Anyone tried these "Coin of the Month" Purchase plans?

mojorizn

I frequently see ads for these "wholesale" purchasing clubs in CoinAge, Coins, etc. I'm not interested in joining; I was just wondering what experiences anyone may have had.

Years ago I was a member of the Seated Liberty Coin Collector's Club and received $25 worth of SL dimes & quarters per month on approval. They were a good outfit, and benefited my budding numismatic interest greatly. Of course that was back in the early '80's.

mojo

RYK

A lot of firms offer these. Call me cynical, but I think these are a way for coin firms to unload otherwise unwanted coins on a disinterested buyer. I mean, if coins are your hobby, you should care enough to pick out coins that you would like. If not, why bother. I am sure that there is another side to this, but I am skeptical.

mojorizn

Same here. I've always figured the company is banking on the novice to jump at these. G&F Galleries seems to be the most prolific advertiser of these deals. Anyone purchased from them outside of the approval format?

mojo

RYK

It might surprise you who else offers these programs. I will say no more.

relayer

Some decades ago (before the Internet - there was mail order ) I used to subscribe to a couple.

I've since slabbed some of those - and some of those came out very well.

Bochiman

<< <i>It might surprise you who else offers these programs. I will say no more. >>




??? Legend?

RYK

Legend?

I was thinking ANR. I do not know if Legend offers such a program.

Conder101

Do you mean ANR or B&M? I know Bowers old firm (under various names and before Bowers was forced out) used to do it.

MrEureka

if coins are your hobby, you should care enough to pick out coins that you would like. If not, why bother.

Amen.

But there are apparently some buyers that see it differently.

RYK

if coins are your hobby, you should care enough to pick out coins that you would like. If not, why bother.

Having said that, there are two dealers that I can think of that I WISH would send me one coin every month (they know what I like, in part because they developed my interest), and I would gladly receive it.

kranky

I never tried them myself, but I always thought it was the equivalent of walking up to a table at a show and saying, "I'd like $300 worth, please."

shylock

I never tried them myself, but I always thought it was the equivalent of walking up to a table at a show and saying, "I'd like $300 worth, please."

lol

mrearlygold

<< <i>I never tried them myself, but I always thought it was the equivalent of walking up to a table at a show and saying, "I'd like $300 worth, please."

lol >>






Double

Conder101

<< <i>I never tried them myself, but I always thought it was the equivalent of walking up to a table at a show and saying, "I'd like $300 worth, please >>


Sounds like a quote from your typical newbie coin "investor".

photog

We do offer a "monthly" plan called MAP, Monthly Acquisition Program. It isn't a "we send you whatever we feel like" plan; the client gives us a very detailed want list, and we talk with them to establish what sort of grades and price range they are looking for, and what they like their coins to look like, such as preferences to toning. Frequently a client will do this to finish a set of some sort, and they just can't get out and go picking around coin shows themselves. We attend many major (and even local) shows and keep this list with us and hunt down pieces for subscribers to the program, and send them the coins on approval. Clients can choose to have us sit on the amount of money they send us every month (like a savings account) to put towards a more expensive coin, too. It's very flexible and the client is always in charge. It's essentially an advanced want list program, I guess you could say.

Jenna
ANR

cladking

<< <i>A lot of firms offer these. Call me cynical, but I think these are a way for coin firms to unload otherwise unwanted coins on a disinterested buyer. I mean, if coins are your hobby, you should care enough to pick out coins that you would like. If not, why bother. I am sure that there is another side to this, but I am skeptical. >>



Many firms will do this for you even if they don't advertise it.

Generally it can work out well for both the right buyer and the right seller. Coins sent
are usually stuff that is accumulating in inventory so most sellers are willing to let it go
at a discount. This allows "collectors" to pick up material at favorable prices and dealers
to unload unwanted coins.

Care must be taken since sometimes discounts are not as great as the market is already
discounting the item.

It's always interesting to see what the advertisers of these plans have in excess.

RYK

Jenna,

Thank you for responding from ANR's viewpoint.

It sure sounds a lot better when you put it that way, and I can see that it might make sense for some collectors.

majorbigtime

<< <i>A lot of firms offer these. Call me cynical, but I think these are a way for coin firms to unload otherwise unwanted coins on a disinterested buyer. >>



Me too--I think you're "brewin' for a screwin'" with these deals, that appear to be geared toward the novice who doesn't know what to buy.