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 Replies: 11 / Views: 1,663 |
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Pillar of the Community
United States
1150 Posts |
I was motivated to write this topic after reading another post on CCF. I was told a story by a coin dealer here in Washington once. He said he once was bugged constantly by this elderly woman whos husband had passed to come and appraise his collection. This guy finally gave in and when he arrived at her home he found a pick-up bed full of gold plated State Quarters in boxes from the HSN. The dead man, who spent in the tens of thousands for these things, thought he was setting his family up with a great investment but what he bought was junk that this dealer didn't even want to bother with. Her best bet, he said, was to find credit/debit card statements and try to return the quarters. Is it just me or does this kind of thing bug you guys, too? |
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Valued Member
United States
247 Posts |
Which part, the dealers advise or the poor investment decision?
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Valued Member
United States
284 Posts |
I love watching some of those coin shows (not all of them) as they talk about the history of the coins some and I like seeing the coins they show but I can't see how people pay the prices they do for some of the stuff they sell. Some of it is just pure junk and I feel sorry for the people who buy that stuff sometimes, but it is their own decision to make I guess. After all, to blindly walk into a bad investment like that is something that is hugely avoidable in this day and age.
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Bedrock of the Community
United States
10038 Posts |
I do not like there are people who will deliberately sell items like this while looking for suckers. This kind of thing has been happening since man was created. But I also am a strong believer in personal responsibility. We legitimately feel sorry for the proverbial "fool" who is soon parted from his money - but it is their own decision not to take the time to be frugal and research. And it hurts worse to see this happen when the person who was suckered was trying to help his family's future. But a government regulation against this type of sale would be as ludicrous and unconstitutional as trying to regulate... say ... the kind of light bulbs we can make/buy... ... oops!   |
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Rest in Peace
United States
7075 Posts |
I agree with Earle42 -- I don't like it, I believe in personal responsibility, and I would add that I also believe that I am my brother's keeper and I wish that the big coin organizations would issue some sort of PSA about this.
I also believe that everybody on this site (at least so far) has an above average IQ and everybody shopping for coins on the HSN doesn't. So when I read the story in the OP my I thought was that some poor guy struggled thorughout his life in ways that I cannot imagine and he got robbed. It stinks.
Okay - let's not wait for any organization to do something. Everyone reading this who blogs somewhere, please take a few minutes and put the word out there.
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Pillar of the Community
 United States
1150 Posts |
I agree with all of you, especially Earle (philosophically). The problem is that they know they are targeting the uninformed, and while it is the consumers problem, I just straight up feel bad for the suckers that buy the crap with the goal of eventually making a profit off of it (buying it for collectings sake is another matter).
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Pillar of the Community
United States
2049 Posts |
In this day and age there is no excuse for someone to be uninformed on a purchase like this. That may sound blunt and heartless but you can find out information about anything and everything on the net these days. Unfortunately, shows like HSN do a good job of creating a sense of urgency and a good job of making people want to buy the coins. Do I feel bad for the widow? Yes, but at the same time buyer beware is the phrase I stand by and no one forced her husband to buy these coins.
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Pillar of the Community
Canada
3692 Posts |
No excuse? Hardly. People sometimes just do not have the resources or time to research this hobby and just want to wing it. Sucks for them, but that's how they were being targetted. You don't go after the roided up gazelle with a bazooka.
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Rest in Peace
United States
9104 Posts |
I try to educate my customers, but the junk peddlers reach a far larger audience than most in the coin/hobby biz.
I often feel like saying "our number has been in the phone book since 1968, why the heck didn't you ask before buying these "investments"?
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Rest in Peace
United States
9104 Posts |
Most coin dealers sell the occasional Confederate note. Until recently, commons might sell for $10. Then one of the marketers decided to sell to Civil War buffs, and within a month you were lucky to find a rag for $20.
There are markets out there, you just have to find them.
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Pillar of the Community
United States
2049 Posts |
Quote:
No excuse? Hardly. People sometimes just do not have the resources or time to research this hobby and just want to wing it. Yes no excuse. If you don't have the resources or time to research the purchase and want to wing it, then you have no one to blame but yourself if you end up making a bad purchase. Could you imagine taking tens of thousands of dollars and buying a stock because some clown on the tv said it's a good investment? I'm going to stand by my stance that there is no excuse for making a poor, uninformed purchase with the information that's out there today. He could have used the internet at home or the library, or called friends or family for advice. It's pretty simple actually. |
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Pillar of the Community
United States
2295 Posts |
It is usually the elders or people trying to get out of debt fast that buy this stuff, hoping to make a quick profit. And since most don't use or understand the internet, they don't find out until it is too late.
I thought there was some law a few years ago forbidding them to say what kind of profit you can make from buying their merchandise, but maybe it was just a bill and never got passed?
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Replies: 11 / Views: 1,663 |
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Posted 01/08/2012 5:38 pm
