Another Coin Vault Question

TerrapinWill · February 21, 2005 6:00AM

Well last night I was having trouble sleeping and was playing online poker, surfing the board here and came across CV on local TV. Anyway, I'm not going to rehash the nonsense on the show and the overpriced crap those snake oil salesmen push. But it made me wonder. With the high costs of producing the show, and the fact that it has been on TV makes me wonder how many people must buy coins from these people. I mean if no one was buying, they would be out of business, wouldn't they?

In this highly techological age, how could there be so many people with $$$ and not access to information. I just can't imagine how this is possible.

Also, do they hurt coin collecting by turning people off once they realize they have been had or bring people into the hobby?

ER · February 21, 2005 6:03AM

<< ...............................

Also, do they hurt coin collecting by turning people off once they realize they have been had or bring people into the hobby?

>>

I learned expensive lessons from them and HSN, but that didn't turn me away from the hobby.

slothman2000 · February 21, 2005 6:06AM

I noticed that they are getting back into sports memorabilla also...I heard that they got in a little trouble with that in the past.....

PhillyJoe · February 21, 2005 6:09AM

Last night they were pushing nice, crisp currency as well: "It's the hottest thing right now"

If they said it, then it must be true.

Joe

meos1 · February 21, 2005 6:23AM

A fool and his money are soon parted. You have people who make reasonable money, see something that catches thier fancy and before you know it they are putting the phone down with the HSN people. They know nothing about coin collecting or the current fair market pricing. If they did they would not buy the material from HSN.

Dan

Sphinx357 · February 21, 2005 6:26AM

<< Last night they were pushing nice, crisp currency as well: "It's the hottest thing right now"

If they said it, then it must be true.

Joe >>

oh jeez

tlhoy · February 21, 2005 6:42AM

With the high costs of producing the show,

You would be amazed at how cheap it is to do a show like that. I bet a lot of people here could afford to do it.

Bochiman · February 21, 2005 7:33AM

Well, I look at it as "no knowledgable, involved, coin collector would buy from them 98% of the time".

That said, I could see where someone who tunes in and sees something they want (investment/gift/coolness factor/etc) may buy.
That person may not trust ebay (enough people here talk about ebay fraud), may not use ebay (a lot of people don't do online buying/auctions), may not have local coin stores/shows or know about them (and, the stores are generally a ripoff as well if you aren't up to date on everything and know exactly what you are doing), and not know/trust any online purchase point.

So, let's say that your average joe wants a complete set of kennedys in BU, or Frankies in BU. How's he get them? Let's say there are no coin stores/shows near where he lives. Now, how's he going to get them?
He may not use ebay or know about these boards (most likely) and may work 12-14 hour days and be very tired and not do online searching. His free time is valuable to him.

So, that type of person may very well buy from them and pay the premium. Plus, some people are taken in by the sales pitches. Personally, Chamber's voice makes me want to puke. But, some people may fall for it. They may be intelligent but still fall for it. They will likely learn their lesson if they buy more than a few times, but for some people, paying the extra $200 or so may be worth it. They may not want the "thrill of the hunt".

Take, for example, something that I would never buy from them that they have advertised lately.... $399+s/h for 1986-2005 SAE in special presentation "cardboard".
Ok...go out and buy those yourself for around $200-$220 before s/h/i. If you buy one at a time, that can add ~$100 more for s/h/i. So, now you are looking at $300+.
Then, add in the time wasted. Don't forget to add in any returns for ones you don't want (1996 with milk spots), etc.

So, for some people, who don't know better, it turns out to not be too bad of a deal.
This is in NO WAY endorsing what they do...but just putting a little light on the niche that they seem to be filling.

Now, I honestly wish they were more reasonable and ethical and stopped palming the coins, and also showed natural coins rather than cleaned/dipped, etc.

TUMUSS · February 21, 2005 7:57AM

WITHOUT reading one single word of this thread...I'll bet the correct answer is NO.

TonedPeaceNut · February 21, 2005 8:04AM

<< You would be amazed at how cheap it is to do a show like that. I bet a lot of people here could afford to do it. >>

Oh no, does that mean I'm going to be watching jbsteven @ 2am hawking toned Morgans now.

Or better yet, Laura selling $45,000.00 coins to billionaire insominacs.

God help us all.

TPN

Nocerino18 · February 21, 2005 8:15AM

They are all full of $&^#$. I watched them say last night "5 Gem Brilliant Uncirculated Dimes" 1941-P, 1942-P, 1943-P, 1944-P, 1945-P.

$100.00

Then the guy went on to say that they would all most likely grade MS63. He just said a second before Gem Brilliant Uncirculated which means MS-65. They are just a bunch of scam artists and i think it is going to truly hurt the hobby.

I am a dealer and I went to price out a collection. When I gave the guy the total of $1800 which was probably more than any other dealer in the area would have given him, he said "oh no, I just spent over 3,000 on this stuff over the last 2 years, why would I sell it for less?". I told him he unknowingly overpaid in the most polite way I could. Anyway, I think it turned him off from collecting forever.

greymars · February 21, 2005 8:19AM

skydivdav · February 21, 2005 9:50AM

I was unfortunate enough to begin my collecting career there some five or six months ago. (purchased ten morgans for $250 or so~ They're pretty shiny ~ Cleaned probably?) The only thing it turned me off to was to never buy from them again. It certainly didn't turn me away from the hobby. I still tune in regularly, just to see the coins and the interesting "sets" they have. Too bad someone legit couldnt' do the same thing.
blue skies!
david

100proof1957 · February 21, 2005 10:43AM

Dont forget,they sell EVERYTHING,cookware,jewelry,im sure some sectors subsidize others

TheRaven · February 21, 2005 10:56AM

I find it enjoyable to watch, because I like seeing coins on TV.....

Althought I can only watch so many MS-69 Eagles.....

I think they can go a good thing for collectors to get a look at alot of different coins in a short period of time.....

TerrapinWill · February 21, 2005 11:09AM

Hurry up and dial fast for your Presidents Day currency special....13 bills of $100......high value...lots of variety

TerrapinWill · February 21, 2005 12:45PM

1950-1959 Proof Sets------$4,000....and 50-55 are not in Original packaging......"put together from multiple proof sets"..."not cherry picked"

Anyone wanna go halves on one????

chasingerrors · February 21, 2005 1:25PM

I too find myself watching because at 2 am rocking my daughter to sleep in the chair, it passes time, and for the record before I found ebay I did make one purchase 2 years ago and what I paid then on a real good day now might get most of my money back, most definatly a lesson learned, most of there stuff is heavily bag marked, cleaned, cherri picked, you name it the list goes on. And they really do sell lots of stuff to folks who put their faith in thier sales pitch.

Knowledge is King!

AgMe · February 21, 2005 11:58PM

<< Knowledge is King! >>

Hello all,

I think this is the truest statement ever. The typical non-collector would have no problem paying >$100 for a common large cent "because it's so old, it must be valuable...".

HSN does a good job in selling the product to people that don't know better.

Confession:
I really like those gold plated coins with the hologram devices. I wouldn't have them in a collection, but I wouldn't mind having one as a pocket piece... (I have yet to buy anything from them).

...shiny objects... simple minds... lol

-g

Jdurg · February 22, 2005 2:05AM

Also, with how much they charge for their crap, all they need to do is sell ONE thing and they've made their profit for the day on all of their junk.

slabfab · February 22, 2005 3:07AM

<< Also, with how much they charge for their crap, all they need to do is sell ONE thing and they've made their profit for the day on all of their junk. >>

Unfortunately I think you are right. Man I hate that show. Sometimes the wife and I tune in just to laugh at some of the ridiculous marketing they use. They should be slapped for selling unprotected raw coins. And the way they mishandle these raw coins makes me cringe. I have yet to see them sell one toned coin. I could go on, but you get the picture.

As far as does it hurt the hobby, I don't think so. If one really has a passion for coin collecting, they will endure the occasional bad deal. I've had more than my fair share of rips, but I take my lumps, learn and move on cuz I enjoy the hobby.

sellsatan · March 20, 2005 3:38PM

Coin Vault is the RadioShack of the numismatic world. They cater to people that are interested in coins but lack the time or dedication to really learn about the hobby. Certainly it's a niche market, but poeple spend money on it.

Does it hurt the hobby? Seems to me a lot of board members watched the coin vault before becoming serious in the hobby. I recall reading recently on the forum a member saying that the coin vault actually brought them in to the hobby to begin with.

wjd283 · March 20, 2005 3:48PM

I've got it tuned in now.They just had P and D rolls of the 05 nickles(not mint rolls) for $16.99 + $3.99 S&H.
I wander if their electronics and other stuff are as overpriced as their coins.

SaintDennis · March 20, 2005 4:10PM

We don't get CV along Gulf Coast Mississippi, though we do get HSN. Those guys are pricy! I check the market rate on the quarter sets they are selling or gold coins and they are way over priced. Doesn't anybody else check prices? In order to stay in business, they probably have to charge high prices with a guarantee as most people will look at their coins and then keep them. I guess that's the way it works.

gyocomgd · March 20, 2005 4:23PM

I've always been sympathetic of buyers who get taken anywhere and don't like reading members here calling them "stupid" and so forth. With that, when I hear the boys on Coin Vault boast about "repeat business" and how "we want you to come back again and again and again," I have to think that repeat buyers there have to be a bit dim. If you have any abiding interest in coin collecting at all, you will at least google the subject on the internet and consequently see very quickly what the stuff they offer is truly worth.
Who is their typical cunsumer? I picture old people mostly who have a bit of extra money on hand, who are bored and who do not go on the internet.
Incidentally, I get the very strong impression that Robert and the blond guy secretly dislike each other and don't speak off camera.

RickMilauskas · March 20, 2005 4:28PM

I kind of picture grandparents buying things for holiday gifts for their grandchildren.

wjd283 · March 20, 2005 5:26PM

Still tuned in.Now they're selling nascar memorabilia at about 3 to 4 times what it sells for on ebay.

If any of you'ins have a hanker'in for smoe Nascar stuff let me know.

littlebear329 · March 21, 2005 2:49AM

i'd like to have one of those 1910 lincoln cents with the vdb on the sleeve

, after all robert said in 1910 they moved it from the reverse to the obverse, seems to me they didn't put it on the obverse till 1918.

1907Quarter · March 21, 2005 8:49AM

They are all full of $&^#$. I watched them say last night "5 Gem Brilliant Uncirculated Dimes" 1941-P, 1942-P, 1943-P, 1944-P, 1945-P.

Then the guy went on to say that they would all most likely grade MS63. He just said a second before Gem Brilliant Uncirculated which means MS-65

that stinks: make a $25 coin a $10 coin with that remark

TerrapinWill · March 21, 2005 9:00AM

Ill probably watch for a little while tonight, just to see what they come up with next.

100proof1957 · March 21, 2005 9:14AM

They had 38 Buffs in 66 NGC for only 129.95 ! the other nite.

Whats that 4x retail ?

awilson10 · March 21, 2005 9:46AM

Isn't admitting you watch Coin Vault here the same as admitting you watch porn in church?

TerrapinWill · March 21, 2005 10:15AM

You watch porn in church? I thought I was the only one....

RickMilauskas · March 21, 2005 10:30AM

Speaking of porn in church, Rev. Robert Chambers & Co. are on in 30 minutes (9:00 EST).

TerrapinWill · March 21, 2005 10:38AM

I'm gonna watch Rev Bob and his side kick .....I'm still stunned by the idea of watching porn in church.......

What will their first item be.....I'm guessing they will be pushing the 2005 Proof ASE's for only 59.95...who wants to bet?

TerrapinWill · March 21, 2005 11:01AM

Oh man those cheesy nickel sets.......wow those suck so bad.....

Nickelback · March 21, 2005 11:17AM

Maybe they could combine their pitch to include a chicken rotissere and an Oxy-Clean clone...watch your old coins become like-new! Just set it and forget it!!!

TerrapinWill · March 21, 2005 11:34AM

.....I'm guessing they will be pushing the 2005 Proof ASE's for only 59.95...who wants to bet?

OK so I missed by a penny, which they will also sell you for 5 cents.........

I knew they would be 59.96......

Coppernicus · March 21, 2005 12:02PM

CV is a joke - I agree! BUT - About 4 years ago I was flipping through the remote, late at night, and CV had a Lincoln wheat deal for $99.99 plus S&H - A pould of "unsearched" wheats, a 1959-1988(?) folder filled, and a '09-58 folder empty to "fill in the holes" rom the pound of "unsearched wheats." Oh, and a '09-VDB as a bonus. I BIT!

Worthless junk! BUT.....I did get back into collecting! So maybe CV serves somes wierd, warped purpose after all!

Mike

TerrapinWill · March 21, 2005 12:12PM

2005 Clad Proof Set only 49.99

Yeah I will always have a soft spot, despite my critical remarks, because CV is one of the reasons I got into coins......

Another Coin Vault Question

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