF 1983-2003
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Pillar of the Community
United States
1081 Posts |
There are ads in my local paper for similar things. The ad makes it look like a coin show, but really, they just by silver and gold and try to sucker people into a lowball price. I'm not surprised they didn't now the value of those coins, at least the Proof dollar, as they most likely don't deal with any sort of numismatic value. They are probably trained to say, it's an ounce of silver, so X amount of money.
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Pillar of the Community
United States
6384 Posts |
Well, they obviously knew the proof was "special" since they offered more for that one than for the Peace and Morgan coins. If they had a realistic idea of its value they would have upped their bid. Heck, they could have paid $2000 and likely "flipped" the coin at any competent dealer for a quick $500 to $1000 profit.
Clearly they don't much care. They want to buy cheap and if they score some valuable numismatic items at melt that's just another day at work.
Your only defense is knowledge, both as a buyer and a seller. Good luck trying to get that concept into a law!
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Pillar of the Community
United States
3592 Posts |
[Ohio Valley Gold & Silver Refinery /]
Not saying they are angels, but from the name, I don't infer that they are coin dealers or numismaticians.Not really sure I would expect better results than you got.Just as I wouldn't trade my 67 Camaro in to a dealer offering $1500 for any trade-in.
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Pillar of the Community
 United States
2130 Posts |
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but from the name, I don't infer that they are coin dealers or numismaticians The ad stated that they will price numistic values. |
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Pillar of the Community
United States
757 Posts |
well, chris, they did didn't they? it just so happened that the numismatic value was 0 in most cases. heh.
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Pillar of the Community
United Kingdom
2490 Posts |
I've not yet encountered this kind of jackal in the UK for coins yet. Sure we have the "gold buyers" in shopping malls but, Hey this kind of piracy's legal.
There are similar types of scams over here though. In my neighbourhood, around once a year a company comes to a local theatre advertising a "Rock & Pop Ephemera Exhibition". 'Cept of course they want to buy said items, just without straining the wallet too much.
So three years ago I went with 36 pieces of 60's & 70's Beatles & Paul MacCartney material, plus alist of 3,248 other related items. After a consultation that lasted a whole six minutes they offered me the huge sum of £358.00.
That's when I showed them the auctioneers catalogue for the following month. Estimate: £17,500
Lowballing or what?
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Bedrock of the Community
United States
20753 Posts |
Sounds like you people don't get out much. This goes on all the time at coin stores, coin shows, pawn shops, etc. If people don't know what they have and try to sell it, someone will always try for some fantastic low price. I've seen so many situations where this happens. I've seen a person sell a large bag of Mercury dimes for double face value at a coin show. I was watching as a dealer at a coin store give a little old lady about double face value for rolls of Buffalo nickels. And so many other situations like that. I'm sure at that place you were at many, many people lost out on some valuable items due to not knowing what they had. Ever watch those things on TV for sending in your Gold? Note how they say stupid things like we are giving a 20% bonus today only. Imagine how many people send in a few thousand dollars worth of Gold items and get a few hundred dollars for them. What you experienced goes on so many times every day you would really get ticked off if you could witness it all the time. |
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Valued Member
United States
92 Posts |
I've seen ads here in N. Fl.from people you're talking about.Drove to a site and it amazed me all the cars,people there.Looked around and felt sorry for some, boy are they cheap in their offerings Highway Robbery
Poverty and unemployment seem to be the norm and people are just scraping by,then these guys show up to take advantage.Makes my blood boil gasman96
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Pillar of the Community
United States
3592 Posts |
Thought about it a little bit and there is a law ! That law says they cannot force you to come in or force you to sell if you don't want to. A right to choose is the greatest law we have. Quote:
Sounds like you people don't get out much  |
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Valued Member
United States
183 Posts |
Easiest ways for (dishonest) people to make money on coins/metals without knowing too much about them is to super lowball the even less knowledgeable people out there who inherited or obtained through other means... |
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Valued Member
Canada
311 Posts |
The sad thing about this story is that a lot of people who bring in slabbed coins or key dates acquired these as an inheritance. They maybe don't do the research and the unscrupulous buyers are able to "steal" these coins. Because these people move from town to town they probably don't care that they may be confronted by the odd knowledgeable collector.
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Valued Member
Canada
85 Posts |
Jaobler said: Your only defense is knowledge.
When buying or selling coins, knowledge is key.
You have to do a lot of research, but knowledge pays big time.
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Replies: 24 / Views: 3,199 |
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Posted 01/13/2011 7:35 pm
