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 Replies: 13 / Views: 1,885 |
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Pillar of the Community
United States
2254 Posts |
Just watching the Coin Vault again. I must be missing something, and if I am not, these people should be shut down. Totally ridiculous.
They just had the 29th anniv. set in 69's across the board from NGC for I think $499. Now here's the icing on the cake. They also had MS70's for the set also, are you ready for this? $4,995!!!!! for the set. They kept beating the point to death about being 15 times less minting than the 1996 sets.....I just can't believe they're able to adjust the pricing as such. If I remember correctly, they also had a gold eagle that sold for $1200 or something from the mint, that they were selling for $10K since it was graded 69 by NGC.
In my opinion, this is not helping NGC. All they are offering is MS69 and 70. Does that not say in itself that NGC is potentially over grading? They have hundreds and thousands of each of these coins, all graded 69 and higher. Now I know that there were millions minted of some of these species, but the percentages don't seem realistic....JMHO, and I'm sure I will potentially be making someone angry with my comments. I am posting this here in an effort to help the new folks like myself have exposure to what are NOT good deals out there.
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Pillar of the Community
United States
954 Posts |
When these are sent in for grading, they are sent in as minimum 69's. In other words, if they don't grade at least MS69, they are sent back to the owner not graded. How often do you see MS68's? Not very often, there is nobody that wants 68's. It doesn't hurt NGC at all. They get the money and the consigner gets their MS69's and 70's.
Are their prices way too high? Absolutely!!! And 10 years from now when some poor sap goes to sell his nest egg, some dealer is going to have to be the bad guy and tell him he got ripped off.
They are doing nothing illegal, it is always buyer beware.
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Pillar of the Community
 United States
2254 Posts |
I understand that they are doing nothing illegal, and was not looking for a conversation as such. I was just posting this thread to make people aware of the complete "corruptness" for lack of a better word of this shop at home program. It is up to every buyer to beware, and I agree with that. But the more times it is posted, the more times young/novice collectors are aware that talk is cheap, especially from used car salesmen on TV. lolol. Trust me Becky, I have enough time on the pond to know not to buy things like this, coin related or not. Just making sure other people out there do their research prior to buying anything. Even though still overpriced IMO, you can get the exact same sets on ebay at half the price. As far as the MS levels, not looking for an argument either, but has anyone had a set returned not graded, or know of anyone who has? |
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Pillar of the Community
United States
2269 Posts |
Unfortunately the hosts are really good at ripping off the general public. When they use words phrases like, "limited edition", "extremely rare", and my favorite, "you won't find this deal again". The beginner collector usually doesn't have his Red Book in hand while watching these shows to see if he or she is getting a good deal. The beginner collector probably doesn't own a Red Book. I tend not to watch these shows anymore. I don't like the idea of knowing there are 1000 coins being sold as, "first Strike" and hearing that they are all sold out. There is no worse feeling than realizing one day that you have been taken for a ride. |
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Pillar of the Community
United States
954 Posts |
tights24, hopefully you are preaching to the choir, but keep preaching my friend. Most of us here are not going to be buying these sets, or already have and have learned our lesson. I know how hard it is to sit and watch that stuff on TV. My husband used to hate it when I would sit there and practically yell.  Thank you for pointing out that they are trying to steal every one's money, I can tell you are passionate about it. But they are not the only ones trying to steal our money. We all try to cover each other's back here. Thanks for joining the team.  As far as the MS68's are concerned. Yes, I have heard of some of the sets coming back with 68's. The guys who got those grades are cracking the coins out and putting them back into the original boxes........ |
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Valued Member
United States
111 Posts |
I've always thought that the TV hucksters weren't even selling to novice collectors. My mental picture is someones dear (and naive) Grandma sitting there buying these coins to give to the family. While the mental picture of ripping off grandma sickens me, still she could do the slightest amount of investigating and not get ripped off too. If folks weren't gleefully paying these exaggerated prices, there would be no market.
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Pillar of the Community
United States
2254 Posts |
Becky et al,
Yes, I am pretty much just ranting, and probably should have just sat here and simmered instead of voicing my opinion and taking up CCF space. I know it takes me about an hour just to go through and read the unread stuff every 3 hours or so, and now I'm adding to that list for everyone. lolol. I do agree with SteveG, and it's probably not limited to Grandma. It could very well be significant others. Just stinks is all.
Cheers everyone, and for the US crowd, here's to a great day of playoff football!!!!
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Rest in Peace
United States
3730 Posts |
What's really sad is the fact it's not just the beginning collectors who are taken for a ride, but non collectors who listen to the garbage and decide the various coins are a great investment. Such people don't know any better, and shouldn't be expected to. They are just cash cows for the predators.
Edited by Gary Burke
01/14/2007 03:02 am
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Rest in Peace
Australia
661 Posts |
Thanks for an intersting thread. As far as I know we don't have anything similar her in Oz but it's good to know what to expect if one starts.Much obliged.
regards,
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Pillar of the Community
United States
751 Posts |
I watch CoinVault all the time; I guess it fills some need for me. The first time I saw it--even though I had been out of the hobby for many years--I knew they were overpriced. That didn't bother me, as I figured that they had very high overhead, offered generous return privilege, and offered payment terms. All these things cost money, so I knew they weren't going to be a low-cost (nor likely even average-cost) seller. Furthermore, they peddle collector versions of the Red Book and push lower-cost spiral-bound copies as well. So, it's not as if they hide the market value coins from their customer base. That's not to say that they don't do anything shady. They do, and plenty. But that's not why I'm writing this. Since it was obvious to me that they were high, I used to wonder why anyone would think differently. Then I caught a few of the knife shows on the channel. I actually found myself thinking that they were offering some good deals. So if I can be sold on knives, I guess others can be sold on coins. |
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Bedrock of the Community
United States
14454 Posts |
muckeye you can consider yourself fortunate that you do not have these infomercials that try to sell everything from natural bee wax to coins and all at inflated prices but the people on the infomercials make you think it is the best thing since sliced bread. It has grown so much here that just about every channel late at night is plagued with these things trying to catch someone off guard. It all started with the Shop At Homes and the QVC's and channels like that (these were a channel on the television that did nothing but sell this stuff to people 24 hours a day 7 days a week) and they were such a big hit everyone and their brother has an infomercial (little 30 minute commercial) with informnation on how great their product is and just how you can't live another day without having this thing at your house taking up space
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Pillar of the Community
United States
7123 Posts |
NGC maybe number two with collectors ,, but its number one with these type of shows !! They are the only TPG that I have seen slab ASE's As Brilliant uncirculated ,,How hard is that ? every coin from a mint tube will be Brilliant Unc. and how dishonest is it to put it in a slab with your TPG label on it knowing what its all about ? If NGC really was interested in making the Hobby safer with their service this would not happen !! How much confidence can you put in the TPG's knowing that this is the way business is done ? Metalman |
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Pillar of the Community
United States
751 Posts |
Rick, Just to play Devil's Advocate for a moment.... Is there not sufficient concern in the marketplace about slider AU/BU coins or cleaned/thumbed/altered coins to justify such a service? Considering it does not require the full-fledged ($15-$30) grading effort, the peace of mind it provides to a new collector might well be worth the couple of bucks. Not that I would expect this type of "grading" to take up a large segment of the TPG marketplace, but I think it might have its place. I'm not convinced that it is a net negative for the hobby. Edited by texasmick
01/16/2007 12:14 pm
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Valued Member
United States
67 Posts |
I've told all my family members, and all my friends, and anyone else who will listen....don't EVER buy coins of any kind on television. There are no good deals. There aren't even any moderately bad ones.
I just hope they listen...
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Replies: 13 / Views: 1,885 |
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Posted 01/13/2007 09:55 am
