I can’t believe the racket being promoted in a full page ad in the Wall St. Journal for Presidential
Longacre
Posts: 16,717 ✭✭✭
Did anyone see today’s Wall Street Journal the full page advertisement for Presidential Dollars? The ad has a big headline of “Public Gets Presidential Coins Free”. If I am reading it correctly, for the small sum of $28, plus shipping, you get a nice cardboard “pennyboard-style” holder for the Presidential dollars, and if you call within three days, you also get the first four Presidential dollars for free. So let’s do the math. You pay $28 and essentially get $4 back, for a net of $24 to the seller. The buyer pays the shipping, so that is not really a cost of the seller. I am not sure how much a cardboard holder costs, but I cannot see if costing more than a few dollars. Even taking into account advertising costs by the seller, they are making a pretty healthy margin on this deal. It’s sickening.
To make matters worse, the advertisement contains statements that go beyond mere puffery. Among my favorites are:
“Rations of these coins are uncertain because each dollar is only minted for 93 days and all of them will be delivered according to the US Mint’s release schedule.”
“These new Presidential coins are beyond compare because they’re actually carved with edge lettering bearing the date, mintmark, In God We Trust, and E Pluribus Unum, which results in the coin’s rare tactile feel.”
“Collectors are trying to get all they can because these are no ordinary coins. These are real US Treasury first issues in never-circulated condition. Smart collectors know how valuable first issues coins can be.”
“US Savings Bonds used to be the most popular gift to give. But now these never circulated Presidential dollar coins are what everybody wants.”
“Well, coin values always fluctuate. But just think if you would have saved one uncirculated Eisenhower dollar from as recently as 1973. Believe it or not, it’s now worth 1200% more today. So getting four Presidential coins free with the $28 [coin board] is a real steal.”
Unbelievable.
To make matters worse, the advertisement contains statements that go beyond mere puffery. Among my favorites are:
“Rations of these coins are uncertain because each dollar is only minted for 93 days and all of them will be delivered according to the US Mint’s release schedule.”
“These new Presidential coins are beyond compare because they’re actually carved with edge lettering bearing the date, mintmark, In God We Trust, and E Pluribus Unum, which results in the coin’s rare tactile feel.”
“Collectors are trying to get all they can because these are no ordinary coins. These are real US Treasury first issues in never-circulated condition. Smart collectors know how valuable first issues coins can be.”
“US Savings Bonds used to be the most popular gift to give. But now these never circulated Presidential dollar coins are what everybody wants.”
“Well, coin values always fluctuate. But just think if you would have saved one uncirculated Eisenhower dollar from as recently as 1973. Believe it or not, it’s now worth 1200% more today. So getting four Presidential coins free with the $28 [coin board] is a real steal.”
Unbelievable.
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
0
Comments
Gullible will please form a line to the right!
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The line will be long.
<< <i>"Gullible will please form a line to the right!"
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The line will be long. >>
Unfortunately this is true...how do you think these places can afford to advertise in the WSJ?
Chicolini: Mint? No, no, I no like a mint. Uh - what other flavor you got?
K
<< <i>I'll send them my Ikes and only ask 900%...that should give them a great profit margin for a riskless transaction since it sounds like they can unload them for a 1200% profit! :^)
K >>
How much do you think I can get for a "Brown Ike" in original mint packaging?
The sad part is that they are profitable for the perpetrators....
"...is a real steal.”
My Complete PROOF Lincoln Cent with Major Varieties(1909-2015)Set Registry
But on Tuesday, I get a call from a friend o' mine who I've offered advice to on coins and metals, he's done the same for me with my retirement funds. He's seen the ad mentioned in the OP and asks if I can get a better deal!
He's an insanely smart guy and got rich the hard way. But he was tempted by the glitzy ad.
I can't wait for someone to offer these "treasures" to me.
–adjective easily deceived or cheated. It is in my dictionary... Cheers, RickO
<< <i>gul·li·ble /ˈgʌləbəl/ Pronunciation Key - Show Spelled Pronunciation[guhl-uh-buhl] Pronunciation Key - Show IPA Pronunciation
–adjective easily deceived or cheated. It is in my dictionary... Cheers, RickO >>
Hate to say it but it looks like itsnotjustme caught one.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
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More than that will sell.
But, the real value of the scam is in the names of the fish.
For years, they will be bombarded with "opportunities"
via the mails.
Not surprising Rupert wants to buy the WSJ.
Not surprising the WSJ continues to run these ads.
The primary cheerleaders for the largest scams in the world
have always been players in the "financial press."