Old Pueblo Coin – Tucson, AZ Finest Coin Dealer

The Coin Geek

Lying

Statistics. Politicians. Advertising. What do these things have in common? Lying!

Perhaps that is a bit harsh. Would you put coin dealers, mechanics and car dealers in the same group? Most people would. Let’s face it, those reputations are there for a reason. But how do you counter the liars and their lying lies? The  best way is through education. Q: Who is less likely to get ripped off by the mechanic? A: Men, because the shop owner assumes the man has a higher level of knowledge compared to his female counterpart. Q: Who do the mail order and advertisers try to deal with. A: The novice, because they have a lower level of knowledge.

What if you are a novice, how do you stop getting burned?

A great way to spot a bad deal is in the newspaper!

A great way to spot a bad deal is in the newspaper!

There are things to look for in advertising, especially in coins and paper money, that are misleading.

  • “Up To”
  • “Hurry”
  • “Prices Subject to Change”
  • “Actual Prices may vary”
  • “Members of…”

Up to is the catch all you use to give people big dollar signs in their eyes. “I’ll pay up to $2,000,000 for a coin”. That may be true, but what do they normally pay for coins. And what if that coin is worth $4,000,000? Would you sell it for $2M?  In fact the ad we picture was just in the local paper and they say they will pay $100,000 for a 1913 Nickel. Well shoot, ain’t that generous! Except there are two problems. 1) All 5 known specimens are accounted for. 2) The coin is worth $1,000,000+ !

Hurry is a term that all advertisers use. They try to convince you that time is limited or that an item may sell out, or prices may go up (or down depending on the business). One day only! Sunday, Sunday, Sunday!

The prices changing line is used in large volumes of print and radio ads. That price sounds great! And then you call and….oops, so sorry, you missed that price, it changed. So in other words, we just told you want you want to hear to get you in the store or to call, and while you are here perhaps we can do some business!

Members of may need some explanation. Businesses use these pay for memberships to prove they are trusted or reliable. The only problem is that anyone can PAY to get the membership and logo. It does not mean they are trustworthy. The other problem is that many of those associations do not actually weed out the bad guys.

Although these ads may not be lying, they are certainly designed to deceive. Be careful who you deal with, and always educate yourself. Also, take time to ask other people who they deal with. Word of mouth is often a good indicator of who you will want to deal with.

 

 

 

 

 

 

 

Posted in: All, Consumer Awareness

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