Thursday, February 10, 2011

Reader doesn't trust coin dealers

Dear Dr. Jim

Dr. Jim, I have a problem. I have this little suitcase, slightly larger than your ordinary carry-on bag, full of old coins.

My concern is that I don't know where to turn now that I want to redeem them. I just don't trust the coin dealers I have found.

Most of them seem pretty shady, their ads look like an open bid for larceny.

Please, please, Dr. Jim, tell me what to do. I am sure that my coins are worth hundreds of thousands of dollars.

Suspicious in Toronto, Jack

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Dear SiT Jack

I had to laugh a little at your name, Jack. Like you are a "sitting duck," only a "SiTting Jack," for those nasty coin dealers!

Well Jack, I don't blame you for being suspicious. An awfully lot of them will rip you blind. They will underpay you every time. What you want is one who will be a collector for them and who will PAY YOU RETAIL VALUE.

This is the big rip-off in the coin business. You buy high at RETAIL and sell low at WHOLESALE. Then the dealer makes his huge profit, more than half of that rightfully and ethically should be your gain, not his!

The obvious way to change this scenario is to deal with a lady. Then it would now be a 'he' who is ripping you, rather a 'she.' But believe me, those women are even more crafty than the men! They get you coming and going.

So if I were you, I would just keep them. If you need the money and if they really are worth the hundreds of thousands like you think, go to an honest bank (is that an oxymoron ??) and TAKE A LOAN using them as collateral. The bank will want to keep the coins as they do when they give loans on jewelery.

This way you will have your money and spend it too. When you can't repay your loan then go into default. I promise you that you will make more off a deal like this than going to a coin dealer who will rip you off.

Most times the only way to do better is to find an honest and ethical coin dealer. These are hard to find but there are some. Unfortunately I can't figure out how to tell one. They are all wearing sheep's clothing as they say.

Jack, I do hope that I have helped you some.

Dr. Jim

So, keep on keep'n on, and till then,"Please ask your question or leave your comment now!"(Just ask me and you will remain anonymous)Submit question or comment in privacy now To read the rules and/or submit a question, click here.(CLICK HERE NOW, I've read the rules.)To leave a comment or non-private question, simply leave a comment below as usual.


Putz said...

i used to be a qulified coin collector and after my prison stint got even better at it

samurai said...

Hi Jim... just wanted to drop a note to say thank you for dropping by my blog and the kind review. 8)

Joey said...

hmm... that is really interesting.
I was wondering what this blog of yours was all about. Good advice.

I would them too.