| Author |
 Replies: 13 / Views: 1,866 |
|
|
Pillar of the Community
United States
772 Posts |
My local bank offered a free coin appraisal service by hcc-coin (.com) out of Toledo. They offered to appraise the coins, and then buy at that price. So I took my collection in stating that I had recently inherited these coins... I could not believe how low the prices were, a lot lower than I was expecting. Peace dollar set (AU-MS for all). $400. I just sold the 28 alone for more than that. Ike Set(w/ proofs). $30. Face value is $32? They wouldn't even give face value! Washington quarter set, 32-98 including 32d, 32s... $110. Merc Dime Set (minus 16D) $40 Lincoln Wheat Set (Did not bring in the 09S-VDB, but had 09s, 14D...) $100 is the offered/appraised price. I would buy all day long at even triple those prices. One of the branches of my bank, a cousin of mine manages. I let her know how big of a rip-off this service is (she intends to pass along). I also know the president of the bank so I sent into him to let him know he may think he is doing people a favor, but they are really ripping people off, which can make the bank look really bad. I talked to a local coin expert... he told me one time he took a slabbed coin in there (unsure as to what it was) but he appraised it at $1000, next week he sold it for $5000. Now I did not get ripped off, but who knows if he did anyone else. Hopefully this kind of sh...stuff can stop. Edited by jdheyne
01/10/2006 10:35 pm
|
|
|
|
Bedrock of the Community
United States
12437 Posts |
From those buy offers, they sound like complete shysters trying to take advantage of unsuspecting people and using the good names of the banks to do it  "Whats the CC mean on the back of that silver dollar? Oh those are just someones initials on a common dollar, I will give you $5 for it!" |
|
Pillar Of The Community
3147 Posts |
This company is setting these free appraisal services, one day affairs, all over the midwest and convincing the banks they will be doing their customers a favor. The first rule of thumb is to know when you walk through the door they already know the individual, for the most part, doesn't have a clue what their coins are worth or they wouldn't be taking them into a free bank appraisal service. They have been here in this area twice in the last year, run huge adds prior to their visit showing remarkable sums of money available for those rare key dates to get you interested, and then tearing your collection apart, so to speak, with low grades, ect....and then offering to give a generous offer for your low grade coins. If the coins are so darned bad why would they still offer to buy them? They also are spreading HUGE rumors concerning some of the Statehood Quarters as one local woman was telling me how valuable the Wisconsin quarters were! They were willing to give her $200 for each unc. she could bring in? I tried to explain to her they were looking for the "extra leaf" variety but she wouldn't hear it! All Wisconsin quarters are NOW worth $200 so I guess we are all going to be rich? These guys from HCC are ripping people off as they know they will never see these customers again! No more, no less!!! |
|
Pillar of the Community
United States
1203 Posts |
O.K. so if every thing you say is true, then there is one thing I don't understand. How could these guys be all over the mid west section of the country and spend all that time in Banks when they also put on their coin show for the home shopping channel. These guys are good, well good and fast if they can get around to all these places.  |
|
Rest in Peace
United States
2884 Posts |
JD, thanks for the post. I think it is important to get this type of news out and hopefully get this practice to stop. I wonder if the banks profit in some way on these "sales". Mike |
|
Pillar of the Community
 United States
772 Posts |
Mike, I do not know if the banks do profit, but it can quickly give the bank a bad rep in my opinion.
I went onto their website and sent emails to the banks on their upcoming calender list thingamabobber, informing them of this info to hopefully get it to stop.
|
|
Pillar Of The Community
3147 Posts |
I am SURE the banks are in on this up to their necks. Of course they probably see it as doing their community a favor not knowing they are helping put the screws to regular customers and potential new customers. I guess if the seller never looks into it he/she will never know they got the shaft and thats what the dealer wants!
|
|
Pillar Of The Community
3147 Posts |
Old Dan did it ever occur to you this is a LARGE gang riding fast horses! Part of them are playing the coin saviors on TV while the rest of the crew are out robbing,... whoops,... this service is legal(I guess),...er, I mean taking care of the banking business with the old horses tied to the hitching rack outside! All they have to do is make a clean get away! Capitalism at its worse? But again the old saying, "Knowledge is the KEY" would apply just as "A fool and his money are soon parted"! Just a shame fly by night operators such as this can move so freely and wear a set of angel wings and a halo while they are sticking it to our neighbors!!!
|
|
Rest in Peace
United States
2684 Posts |
All of the above might explain the diversity of their offerings on ebay which run the gamut from BU Morgans to love tokens to bullion, most ungraded: http://search.ebay.com/_W0QQfgtpZ1Q...incorporatedIf I had to judge them on their ebay feedback alone, it would be a fairly favorable assessment with relatively few negative and neutral feedbacks: 3 negs, 5 neutrals, and 2 mutually withdrawn of 7052 total feedbacks since Sep 2003. Their website is: http://hcc-coin.com/ . Fred |
|
Valued Member
Australia
281 Posts |
I think they may be working in Oz as well. Every six months or so advertisments appear in the newpapers and on TV offering to determine the value of coins and but them off you.
|
|
Pillar of the Community
Australia
1529 Posts |
quote:
Originally posted by grendelfreak
I think they may be working in Oz as well. Every six months or so advertisments appear in the newpapers and on TV offering to determine the value of coins and but them off you.
I have not come across any of their adverts here nor for that matter from anyone else with the same modus operandi, but I live out in the bush....[:p] Downunder, you can take your collection to any of the dealers for an evaluation...some will charge you a fee for their troubles, some will not. If you do not trust dealers, you can send your coins to any of the two top TPG's here, but you will be charged a fee for this service. Dealers here will also buy coins off you, however do not expect to get what the BV or MV of the coin is. Quite a huge percentage will be taken off in their offers. This is understandable as fully fledged dealers need to recoup the on costs of their operations (rent,water,power,salaries, taxes etc). No dealer will buy, for example a MV $1K coin off you that they can only sell for $1K. Even in the case of auction houses, there will always be a buyers/sellers premium, sometimes both. |
|
Forum Mom
 United States
5877 Posts |
I hate the opportunists who make a huge profit on the misfortune (and lack of education) of others.  I really don't think the banks are aware of the scam that is being perpetuated by these people. Thanks so much for the post, JD. It is very, very important that information like this is available for our collector friends so that they may protect themselves. |
|
Pillar of the Community
United States
772 Posts |
Yesterday, I talked to the 3 most well-known coin collectors in this area, and they are all aware of this. One of the guys knows the manager of the bank this appraisal was happening. The manager said it is not up to him, but the Board of Directors for the bank gets paid every time these ________ come in the bank.
When I told him what I was offered for everything, he could not believe it. He said that it is fraudulent. He is a practicing member of the law (although I have probably already said enough for anyone in this area to know who I am talking about, I do not want to say exactly what he does).
He said today he was going to make some more phone calls and give my examples to whoever it is he may talk to, to try to get these people outta here.
I know two people on the board, and I am going to tell them that it is a buncha bull. They tried ripping me off for nearly $4000!
I am going to ask them if they are getting that much... I am sure I know the answer.
So I am sure the Bank/Board does not know how bad it really is.
I have yet to get any replies on this matter from the other banks I had emailed on their calendar.
I am just hoping I can make some sort of difference, although I know it will never stop.
|
|
Pillar of the Community
United States
772 Posts |
Today, I just talked to my cousin (Manager of one of the Branches here) and she is having a meeting with the President of the bank tomorrow and she is going to address this to get these _________ outta here.
"The lifeblood of any rare coin company is the ability to buy coins. Very simply put, if we don't buy coins, we have nothing to sell. YOUR COLLECTION IS VERY IMPORTANT TO US. We know it is essential to pay you top dollar for your collection in order to make you happy. Our years of experience and expertise give us a great advantage by constantly having the pulse of the marketplace at hand. "
I pulled that of their website. I got a chuckle outta that.
Also, I have not heard anything else from the banks I emailed.
Edited by jdheyne
01/23/2006 10:02 am
|
| |
Replies: 13 / Views: 1,866 |
|
Posted 01/10/2006 12:25 pm
