UPDATE : Is this legit? $5 modern gold commems for $200 w/ free shipping?

CoinHusker · February 21, 2008 8:00AM

I saw an ad in our paper tonight for this company and thought I'd check it out.

Choice of modern $5 gold commem for $200 each with free shipping?

Is this for real?

--------------------------------------------

Follow-up

Curiosity got the best of me and I went ahead and ordered 3 of the $5 modern gold commems for $200 each from their website a couple days after posting this. About an hour later I get a call from them to "confirm" my order, which was more in fact a sales pitch to buy additional items. I listened and politely refused and a week later my order came. Not 3 but 1 $5 modern gold commem but it was $200 with free shipping. The packing slip didn't disclose why my order was shorted but I have my suspicions.

Either way, no further calls, I got a .24oz of gold for $200 and over all (I wish I had gotten the 3 I ordered but what the hey) I'm happy.

BTW the coin I got was a 1991 Mount Rushmore Proof.

I'd be interested in hearing if anyone else ordered and how their experience went.

BECOKA · February 21, 2008 8:03AM

I have not checked prices lately but the site look legit.

OPA · February 21, 2008 8:05AM

You did not read the "fine print."

The offers made on this website are special introductory promotional offers to new customers only. Westminster Mint reserves the right to accept or reject coin orders in any combination or option(s) it determines to be in its best interest. In the event a particular coin option is sold out, the Westminster Mint reserves the right to either process partial orders and make refunds or refuse orders in their entirety. Orders are not valid until accepted by Westminster Mint. We reserve the right to limit quantities and may discontinue accepting orders at any time. Products may be delivered in multiple shipments at different times. Please allow 2-3 weeks for delivery.

nycounsel · February 21, 2008 8:05AM

The site looks professonal enough, and I suppose it's possible they are offering these at under melt as a promotion, but more likely than not I suspect the fine print would be used to get out of a sale. If it looks too good to be true, it probably is.

CoinHusker · February 21, 2008 8:07AM

At today's close, melt for modern commems is $227.064.

Just wondering if ordering sets you up for a telemarketing onslaught?

CoinHusker · February 21, 2008 8:08AM

<< You did not read the "fine print." >>

no,

roadrunner · February 21, 2008 9:16AM

A $5 modern gold commem is only 1/10th of an ounce and not the 1/4 ounce that an earlier $5 Lib carries. I'm sure many people can be confused by this, esp on good old CoinVault of HSN.

So at $95 melt value, a 1/10th ounce gold coin may not be a good value at $200+. Apparently the seller doesn't mind lying to you by stating that you are getting these coins below melt value (ie $800 gold) as well as free shipping.

roadrunner

Frankcoins · February 21, 2008 9:38AM

<< A $5 modern gold commem is only 1/10th of an ounce and not the 1/4 ounce that an earlier $5 Lib carries. I'm sure many people can be confused by this, esp on good old CoinVault of HSN.

So at $95 melt value, a 1/10th ounce gold coin may not be a good value at $200+. Apparently the seller doesn't mind lying to you by stating that you are getting these coins below melt value (ie $800 gold) as well as free shipping.

roadrunner >>

These are 1/4 oz (approx) coins. They are likely taking a loss to get names for their solicitations. In any case the offeres are void if "sold out."

OPA · February 21, 2008 9:41AM

<< A $5 modern gold commem is only 1/10th of an ounce and not the 1/4 ounce that an earlier $5 Lib carries. I'm sure many people can be confused by this, esp on good old CoinVault of HSN >>

Not the case...a $5 commem..is 1/4 oz ... compared to a $5 AGE 1/10th oz....

roadrunner · February 21, 2008 9:43AM

Remember that today's 1 oz AGE is called a $50 gold coin, not a $25 gold coin. So $5 is 1/10th. I guess that's inflation huh?

edited: I ejumacated myself a bit on this one. In fact the seller is offering 1991 Mt Rushmore $5 gold coins which are 1/4 ounce and hence below melt. Whether they have any left in stock for new customers only or whether they are legit remains to be seen. They offer 1/10th oz. AGE's for $94 (slightly under melt). They probably haven't updated this site for the recent move in gold.

In any case I won't be requesting any of the $200 gold coins below melt.

roadrunner

roadrunner

Xokie · February 21, 2008 9:44AM

I really don't want to get into an argument with a guy with nearly 12,000 posts, but the modern commems, such as the recent Bald Eagles $5 gold pieces have .242 oz. of gold, same as regular issue gold $5. Modern bullion coins, such as gold eagles and the presidential spouses, are exact .1, .25, .5 and 1.0 oz. Assuming the ad really meant 'modern commem' it would be a bargain-if you really got one.

OPA · February 21, 2008 9:46AM

<< Remember that today's 1 oz AGE is called a $50 gold coin, not a $25 gold coin. So $5 is 1/10th. I guess that's inflation huh?

roadrunner >>

I think you meant to say $20 ( double eagle) gold coin...

mikebombs · February 21, 2008 9:49AM

Basic information s this issue:
denomination: five dollars ($5)
composition: 90% gold, 10% alloy
weight: 8.359grams
size: 21.59mm
edge type: reeded
obverse designer: Marcel Jovine
reverse designer: Marcel Jovine

so just under 1/4 ounce. doubt any orders would be succesful.

Mitsuecl3338 · February 21, 2008 9:50AM

<< I really don't want to get into an argument with a guy with nearly 12,000 posts, but the modern commems, such as the recent Bald Eagles $5 gold pieces have .242 oz. of gold, same as regular issue gold $5. Modern bullion coins, such as gold eagles and the presidential spouses, are exact .1, .25, .5 and 1.0 oz. Assuming the ad really meant 'modern commem' it would be a bargain-if you really got one. >>

Are you talking about Gold AMERICAN EAGLES? If you are 5 dollar version is only 1/10

tincup · February 21, 2008 10:03AM

Do not confuse the $5 American Eagle coins with the $5 commemoratives!!!

The $5 commems are in fact the .242 ounces of gold. The $5 gold eagle is in fact only .1 ounce. I have no idea why the Mint did this....

JazzmanJAB · February 21, 2008 10:33AM

It states, " New Customers can buy 3 coins Total of any permutation" I just purchase 1 each of three gold commemoratives they had ! I LOVE GOLD !

CoinHusker · February 21, 2008 11:58AM

<< A $5 modern gold commem is only 1/10th of an ounce and not the 1/4 ounce that an earlier $5 Lib carries. I'm sure many people can be confused by this, esp on good old CoinVault of HSN.

So at $95 melt value, a 1/10th ounce gold coin may not be a good value at $200+. Apparently the seller doesn't mind lying to you by stating that you are getting these coins below melt value (ie $800 gold) as well as free shipping.

roadrunner >>

I think you are thinking of a $5 gold bullion eagle which is 1/10 of an ounce. $5 modern gold commems are the same as classic half eagle coins; .24187 oz of gold.

CoinHusker · February 21, 2008 11:48PM

57loaded · February 22, 2008 12:15AM

i just bought three of the $5 AGE for $94 each...on the site....we'll see if it is delivered.

yeah and i expect some phone solicitation.

tincup · February 22, 2008 1:32AM

<< i just bought three of the $5 AGE for $94 each...on the site....we'll see if it is delivered.

yeah and i expect some phone solicitation.

>>

And they have ypur credit card number. Keep us informed on what you actually get, and the probable following sales pitches....

boucharda · February 22, 2008 2:01AM

I ordered three 1/4 oz. commem's a month ago and nothing so far. I saw the full page ad in the Wall Street Journal

CoinHusker · February 22, 2008 2:15AM

<< I ordered three 1/4 oz. commem's a month ago and nothing so far. I saw the full page ad in the Wall Street Journal

>>

Have they charge your card?

tincup · February 22, 2008 2:33AM

<< I ordered three 1/4 oz. commem's a month ago and nothing so far. I saw the full page ad in the Wall Street Journal

>>

Time to start checking on them. One month has been plenty of time.

boucharda · February 22, 2008 3:32AM

No charge on my card.

CoinHusker · March 4, 2008 2:03AM

for update

ebizgobro · March 4, 2008 2:13AM

I saw the ad for the $200 gold commemoratives. If it is too good to believe, it probably isn't true. No rational business person is going to sell below market without a really good reason.

ttown · March 4, 2008 2:59AM

Not for me but that is one way to get new clients and your name to the public. Most businesses pay big bucks to advertise their company via the media, this approach wouldn't be any higher and would bring in the clients hopefully for the long run. So it may be ok but I'm wasn't willing taking a chance for less than $50 profit and giving my CC up.

UPDATE : Is this legit? $5 modern gold commems for $200 w/ free shipping?

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