BUYING COINS IN THE WILD WEST
HATTRICK
Posts: 2,235 ✭✭✭✭✭
Looks like Magic Mike is getting fed up with chatter on the internet putting him down. Tonight he said buying coins on the internet is like dealing in the wild west. Many, many,many counterfeits being sold. Would you rather buy from a trusted company like HSN or somebody selling out of his basement . His comments not mine.
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Who's Magic Mike?
Great transactions with oih82w8, JasonGaming, Moose1913.
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I have put aside collecting for a couple of years now so I have had very few posts during that time, however I do read the forum on a regular basis to keep up on current events. Hi to my friends from the past, especially Bullsitter.
He works that late night and cannot sleep crowd of people on HSN. Alway “fun” to see how he hypes things up to get people to buy... ASEs. LOL!
He must be doing something since he’s still on the air.??Good for smirk or two.
But back to your answering your question @HATTRICK.
That is a loaded question since there are only two options and I would not do either. I would need to investigation both sellers and what they are trying to sell. Which would apply to anyone who is trying to get my $.
In this day, there are so many choices that we are not stuck with the late night shows or basement sellers. We can do the internet and go through the Bay or the Azon, or direct to many sellers’ websites.
Buying is easy. Being knowledgeable about what your buying is the hard part. Buyer’s just need to take the time to educate themselves.
2c
Just to be clear. That was not my question, it was a comment from Mike. I did not put it in quotes as my memory is not always 100%. He was clearly implying that if you buy on the internet it is probably somebody selling out of their basement and you are taking your chances. Trying to scare his TV crowd and patting himself on the back.
Obviously we all know much better than that and our network of trusted people on the Forum provides much help in finding the best choices.
That comment is nothing more than another "nudge" to people to trust (and buy) from him.
Pete
HSN. I thought they were like QVC.
Ah, understood! Yea, agree with @BuffaloIronTail posted. Trying to get people to “trust” the show’s host.
From what little I have seen I think your right.
HSN does have a website that sells coins. Here is a 2019-W Gold Buffalo. HSN: $2800 Ebay: $2300 (Liberty Coin). Pick your poison.
bob
HSN: https://www.hsn.com/products/2019-w-pf70-ngc-50-gold-buffalo-coin/9119924
Ebay: https://www.ebay.com/itm/2019-W-American-Gold-Buffalo-Proof-1-oz-50-NGC-PF70-UCAM-First-Day-Issue-1st/372668012067?hash=item56c4be9623:g:XHgAAOSwXsVc1ewK:sc:USPSPriority!89134!US!-1
Just noticed there is a CSN network with Mike, too, he was trying to sell the $10 rocketships for $150 (slabbed).
Time to go to sleep. Or wake-up.
Hey Hat, yeah, I watch his show at times for a laugh or two. Those comments are par for the course for that clown.
Hope you and yours are doing well.
These late night TV coin sales shows have been going on for decades. Nothing new.
While their offered coins are legit, for sure their coins are always over hyped and over priced.
And their sales pitch often mirrors that of fast talking land salesmen.
I watched part of one show, about ten or twelve years ago....could not tolerate the garbage and turned it off... have not gone back. Cheers, RickO
I was actually flipping the channels and decided to watch the coin segment briefly. I caught the "wild west" comment too!
Of course! That's his job to upsell his products and "down sell" his competition's.
The only Wild West one would experience online is probably thru the Craigslist venue.
I have watched both the HSN and the CSN version of his show. And with iPad in hand with the PCGS price guide open I have concluded he is WAY over priced. And I believe he is targeting the numismatically uniformed audience. Trying to push the silver and confirm his inflated prices with a line of numismatic value. I think he is making money though.
DiggerJim
BST transactions - mach1ne - Ronyahski - pitboss (x2) - Bigbuck1975 (x2) - jimineez1 - nk1nk - bidask - WaterSport - logger7 - SurfinxHI (x2) - Smittys - Bennybravo - Proofcollector
That's a good comparison about Craigslist and the Wild West. People have been robbed and shot during transactions from Craigslist.
i would stay away from dealers like great southern coin, they just sold a fake 1909-s VDB cent the other day. apmex has great specials once in awhile, good people, just stay away from ungraded coins if you can't spot a fake
That TV air time isn't cheap. They certainly have made money over the years.
With these TV show coins, the main target audience is likely spouses or parents of coin collectors who figure it would make for a nice gift. Perhaps even a nice gift for non-coin collectors as well such as the bullion, etc. I mean if someone gives you silver coins or bars for a gift, it's still a nice gift, even if the gift giver overpaid for it, right?
Also a target are the elderly who for whatever reason are no longer thinking rationally.
And of course anyone who is a sucker for "deals" such as this. Probably the same personality types who buy land from land salesmen such as portrayed in the movie Glengarry Glen Ross.
@stevek Yes I do agree with you. He has his niche market and he plays it well. I’m just sorry that I didn’t think of it first.
DiggerJim
BST transactions - mach1ne - Ronyahski - pitboss (x2) - Bigbuck1975 (x2) - jimineez1 - nk1nk - bidask - WaterSport - logger7 - SurfinxHI (x2) - Smittys - Bennybravo - Proofcollector
It's been quite a while since I've watched any of these shows, but they are very clever in skirting any possible legal problems. Sometimes there can be a thin legal line between good selling and fraud.
For example if some on these coin sales shows would say something such as, "This is a sure thing, can't miss, once in a lifetime, investment opportunity", and if it doesn't happen, it could be grounds for a lawsuit.
However if they say any of that but add something such as, "in my opinion", well then in America you are welcome to your opinion about virtually anything without being prosecuted for it.
Also, when they preface that statement when they say "We think" or "We believe" or something such as that, it is basically the same thing as an opinion. However they are very clever in wording their sales pitch tactfully to have the potential buyer hear the words, but conveyed in a different manner, in order to entice someone to buy.
If they say something like their item would make a nice birthday gift or something like that, I don't have any problem at all with that because coins or bullion do make for a nice gift. It's when they start spouting off about "I think this is a great investment opportunity" and such is when they get into a gray area.
Apmex is ok for bulloin, but they have been known to use stock photos for rare coins they are selling.