Tom Luxsox Coins

Unsearched Rolls

Many coin companies employ the use of high pressured sales tactics to get you to buy. Many of these tactics are outrageous so don't listen to everything they say. Some of the things they say sound too good to be true. They can easily make a collector out of anyone. Buyers beware!

The switch and bait is the oldest trick in the book. They advertise a really great deal. It's a bargain at the price listed. So you call to order yours. However, to your dissatisfaction, they have just sold their last one. But they have an even better deal for you. This coin is a little bit pricier but it's "supposedly" a better deal then the other coin. Does this sound familiar to you? Well, this happens all the time at coin companies. If you don't buy into their "special", they'll hook someone else. What's funny about their sale is that they sell out of their coin listed, but they never sell out of their "better" deals. When one is sold out, they have another one lined up.

The "undervalued" technique is what they use to catch investor type of buyers. What these buyers all have in common is that they buy coins from an investment point of view. So they don't care too much about what they're buying. They're easily hooked when a seller mentions that a certain coin or coin series is undervalued. As the conversation goes on, the sales rep. reveals that the coins are about to explode in value. They don't know exactly when, but it's going to happen soon. So they tell you to get it before it becomes unaffordable. Once a sale is achieved, you're placed on their calling list. A couple of weeks later, the same sales person calls to let you know the good news. They tell you that the coin(s) have dramatically risen in value. Then they explain that it's not even done yet. It's going to go sky high. So they ask you if you want to buy more before it's too late. The problem with this picture is, if it's going to go sky high, why don't they keep it till it goes sky high? Obviously they want to push it out as fast as they can. They do this a lot with gold coins because gold values fluctuate a lot. So if gold goes up, they always call you back to let you know that the value of the coins have gone up. The spike in price may be short lived because gold goes up and down all the time. So the next time you hear that a coin is undervalued, you know it's a scam.

People may not realize how these coin companies force you to buy more without you even knowing it. A coin company offers you a coin for $60 dollars. You want to buy it because it's a nice coin. They tell you that shipping is a flat $20 dollars no matter how many you want to buy. Then they ask you how many you want to buy. So instead of saying that you want to buy 2, you now want to buy 5 instead. They've just increased their total sales from $120 dollars to $300 dollars. That's 2 ½ times more then what they would have sold. All they did was rip you off on the shipping. I see this all the time. It's quite effective. The sales person even tells you that the average person buys 8 to 10 at a time. Then they tell you that you should too because it would cut the cost of shipping down (on a per coin basis). Nice little trick ha?

The unsearched but everything is included scam is a classic. The coin company says that they have an unsearched hoard of Morgan Dollars for sale. They don't know which dates are in there but all coins are in BU condition. Then they say that this hoard includes at least one example of each date. When you ask how they know this (because it's supposed to be unsearched), it just gets better and better. They say that they went ahead and mixed a full set in there just to make sure. So it's possible to have 5 or 6 of each rare date! Then they tell you that it's $39.99 per Morgan Dollar, sold in sets of 5. If you want to buy 10, they're only $37.99 each. The problem with this scam is that they sell to hundreds of thousands of customers. So they need a couple hundred thousand of these Morgan Dollars. So the chance of hitting a BU 1893 S is slim to none. If it even existed. Furthermore, a lot of the cheaper dates are BU, but some of the more expensive dates may not be. At $37.99 a coin, I'd rather buy an original unopened roll of Morgan Dollars. I'd get 20 coins in BU condition for a fraction of the cost.

To learn more about rare coin investments, please visit http://coinprofits.com.

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