Covina Coin
KenzoT
Posts: 307
Sent them a package on May 27, they got it on May 29, about $500.
Today, 11 days later, I call them to ask "HUH?"
Was told to expect at least a 30 day delay for payment!!!!!!
How dare NN and CW allow them to advertise in those papers.
Most of what I sent them was silver value only and I would expect to be paid on the May 29 close.
They want to take a month to see if value goes down (you get your coins back) or value goes up (now you get paid per the day recieved).
Sounds like a pretty good deal for them, not so good for the seller.
Sounds like you send them your coins for "consignment" rather than a "sell".
That is just sick!
Today, 11 days later, I call them to ask "HUH?"
Was told to expect at least a 30 day delay for payment!!!!!!
How dare NN and CW allow them to advertise in those papers.
Most of what I sent them was silver value only and I would expect to be paid on the May 29 close.
They want to take a month to see if value goes down (you get your coins back) or value goes up (now you get paid per the day recieved).
Sounds like a pretty good deal for them, not so good for the seller.
Sounds like you send them your coins for "consignment" rather than a "sell".
That is just sick!
0
Comments
K S
<< <i>NOT a recommended "dealer"! >>
I agree!
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
<< <i>How dare NN and CW allow them to advertise in those papers. >>
If they pay the advertising fees, they're in.
Please do the fellow collectors and the industry a favor and voice your dissatisfaction to the publishers.
<< <i>Sounds like you send them your coins for "consignment" rather than a "sell".
That is just sick! >>
Did you discuss with them their policies and procedures before sending them your coins? If so, what did they say?
In your situation where it sounds like you did not call to receive a confirmation number to lock in the price, they very well could horse around during May 29th and whenever they will ship out the check and pay the most optimistic price from their view.
Yes, 30 days for payment from the time your coins arrive is the norm for Covina Coin turnaround.
This is what will ruin the coin market if not pulled up short.
This is SICK!!!!
FWIW...
"Leroy Lenhart has been in the business of coin collecting since the 1960's. His knowledge and experience are unmatched by few. "Big Lee" is a Life Member of the American Numismatic Association, and is also one of the original 36 members of the Professional Coin Grading Service. Along with his wife Tracy, they strive to operate their company with honesty and integrity."
Well I always like to handle my transactions with 'honesty and integrity too, so I believe from now on whenever I sell a coin to a dealer I will just ask to be paid immediatly and then ship them the coins 30 days later. I'm sure no dealer would have a problem with that.
David McHenry is a straight shooter, his checks are as good as gold and he does not mess around or play games. AZC&J is someone I could highly reccomend for this type of transaction.
<< <i>For those of you shipping to Covina, I would like to at least mention an alternative, Arizona Coin and Jewelry, same bigtime advertiser in the same publications. >>
I agree!
I'm not knocking any company that others would like to recommend, I can tell you about my experience with junk silver though.
I've checked all around last year ...... including a half dzn refineries. I sold numerous lbs last year. I've determined that selling to APMEX.com is the best way to go for me. I just sent them another 62 lbs of silver last week. They cut the check almost immediately ...... lock in the prices when you call. Easy to follow their buy/sell prices as they continually update per the spot price.
<< <i>I will call in the AM and tell them to return the coins. Non disclosure of terms is FRAUD to me.
This is what will ruin the coin market if not pulled up short.
This is SICK!!!! >>
Relax, KenzoT. I assure you, Covina is not intentionally trying to pull a fast one one you or anything like that. They are legit; in fact I've done business with them many times before. The only problem is, they don't have enough employees to handle the huge volume of shipments that come in every time they put out one of those big display ads. Given their typically large backlog, a 30-day wait is par for the course with them... sometimes even longer than that. Hence, you don't ship stuff to Covina if you need the money right away. Everyone who has done business with them before knows that.
Kewpie Doll award-10/29/2007
Successful BST transactions with Coinboy and Wondercoin.
He consistently advertises in coin world and buys a whole lot more items than he advertises for.
As far as all the excuses forwarded regarding Covina Coin's poliicies, etc., they are responsible for stating them up front. It shoud not be encumbent on the seller to uncover all of the BS after they have shipped to Covina.
K
Shops that buy in bulk usually take awhile to respond.
Arizona...Good
and they're cold.
I don't want nobody to shoot me in the foxhole."
Mary
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