Park Avenue Numismatics ~ Anybody ever purchase from them?

CharlotteDude

Anyone who's seen the latest Coinworld has undoubtedly noticed the 3 full-page advertisement by Park Avenue Numismatics (PA), enveloping the inside cover and backside pages. One thing I've noticed about the PA website and this ad, is that I can find many, and I mean upwards of 80-85% of the coins they advertise at other dealers' websites/weekly price lists. Many of the coins they offer can be found at Gainesville Coins, Superior, or Spectrum East Numismatics. I receive Spectrum's inventory weekly, and have noticed that every single coin (date/mintmark/TPG/grade) offered by Gainesville & Spectrum can be found on the PA website (and CW ad). One thing to note, PA's prices are typically 15-20% MORE than the original dealer's sites. Having noted the 80-85% earlier, I can't account for the remaining 15-20%... perhaps there's another dealer out there that PA "works" with? I know the coins ad'tised by G'ville and Spectrum are actually in their inventory. I've made several queries on coins of interest, where they've sent me clearer pics or even the coin to me for examination. However, past email requests to PA to simply forward pics of a coin have gone unanswered (they have VERY few, if any, pic links on their website). When I called to query on their 'non-response', I received a very apologetic "we're so busy, we don't have time to image all the coins & answer emails". Interestingly enough, the one coin I asked them about, I later found in a Spectrum ad. Spectrum East doesn't maintain a website (that I'm aware of) where you can access pics of their coins, so a pic wasn't readily available for PA to email me.

I wonder if anyone has ever purchased any coins from PA? And if so, did you know that you probably could've bought the coin for much less at one of their "feeder sources" (for lack of a better term)? I know that some dealers will advertise another dealer's coin (or two) to increase the potential to reach more buyers, but it seems that PA actually "owns" very little, if any real inventory and simply marks-up and sells other dealer's coins.... talk about low overhead and very little risk!!

C'dude

BillJones

I've bought a couple coins from Park Avenue and was pleased with the results.

As for getting coins from other dealers, all of us do that from time to time. Sometimes dealers buy coins as partners and have a joint ownership deal on them. Other times you get the coins on consignment. In both cases the same coins might appear in more than one dealers' advertisements.

It's impossible to say if you would get the coin cheaper if you went back to the owner. Some dealers make dealers with "civilians" and sell the coins for less. Others look at the market and sell the coin for what they view as an appropriate retail price.

MFH

I have yet to buy from them, not for the lack of trying.
Seems as if everything I ask about has been pre-sold.

They called me yesterday morning about an image I requested
of an 1898 Proof Morgan - which unfortunately was - again - SOLD !

Barry

I bought from them once about 5 years ago. No problems that I recall.

RYK

As for the complexity of the business arrangement, I have no comment.

Probably my best purchase ever was the 1861-O $20 PCGS XF-45 that I purchased from PA immediately after the "done deal" fiasco (here) of 2003. It remains one of my favorite coins.

CharlotteDude

I love that '61-O Lib there RYK. Even if PA were employing the same practices in 2003, (i.e. selling other dealer's coins at a 15-20% mark-up) I'm certain that purchase was a great decision, given what '61-O $20s are going for these days.

I'm sure many of the coins you can obtain via PA are as nice as can be found on the market at any given time, however, my point here is before you pull that trigger, do a little searching around and chances are you'll find that very same coin 15-20% cheaper, BEFORE you even begin negotiating a final price!

C'dude

PerryHall

This is a very eye openning post. Didn't realize dealers were selling coins from other dealers inventory at such a high markup. I guess I shouldn't be surprised since the coin industry seems to have more than its fair share of scam artists. Really sad when you think about it.

CharlotteDude

I wouldn't go so far as to call it a scam. A safe marketing strategy? Perhaps... no real risk in sinking your money into the coin, and very low-overhead (you don't have to store/safeguard them, no extravagant street-front office w/display cases to maintain).

Just a couple dudes, sitting in a back office somewhere, taking phonecalls... that's how I envision 'em, anyway.
The only real risk I see, is that everyone becomes savvy to your methodology, bypasses you, and goes directly to the source of the coins they're interested in... pretty soon, all those phone calls stop.

C'dude

etexmike

<< <i>I have yet to buy from them, not for the lack of trying.
Seems as if everything I ask about has been pre-sold.

They called me yesterday morning about an image I requested
of an 1898 Proof Morgan - which unfortunately was - again - SOLD ! >>



I had a nice lady from PA leave me a message that 2 coins I had sent a request for images had been pre-sold and were no longer available. That was a week ago and both are still listed on their web site. I guess they leave them up until after they are sure of no returns. If they are pre-sold, why list them at all?

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etexmike

NHSBaseball

Don't mince words, Realone, tell us how you REALLY feel!

BlindedByEgo

My eyes still hurt from the "done deal" thread, but I'm not really very enamored of coin brokers at this point. Without good return policies, they do nothing for me. IMO, 3 days sucks eggs.

I'd rather buy from an Eagle Eye, Pinnacle or Legend... Solid market makers who stand behind their products and will bend over backwards if I am dissatisfied.

lkrarecoins

now i've heard everything...."Drop Ship" coin dealers!!!

bidask

They seem to have gone done hill as a coin firm since the "Done Deal" thread, but at least there not margining their inventory and borrowing from the likes of Collateral Finance Corp.

jsf

downhill is f'n right, ...getting world-class runaround from the office witch rivaling that I get from the idiots at Stack's when I try to locate a coin within their system.

In one breath she says she is the office manager, but she's not the IT person and does not handle the photo requests. I ask her, "Then you're not able to manage to direct your IT person to send a requested photo? She says, "I don't need to be talked to like that." ...and hangs up on me.

I call the witch back. She says she gets all photo requests through their website email system and hasn't seen mine.

I decide I shouldn't remind her that she just told me she doesn't handle the photo requests.


ed. - Well, it's about 8:30pm on a Monday night. I believe it's going on three days since I asked about a particular coin, they had photos of, and I still haven't heard back about it, nor another one of same date and mm that I requested photos of. The witch said she left a message for B. Greene and that all inquiries from the website go to him. Yes, he's in Boston taking care of business at the ANA convention. That may be, he's taking care of business, ...but he's not taking care of customers. Is he?

BAJJERFAN

<< <i>

<< <i>I have yet to buy from them, not for the lack of trying.
Seems as if everything I ask about has been pre-sold.

They called me yesterday morning about an image I requested
of an 1898 Proof Morgan - which unfortunately was - again - SOLD ! >>



I had a nice lady from PA leave me a message that 2 coins I had sent a request for images had been pre-sold and were no longer available. That was a week ago and both are still listed on their web site. I guess they leave them up until after they are sure of no returns. If they are pre-sold, why list them at all?

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etexmike >>



Listing smoething that is already sold makes you look like a really viable successful business dontchya know.

ambro51

They had a reasonably priced charlotte gold dollar last year which I had contacted them about. After a long talk on the phone the secret was let out that the coin in question was sold quite some time ago and left up on the website so people would call. Hmmmmmmm

MICHAELDIXON

Run Forrest!!

SoCalBigMark

<< <i>As for the complexity of the business arrangement, I have no comment.

Probably my best purchase ever was the 1861-O $20 PCGS XF-45 that I purchased from PA immediately after the "done deal" fiasco (here) of 2003. It remains one of my favorite coins.

>>




Hey RYK, do you still have this coin?

Catbert

Have a link to this "done deal" thread referenced?

dagman100

<< <i>They had a reasonably priced charlotte gold dollar last year which I had contacted them about. After a long talk on the phone the secret was let out that the coin in question was sold quite some time ago and left up on the website so people would call. Hmmmmmmm >>



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