With great anticipation, Paul and I drove off on Monday morning to Philly. We encountered the usual traffic snarl at the G.W. Bridge in New York but the ride was not bad. At the loading dock we were directed to where we could bring our material in. Again, no problems. Monday evening we met a numismatic book dealer that had received a $6,900 “move-in” bill from the union workers. He may sell a few thousand dollars worth of books for the whole show!
As a follow up to our last posting, the coins in the Land of Smiles Liberty Nickel collection did very well. It goes to show you that top quality coins even in a quiet market do very well. Liberty Nickels are not exactly on a runaway upward swing, however the coins in this collection were exceptional. Of the coins in the set that did sell that we helped acquire for the set, the consignor cost was $241,902; with a price realized of $480,282. I wish the timing of the sale of this great collection would have coincided with a market in a cyclical upswing…but it didn’t.
At RCNH we have ALWAYS advocated that clients should take possession of their gold and silver bullion and to even beware of using bank safe deposit boxes.
Now here is even more confirmation of what we have been saying for years.
Are Banks Raiding “Allocated” Gold Accounts?Posted on July 6, 2012 by WashingtonsBlog
Beware: “Allocated” Gold May Not Really Be There
In 2007, Morgan Stanley paid out $4.4 million to settle a class-action lawsuit by its clients after Morgan Stanley charged them to buy and “store” precious metals for them, but neither bought or stored the metals.
(Similarly, a 2011 class-action lawsuit filed in federal court in New York accused UBS Financial Services of misleading silver investors and charging them storage fees for metal that was never actually purchased, segregated, and stored for them.)
Wow, I am so far out of touch with coins…a field I love and yet I have no clue! I am sad to finally come to this realization. Here’s how things have unfolded in the last couple of weeks. Dave in our office has a client that purchased a raw 1899 Morgan Dollar in V.G. We offered him an MS-64 PCGS for $100 more than he paid for the V.G. (a fair price at the time) I said, “Return the V.G. and get a much nicer coin for $100 more.” He kept the V.G. instead. Now, will it ever be a better value than an MS-64 PCGS for $100 more? This is the type of buyer that is frustrating to me.
RCNH personnel instrumental in the recovery of money for coin fraud victims!
NCA RECOVERS MORE THAN $1 MILLION FOR BUYERS OF OVERPRICED COINS
By CoinWeek on February 7, 2012 5:11 PM
The Numismatic Consumer Alliance, Inc. (NCA) helped recover more than $1.1 million in the last eight months of 2011 for victims of unscrupulous coin sales, according to John Albanese, founder and president of the not-for-profit watchdog organization.