I just remembered the worst ripoff I dealt with personally.
80 something guy calls the shop and says he has a collection of mostly graded Morgan & Peace dollars, MS66, MS67, MS68. Says he paid about $225K total for them.....
Yep, you guessed it. Bottom feeder slabs. At the very best, worth about $20K retail.
He called the company that sold the cr*p to him and they "explained" that our offer was low because he had not yet completed the set. If he were to complete the set through them, it would be worth FAR more money.
I learned later from his son that they pressured his dad into spending another $25K so his set would be complete. Wiped out every penny of his retirement.
Sad. How many others have been victimized by these type of blood suckers.
I used to be somebody, now I'm just a coin collector. Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
These stories are depressing and are prime examples of some of the worst of human nature [exploiting the elderly and vulnerable].
A few years ago a woman posted on the forums that she and her husband were trying to help out an older relative [her father or father in law] who had purchased a substantial number of coins from TV Coin shows. I replied and since she lived in my area I offered to meet her at a large book store to talk with her and take a look at some of the coins bought from the shows. I met with her for about 30 minutes. I showed her the Redbook and some monthly Coin magazines. The sampling of coins she brought were all very common, with most being worth little more than face value or spot prices for silver and gold issues. She showed me a few of the invoices and the prices paid were way above retail. She was not surprised at what I told her, and had a good idea that the prices charged by the shows were excessively high.
At least she and her husband were aware of what was going on [the older relative was in his 70's or 80's and had been buying for about three months] and were being proactive. They planned on limiting or preventing their relative from making additional purchases [by taking away his credit cards and being more involved in what he was doing with his finances] and taking some of the coins already purchased and liquidating them in order to recoup at least a portion of the money paid out to acquire the coins.
For me it was a situation where I initially had some remote hope that the coins I would look at would be something more than overpriced widgets. When I took a look I immediately knew that the coins were widgets/dreck. Disappointing, but not unexpected.
Without my knowledge, my Mom had gotten suckered into buying lots of crappy coins from a high-pressured salesman. I was going through the stuff and some of it I don't even know what to do with. Ugly .925 silver coins from the Republic of Tonga (or something like that) that are painted. Ugh. However, she did buy a 1994 Russia ballerina 3-coin platinum set that looks pretty nice and is probably now worth more than what she paid for it.
<< <i>However, she did buy a 1994 Russia ballerina 3-coin platinum set that looks pretty nice and is probably now worth more than what she paid for it. >>
Hopefully it's worth more, but I wouldn't count on it as that stuff is often times two, three, or four times the price that it should be when sold originally. There was an interesting thread on a stacking forum last year where a new poster asked about the value of a number of different Euro gold coins (sov's, helvetias, etc.). When we told him the current value he flipped out as the coins were worth just a hair under what he had paid, even though gold had more than doubled since he had purchased them. Long story short no one was surprised to hear he was a Goldline customer...
I haven't seen anything too extreme so far, instead I get in a lot of:
Franklin Mint items, Morgan Mint items, gold-plated items, coins with stickers on them, statehood quarters in special packaging (only worth face value) 'ballistic rolls' of Presidential dollars (some people really think they are gold)
All only worth fractions of what they paid.
Yesterday, a guy called saying he had 100 sets of the statehood quarters he wanted to sell. He had bought 100 folders, took the coins out of circulation to fill the folders, and wanted to sell them now. You can guess he wasn't too happy when I told him to turn everything into the bank.
<< <i>...Yesterday, a guy called saying he had 100 sets of the statehood quarters he wanted to sell. He had bought 100 folders, took the coins out of circulation to fill the folders, and wanted to sell them now. You can guess he wasn't too happy when I told him to turn everything into the bank. >>
You guys seem to equate high dollar amount with sadness. I run the coin/eBay department for a pawnshop and what I see on a daily basis is beyond sad. I live in a very nice area, but drive an hour to get to work. It is in a not so good area, and is the only one in town. A young female came in the shop two weeks ago strung out on drugs. She had 3 Morgan Dollars to sell. After that, she pulled out a TI-84 Graphic Calculator from her bookbag and tried to sell that. At this point her irate/drugged out boyfriend came in and started getting mad at her because we wouldn't take the calculator. When my boss asked for identification, it showed that she was only 18. I almost quit my job that night, and haven't seen her back since.
<< <i>Some very sad stories for sure Perhaps I should stop beating myself up for some of the poor purchases I have made over the years and realize that it could have been much worse. >>
Almost everyone who has never sold a coin before is likely to be very disappointed when he comes to a shop to sell for the first time. Generally they expect a profit and they'll usually get only about a third of their money back. There were many people in 1980 and 1995 who thought they had great investments and discovered they had overpaid and the price had collapsed.
Even collectors who have never sold are liable to be disappointed but investors are almost always left holding the bag.
Coin collecting is a great hobby (this thread notwithstanding) but it is one mighty lousy "investment". Like everything the greedier one is the more likely he is to be burned.
Confession time.At least one happy story on this thread.On and off I always had a love for collecting one thing or another.In 2001 I watched a cable coin show and was moved to buy a silver proof set for $45.99 or close to it.Damn you mike musak!He kept saying they came from the mint and were a limited edition no longer made.After a few weeks I was looking at the packaging and saw the mints 1-800 number.I called it and asked when the 2002 sets would come out.The agent told me next year sometime but she could sell me the 2001 set for $21 I think. Then and there I saw what a jerk I was and NEVER bought from them again.However I did start buying annual sets from the mint and led me to bigger and better coins.
It always bothers me when someone walks into the store, offers me the junk off tv, and then gets mad at me for the offer.
Another story... about a year ago or so, a man walks in and drops an (I forget the date but think it was a crosslet 4 variety), five dollar gold piece, in an NGC AU50 holder he has a receipt for that shows he originally paid $3500 for the coin off of tv from a large, well known gold seller. They supposedly told him he had to buy old gold so the government couldn't confiscate it from him in the future. I had to show him what they sold for all the time (about $900) off of Heritage to prove to him they had screwed him. After I made my offer, I told him he should call back the origial seller and see what they would buy it back for. The next day, he came back in and told me they refused to buy the coin back and he sold me the coin. As he left, he stated he would never buy coins again. The entire coin collecting community lost this buyer... how many more are just like this one?
I've yet to see anything bought off the tv that was a deal...
Steve
U.S. Air Force Security Forces Retired
In memory of the USAF Security Forces lost: A1C Elizabeth N. Jacobson, 9/28/05; SSgt Brian McElroy, 1/22/06; TSgt Jason Norton, 1/22/06; A1C Lee Chavis, 10/14/06; SSgt John Self, 5/14/07; A1C Jason Nathan, 6/23/07; SSgt Travis Griffin, 4/3/08; 1Lt Joseph Helton, 9/8/09; SrA Nicholas J. Alden, 3/3/2011. God Bless them and all those who have lost loved ones in this war. I will never forget their loss.
<< <i>I bought a coin on Coin Vault in the early 2000s for $1600. An SS Republic Shipwrecked coin. Did not now much about coins back then. Did not even know what PCGS was. Sold it for $900 several years later while the market was still interested. I knew what I was doing and I am responsible for my actions. I have none to blame but myself. Educate yourself. >>
I bought one of those coins from them as well, an 1861-O I think. I still have it and can remember all the hype about them for several months during that time.
Beer is Proof that God loves us and wants us to be happy -Benjamin Franklin-
Comments
80 something guy calls the shop and says he has a collection of mostly graded Morgan & Peace dollars, MS66, MS67, MS68. Says he paid about $225K total for them.....
Yep, you guessed it. Bottom feeder slabs. At the very best, worth about $20K retail.
He called the company that sold the cr*p to him and they "explained" that our offer was low because he had not yet completed the set. If he were to complete the set through them, it would be worth FAR more money.
I learned later from his son that they pressured his dad into spending another $25K so his set would be complete. Wiped out every penny of his retirement.
Sad. How many others have been victimized by these type of blood suckers.
Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
A few years ago a woman posted on the forums that she and her husband were trying to help out an older relative [her father or father in law] who had purchased a substantial number of coins from TV Coin shows. I replied and since she lived in my area I offered to meet her at a large book store to talk with her and take a look at some of the coins bought from the shows. I met with her for about 30 minutes. I showed her the Redbook and some monthly Coin magazines. The sampling of coins she brought were all very common, with most being worth little more than face value or spot prices for silver and gold issues. She showed me a few of the invoices and the prices paid were way above retail. She was not surprised at what I told her, and had a good idea that the prices charged by the shows were excessively high.
At least she and her husband were aware of what was going on [the older relative was in his 70's or 80's and had been buying for about three months] and were being proactive. They planned on limiting or preventing their relative from making additional purchases [by taking away his credit cards and being more involved in what he was doing with his finances] and taking some of the coins already purchased and liquidating them in order to recoup at least a portion of the money paid out to acquire the coins.
For me it was a situation where I initially had some remote hope that the coins I would look at would be something more than overpriced widgets. When I took a look I immediately knew that the coins were widgets/dreck. Disappointing, but not unexpected.
<< <i>However, she did buy a 1994 Russia ballerina 3-coin platinum set that looks pretty nice and is probably now worth more than what she paid for it. >>
Hopefully it's worth more, but I wouldn't count on it as that stuff is often times two, three, or four times the price that it should be when sold originally. There was an interesting thread on a stacking forum last year where a new poster asked about the value of a number of different Euro gold coins (sov's, helvetias, etc.). When we told him the current value he flipped out as the coins were worth just a hair under what he had paid, even though gold had more than doubled since he had purchased them. Long story short no one was surprised to hear he was a Goldline customer...
Franklin Mint items,
Morgan Mint items,
gold-plated items,
coins with stickers on them,
statehood quarters in special packaging (only worth face value)
'ballistic rolls' of Presidential dollars (some people really think they are gold)
All only worth fractions of what they paid.
Yesterday, a guy called saying he had 100 sets of the statehood quarters he wanted to sell. He had bought 100 folders, took the coins out of circulation to fill the folders, and wanted to sell them now. You can guess he wasn't too happy when I told him to turn everything into the bank.
<< <i>...Yesterday, a guy called saying he had 100 sets of the statehood quarters he wanted to sell. He had bought 100 folders, took the coins out of circulation to fill the folders, and wanted to sell them now. You can guess he wasn't too happy when I told him to turn everything into the bank. >>
At least his lesson was cheap.
Please visit my website Millcitynumismatics.com
<< <i>For those who never saw the ballistic dollar ads(from this thread):
4 came into the shop. Not to spam you guys, but I can give you
... nightmares at half price.
https://acoinshop.com/ —-> https://ebay.us/m/KxolR5
<< <i>Some very sad stories for sure Perhaps I should stop beating myself up for some of the poor purchases I have made over the years and realize that it could have been much worse. >>
Almost everyone who has never sold a coin before is likely to be very disappointed
when he comes to a shop to sell for the first time. Generally they expect a profit and
they'll usually get only about a third of their money back. There were many people in
1980 and 1995 who thought they had great investments and discovered they had
overpaid and the price had collapsed.
Even collectors who have never sold are liable to be disappointed but investors are
almost always left holding the bag.
Coin collecting is a great hobby (this thread notwithstanding) but it is one mighty lousy
"investment". Like everything the greedier one is the more likely he is to be burned.
Confession time.At least one happy story on this thread.On and off I always had a love for collecting one thing or another.In 2001 I watched a cable coin show and was moved to buy a silver proof set for $45.99 or close to it.Damn you mike musak!He kept saying they came from the mint and were a limited edition no longer made.After a few weeks I was looking at the packaging and saw the mints 1-800 number.I called it and asked when the 2002 sets would come out.The agent told me next year sometime but she could sell me the 2001 set for $21 I think.
Another story... about a year ago or so, a man walks in and drops an (I forget the date but think it was a crosslet 4 variety), five dollar gold piece, in an NGC AU50 holder he has a receipt for that shows he originally paid $3500 for the coin off of tv from a large, well known gold seller. They supposedly told him he had to buy old gold so the government couldn't confiscate it from him in the future. I had to show him what they sold for all the time (about $900) off of Heritage to prove to him they had screwed him. After I made my offer, I told him he should call back the origial seller and see what they would buy it back for. The next day, he came back in and told me they refused to buy the coin back and he sold me the coin. As he left, he stated he would never buy coins again. The entire coin collecting community lost this buyer... how many more are just like this one?
I've yet to see anything bought off the tv that was a deal...
Steve
In memory of the USAF Security Forces lost: A1C Elizabeth N. Jacobson, 9/28/05; SSgt Brian McElroy, 1/22/06; TSgt Jason Norton, 1/22/06; A1C Lee Chavis, 10/14/06; SSgt John Self, 5/14/07; A1C Jason Nathan, 6/23/07; SSgt Travis Griffin, 4/3/08; 1Lt Joseph Helton, 9/8/09; SrA Nicholas J. Alden, 3/3/2011. God Bless them and all those who have lost loved ones in this war. I will never forget their loss.
<< <i>I bought a coin on Coin Vault in the early 2000s for $1600. An SS Republic Shipwrecked coin. Did not now much about coins back then. Did not even know what PCGS was. Sold it for $900 several years later while the market was still interested. I knew what I was doing and I am responsible for my actions. I have none to blame but myself. Educate yourself. >>
I bought one of those coins from them as well, an 1861-O I think. I still have it and can remember all the hype about them for several months during that time.