By Vic Bozarth – Rare Coin Road Warrior – Bozarth Numismatics Inc.

I am often asked what I collect.  I have collected things since my earliest days.  I often tell people that ‘you either have the collecting bug-or you don’t’.  I certainly have the bug.  As a child I collected baseball cards, stamps, comic books, rocks and Indian artifacts.  I still have quite a few of these items I just mentioned, but none of these items give me the pleasure I get looking at a beautiful coin.  You know what I am talking about!

When I was seven or eight a neighbor moved and left a garage full of racing magazines at the curb.  The magazines were musty and mildewed, but I filled my wagon with several loads.  At that age, how could a boy resist free hot rod magazines?  Wow, I was even able to ‘cherry pick’ the best magazines out of the boxes set out for the trash man.

Fortunately, we had a small shed in our backyard.  This was the time of the ‘Snake’ and ‘Mongoose’ drag racing rivalry.  I had dozens of magazines!  My mom wasn’t thrilled that her garden shed was overflowing with boxes of mildewed magazines.  Needless to say, it wasn’t long before my mom demanded that these ‘really cool’ magazines be put back out for the trash man in front of our house.

My father collected coins.  Although he isn’t with us anymore, I still have his Lincoln Cent and Mercury Dime collections.  He had some really cool stuff.   My dad’s sets aren’t anything really special, but they are priceless to me.  My father gave me a gift.  He inspired a love and fascination for coins that still burns within me today.

I wanted some coins of my own.  When I was eight I started accumulating coins.  I didn’t have any Whitman coin folders let alone any direction, but I loved looking at them, handling them, and researching them.  Within a couple of months I had a pretty good sized cigar box full of ‘stuff’.   There wasn’t anything special about my ‘stuff’, but I was learning.  I was learning what I liked and what I wanted to collect.  I was learning what coins were meaningful and what coins fell into the ‘stuff’ category.

Fast forward forty plus years and I am still collecting.  I have some nice slabbed U.S. coins as well as a raw Buffalo Nickel set I started in junior high school.  On a professional basis I have handled or seen most of the coins listed in The Guidebook of U.S. Coins which most of us commonly refer to as the Redbook.  Bozarth Numismatics carries an extensive inventory of PCGS and NGC graded U.S. coins and we list quite a few of them on our website, bozarthcoins.com.  I am a member of Professional Numismatists Guild as well as most major numismatic organizations.  I also write a column each month titled Rare Coin Road Warrior.  I am the Rare Coin Road Warrior.  We travel over 200 days a year to buy nice coins.  We buy and sell thousands of U.S. coins every year.

Our tastes are always evolving, but many people like me still get a charge out of a low end circulated coin that sparked that collecting desire during childhood.  For me it was Indian Cents and Buffalo Nickels.  Although I specialize in high grade U.S. coins, a bag full of circulated Indians or Buffalos can still catch my eye.  The difference between then and now is that not only do I have the choice about what I want to collect, but also I can afford to collect nicer coins.  Desirability is in the eye of the beholder, but nice coins are naturally more desirable.  A full Red Indian Cent is breathtaking.  A lustrous and fully struck BU Buffalo Nickel is truly a piece of art.  Ultimately it all comes down to what floats your boat, but if you want something meaningful you have to be discerning about what you buy and decide to collect.

Putting together a meaningful set of U.S. coins should be fun and rewarding.  The amount you spend on a set certainly has a tremendous impact on what you can collect, although I have seen some really cool sets put together over the years without breaking the bank.  In this month’s RCMR, I am going to list several sets than can be put together for a reasonable amount of money depending on the grade.  Part one of my series on ‘desirable sets’ will focus on three sets with a modest number of coins.  These sets are perfect for those collectors that don’t yet have the patience for a bigger project.  (more…)

What do you do when a gold seller fails to deliver or the merchandise you received was not as described when you ordered it?  Who can you contact for help when you don’t receive payment for gold you’ve submitted to sell?

In two recent cases, “Howard” in Mississippi wired $20,000 several months ago to a California coin and bullion dealer to purchase gold coins, and “Richard” in Virginia sent $150,000 to the same dealer.  With the recent run-up in bullion prices they both would have made a nice profit, except they still have not received any gold from the dealer.  Howard laments, “All I’ve gotten is the run-around.”

“If you don’t know gold coins, you’d better know your gold coin dealer,” is the advice to collectors and investors from three nonprofit organizations: the American Numismatic Association (www.money.org), the Industry Council for Tangible Assets (www.ictaonline.org) and the Professional Numismatists Guild (www.pngdealers.com).

“There are many reputable, professional numismatists in the United States,” the three organizations emphasize.  “Before you make a purchase or offer something for sale, do your homework and check the dealer’s credentials.  For example, contact the Better Business Bureau to check the company’s BBB rating or if the company is even accredited by the BBB.”

A listing of Better Business Bureau accredited and rated companies nationwide can be found online at www.bbb.org.

The dealer that received the combined $170,000 in unfulfilled purchase orders from “Howard” and “Richard” had an “F” rating from the BBB.

Typically, dealers who are unresponsive to reasonable requests from customers seeking resolution of disputes are not involved in the mainstream of numismatics, but may advertise in prominent, mainstream news media.

Based on the experiences of the ANA, ICTA and PNG, and in consultation with law enforcement agencies, the three organizations suggest that buyers or sellers of gold coins who encounter problems consider taking these actions:

• Make copies of all correspondence, receipts and transactions and if possible have copies of advertisements or the dates and times ads were broadcast.
• Always contact the company directly to try to resolve the dispute.  Ask for the manager or company owner.
• Take thorough notes of your conversation(s).

If the problem is still not resolved after a reasonable amount of time, contact the Customer Service and/or Advertising Departments of the news media organization(s) that published or broadcast the company’s advertisements and let them know about the problems.

The ANA, ICTA and PNG advise: “It’s your money, so do your homework before placing an order, and if there is a problem then don’t just sit back and wait.  Be persistent in your efforts to resolve the dispute. Follow up with the company you did business with and the agencies where you’ve filed a complaint.  You may also want to consult with an attorney.” (more…)

Only $60 Offered for $10,000 Gold Coin

Professional Numismatists Guild (PNG) member-dealers have been assisting the news media in their continuing investigations of several gold-buying companies that move from community to community across the United States. One of the buyers offered only $60 — significantly less than even its bullion melt value — for a 1925-D Indian Head $2.50 gold coin certified NGC MS66 and valued at $10,000 by PNG experts.

” Despite prominent advertising that may proclaim, ‘NO ONE PAYS MORE,’ some traveling gold buyers are offering only pennies on the dollar for rare coins,” said Robert Brueggeman, PNG Executive Director.

“Recent newspaper and television investigations in five states conducted with the assistance of Professional Numismatist Guild member-dealers revealed that some buyers who set up for a few days in a hotel, then move on to another town, sometimes offered as little as three percent of the actual value of certified rare coins they were offered. You may see bigger promises than payouts.”

The initial investigations were conducted by The Examiner newspaper in Beaumont, Texas of several traveling gold buying companies at hotels in Alabama, Georgia, Louisiana, Mississippi and Texas. The subsequent stories revealed that “promises of big money weren’t really true, and in many encounters the money offered was nearly a fourth or less of the actual value of the items being presented for sale,” according to Jerry Jordan, the award-winning News Editor of The Examiner.

Based on the results of the investigative reporting, PNG officials issued a brief consumer advisory to the general public.

“Results reported in those stories are not necessarily indicative of all hotel coin buyers across the country, but we encourage people who want to sell gold or silver to prepare in advance: know beforehand what you are selling and get more than one offer, preferably in writing. Consult with local merchants in your community who may not have flashy advertising but who may offer you considerably more money for your coins and jewelry. Members of the Professional Numismatists Guild must adhere to a strict Code of Ethics in the buying and selling of numismatic merchandise, and must refrain from buying at unreasonable prices,” advised Brueggeman.

“If you don’t know coins, you’d better know your coin buyer.”

Jordan discovered some hotel buyers operate under multiple assumed names, have lawsuits filed against them and are targeting areas of the country undergoing economic distress. The investigations also revealed another potential problem for people who want to sell gold jewelry.

“The scales used by some itinerant buyers to weigh gold jewelry may not even be lawfully registered with government agencies. That could result in inaccurate weight measurements to your detriment when you’re selling gold jewelry for its melt value,” said Brueggeman.

During the investigations, PNG member-dealers provided Jordan with gold and silver coins valued at more than $43,000 to offer to traveling gold buying companies, and assisted the newspaper with expert opinions on what their own companies would actually pay for those items. (more…)