DON’T BUY COINS ON TELEVISION!

DON’T BUY COINS ON TELEVISION!

Coin Collectors Handbook: American Eagle Coins
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Over the years, I have heard from many people regarding the problems with mailorder numismatics. Every few months, person writes and asks about the value of something they bought from a non-numismatic magazine or from something they saw on television receiver .
My answers tend to be upset because the market does not value these items as the television receiver hucksters do .
recently, I wrote about the know with person who brought in a box of coins he bought from television receiver and magazines. I described his reaction as “ The look on his face when I told him was as if I kicked his dog. ” then I was provided an case of why my words land very hard .
Sunday ’ sulfur are my day off. even though I have personal work to catch up on, I will play frame potato and lookout television. This by Sunday, I entered the wrong number in the outback and landed on the Fox Business channel .
On the weekend, when the markets are not receptive, the business channels broadcast other scheduling. At this fourth dimension, Fox Business was airing an infomercial for Coins television .
When I tuned in, the camera was panning a display with graded american Silver Eagle coins. Of course, I stopped to stare at the bright silver coins. then I heard the sales talk .
The pitchman is Rick Tomaska, owner of Rare Collectibles TV. Tomaska seemed pleasant and appeared knowledgable. His lurch was selling a date range of american Silver Eagle graded MS-69 by NGC for $ 1,995.00. It about seemed reasonable until it was made clear that the pitch was for a date run of 31 coins from 1986-2016 .
Is $ 1,995.00 a good bargain for the 31 coins ? My first gear instinct was to check the price guides. Since the online Greysheet does not include the retail price for grade bullion coins ( why ? ), I used two early guides : Numismedia Fair Market Value Price Guide and the price steer from NGC. Based on a rate of MS-69, the guides provided the following information based on prices for the 1986-2016 34-coin set :

  Numismedia FMV
34 coins @ MS-69
NGC Price Guide
34 coins @ MS-69
RCTV Infomercial
31 coins @ MS-69
Total $1,240.00 $1,679.00 $1,995.00
Average $40.00 $54.16 $64.35

But Numismedia and NGC are price guides. Guides are not the retail prices a collector would pay. So we turn to the interwebs to search for “ date run American Silver Eagle coins. ” The search returned respective entries on the beginning foliate that was not RCTV .
Taking the exceed three entries from the search, only one trader was sold out. The others offered a complete set of 34 coins, 1986-2019, graded MS-69 by NGC for well less than Tomaska ’ second price. To be fair, where there was a remainder between the cash and accredit prices, I used the credit rating circuit board price, which is normally higher. then I searched eBay and sorted for the lowest price. The follow is what I found :

Company Date Run Coins in Set Advertised Price Shipping Average per coin
RCTVcoins.com 1986‑2016 31 $1995.00   $64.35
JM Bullion 1986‑2019 34 $1541.70   $45.34
Mint Products.com 1986‑2019 34 $1399.99   $41.18
eBay Seller constitutionclct 1986‑2019 34 $1299.00 $14.95 $38.65

For the eBay trader who was charging for ship, the cost per mint was the lowest flush after adding the ship costs to the total price .
JM Bullion and Mint Products.com are reputable companies. Both firms are worth considering if you do not feel comfortable making this purchase from an eBay seller. note that these companies will base the price of their bullion coins on the stream spot price of ash grey. Their retail prices may fluctuate.

Read more: About Witter Coin

When you buy from these television receiver advertisements, you will overpay .
To help enforce the issue, the JM Bullion web site said that they would buy a dispatch date set of american Silver Eagle bullion coins for $ 1,094.12 when I looked up the monetary value. If you purchased the determined advertised on television receiver, you would be LOSING $ 900 !
As part of the gear, if you ordered the set, Tomaska would send a copy of the 4th version of american english Silver Eagle : A Guide to the U.S. Bullion Coin Program autographed by Miles Standish, the book ’ s co-author, who was present with Tomaska .
What is sad is that Miles Standish joined Tomaska as part of this infomercial. Although standish did not assist Tomaska in his pitch for the set, his presence is an appearance of authenticity. It is like to the appearance of past ANA President David Ganz on an infomercial. Neither endorsed the intersection that was being sold, but their presence was used to suggest differently .
I would not recommend buying coins or any collectible from a television show. Every collectible I have seen being hawked on television was 45-60 percentage over what might be considered wholesale rate for its market .
As a belittled business owner, I would be anserine to criticize person for making a profit. It ’ s the Ameican way. however, there is a difference between making a profit and monetary value gouge. It is why I am warning you against purchasing collectibles from a pitch on television .
All images are screen shots taken using an external television camera. Use of images are permitted and protected under the Fair Use Doctrine 17 U.S.Code §107 ) .

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