Loading ...There is absolutely no numismatic value in any of the coins he is selling
“I was horrified to see that this guy can go on tv and spew out-and-out LIES about the “product” that he’s selling and get away with it!!! What I am referring to is his selling “1 pound hoard of silver coins”….guaranteed to be in at least “average circulated condition” for $399.95. Ladies and gentlemen….this is an absolute RIPOFF. The direct LIE I am referring to is his suggesting (during the airing) that an example lot of coins he was selling had a numismatic value of around $1580. This is just a boldface lie: pure and simple.
There is absolutely no numismatic value in any of the coins he is selling, save for a few extra bucks for the silver dollar. He stated the coins were only guaranteed to be in “average circulated” condition, which means they are, in reality, “junk silver coins” with no additional value over their silver content. If you want to check out what the actual cost of such a lot should be, check out a HONEST online silver seller….such as Bullion Direct, APMEX, or Provident Precious Metals. Reputable dealers sell 90% silver coins by face value, and as a frame of reference, 1 pound of 90% silver coins has about $18.40 in face value.
Let me demonstrate for you what you should actually be paying (retail) assuming silver at a spot value of $17 per oz: 1 junk silver dollar, retail about $18; $17.40 face value junk silver coins, retail price about $14.50 per $1 face value, total retail price $252. Total reasonable cost RETAIL that you should pay: about $270. The total SPOT VALUE of the silver in the lot is about $223. There is 13.14 ozt silver content per pound of silver coins; 13.14 ozt x $17/ozt = $223. So….bottom line: if he sells all 1000 lbs he claims he’s trying to sell…he is ripping off his buyers for at the very least a tidy sum of about $130,000 total, and actually closer to about $175,000 or so assuming he actually bought his coins at around spot value (most likely). Of course this may all be a lie as well; at this price there is probably no limit to what he actually “can” sell, and thus, how much $$$ he might make in this scam. Are there not laws in place regarding false advertising? If so, clearly this guy should be in jail.”