Column: Doing the hard sell with our nations coins

Staff

Published Friday, August 31, 2007

By Ed Shannon, Between the Corn Rows

Not long ago I happened to see a two-page ad in a veteran’s magazine with the heading of “Going, Going, Gone.” And what was going and supposedly on the verge of being gone were free American coins from the U.S. Mint.

A headline on this ad said, “Free coins are being handed out for the next seven days to all who cover the $98 vault release fee for never before seen mammoth ‘Ballistic Rolls’ of new U.S. Gov’t dollar coins.”

There’s an obvious contradiction in that sentence. How can something be free when there’s a $98 fee, plus shipping charges? (Ohio residents have to add 6 percent sales tax.)

By the time I got around to actually looking over this magazine the seven-day limit had passed. Oh well. Here’s a situation where I was again a few days late and quite a few dollars short. There’s a twist on an old saying, folks.

A careful reading of this ad says the coins are $1 legal tender in the current presidential series. These gold-appearing coins feature our nation’s first president, George Washington. The coins are being released in clear and sealed vault tubes of 50 coins each. In other words, the firm selling these “free” coins is doubling its money. That’s a pretty good profit margin.

This ad shows these coins having edge markings with the words, “In God We Trust.” There’s a implication these coins are gold. Yet, I clearly said they were gold-appearing in the last paragraph. This is based on wording in the ad which says the coins are “four metal alloy.” Those other three metals are not gold and one is certainly copper.

These coins are clearly intended to be an investment. To keep people from breaking the seals on the vault tube, the firm in Ohio will send each purchaser an extra loose Washington dollar for display and bragging purposes.

As I clearly indicated, the magazine I received in July had a seven day limit for calling an 800 number to get this “free” money. That offer has obviously expired.

But wait, folks, this Ohio firm still has some coin rolls left. There’s a newer opportunity to take advantage of this amazing offer to obtain new Washington gold-appearing dollars.

In the Aug. 12 issue of a Twin Cities newspaper this same two page ad appeared with just one change. The newer version of the ad said the offer is just for 72 hours. That’s three full days. And once again the outstanding offer has expired, except for folks living in Minnesota and four other states.

In reading over the excess of small print in the two ads I found these words, “ ... and sorry no shipments to Ct, Ma, Mn, Tn and Vt residents.” To further expand on this, for some unknown reason this firm in Canton, Ohio, will supposedly not accept orders from or make shipments to coin collectors and/or investors in Connecticut, Massachusetts, Minnesota, Tennessee and Vermont.

That same issue of the veterans magazine had four more ads promoting the sales of reportedly valuable American coins. A careful reading of these ads indicates there are four factors worthy of comments.

First, three of these private coin merchants clearly indicate they are not affiliated with the U.S. Government. One coin firm up in Burnsville even stresses membership in the Better Business Bureau.

Second, our U.S .Mint evidently doesn’t sell coin s directly to the public. This profitable activity is obviously left up to the more aggressive private firms.

Third, a few of these ads are based on the finding of rare vintage coins from another era. For example, one firm is offering a limited number of banker’s rolls of Indian Head Pennies minted in 1898 and never issued for public use. Supposedly these coins were misplaced in private vaults or the U.S. Mint. This sounds to me like poor record keeping and inventory control.

Fourth, is the matter of pricing. Those pennies mentioned in the last paragraph are on sale at $188 + S&H for a banker’s roll of 50 old coins. S&H, incidentally, is an abbreviation for shipping and handling.

Another super bargain is an 1890-S brilliant and uncirculated Morgan Silver Dollar on sale for $52, plus S&H.;

Do we dare to conclude with the thought of getting what you pay for?

Ed Shannon’s column has been appearing in the Tribune every Friday since December 1984.

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