Coin Vault strikes again!! Another ripoff!!!!
wingedliberty
Posts: 4,805 ✭✭✭
This is getting ridiculous now. I am watching these scum offering an 1881-S Morgan dollar for $39.95
They claim its BU. The item on the screen looks like a whizzed AU58. Everyone is entitled to make a
profit and I understand that they have expensive operating expenses. But this is no way to attract
someone to the hobby. Its shameful and vile. The so-called "numismatist" also said that he often
sees these advertised for $80 dollars a piece. Maybe in an airport publication or in USA today, but to
say "often" is an outright lie. I would like for them once to use Coin World or NN as an example. I have
also seen them sell 10-30 year runs of proof sets, when you divide it out, its about $35/set, where the
average retail price is about $11. Of course the presite sets and key sets are gone in their run. When
the people who buy this stuff or their heirs try to sell the stuff to a legitimate local coin shop or at a
show, the dealer becomes the crook in their eyes when they are offered a fair wholesale price. So, in my
mind, they are not really introducting people to the hobby, in the long run, they are a net detriment.
Who agrees?
Brian.
They claim its BU. The item on the screen looks like a whizzed AU58. Everyone is entitled to make a
profit and I understand that they have expensive operating expenses. But this is no way to attract
someone to the hobby. Its shameful and vile. The so-called "numismatist" also said that he often
sees these advertised for $80 dollars a piece. Maybe in an airport publication or in USA today, but to
say "often" is an outright lie. I would like for them once to use Coin World or NN as an example. I have
also seen them sell 10-30 year runs of proof sets, when you divide it out, its about $35/set, where the
average retail price is about $11. Of course the presite sets and key sets are gone in their run. When
the people who buy this stuff or their heirs try to sell the stuff to a legitimate local coin shop or at a
show, the dealer becomes the crook in their eyes when they are offered a fair wholesale price. So, in my
mind, they are not really introducting people to the hobby, in the long run, they are a net detriment.
Who agrees?
Brian.
0
Comments
Dave
the bar low. I have been an ANA member for 15 years. I try to be active, but I think their need for funds
sometimes outweighs their need to protect the hobby.
I always cringe when I come to one of these coin shows when I am flipping through the channels with
my remote. Its like an accident on the highways, You don't want to look at the mess, but are drawn
to it. They make me sick.
Brian.
Bottom line, be an informed consumer. Many seek to get rich quick and that's where the trouble lies.
I would like to agree but I'm afraid to.
So with as much humility as I can find in the universe (I mean I'm really humble - so humble that even the most humble would say that I'm more humble) - buyer beware. Have to go bask in my humility.
Thank you for your attention. They cat just finished a lunch of roasted chicken and is cleaning himself in preparation for the first of several afternoon naps.
Too bad he didn't have a key date in there somewhere. He could have paid a few bills with it.
Brian.
Stman
I could care less. KNOWLEDGE IS POWER and always will be. End of story!!!
It boils down to this:
The pot smoking idiots who made fun of Bill Gates in high school, are now scrubbing barnicles
of his yacht., knowledge is power!!!!!!!!!!!!!!!!!!!!!!!
Stman
I have been a student of sorts of direct response marketing/advertising for many years. I also, to a fashion, practice it. The real truth is usually presented in most of the ads that you see, although it is not printed in bold, but rather, is the small print at the bottom, or the fast talking guy at the end.
The society we live in and the laws that have shaped it have made this type of advertising allowable. If you think it's bad today - get a Sears Catalogue from the late 1800's or early 1900's
Every silver lining also has it's cloud.
see? My Auctions "Got any 1800's gold?"
Gosh WingedLiberty,
You give new meaning to the name "Barnicle Bill".
I too make my living in the "marketing" business. Having spent years very carefully crafting messages and copy that speak only the truth about a product or service, it is not hard to pick up on not so much what they say, but what they don't say.
These people are a plague and should be shot on sight.
Thier use of the phrases "the catalogs" allows them to set the benchmark at the most ridiculous pricing they can find. The use of the phrase "call for prices" when they refer to current "the catalogs" pricing benchmarks leaves the door wide open.
Being a nite owl - I do most of my work at night - I usually have "The Coin Vault" on, because what else is on at 4:00 am? I find it amusing that they are "advising" people to buy every 1986 proof set they can find at $175.00! The dialogue of "I don't know where you're buying your proof sets . . . " is always answered by me with "NOT FROM YOU!"
These hacks are a genuine pet peeve of mine, and they truly are a menace to new collectors.
Looking for PCGS AU58 Washington's, 32-63.
knowledge as it is bashing those who use it as a weapon on these forums. As was
pointed out, not everyone has both the time and inclination to learn about numismatics
in great depth, but that doesn't mean that they can't enjoy the hobby or should be bashed
continually.
Most of the customers of these TV shows are not repeat customers so few lose too much
money, and no doubt at least a few know exactly what they are doing. This is not to say
selling coins for much more than normal prices is a good thing, just that people are not
spending the rent money. Coin Vault prices are not nearly so high as the other shop at
home coin prices and all of them seem not to sell overgraded coins (merely overpriced).
The other day I did see CV offering "average circulated" steel cents while picturing XF/AU
coins. Surely this goes too far. Avg circ wartime cents look pretty attrocious. They do one
thing that's actually good for the hobby. They make people aware of the coins that are ac-
tually available. Many wouldn't even know about steel cents or mint and proof sets if they
didn't see them on the coin shows. Let's just hope that most people buy them at the shops
or on the net. I'm seeing more and more coins being sold at "retail" prices that are not too
different from Coin Vault. Perhaps there is enough strenght developing in the market that
more and more coins will be sold at retail. It is especially common with the moderns. It may
be more a function of availability than demand or supply.
I guess we don't get that fine show here or I never have time to tune it in. I was referring mostly to the ads for coins you see in Pop Sci, and other magazines - direct response type ads.
If those TV shows are lying through their teeth - there must be a way to stop them. In the good ole days - you could sell sticks and bonds on the street corner. Due to rampant abuse - they changed that. Seems to me that many folks, more so now than ever before, are using coins as a haven for their money.
Give it time and a few large groups of consumers complaining - and all coin dealers could be under Uncle Sams watchful eye.
I don't think that would be a good thing IMHO.
see? My Auctions "Got any 1800's gold?"
Yes it hurts the hobby, yes it ticks people off when they realize they bought something at a price far higher than they can realize when and if they want to sell it. Truth in advertising probably never comes close to the full truth in any business field since the dawn of time. The HSN is no different.
Try heading to the local jewelrey mall store, pick up a one carat solitaire ring at their asking price and see if you can turn around and sell it to anybody for half of what you paid. I guess it boils down to marketing prowess. They charge what they do because they can, because there are buyers for it. The buyer needs to determine if it is a deal for them or not.
If you want to see a manipulated racket, check out diamonds.
Tyler
OK, I'll get off my diamond soap box, except to say that as P.T. Barnum once said, and some wag added to "There's a sucker born every minute, and two crooks to cheat him".
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The wife is holding out on you, Pushkin. The fourth C - very important - the CUT!