National Collector's Mint?????

[jlpblade-migration]

I've been asked, as my cousin's net guy, to find info on ncm prior to him buying Morgan silver dollars from them. Any info/advice is appreciated. tyia

[gmarguli]

I've never heard of them, but the name makes me think of one of those outfits selling polished XF Morgans as BU for "only" $69.95. However, like I said, I've never heard of them before.

 

What exactly is he looking to buy? Specific dates? Grade? Raw v. certified? Price? If we had a little more info we could point you in the direction of a dealer that would give you a fair deal.

[jlpblade-migration]

I think he just wants to get started - more as an investor than a collector. I don't know if he's looking to spend x/month or y here and z there, etc.

[TomB]

I believe the National Collector's Mint is a private company that does not sell coins as their main activity. Rather, they sell reproductions of scarce coins, usually in proof strikings, for exhorbitant amounts. There is absolutely zero market for these modern silver rounds. They have no legal tender status, are modern reproductions and are sold at huge premiums to their bullion value. My advice is to stay away unless you or your friend are interested in losing 90% or more of your investment.

[Hoot]

I've seen these guys selling all kinds of craap, from silver rounds to gold plated state quarters. Pure junk at awful prices. If your cousin wants to invest, you should advise him/her to look elsewhere, get to know coins froma collector's point of view, then buy junk silver and gold, or coins that have a low numismatic value margin and a high metals value margin, or coins that appreciate steadily with the collector's market. All of the third party mint stuff is a bad inverstment unless bought at the price of metals, and only then for those willing to speculate in the metals market.

 

Hoot

[gmarguli]

OK, I looked them up and they have a web site.

 

Here is a letter on their site.

 

From: Barry M. Goldwater Jr.,

Elected Member United States House of Representative (Retired)

 

As a former member of the United States House Of Representatives, I often receive advance news of important developments. Mint America International, Inc., a U. S. company that distributes fine collectible coins and currency to a select group of individuals.

 

National Collector's Mint is a leading United States company registered to do business in New York direct to consumers throughout the world.

 

Every product sold is guaranteed in perpetuity and unconditionally guaranteed.

 

Thank you for your time and consideration.

 

Warmest Regards,

 

Barry M. Goldwater, Jr.

 

That right there makes me wonder. Not to mention that they make several claims which I personally find false.

 

I looked at what they are selling and TomB is correct, lots of reproductions. They sell original Morgan dollars for $23.90 in mostly Brilliant Uncirculated to Fine condition. If you don't know those grades, perhaps a baseball term will help. The hitters average is mostly .300 to .140. Kind of a big range there. These coins sell for maybe $10 with dealers usually paying about $1 over silver for them - so maybe $8.50.

 

If he wants to invest in rare coins, he needs to buy rare coins and not something that was minted in the billions and as common as dirt. He also has to understand that investing in rare coins is a major gamble - much more so that buying stocks. If he is going to "invest" I can recommend some dealers that will sell him coins that have a MUCH better chance of going up in value than these. However, they don't sell $23 coins. He'll need to be willing to spend $1,000+ a coin and likely quite a bit more. You can't really invest in non-rare coins.

 

If he really wants to invest, then he should start by contacting a reputable dealer and send them a check for quite a bit of money and he can go from there. Buying $8.50 coins for $23.90 is not the way to go.

[jlpblade-migration]

http://www.nationalcollectorsmint.com/morgan.htm

 

from their website, it would seem that you can purchase from 1 to 100 Morgans at a fixed price. It would seem that buying a few wouldn't be so bad, but I'd think you're not going to find any treasures.

[jlpblade-migration]

my last post was typed as the other posted. ty

[TomB]

What all of us are trying to tell you, and what you have proven with the link you provided, is that spending $20 for a $9 coin is a guarenteed loss for an investment. If your cousin is interested in coins, why don't you take a trip to a local coin shop, coin club meeting or coin show? You can also go to the Library and get a copy of the Red Book and pick up a few magazines about coins at a local bookstore. All of the information out there will tell you right away that anyone who buys from an outfit such as NCM is not going to be happy when it's time to sell. Think about it.

[jlpblade-migration]

I don't doubt your argument. In fact, I told him that it would be hard to overcome the bid/ask and s&h even if he was paying near to market prices.

[gmarguli]

If he buys from a local dealer he will also likely have to pay sales tax. In CA it can be as high as 8.25%. However, in CA like many other states, they will waive the sales tax if it is an investment. To qualify for an investment you need to spend $1000+ at a single time. The amount varies by state. Some states are $500 and some won't let you off the hook for the sales tax no matter how much you buy.

[michael]

buying way overpriced damaged misrepresented common coins

 

based on obvious unrealistic statements and advertising

by the sellers

 

shows buyers

looking outside of themselves for something they need

 

who have to look inside themselves for what they need

 

and with a combination of greed also clouding their judgments

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but it does work legally and really well with huge profits to the principals

 

look at the way overpriced coins

and reduculous crazy false clever statements

made by several cable tv coin selling programs making their owners rich beyond belief!

 

 

 

 

 

michael

[richbeat]

Have you seen their latest print ad? There's one on page 49 of the May 2004 issue of COINage. They've jumped the gun on the Mint by selling a "100 Mil Pure Silver Proof" Washington, D.C. "state quarter." For only $5.95. The design is actually not that bad but..............what they said.