Old Pueblo Coin – Tucson, AZ Finest Coin Dealer

The Coin Geek

Arizona State Silver Bars BEWARE

Despite the outcry from consumer advocates, deceptive ads run constantly in the papers and on the TV. The uninformed public falls all to easily for slick ads with confusing wording.  This is evident with the new ad that is running in the AZ Daily Star. The full page ad shows large bars, “silver vault bricks”, and armed guards unloading the goods. Here is the real breakdown of what they are selling:

  • 6 ounces of silver
  • Cost is $285
  • or $47.50 per ounce

You can purchase silver locally for $17.50 per ounce (at the time of writing Silver is $15.50 per ounce) . That is $30 less per ounce than the United State Commemorative Gallery is selling their silver for. Some things to keep in mind is that this company (US Commemorative Gallery) is in no way related to any government. It is a private company. But they try to make it sound like they are official, even paying for the endorsement of former US Treasurer Mary Ellen Withrow.

They have created these bars of silver for the sole purpose of marketing them. It is true that you can not get the bars with the AZ stamp on them anywhere else, but be aware that if you try to sell the bars they are only worth the $15.50 spot price.

If all they did was advertise silver bars for the stated price without all the mumbo-jumbo-hokis-pokis then it would not be so offensive. But not only do they have advertising designed to deceive, they also have high pressure sales. When I called them to find out if there was shipping ($9 shipping on one individual piece, free shipping on orders of 2 or more pieces),  and told her I would get back with her about ordering, she went on the offensive:

  • “these are the only known pieces from the Lincoln Treasury” (another company made to sound governmental).
  • “my concern for you is they may be sold out by the time you call back” (isn’t that sweet!)
  • “the phones have been ringing off the hook”
  • “I don’t know how many we have left”

Remember to seek advice of local businesses whenever you see advertising for coins, paper money, gold, silver or collectibles. Usually you can buy the same or similar articles for a fraction of the price. And if you don’t understand what they are selling, then don’t buy it!

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Posted in: Consumer Awareness, Education

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