Flynrider
Phoenix,#2Consumer Comment
Fri, June 15, 2012
" The part that is illegal is telling a customer that a certain coin is rare or is in the original packaging when it is not. And also telling them that It is a good investment because of its low mint number when in fact it is higher than other years. That is the part that is illegal tellin me if I buy these $80 American Silver Eagles in the original mint plastic that it's worth more than all other eagles."
I'm not disagreeing that practices such as you described are shady. The problem is really an uneducated investor taking investment advice from some telemarketer. Technically, that would fall under fraud statutes, but it is notoriously hard to prove when the only evidence is an investor who says one thing and a company rep who says they must have misunderstood. AGs in CA and NY have tried to go after metal dealers that do this, but short of a full fledged sting operation with phone recordings, it never goes anywhere.
" There is a law to protect the customer for those situations now because all the company's that have telemarketers convincing people to buy high graded coins for their value. "
Such a law would go a long way towards solving the problem in the industry, but I've never heard of it. Can you be more specific?
REAPER1775
Highland,#3Author of original report
Tue, June 12, 2012
The part that is illegal is telling a customer that a certain coin is rare or is in the original packaging when it is not. And also telling them that It is a good investment because of its low mint number when in fact it is higher than other years. That is the part that is illegal tellin me if I buy these $80 American Silver Eagles in the original mint plastic that it's worth more than all other eagles. But in face it is just in a plastic wrapper that says littleton coin company. If they have any knowledge of coins they knew it wasn't from the mint, therefore why would they lie and say it was and charged $80. It's not about the money it's about customers think they are buying a rare coin worth more than all the others because they were lied to. There is a law to protect the customer for those situations now because all the company's that have telemarketers convincing people to buy high graded coins for their value. Then they get the coins and they are in a unknown TPG slab that says ms65 the customer think they did well till they take it to sell it and it's maybe VF 20 or the coins
Is a st gaudens slabbed MS65 but only really AU55 the person loses so much money.
That is why it is illegal to misrepresent coins, and tell them one coin is a better investment than another.
Flynrider
Phoenix,#4Consumer Comment
Tue, June 12, 2012
" i left called the state AG office and they were appalled and are working on a claim "
Basically, your claim is that their buy prices are too low and their sell prices are too high. That is not against the law and I seriously doubt that any AG would have the slightest interest. You can sell your coins for whatever you think you can get for them.
I've got a stack of 2009 1oz. maples that I'd be willing to part with for $6K apiece. Maybe you'd better tell the AG about me too.
I'm not saying the prices you quoted aren't outrageously expensive. I'm just not buying this notion you have that it is against that law to sell things for high prices. Been to a Neiman Marcus store?