One day of 2017-P pocket change finds
At the end of the post, I wrote:
Maybe it is time for the American Numismatic Association and Professional Numismatic Guild to issue a statement warning the public. If these organizations are about protecting the collector, here is a clear case of price gouging that they should show concern!
Is this something that either the American Numismatic Association and Professional Numismatic Guild should be involved with? PNG did issue a warning about “so called “Trump Coins,’” why not make the public aware that they have all year to purchase 2017-P Lincoln cents?
What do you think?
Should the ANA and PNG issue a warning about overpaying for 2017-P Lincoln Cents
Yes, that is their job! (37%, 11 Votes)
Yes they should but I don't think they will. (37%, 11 Votes)
I am just not sure. (17%, 5 Votes)
No, they should stay out of the market. Caveat Emptor! (10%, 3 Votes)
Maybe one of them should, but not both. (0%, 0 Votes)
Total Voters: 30
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Scott,
While charging 20 times face value may seem outrageous, I cordially point out that you have to put this into perspective. These are pennies, so 20 times face value is only 20 cents per coin or $10 per roll. I believe it is reasonable when you take into consideration the seller’s time and the convenience factor for a buyer who might not otherwise be able to obtain a roll of 2017-P cents from a local bank. In my personal opinion and experience, this is not an example of price gouging. However, charging $50 or $100 a roll or more at this time would be, especially if the seller is touting these as great investments or making misleading or factually incorrect statements about the 2017-P Lincoln cents. Yes, potential buyers need to be informed consumers. The PNG is not a “police agency” except in matters involving PNG members. But it has taken proactive steps on consumer education by issuing a number of important advisories over the years to the news media and public, including recent caution about so-called “Trump coins;” and earlier consumer education advisories about gold and silver-plated “tribute coins;” and traveling hotel buyers who may offer only pennies on the dollar for the public’s precious metals and rare coins.
It seems to be a double standard. While the “Trump Coins” are worthy of a consumer warning, paying 20-percent for a coin in circulation and still being produced is considered capitalism. I am not against capitalism but I am against taking advantage of the collective ignorance of the public. In other words we are going to have to agree to disagree!