Coin-tertainment!

[jtryka]

I love watching the Coin Vault! It's got everything you could ask for! Drama, comedy, tragedy! Last night, I was flipping channels and stopped when I saw a BU roll of 1904-O Morgans (a bargain at $749) when all of a sudden I heard the frightening yet familiar clanging of large silver coins being dropped all over the place! It was great, the two buffoons trying to pick them up, strategically placing thumbprints on each one before moving on to the next event, Proof Sets! I was honestly shocked to learn of the massive price movements in these sets, like the 1986 set I bought last year for $8 is now selling for more than $200! And the best is when they distort the pricing, saying the average cost is only $25 per set for the group, which is less than the price the mint charges for brand new ones! And these go back to 1958! Of course they neglect to tell you that most of these sets can be purchased for under $10 at just about any local coin shop. Working on Wall Street, it would be like saying I'll sell you shares of stock in 45 different companies, including IBM and Microsoft for only $1000. The average price is only $22.22 per share, less than you could buy either company for on the exchange. Of course what I neglect to mention is that the other 43 stocks are all penny stocks listed on the pink sheets with average prices of 50 cents. But most people don't think these things through, but rather only look at the superficial stats spouted by these guys. The last one I saw was the 2002 $5 gold eagle in MS-69 for $69, which was "priced at less than the gold content in the coin." I am still trying to figure that one out, maybe they used the gold content priced in New Zealand dollars... Then it was on to one of our favorite characters for the justification of outrageous prices, Benny Binion! I guess all the graded Morgans from the Binion hoard must be out already, since now they have gone to the Peace dollars and other parts of the collection (which I really believe was more a hoard than a collection). They were selling sets of 4 coins, Peace dollar, silver Kennedy, Washington and Roosevelt, all certified "Uncirculated" for only $149!

 

It would be a lot more fun though, if I didn't think of all those poor folks actually buying this overpriced stuff thinking it a bargain.

[chrisfuccione]

It would be good entertanment. The only thing is people are buying this junk. CHRIS

[gmarguli]

My favorite was an ICG MS70 Bullion 1oz Eagle. From just the picture on TV, I could see a bag mark. I have no idea how a bag mark got on the coin.

 

Anyway, this was the "rare date" one because the mintage was really small and sure to increase because rare dates are always worth more. They also explained how rare the MS70 grade was and that they had only received the MS70 grade on X percent of the coins.

 

Something like we only got 10% of MS70s and they only minted 25,000 of these coins That means there are only 2,500 MS70s out there to satisfy all the demand from the 23 billion coin collectors in the world... Really sad.

[Oldtrader3]

The FCC must be asleep at the switch to allow these to get up there a sell coins based on pure fiction. Someone will eventually get wise and file fraud charges against these clowns. I have gotten so that can not stand to watch this show anymore. I feel badly for the unknowledgeable people who buy from these buffoons. It gives the hobby a black eye.