The Coin Vault...Who's willing to help?
MrLee
Posts: 1,847 ✭✭✭
DCAMFranklin has thrown down the gauntlet.
<< <i>How many of you complaining on this Forum have taken the time to write a letter of complaint to your government's Federal Trade Commission? My guess is none. Show your conviction. The rip-off artist selling sports cards and sports collectibles on Home Shopping Network prior to a year ago, was removed due to work completed by national dealers complaining of his fraudulent claims. You want them shut down, then go to work! >>
I've seen complaints about the Coin Vault here for months. Are you willing to do something about it? Who would be willing to watch the show and track what they say? If we put together information on how they're deceiving the public and presented to someone in the media, maybe we could get the ball rolling on stopping them. I haven't seen him post here in a while but Alan Mendelson of KCAL9 News in Calif., is a member here. If we show him what's going on with the Coin Vault, maybe something would get accomplished. We've been pretty darn good on shutting down scam artists on eBay. Let's go after a bigger fish. If we work together, we can do it. Who wants to help?
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Enter such an endeavor carefully. Just remember that they are a SIGNIFICANT source of income to NGC. It is not unusual for them to send bulk submissions of 2,000 gold eagles or silver eagles for any given year and to do so with numerous years at one time. 100's of any one commem at a time. Don't expect an FTC request for an opinion from NGC to back your position. There is a good number of very large dealers that have been, and will continue to, count on Shop At Home to buy their substantial inventories and move them on TV. You won't be able to count on those dealers' support. Most likely they will put forth a strong effort to lobby other dealers to join in their effort to squash your efforts.
<< <i>Show your conviction. >>
<< <i>You want them shut down, then go to work! >>
That sure looked like a challange to me.
<< <i>Just remember that they are a SIGNIFICANT source of income to NGC >>
Does that make what they do right?
Is what they do right or wrong? Regardless of how much they pay NGC or how much they buy from dealers, should they be lying to the public to sell their coins? The way you put it they are actually supporting the hobby by supporting NGC and coin dealers and getting the buying public to purchase coins. Should we let them continue for the good of the hobby? You tell me. If you think it's a waste of time, I'll drop it. But it was your "gauntlet" I picked up. I'm only trying to find out if anyone here is willing to put forth the effort.
I'm not trying to hurt your level of inspiration or conviction. I just think you need to be aware of those that will take a position contrary to yours. Don't read anymore into it than that.
Personally, I don't have a problem with their pricing. I think Neimann-Marcus & Saks 5th Avenue are too expensive. So, I don't shop there. However, lots of others do. They pay for the label. That is their choice. If Shop At Home wants to charge those prices and people are willing to pay those prices, then more power to them. Rest assured if they had a few shows where they moved no product, the price of the show would run them clean off of the air.
I have a real problem with some of the claims they make on the air. Those blatant lies should be stopped. It would require substantial documentation. I can assure you of that. Good luck!
That's how I took it too. "Put up or Shut up" and "Don't expect help from NGC or the dealers who sell to Shop-at-Home."
Dcam,
I understand where your coming from. Maybe I'M throwing down the gauntlet. You're right that they can charge whatever they want and if the public buys it, so be it. But like you said, if they are using false info to support those prices, it should be stopped. I can't watch all the shows and track everything they say then find the true POP reports and prices. But if other members band together, use our combined knowledge, then present it to someone in the media, perhaps something could be done. If any members want to try it, here's their chance. They (we) have complained and grumbled about them for months. By several members watching, tracking, pooling the info and presenting it to the right person/media/agency, maybe we can accomplish something.
Looking for PCGS AU58 Washington's, 32-63.
Thank you for your proper impression of my post.
You are wrong about the stores. Go to Niemann-Marcus and price a Polo men's suit. Go to Dillard's and price the same suit. You will find that Niemann-Marcus is charging 30% to 40% more for the exact same article of clothing.
Do you charge the same price for a DCAM Franklin as does R&I? I know I don't. Does R&I deserve to be run out of business for their prices? Of course not! However, if they made outragous claims that were outright lies, then they would deserve to be investigated.
"Hon, don't forget to pick up some barf bags at the store. I have to watch Coin Vault tonight!"
I wasn't confident you would find much help here. Lot's of complaining, but very little conviction, hard work and letter writing. Hope you do better tomorrow! Good luck!
Thanks. It looks like I will need it. I'm not seeing a line form here. It's always easier to complain and move on then to actually do something. Then again maybe Monday will bring surprises. All I'm looking for is a few members to spend a little time analyzing what is said on the Coin Vault, find out if they are truly lying, document it and send it off to an investigative reporter. I don't ever expect them to get run off the air. Rather it would be to inform the general public of their practices and things will then take their course.
Lee
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
"The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
K S
Plus paid the lights,cameras,crew,etc.etc....I think what COULD work would be that if they would dump the salesperson(s) and cut a ton of cost,and pass the savings to the customer.
The Coin Vault is NOT really geared towards us,the knowledgable collector,but to Aunt Myrtle buying for a son-in-law.Thats their target audience.Not `us`.
We may call what they say alot of the time as lies,but they could probably show that its only just`embellishing the truth alittle`.
Whats the difference..?......I know...none.