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Disappointed With RCM

 
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Valued Member

Canada
55 Posts
 Posted 01/21/2022  09:41 am Show Profile   Bookmark this topic Add mgalb to your friends list Get a Link to this Message
I started collecting coins when I worked in a variety store as a youngster. I would just toss them in a box and never gave them a thought until 40 years later. I have gone through them and am now an avid collector. However, I am disappointed with RCM lately. I purchased some special wraps and gift sets that were quite overpriced. I opened the rolls to see if I could find some that were at least an MS65 to find almost everyone in the 3 rolls I opened were significantly scratched. So I basically paid big bucks for a piece of wrapper. I have found circulated coins in better condition. I ordered the commemorative 2.00 set (with replacement bill) in the fall and it came in a huge padded box. I feel like we are paying for the fancy boxes. I won't be falling for their 'special coins' anymore. Other than the classic sets or new baby sets. I see these coins as nothing more than the 'Franklin Mint' plates that came out years ago. Not worth buying because they will be worth nothing in short time. I will be sticking to the circulated coins and invest my money in looking for the better coins in each year. How do you all feel about how things are marketed with RCM?
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Canada
8847 Posts
 Posted 01/21/2022  12:34 pm  Show Profile   Bookmark this reply Add DBM to your friends list Get a Link to this Reply
The only reason to buy coins from the RCM is because you like them.
The only thing special about the rolls is the wrapper, no where does the mint say otherwise.
What would lead you and other collectors to believe the coins are anything other than regular issue coins you can pick up at your bank?
You say "invest my money", the mint has never promoted their NCLT products as an investment, they are giftware plain and simple.
They only use the term "invest" to describe bullion bars.
The mint does not market their products in a misleading manner.
It's people's expectations of those products that is unreasonable.
"Dipping" is not considered cleaning...
-from PCGS website
Edited by DBM
01/21/2022 12:40 pm
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Canada
596 Posts
 Posted 01/21/2022  2:08 pm  Show Profile   Bookmark this reply Add vonigohcr to your friends list Get a Link to this Reply
@DBM

Why do you buy Golf Clubs, Skis, Scuba gear, fast cars, baseball cards... Because you like them, they are your hobbies or preferred activities when not working. Numismatics is really no different and trying to morph it into an investment vehicle is generally speaking a losing proposition.

Yes... there are coins such as the 1948 Silver dollar that today commands so much more than the $1 it cost when released in 1948... just as you will no longer pay original list price for a 1963 Ferrari 250 GTO but for each one of these, there are millions of 2020 Loons, Twoonies, quarters, dimes and nickels just as there are millions of BMWs, Fords, Chevys etc... none of which will ever again achieve their original purchase price. Even the "Classic Circulation Set", you are paying $26.95 for $3.95 worth of coins that you could get in change or from a bank... the difference being the packaging.

I don't disagree that you are paying, in part, for packaging... more so in the "Special Wrap" circulation sets than in a Silver Proof set but for a collection, storage and presentation is part of the deal. Personally, I am not a fan of the RCM packaging and most of the NCLT I purchase is moved to alternate storage/presentation methods... Methods that appeal to my aesthetic and collecting goals.

Rule of thumb... If you are buying a collectible, labeled as a collectible, from the purveyor of said collectible you are paying too much if your goal is intrinsic value or resale; if you are buying because it is your hobby and you value the pursuit... then the price vs. value equation is a personal decision. And this is the same regardless of the wrapper or packaging... whether it is wrapped in specially printed paper ( RCM Rolls), in a fancy wooden box (Proof NCLT), or a TPG slab ... you are paying a premium for that wrapper and it forms part of your collection's attributes. I have one collection that is circulation SDs (1935-1967) in ICCS Flips and also a collection of NCLT SDs that are no longer in their mint issue clamshell cases but Lighthouse Trays. There are those in this hobby whose collecting goals require that they only collect circulating coins received at face value from a bank or in change from a retail purchase and are kept in 2x2 cardboard holders... That is their focus and I am not about to gainsay that collecting strategy. To each their own.
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United States
7773 Posts
 Posted 01/21/2022  6:15 pm  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply
I agree. It is not a good decision to purchase coins or sets from the RCM with the expectation that they are good investments and will earn future profits. While there are some exceptions, it is a verifiable fact that most modern NCLT and/or NIFC issues, long-term, are break-even propositions (at best).

I've been buying the Mint's commemorative silver dollars for decades. I buy them because I enjoy the Canadian history they celebrate and their link to Canada's circulating silver coinage. I've never bought them with the expectation (or even hope) that I would make money off them someday.

I've always figured that whomever in my family inherits the SDs after I'm gone will profit because they have $0 invested - every dime generated via sale will be profit!

As DBM stated, the Mint generally markets giftware. Accept that fact, and collecting can be very enjoyable. Fight it and collecting can bring about the stress that the hobby is meant to help alleviate!
Collecting history one coin or medal at a time! (c) commems. All rights reserved.
New Member
Canada
10 Posts
 Posted 01/23/2022  7:09 pm  Show Profile   Bookmark this reply Add MikeyMouse to your friends list Get a Link to this Reply
You have a similar start as me :) picking through the coins at a variety store. I have also purchased some of the first strike coins and found marks on the faces of them which were a bit disappointing.

I would try purchasing some of those high mintage classic/gift sets off the secondary market as you can find them cheaper sometimes on eBay.

Personally, I don't have any issues with the marketing of the RCM. However, it really annoys me to see some of the low mintage coins get instantly sold out (ex. Peace dollars) and to see people with 100 of them reselling them on the secondary market.
New Member
Canada
10 Posts
 Posted 02/17/2022  11:17 am  Show Profile   Bookmark this reply Add slarti42 to your friends list Get a Link to this Reply
RCM is best for buying a rare, collector coins, with a very low mintage. If you buy practically bullion sets or coins, then go to Kitco
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