DON’T BUY COINS ON TELEVISION!
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Reading: DON’T BUY COINS ON TELEVISION!
Over the years, I have heard from many people regarding the problems with mailorder numismatics. Every few months, person writes and asks about the respect of something they bought from a non-numismatic magazine or from something they saw on television .
My answers tend to be overturn because the market does not value these items as the television hucksters do .
recently, I wrote about the experience with person who brought in a corner of coins he bought from television 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 exemplar of why my words land very hard .
Sunday ’ sulfur are my day off. flush though I have personal exercise to catch up on, I will play couch potato and watch television receiver. This past Sunday, I entered the faulty number in the outback and landed on the Fox Business duct .
On the weekend, when the markets are not open, the clientele channels broadcast other scheduling. At this time, Fox Business was airing an infomercial for Coins television receiver .
When I tuned in, the television camera was panning a display with rate american english Silver Eagle coins. Of course, I stopped to stare at the glistening silver coins. then I heard the pitch .
The peddler is Rick Tomaska, owner of Rare Collectibles TV. Tomaska seemed pleasant and appeared knowledgable. His gear was selling a date hunt 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 full deal for the 31 coins ? My beginning instinct was to check the price guides. Since the online Greysheet does not include the retail price for rate bullion coins ( why ? ), I used two other guides : Numismedia Fair Market Value Price Guide and the price guide from NGC. Based on a rate of MS-69, the guides provided the following information based on prices for the 1986-2016 34-coin fix :
34 coins @ MS-69
|NGC Price Guide
34 coins @ MS-69
31 coins @ MS-69
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 several entries on the first gear page that was not RCTV .
Taking the top 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 ’ s price. To be fair, where there was a dispute between the cash and credit prices, I used the credit card price, which is normally higher. then I searched eBay and sorted for the lowest price. The be is what I found :
|Company||Date Run||Coins in Set||Advertised Price||Shipping||Average per coin|
|eBay Seller constitutionclct||1986‑2019||34||$1299.00||$14.95||$38.65|
For the eBay dealer who was charging for ship, the price per mint was the lowest even after adding the ship costs to the sum price .
JM Bullion and Mint Products.com are reputable companies. Both firms are worth considering if you do not feel comfortable making this leverage from an eBay seller. note that these companies will base the price of their bullion coins on the current spot price of silver medal. Their retail prices may fluctuate.
When you buy from these television advertisements, you will overpay .
To help enforce the issue, the JM Bullion web site said that they would buy a complete date typeset of american english Silver Eagle bullion coins for $ 1,094.12 when I looked up the price. If you purchased the bent advertised on television, you would be LOSING $ 900 !
As share of the sales talk, if you ordered the set, Tomaska would send a replicate of the 4th edition of american 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 separate of this infomercial. Although standish did not assist Tomaska in his lurch for the jell, his presence is an appearance of legitimacy. It is similar 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 otherwise .
I would not recommend buying coins or any collectible from a television receiver show. Every collectible I have seen being hawked on television was 45-60 percentage over what might be considered wholesale value for its market .
As a modest business owner, I would be foolish to criticize person for making a profit. It ’ s the Ameican room. however, there is a difference between making a profit and price extort. It is why I am warning you against purchasing collectibles from a gear on television .
All images are riddle shots taken using an external television camera. Use of images are permitted and protected under the Fair Use Doctrine 17 U.S.Code §107 ) .