Man, I feel sorry for people who buy from Coin Vault.

Russ · May 26, 2007 5:47AM

Some guy just brought me a bunch of Morgans in those fancy boxes with a "COA" that coin vault sells. All common dates, and all dipped out sliders sold to him as "Gem BU". I didn't even make him an offer since I knew it would be way, way less then he got skinned for.

Russ, NCNE

MidAtlanticCoins · May 26, 2007 5:48AM

We have QVC here in the state with us, and routinely see their material. I find this incredibly sad, and try my best to educate them. We always recommend to the customer that they send it back rather than making an offer on the material. That seems to go over a tad bit better.

Lionel · May 26, 2007 5:51AM

You may be surprised that I discovered "Coin Vault" only last year as I was channel surfing late at night (maybe we didn't have it in my city before then; it's been on for years) and I found it about the most unintentionally hilarious show ever.

I didn't know much about coins, but I've used EBAY since 1999 and I checked some of the prices on EBAY for stuff that "Coin Vault" was selling and I smelled the coffee real quick. Of course, that just makes the show even more entertaining.

Pentimento · May 26, 2007 5:52AM

<< All common dates, and all dipped out sliders sold to him as "Gem BU".
Russ, NCNE >>

I've seen them selling 20 Morgan slider deals recently. I wonder what those things look like!

123cents · May 26, 2007 5:53AM

Did you ask when he bought them Russ? Maybe he can also return them.

Russ · May 26, 2007 6:06AM

<< Did you ask when he bought them Russ? Maybe he can also return them. >>

During the course of the conversation it came up that he bought them when his son was in gradeschool with the idea that he'd pass them down to him when he turned 18. His son is now in highschool and wants money rather than the coins, thus his reason for wanting to sell them. All of which makes it even more sad.

Russ, NCNE

fc · May 26, 2007 6:07AM

russ. why sad? greed is good. coin vault must be like your
hero for making fistfulls of money right?

Russ · May 26, 2007 6:10AM

<< russ. why sad? greed is good. coin vault must be like your
hero for making fistfulls of money right? >>

I see your doctor refilled your stupid pill prescription.

Russ, NCNE

fc · May 26, 2007 6:13AM

i see you removed your "greed is good" tagline from every post.
i saw no difference from you spouting that crap to coin vault.

storm888 · May 26, 2007 6:14AM

Greed is usually good, BUT CoinVault kills off
a good part of the future collector-population.

Once folks get burned by the TV hucksters, it
is pretty hard to convince them that "reputable
dealers" will not harm them. Most burn victims
just quit, and tell all of their friends that coins
are a scam.

That is really all that I see wrong with what CV
does. Killing the hobby, one sale at a time.

fc · May 26, 2007 6:16AM

russ, why just cutdowns when CV basically upholds your high standards?

Russ · May 26, 2007 6:17AM

<< i see you removed your "greed is good" tagline from every post.
i saw no difference from you spouting that crap to coin vault >>

And, it's obvious you're consuming twice the normal dose.

Russ, NCNE

TAClough · May 26, 2007 6:24AM

Russ,

Didn’t your mom teach you not to antagonize the “mentally challenged”?

fc · May 26, 2007 6:38AM

oh guys and russ i am joking. i know from others here Russ
is honest and an all around nice guy.

i was just making a joke on the concept of greed is good and
CV seeming to practice what i heard mentioned around here.

no harm meant russ.

oxy8890 · May 26, 2007 6:38AM

If Russ, Lionel, Taclough, Storm888 and I all agree that is a fairly broad perspective (if you read our various posts)! FC you might want to rethink your position

I have purchased from Russ before and I know when he says MS or BU it's not going to be cleaned EF!

dwssws · May 26, 2007 6:50AM

<< Russ,

Didn’t your mom teach you not to antagonize the “mentally challenged”?

>>

(if it came down to a battle of wits on these forums some members would find themselves unarmed

)

dwssws · May 26, 2007 6:51AM

also wanted to add sorry to hear about the guy and his morgans

coinvault ( and the like) does great harm to the future of the hobby

ModernCrapNut · May 26, 2007 6:57AM

If I remember right, coin vault wants $200 for 10 morgans and $500 for $20, then they add 10/20 different of our choice. The sign will say EF and Chambers will show off the coins that have to be cherry picked for their display and show a few nice S mint samples.....What a racket. Last week they had on a set of ASE without the 06-W that they have been touting as being worth $500 and only $200 less than their normal NGC sets. These sets were in ANACS Holders with pictures of Reagan on the label. Talk about buy the label.....LOL. Occasionally they will have something at a decent price but it's usually 20-25% over ebay prices, and people just keep buying. I thought that a higher percentage of people than that had computers, but maybe it's their feeling if it's on TV it must be true. Then after a good laugh at coin vault, I'm seeing if HSN has on their even funnier coin shows.

Coxe · May 26, 2007 7:28AM

What is truly sad is when the poor sap shows up at a B&M coin dealer's establishment to make his profit and is shown how fleeced he is. The sadness is not with that buyer but with the hostility that often is then directed at the dealer as if he is the goniff instead of the cable ripoffs.

mepot · May 26, 2007 7:32AM

Sounds like 'Coin Posse' material to me.False advertising at the least,or would they use the

'grading is subjective' defense?

JapanJohn · May 26, 2007 7:33AM

Question. Are you saying this guy bought a bunch of Morgans around 10-12-15 years ago and they still aren't worth what he paid for them?

I'm sorry. I feel no remorse for that. He got hosed and needs to recognize it as such. And hopefully learn from it as well.

John

garsmith · May 26, 2007 7:56AM

<<Man, I feel sorry for people who buy from Coin Vault.>>

I don't feel sorry for people that buy from coin vault (or similar) my first coin purchases where from the coin vault. The ones I feel sorry for are the ones that never learn from thier mistake and continue to buy from the coin vault (or similar)

Smoeone must be out there buying from them though, they have been on the air for many years!

PRTCOINS · May 26, 2007 8:08AM

<< <<Man, I feel sorry for people who buy from Coin Vault.>>

I don't feel sorry for people that buy from coin vault (or similar) my first coin purchases where from the coin vault. The ones I feel sorry for are the ones that never learn from thier mistake and continue to buy from the coin vault (or similar)

Smoeone must be out there buying from them though, they have been on the air for many years! >>

Maybe you can answer me this. Since you know they have been on the air for many years it seems like about a week and a half ago I noticed they are not on the shop at home network anymore as far as I know, unless they are on only in certain parts of the country but here in Massachusetts we dont see them on tv. Thats sad because I really thought that show was hillarious.

ModernCrapNut · May 26, 2007 10:15AM

They are still part of that network. If you need a good laugh, you can still go to www.shopathometv.com and find the coins, knives and watches just like on tv.

BlackBeard · May 26, 2007 2:48PM

If you ever want a confidence builder on your purchasing skills, just tune into one of these shows for a few minutes and you will feel like a master. Even on the less-than-excellent purchases you may have made.

SeaEagleCoins · May 27, 2007 1:24AM

<< What is truly sad is when the poor sap shows up at a B&M coin dealer's establishment to make his profit and is shown how fleeced he is. The sadness is not with that buyer but with the hostility that often is then directed at the dealer as if he is the goniff instead of the cable ripoffs. >>

Here is the true problem with Coin Vault and similar ilk...all too often I have seen folks come into coin shows with coins they have purchased from these programs...after a number of dealers tell them that they had been ripped, they come away with the attitude that the dealers at the show are the real ripoffs.

There are many folks who are addicted to TV...they believe anything they see there and feel that if something is of true value then it will be on TV...anything not on TV is just not real to them...

...a sad commentary on our society in general...

...the average consumer is turned on by Designer labels and glitz...they feel like they are getting a "real deal" from these Coin programs...if one of us offered them the same coins at half the price they would not trust us...

...case in point...I have a customer who visits me at a local show...he has bought a couple of coins from me...one in particular was sad/funny...

...it was a coin in a new ANACS holder he liked that listed in CV at $1700...I offered mine to him at $1000...he became immediately suspicious (BTW...he has no computer and does not want one)...he asked what was wrong with the coin... "what do you mean?", I asked... "There must be something wrong with it if you are willing to sell it so far under the listed price", he said...

...I then jokingly told him that if that is the problem he has with the coin... that I am selling it to "cheaply"... then how about if I raise the price to $1500...would that be better? ...he ended up buying it at the $1000 but I'm sure he still considers the coin suspect...(it was and still is, BTW, a very nice coin...I had gotten it at a discount because it was in "the wrong holder"...)

...generally, he buys from a local B&M and always pays full CV or more...I have tried talking with him but he is convinced that the value of a coin is in the price you pay...the more he pays, the more value he feels it has. He does have a keen eye and only chooses PQ material...but still...

...as for these programs "killing" this hobby...I don't think so...folks who buy from Coin Vault and such, for the most part are not collectors...they are buying on speculation based on the hype...looking for a profit...probably look at the coins when they arrive and stick them away until they decide to sell them...

...as a previous poster here said...a true collector might make the mistake of making such a purchase but will chalk it up to a lesson learned and then move on...

...most folks that I know consider money as just that...money...meant for commerce and nothing more... they see no sense in coin collecting...to each their own...

...some folks collect matchbooks...some collect pretty rocks...or mason jars...some collect dust...

...we collect coins and for us they have value...

For those who actually read all of this post...thank you and I apologize...Sunday morning and two stiff cups of Starbucks and this is what happens...

Sporkadelic · May 27, 2007 2:44AM

<< Maybe you can answer me this. Since you know they have been on the air for many years it seems like about a week and a half ago I noticed they are not on the shop at home network anymore as far as I know, unless they are on only in certain parts of the country but here in Massachusetts we dont see them on tv. Thats sad because I really thought that show was hillarious. >>

As far as I know, Coin Vault is still on Shop at Home; it's just that the local station (WMFP in Lawrence) has changed ownership and no longer carries Jewelry Television during the day and Shop at Home at night.

Zoins · May 27, 2007 3:07AM

Is there anything that can be done about this? Or not really?

ABSilvercoins · May 27, 2007 3:12AM

My brother-in-law showed me his Buffalo Proof gold that he bought from HSN.

Proof 69--a nice looking coin, no doubt.

HE THINKS HE BOUGHT THE COIN below MELT !!!

Somehow, from something they said while hyping the coin, they left my BOL with the impression that the price of the coin was below melt.

I think they must have said something similar to "Even after the second payment, you have paid less than melt value."

Believe it or not, I kept a straight face and made no comment other than "Really nice coin!"

Russ · May 31, 2007 8:35AM

Well, this guy came back today. Said he needed to sell, and could I please make him an offer. So, I bought them at 9x. I also spent some time explaining where he went wrong, so at least he likely won't make the same mistake again in the future.

Russ, NCNE

TAClough · May 31, 2007 8:45AM

The price of a "Higher Education" is not cheap

PinnacleRarities · May 31, 2007 8:52AM

"Deals like this one don't come down the pipe very often. You better act fast, we only have 500 sets left!"

jmski52 · May 31, 2007 10:00AM

I have been buying from Coin Vault for 10 years. They have promised me that I will be rich in only another short 10 years, if I continue their program of investing on a regular basis.

NOT !!!!!!!!!!!!!!!!!!!

AUandAG · May 31, 2007 11:08AM

I have a patient that buys for her grandkids from CV or one of the others. I have never asked which one.
She's not mobile and takes handicapped busses to get around. The only way she can get them is off the
tube. She's not computer literate and is about 90 years old. Oh well, she's happy doing it for the kids sake
and I'm glad she has a purpose and at least is keeping her brain active. She also buys from Littleton coins
and a few others via mail. She can't get around like you or I so I won't say a thing. She'll be long dead before
she finds she's been had. Grandkids will spend or save and maybe in 50 years? Who knows.
bob
PS Lot's of rural areas in this country that have no access to computers or B&M stores

Man, I feel sorry for people who buy from Coin Vault.

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