Quarantine Update: COINS ON TELEVISION ARE STILL NOT A GOOD DEAL
All the little suckers collectors are home captivated by what’s on televison. Let’s see if we can suck them in catch their eyes to separate them from their money sell them common material great coins at inflated great prices!Since being ordered to stay-at-home, the number of queries about deals for coins from television commercials, infomercials, and the home shopping channels has risen. The number of readers for my article “DON’T BUY COINS ON TELEVISION” has quadrupled in the past week.
The questions are all the same: is it a good buy?
Usually, the answer is NO!
In “DON’T BUY COINS ON TELEVISION,” I compared the offer of a date run of 31 American Silver Eagles each graded NGC MS-69 to a full 34 coin set. I found that the television markup was 50-80% over other alternatives.
The experience with this television con came less than a week after someone came into my shop with a box of overpriced items that he purchased from a home shopping television show and places like the National Collectors Mint. In “The Sad State of Television Numismatics,” I wrote about this experience and some more things to watch out for, including gold-plated tributes that have less than 1-cent worth of gold.
So that you know that this is not new, back in 2011, I wrote about another infomercial that claimed the Presidential $1 Coins were “vanishing from circulation at an alarming rate” because collectors are hoarding them. It was another show where the statements made the overpriced items appear too good to be true.
The worst part of both television pitches is that they both used respected numismatic authors as props. While neither endorsed the products the announcer was pitching, their presence was an effort to give the pitch an air of legitimacy.
I know it is difficult for some to be home during the day. Many of us are used to working and not having this much time on our hands. But it is not the time to stop thinking about getting the best value out of your collection. If you see a pitch for coins on television that intrigues you, then stop, take notes, and do some research before picking up the phone or visiting that URL.
What do the price guides say about the price? If the items are in slabs, go to the price guides for NGC or PCGS and find out what they say the coins should be worth. Want an independent opinion? Check the prices with the Greysheet Price Guide or the Numismedia Fair Market Value Price Guide.
Are there other purchasing options? Use a search engine to search for others who may be selling the same items. Check online auction sites, like eBay.
If you do a little due diligence, you may find that you can purchase the same or similar numismatics at a better price. You might be able to find something with a better grade also at a lower price.
Please do not overpay for your collectibles. If you regret your purchase, then it takes the fun out of collecting. We have enough problems, don’t compound them. Relax and enjoy your collection!
US Mint and BEP Capital Hill Holiday Sale
If you happen to be in the area of Capital Hill in Washington, D.C., the U.S. Mint and Bureau of Engraving and Printing are holding a sale at the Rayburn House Office Building today (December 1) in Room 2200 from 10:00 AM until 4:00 PM. The building is open to the public (your representative to congress may have an office in the building) and requires airport-style screening, sans the pat down!
Both agencies will have their 2010 offerings for purchase at regular prices. The difference between purchasing it from a clerk instead of mail order is you do not have to pay postage or worry about your order being cancelled. Besides, you never know who you will meet in the hallway, especially since congress is in session.
Also, Treasurer of the United States Rosie Rios will be there to autograph products from Noon until 2:00 PM.
The Rayburn Building is located at 45 Independence Ave SW, Washington, D.C. between First Street, SW, and South Capital Street, SW. The closest Metro stop is the Federal Center SW or Capital South stations. Both are on the Orange and Blue lines.
Click image to enlarge.
Legal Scent of Marijuana
In scouring my email for whatever cyber bargains are out there, I received a note touting the 2010 Republic of Benin Plants of the World Scented Coins. Announced last March, the coins will represent four distinct plants of the world and their scents. Since the Republic of Benin is not exactly on my watch list, I was drawn read more when told that the scent was for Cannabis Sativa, more commonly known as marijuana!
The West African nation of Benin has joined Somalia, Palau, Cook Islands, and other small countries to produce coins with different designs and features to profit on the growing market in non-circulating legal tender (NCLT) coins. Not only is the plant of the reverse of the coin colored, but it is scented to smell like the plant. The scent is professionally mixed perfume that is embedded into the coloring that does not require the coin to be handled in order to smell the results.
It is important to note that the scent does not contain tetrahydrocannabinol (THC) or any of the other cannabinoids that would cause problems at the airport or by law enforcement. Rather the fragrance is from synthetic materials that at worst could cause an allergic reaction.
The coins is silver plated over a copper-nickel base weighing 27 grams and is 28.61 mm in diameter. Its face value is 100 Francs CFA (about 20.2-cents in U.S. Dollars) and its production is limited to 2,500 pieces. Benin set the list price at $99.95, but it can be found for less, such as this online dealer.
This can be an interesting gift for your favorite numismatist, horticulturalist, or whomever this holiday season!
Images courtesy of Talisman Coins.
New Page: Bill Tracker
You might have noticed a new element at the top of the list today. It is a widget that allows me to connect pages of information to the blog. These are not blog posts but will use the blog’s template to give the information a seamless feel. The first page created is a numismatic bill tracker that covers all of the bills that have yet to pass the 111th congress. It is intended to be an extension of my previous report, this page uses the information offered by govtrack.us to provide a status of individual bills.
While this page was manually generated, I am looking into automating page updates and provide notification as top when things change for the next (112th) congress.
Remember, since the Mint Does What It’s Told by Law to Do, then we should watch what is coming out of congress. After all, it is congress that passes the laws!
Happy Thanksgiving 2010
Thanksgiving was first celebrated in 1621 by the Dutch settlers at Plymouth, Massachusetts to celebrate a successful harvest. It was a tradition that the Pilgrims brought with them from Europe. After the birth of the United States, President George Washington issued a proclamation honoring the Thanksgiving harvest during his presidency. The only other president to issue a Thanksgiving proclamation was President James Madison. As part of his attempt to maintain the union, President Abraham Lincoln issued a proclamation that made Thanksgiving Day a national holiday in 1863.
After Lincoln’s proclamation, it was traditional to celebrate Thanksgiving on the last Thursday of November. In a move to increase the holiday shopping period to promote more spending, President Franklin D. Roosevelt pushed to have congress pass a law to move Thanksgiving earlier in the month. In December 1941, Roosevelt signed a bill that set Thanksgiving as the fourth Thursday in November.
Be thankful for your family.
Be thankful for our hobby.
Be thankful for everything.
Image of the Lincoln Dollar courtesy of the U.S. Mint.
What Will Your Heirs Do With Your Collection?
The reports of my demise have been greatly exaggerated.
While that line in many forms have been credited to Mark Twain, I appreciate those who have written during my absence from writing. Thank you for your concern and I am glad that some here missed me!
My absence was because of a health scare that required my convalescence in a local hospital for the last 10 days. For those who have not yet experienced the recovery from a long illness, hospitals can be painful, frustrating, and frightening. Although my recovery was not in doubt, my wife and I had the discussion as to what to do if the next incident ended more tragically.
Those of us who are collectors may be the only one in our family who enjoy numismatics. We spend years collecting, accumulating, and appreciating the coins, notes, and other collectibles but when our time comes, we would like for those we love to carry on our passion. But seriously, if your family has not shown a real passion for your collection of has not started their own collection, it is likely that they will not be interested in anything other than selling your collection and moving on. It may be difficult to admit that the niece or grandson that appears to love to see your coins when they visit or is excited to receive a special numismatic gift may be more happy because of their interaction with you rather than your collection.
“I found your blog by searching for help,” opened one note. “My husband inherited coins from his grandfather and we would like to sell them.” The note goes on to explain how they know nothing about collecting coins and would just rather sell them. While I explain some of their options, one is always to save them and become a collector themselves. Few take that option.
This has become such an issue that there is now a book about selling the coins that you may have received from your late grandfather’s estate.
Be honest with yourself, does your family really want the coins or what the coins are worth. If you are not going to mind that they will sell your coins, then leave it to them. However, if they are not going to keep the collection and their disposition really matter to you, then you should figure out how to deal with them while you still can make the decision.
When my wife and I discussed estate planning, we talked about my rather large coin collection. I decided that as part of my estate plan, I am going to document how my collection will be disposed of when I can no longer enjoy it. While I will include gifts to some relatives, I will also include instructions as to what to do if the relatives are not planning on keeping the coins. I have counseled too many confused people to leave this up to chance. At least I know that if the coins are sold my heirs will receive proper value.
While I wish everyone a long, happy, and healthy life, we have to understand that life will end at some point. It is our responsibility to make sure that our heirs remember us fondly and not for the painstaking task of disposing of our collection.
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