While we were working online just the other day, an ad popped up urging us to buy a Collectible U.S. coin from a company that was not affiliated with the U.S. Government. A few days later when we were watching TV, a similar ad appeared, also pitching collectible coins that were supposed to increase dramatically in value.
We are not accusing the companies that were behind those products of outright dishonesty. In our country, after all, any company is free to manufacture and sell any products it likes, provided the organization is not engaging in outright fraud. In the end, it is up to the buyer to beware and make an intelligent decision about whether to buy what is being offered.
But we would like to encourage you to ask the following questions before buying collectibles.
Who Makes the Item?
Even if it looks like a coin that was made by the United States Mint (or the mint of another country) that doesn’t mean that it is a genuine anything or that it has been issued by those entities. Chances are it was made in a factory somewhere.
What Kind of Documentation Accompanies the Item?
Virtually all collectible coins and similar items arrive with some kind of documentation from the manufacturer. So ask to see it before you buy anything. This documentation usually only states that the item you bought was made by such-and-such a company and does very little to document its value.
What Is the Item Made Of?
Many “collectible” coins are only thinly plated with a layer of silver. What’s under the silver? Some base metal. Even so-called Gold-plated coins contain hardly any gold if they contain any gold at all. So don’t be fooled by so-called silver or gold collectible coins.
Can You Return the Items If You Do Not Like Them?
You should ask this question about anything you buy, of course. If you cannot return something, you shouldn’t buy it.
What Are Similar Items Selling for If They Are Selling at All?
A quick online search of current items being offered on eBay can go a long way toward establishing whether the items you are being pitched have any real-world value. For example, we found that we could buy an unlimited number of one collectible coin that featured a cartoon character for only about $6.00. Now, that is not an investment worth making! Also search online to see whether the company that sells the collectibles you are considering has any negative reviews.
Whatever You Have to Liquidate, Call Our Precious Metal Refiners at 800-426-2344
Don’t be embarrassed if you bought collectible items and suspect that they are not worth much. Please call us and we will give you some honest advice about getting the most value from your precious metal investments.
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