Guy selling coins on HSN ripping people off!

the thing is that US Proof Sets aren't Limited Editions. They were offered to order, or better put to demand, which is quite the opposite of a limited edition, but they were limited in the time that they were offered, and that's enough for him to stretch into saying limited edition without it being a complete lie.

 

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I notice he takes a lot of liberties with stretching the truth, that is why I suggest this takes a portion of the coin show podcast to walk through these examples, I sent a request to mike and Matt to include in a future show!

 

jimfan,

I AM Mike from The Coin Show and NO, we will NOT do a segment on that subject for a few reasons. To name a couple, although it's a fun subject to banter about on these boards, but I don't think that it's a very positive aspect of our hobby. I wouldn't use my bully pulpit to bash people when I can use it in a much more positive manner. Also, I think that it could be potentially libelous and wouldn't want to to do anything that would intentionally harm anyone else.

Matt and I have long advocated that friends don't let friends buy coins from any TV network. It's never a good deal in comparison with virtually EVERY other source, but that's just good solid coin advice.

That said, there's no such thing as a bad suggestion, just some we can't do.

Thanks for listening.

mike

 

Another fun show to watch is on AVC with Don Davis. I've gotten so much entertainment I almost feel like buying one of his coins just to keep the show going. This gentlemen repeats himself as well and I've gotten very good at predicting when he'll do it...

"Ladies and Gentlemen, this is such a great deal...."2 second pause"....such a great deal!

He doesn't even say thank you when someone purchases a coin, he actually says "Congratulations" and of course repeats that word too!

 

I watched one of those shows briefly...........................briefly.................thought the guy was going to break down in tears because it was such a great deal. LOL

 

I'd probably break down in tears if I bought one of there coins.

 

Mike-Thanks for your reply and totally understand your position, I clearly do not want the coin show podcast to turn into a sludge fest, I just thought it would make for an entertainment piece to kind of walk through not so much the TV shows and the prices, but the effect it has on our hobby in general, for example, my grandfather bought a lot of coins from mail order companies and he thought he was investing in something that would be worth a lot of money to in turn pass onto me and his other grand children, only to find out he overpaid by a lot and some of the items held no real value, just was put into a nice holder with some graphics, etc. For this reason, he left the hobby and was very disenfranchised with the coin collecting. Thankfully, he did pass the bug to me and I am a bit more educated on what to buy and what to pass by. I find your podcast very good and look forward to it when its available. Keep up the good work!

jimfan!

 

Thats the real shame of these shows they take advantage of the uneducated or ederly to make obscene profits. The buyer thinks they have something great to pass onto their kids or grandkids to come to find out that they got fleeced by snakeoil salesman. To quote GI Joe the More you Know. Its funny if I were to invest in anything I want to have some knowledge going in and not believe what the seller was trying to tell me.

 

Watching HSN rip people off tonight. I few choice examples:

Trying to sell Gold Kennedy Proofs for $3K.

Trying to sell 2014 Sac. coin in 69 from the Native American Set for $149 + S/H

This just makes me sick watching it!

 

Then don't watch.

 

I am shocked-SHOCKED I tell you-to learn about these practices. How long has this been going on?

Seriously, I do not understand why some people will comparison-shop for the best deal on a loaf of bread and yet do no homework before sending some shysters thousands of dollars for supposedly "rare" coins. And this applies not only to any TV channel, but also to the myriad threads on various forums I see along the lines of "I bought this raw key date 1909-S VDB/1916-D dime/ name your coin-- what is it worth?"

Do your homework, and caveat emptor!

Best Regards,

George

 

Your probably right. I don't know why I do it. Probably to see just how outrageous the prices are and the justifications for buying the coins.

 

HSN does seem to overstep the bounds, selling this stuff as "investments" especially bullion, whose main value is its metal content, and appreciates slowly. They sell it for many times its actual value, as a collectible. Dishonest.
I saw MS 70 Eagles for as low as $45 in a coin magazine once. Still high for just a bullion coin, but most collectors would not mind having one superb silver dollar in their collection. Especially since a true collector coin in that grade would have a price that brought tears to your eyes.

 

It's much like hitting yourself in the head with a hammer.......feels so darn good when you stop.

 

These shows are not much different then when a elderly women walks into a LCS and is offered 50% of spot for ASE's and silver bars she selling after a husbands death. Happens all the time. Every hobby has good sides and dark sides.

 

It has been my experience that those guys are sharks.
Took some stuff once, quite a bit. Coins, silver and gold bullion, and was offered an insulting price. He seemed real surprised when I became angry and gathered my stuff to leave. I think he thought I was a gutter lowlife thief, and would consider his offer big bucks.
Coin collecting can be rewarding, but there are hordes of scavengers willing to cheat the ship out of you when you sell. Buyer beware, yes, and seller beware!

 

It's a total ripoff. I love how they always throw in the "red oak presentation box" at a $20 value, yours free. That box is probably a piece of garbage. Also, who is actually going to be displaying ANACS graded bullion coins all over their homes?
I would probably just throw that thing in the fire pit.

 

As someone who has owned a storefront. Making a living at 25% markup can be tough. The guy buying in a store has to resell to someone that also has to make a profit, so there you go. If he buys at half of spot, pays postage, insurance, and runs the risk of the spot price falling in transit, (which is usually the case since that is the reason you brought it in in the first place) then gets less than spot himself, what would you give?

That's the price you pay for quick cash. What does your bank charge for quick cash at an atm at a convenience store? If you want a better price, send it back to the company you bought it from. They usually have their buyback prices llisted when you buy it.

 

And you can? That's funny

 

I was offered less than 20% of what it was worth. No shipping involved. It was a local coin dealer who advertises a lot.
At the time, he had an actual coin store. Now, its empty, with a couple guys behind a counter, buying peoples valuables for 10 cents on the dollar. I get angry and turn off the radio when his ads come on.