Has Superior Galleries turned into the Home Shopping Network? How do their cosigners feel about this

sonofagunk

Just got my Superior Galleries latest catalog. Inside there was a "special offer"

Special Mystery Coin with a 12-Month Guarantee! Just $1,600!

For only $1,600 plus $10 S/H, they will send you a mystery coin that they guarantee that it will go up 50% in one year or you can Return it for a full, no-hassle refund (subject to a 10% handling fee).

Have they REALLY hit rock bottom? Sorry Dpoole, but I will never buy from them again (not that I would have been a HUGE buyer, but I was interested in a couple of your lincolns)

Few things of note:

1) no where do they say that the coin they are sending you is "worth" $1600 to start with or who has set the value on the coin

2) the coins are "certified" but no mention by who. They have a picture of a NGC coin, wonder if NGC is involved in this scam (doubt it, but I am sure others will think so)

3) "Limit one coin per customer". Wonder if they are worried that if someone bought too many that they could face federal charges for fraud

roadrunner

They've been hyping 19th century MS66 and 67 nickel type for a few years now. My guess would be a MS66 shield nickel.

I'd have to agree that promotions like these (similar to the 90% buyback guarantees of other dealers) sort of give me the willies.

roadrunner

wondercoin

I must confess, this offer made little sense to me when I received it in the mail the other day. First, the 10% restocking fee troubled me as well. Why would I want to give them $1600 on a "mystery coin" only to recoup $1440 when I did not like what I received? Time value of money as well - I would not even be pleased with simply my $1600 back in a year. Indeed, they could have offered me $1680 back in a year (105% on my money) and that would have merely been the same as me loaning money to the company at 5% per annum - right? I make these comments only to assist Superior in becoming an even better company and in avoiding exactly what Sonaf agunk states he intends to do - namely avoid bidding in their auctions. I have a number of coins in the upcoming Superior sale and I would like the company to do well. I have had no problems with their customer service - Glen is an ace Wondercoin

Windycity

From my past experience, I agree that they are still the best auction firm out there but I am suprised by this promotion. I'll let you know my opinion after the upcoming Fun Show... I have whole bunch of coins in this auction and I hope to buy a few as well...

mercurynut

Sounds like they are trying to get rid of the ugly ones.

Windycity

My mistake... I read this as Heritage... my coins are in the Heritage auction, not the Superior... too early on Christmas morning... not paying attention.

braddick

Will they also be the buyer of the coin once, at year's end, it goes up the magical 50%?

Why do successful, credible Numismatic Firms spin out of control at times?

sinin1

I thought they were a publically traded firm



sure hope the SEC doesn't get wind of this offer, it reaks of investment scam

dpoole

Wow.

I just got my Pre-FUN Elite Coin Auction catalog, and didn't see that. Maybe I disguarded an insert or something.

That's surprising and unnecessary hucksterism, if true.

I've emailed this thread to Steve Deeds, their prez.

sinin1

they sure have some nice coins in that sale



I skimmed through the catalog, and only saw 1 Jefferson and 1 Roosevelt - aren't they considered collectible coins yet?

sonofagunk

Just do not know how you could NOT hold it against them in their auctions. Any firm that has "deals" like that seems untrust worthy. Why would you expect their dealings to be any different with the auction customers then with the unsuspecting buyer of their "mystery coins"

MrEureka

For only $1,600 plus $10 S/H, they will send you a mystery coin that they guarantee that it will go up 50% in one year or you can Return it for a full, no-hassle refund (subject to a 10% handling fee).

So it's like a $1600 convertible loan at a 50% per annum interest rate? What would this gentleman say?





Edited to say that there are many good people at Superior. I've done a ton of business with them over the years and will continue to do so. But the way this promo was described in this thread, someone dropped the ball, big time.

sinin1

I don't think so -

its like you give them $1600 now - and a year from now if you don't feel it is worth $2400 (your mystery coin), you can return it and get $1440 back


Andy, is that guy from the Munsters - or a FCC regulator?

MrEureka

Andy, is that guy from the Munsters - or a FCC regulator?

Funny! (But you meant FTC, of course.)

Lurch is from the Addams Family. If you remember his one standard line, you know what I think about the "special offer".

Anyway, my take on the offer, as it was described in this thread, is that you are guaranteed a 50% return if you hold a year. If you return the coin immediately, you get 90%. BTW, returning the coin immediately is probably the best deal. You find out what is going to be promoted for a mere $160. Then, unless overwhelmed by guilt, you go into the market and buy it on your own, probably for less than $1440.

I haven't seen Superior's offer, so I don't know for sure what they are offering.

sinin1

I stand corrected (on FTC and Lurch)

but what do you think happens a year from now? If your $1600 coin is not worth $2400? what then?

or is your $1600 coin really a $1000 coin that becomes worth $1500?

so many questions -