LA Times slams World Reserve Monetary Exchange
droopyd
Posts: 5,381 ✭✭✭
DAVID LAZARUS:
CONSUMER CONFIDENTIAL
You won't make a mint buying coins this way
U.S. presidential coin offer really doesn't add up
What if I offered to sell you an ordinary quarter for 60 cents? You'd tell me to . . . well, I can't print what you'd probably tell me to do.
So what are we to make of a company called World Reserve Monetary Exchange, which recently took out full-page ads in this paper and elsewhere offering rolls of 50 $1 coins for $124? That's about $2.50 for each $1 coin.
The ads, which could easily have been mistaken at first glance for news stories, are titled "Going, Going, Gone," and say that "free coins are being handed out" to anyone calling within 72 hours to order "never-before-seen Ballistic Rolls of the U.S. Government's dazzling new Presidential Dollar Coins."
"The U.S. Gov't barely got started minting these new coins and by law were required to stop production forever," the ads breathlessly (and ungrammatically) states. "There will never be any more."
Well, yeah. But that's not because a law was passed suddenly cutting off production. It's because the U.S. Mint makes millions of coins honoring each president and then moves on to other presidents.
"We're minting to demand," says Michael White, a Mint spokesman. As such, he says about 340 million George Washington coins were minted last year, followed by 224 million John Adams coins, 203 million Thomas Jeffersons, 172 million James Madisons and 124 million James Monroes.
At least 115 million John Quincy Adams coins are being introduced this month, with four additional presidents coming each year all the way up to Gerald Ford in 2016. (A president has to be dead at least two years before being put on a coin.)
So are these coins worth more than the $1 they represent?
"You can get them for face value at the bank," White says. "We're not marketing them as investment coins."
In other words, a roll of 50 presidential dollars is worth $50. And with hundreds of millions of the coins in circulation, it's a pretty safe bet that, a decade from now, they'll be worth, well, about $50.
Full article here.
CONSUMER CONFIDENTIAL
You won't make a mint buying coins this way
U.S. presidential coin offer really doesn't add up
What if I offered to sell you an ordinary quarter for 60 cents? You'd tell me to . . . well, I can't print what you'd probably tell me to do.
So what are we to make of a company called World Reserve Monetary Exchange, which recently took out full-page ads in this paper and elsewhere offering rolls of 50 $1 coins for $124? That's about $2.50 for each $1 coin.
The ads, which could easily have been mistaken at first glance for news stories, are titled "Going, Going, Gone," and say that "free coins are being handed out" to anyone calling within 72 hours to order "never-before-seen Ballistic Rolls of the U.S. Government's dazzling new Presidential Dollar Coins."
"The U.S. Gov't barely got started minting these new coins and by law were required to stop production forever," the ads breathlessly (and ungrammatically) states. "There will never be any more."
Well, yeah. But that's not because a law was passed suddenly cutting off production. It's because the U.S. Mint makes millions of coins honoring each president and then moves on to other presidents.
"We're minting to demand," says Michael White, a Mint spokesman. As such, he says about 340 million George Washington coins were minted last year, followed by 224 million John Adams coins, 203 million Thomas Jeffersons, 172 million James Madisons and 124 million James Monroes.
At least 115 million John Quincy Adams coins are being introduced this month, with four additional presidents coming each year all the way up to Gerald Ford in 2016. (A president has to be dead at least two years before being put on a coin.)
So are these coins worth more than the $1 they represent?
"You can get them for face value at the bank," White says. "We're not marketing them as investment coins."
In other words, a roll of 50 presidential dollars is worth $50. And with hundreds of millions of the coins in circulation, it's a pretty safe bet that, a decade from now, they'll be worth, well, about $50.
Full article here.
Me at the Springfield coin show:
60 years into this hobby and I'm still working on my Lincoln set!
60 years into this hobby and I'm still working on my Lincoln set!
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Comments
They also package the roll in a gold box in the shape of a gold ingot. Stacks of these boxes give the impression of a stack of very valuable gold bars.
I showed the ad to my family with an explanation of why it is important to never buy coins from ads in the newspaper (or from the TV shopping channels for that matter.)
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
The armed guards ensuring the pure .999 pot metal coins are safe and secure.
The large vault door, that's 2 ft. thick.
What is the make up of the Prez dollars? Checked the Redbook, no mention of the composition
Recycled cans?
<< <i>What is the make up of the Prez dollars? Checked the Redbook, no mention of the composition >>
Same thing as Sac dollars... pure copper core with manganese brass (77% copper, 12% zinc, 7% manganese, 4% nickel) outer layers.
Not so, really. I've walked over to a small bank down the street and they said they can get them, but they must order 500, so they arn't getting any. So far, I have only received one in change( a Madison). If you really want some, then you must spend the time and effort to do so. So paying a slight VIG may be what you need to do. The same thing happened with the nickle series a few years ago. This type of thing is basically done by most BMs.
Hey, this wonderful company in North Canton, Ohio is where I went to High School and met my wife. Now two out of three aren't bad. And yes I have rolled Jefferson Coins that came from them but purchased them at an estate auction. Next time I am back there I will visit this well-liked company. If it is still there.
davidfoxindy First post and you find a 10 yr old post.
to comment on?
That a new one takes the money for a questionable marketing ad the later on calls them out for it.
@davidfoxindy....Welcome aboard.... Cheers, RickO