Anyone heard of "First National Reserve"

coynclecter

I know of someone investing heavy with this company. "Salesman" call with the latest /greatest in the 50K price range. Any advice is welcome.

K6AZ

You might want to let that someone know that they are paying retail + 50% for the coins they buy from that company.

joeyuk

Sounds similar to First Capital Reserve whome I purchased from once 5 years ago
yet I still get high pressure sales.

mrearlygold

coynclecter

Well I thought I'd post a followup. The reason I had asked was because I know someone who's sister had apporached me a few weeks back and told me her husband has been buying real heavy with this company and she was getting worried. Since my friend knew I was into coins she asked me to talk to her. We'll I spoke with her and then with the husband and got him to come to Long Beach with me. It seems he was building a set of Liberty double eagles in 62-63 buying strictly from these guys and I thought I'd offer few other options. I told him to bring a few coins along so we could "check them out"

We walked through LB and he was real excited. Coins are new to him and he was amazed at the selection. He had purchased most of the Eagles except for the S mints from the 1880's . He brought his "price guide" that this company had provided and I had my greysheet and we started to "shop" the floor. It was hard to find anything he needed, he had the common ones having spend a little over $500,000 already with this numismatic "telemarketer". We did spot a few coins he had purchased already and he quoted me the prices he paid. One we saw around 1800 and my greysheet showed 1500. He already had that one, only cost him 6500. So he showed me another one he brought, not a bad coin, the sheet was about 1200. He was in this one 4700.


Needless to say he was not having a very good day after this. I had to feel pretty bad for this guy, after all he was retired, had a stroke and wasn't too swift these days. Some scumbags had found themselves a fish and were cleaning it good. At least I was able to help out before they emptied his entire retirement fund.

I know it's been said before here that "greed is good" but I think I would have a little trouble sleeping nights if I made my Yacht payments by cleaning out the retirement funds from incapacitated retirees. I guess some "players" consider these people "fair game'

RYK

Boiler _ _ _ _

kranky

It's terrible how much that guy is buried but at least you can feel good about keeping him from making it any worse.

Maybe he can try to return some of the coins for a refund. If they only offer him fair market value, it would support any possible claim that they grossly overcharged him. If they felt they might face some uncomfortable contact from the state AG, they might refund. Doubtful, but what does he have to lose by trying? They'll surely play hardball if they think he won't buy anything else from them, but maybe there's a way to request a refund while keeping the door open (at least in their minds) to future purchases.

morgannut2

That's disgusting.

coynclecter

I think the door is shut. When he refused to buy one of thier $40,000 deals they hung up on him. No time for anyone who's not cutting checks TODAY!

coinguy1

Coynclecter, if you are ok with it, PM me your phone number and I will call you to discuss this tomorrow. There is a chance (though I don't know how good of one) that I can put you in touch with someone who might be able to help your friend.

You know.... that old coin posse thing.

numonebuyer

There are so many sayings that we all know that apply here. I am glad you helped him.