TV Sellers and Coin Dealers
19Lyds
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Sad to say that, while channel surfing, I ended up watching Rare Collectibles TV (RCTV). It was a live auction for an Greenish Toned 1885 Morgan in MS65* up for bids with $50 increments. The "host" was spurting out the qualities of an 1885 Morgan in MS65 and how it was an $800 coin to get folks to bid. It ended up at $650. The toning was unremarkable IMO.
Secoind coin up was an 1882-S in NGC MS67 with a huge semi-circular toning spot (not Half Moon but the other direction) to the right of the obverse. The opening bid was $1,000. Try as he might, no bids came in. He even pointed to the toned spot and stated that "you could see where another coin was laying across this one in the bag." (I thought that the toned areas were what was open to the air?)
Next up, and not in an Auction format, was a 5 minute spiel on the merits of the 1986 Silver Eagle and how it was the 1st of a long line of Silver Eagles and how every coin collector always wants the 1st in a date series. Valuation was built by showing some reference that had the 1986-S Proof at $125 and the host was relating how he and his buddy, at one point in time, had been selling these "dealer-to-dealer" at $130-$135 each.
The coin was being offered, with original government packaging, for $89.95.
Then, something struck me.
Is this how folks who don't necessarily have any numismatic experience are "sold" by all coin dealers? I mean, these TV People really go the gamut in their sales pitch. Always building value with half truths and out right wives tales that have no basis in reality, just hype.
Are all coin dealers like this? Better yet, are these TV Sellers a mere reflection of what the typical coin dealer might be?
Edited to add: The 1986-S Proof Silver Eagle in OGP is readily available on eBay for between $50 and $60. Free Shipping. (Just in case you wanted one!
)
Secoind coin up was an 1882-S in NGC MS67 with a huge semi-circular toning spot (not Half Moon but the other direction) to the right of the obverse. The opening bid was $1,000. Try as he might, no bids came in. He even pointed to the toned spot and stated that "you could see where another coin was laying across this one in the bag." (I thought that the toned areas were what was open to the air?)
Next up, and not in an Auction format, was a 5 minute spiel on the merits of the 1986 Silver Eagle and how it was the 1st of a long line of Silver Eagles and how every coin collector always wants the 1st in a date series. Valuation was built by showing some reference that had the 1986-S Proof at $125 and the host was relating how he and his buddy, at one point in time, had been selling these "dealer-to-dealer" at $130-$135 each.
The coin was being offered, with original government packaging, for $89.95.
Then, something struck me.
Is this how folks who don't necessarily have any numismatic experience are "sold" by all coin dealers? I mean, these TV People really go the gamut in their sales pitch. Always building value with half truths and out right wives tales that have no basis in reality, just hype.
Are all coin dealers like this? Better yet, are these TV Sellers a mere reflection of what the typical coin dealer might be?
Edited to add: The 1986-S Proof Silver Eagle in OGP is readily available on eBay for between $50 and $60. Free Shipping. (Just in case you wanted one!
) I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
The name is LEE!
The name is LEE!
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Just a select group- some of which peddle their wares on TV.
Was going to post a thoughtful editorial outlining my view of these folks, though on consideration, thought to hold my tongue (fingers) given I don't want threats of a lawsuit.
A close family member of mine actually fell for their sales pitch and bought boxloads of modern Nickels of which he later ended up dumping into his checking account- at face... (Maybe not the 'same TV folks' disclaimer).
Yes, this is how they work on people that don't know the coin market.
Works for jewelry and lots of other dung....
Happy, humble, honored and proud recipient of the “You Suck” award 10/22/2014
Swimming in Cards
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
"Then, something struck me.
Is this how folks who don't necessarily have any numismatic experience are "sold" by all coin dealers? I mean, these TV People really go the gamut in their sales pitch. Always building value with half truths and out right wives tales that have no basis in reality, just hype.
Are all coin dealers like this? Better yet, are these TV Sellers a mere reflection of what the typical coin dealer might be?"
While I can't speak for everyone, my experience when entering the hobby would have been a resounding yes. Had to learn on my own about "low populations", "rim damaged", "cleaned copper", "dipped silver", "one sided PL's" and all of the other problem coins a Numismatist does not want to own. I still see Dealers at area shows that ripped me off in the beginning and have lost my business forever. The better Dealers have a more sophisticated sales pitch, but are still trying to sell their wares at a price that puts you behind the eight ball if you ever want to sell. Golf, fishing, camping, hot rods are all hobbies that cost a lot of your income. Coin collecting is no different. Don't let anyone sell you any different. <see what I did there> LOL
10-4,
My Instagram picturesErik
My registry sets
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
The entire satellite TV basic package is a whole lotta jackwagon-ing. Especially at four in the morning.
Jack. Wagons. MHO.
<< <i>I watched the Belmont on YouTube today. About as close to television as I need to get. Maybe sign on to Craigslist in search of something good. >>
I put my Les Paul Custom Deluxe up on Craigslist and really wish I hadn't. I got more "suspicious" offers than I care to deal with! I pulled the ad but they still kept coming.
bolivarshagnasty nicely summed up his experience which, as it turns out, were my experiences as well.
A Low Pop is meaningless if nobody wants the coin but some dealers still push this "hype: phrase.
A Low Mintage is equally meaningless if everybody already has the coin yet dealers still hype out this phrase if they need to sell.
I bought myself a birthday gift one year of a 1797 Large Cent. I paid decent money for it (since it was my birthday) without ever considering the fact that it was heavily corroded. The dealers insert had something like R4/R5 which I thought was fairly impressive until the coin failed to grade due to the corrosion. What did I know?
Nothing which almost cost me some money birthday gift or not.
I cannot recall how many times I've sat down at a coin show and watched the "hole fillers" walk up to a dealer, ask if they have such and such to which the dealer responds yes. They then ask the dealer how much and accepts whatever price the dealer places on the item. Some, are rather hefty prices yet, these people fork over the cash!
I have to admit that the only reason I actually click on these coin shows while I surfing down the channels list, is to see what they are offering and how much of a ridiculous price they are asking. It just struck me the other day that these people aren't saying anything that hasn't been said before and, nothing that was said could be pinned down as an absolute. It's all worded so that you either believe it or you don't.
The name is LEE!
They're on CATV or SATV, and those providers don't give away air time either.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com
In very few retail industries does the consumer actually expect to get any value back. In coins, for some reason, everyone thinks their entitled to an investment-grade deal. In reality, most are just the end consumer of a retail widget.
I click in from time to time to see what they're selling, but it's always Morgans or ASEs or modern proof sets. Yawn.
<< <i>I have seen the results of TV hucksters. Individuals I worked with would bring in a coin to show me - that they acquired through TV shows.... I tried nodding and smiling... they would tell me how they got a great deal, and it would sell for multiples of that price. Still I smiled..... Then they would ask directly if I would like to buy it....well, at that time I would reply no, thank you. Of course then they want to know "Why???" Well, then I try diplomacy and gently explain what the coin was really worth. Anger. So I show them a Redbook. More anger. Then accusations of 'trying to rip them off'....so, I suggest they go to a coin shop downtown, I would even go with them. "No, you guys are all alike"....Well then, I asked, who will you sell it to..... "Someone who really knows what it is worth".... OK....Good luck. This happened on four separate occasions... very sad...Cheers, RickO >>
I have variations on this theme many times. Sometimes I offer to sell them more of the same at a MUCH lesser price so they can make money off my ignorance. Never had anyone take me up on it.
<< <i>They should kill themselves? >>
Posted https as http
Kill themselve?