A word to the wise
I really feel sorry for this guy -- from the
Chicago Herald-News:
Coin purchases don�t live up to claims
Dear Mr. Berko: During the past 25 years, I purchased more than $47,000 in collectible silver coins and beautiful non-silver coins from the Franklin Mint for my retirement because I thought the scarcity and limited-edition minting of these coins would drive up their value over the years and because I believed the silver content in the silver coins would also increase in value. Now I�m 64 and decided to sell these coins to a coin dealer who offered me $2,500 for the whole lot. He told me most of the coins were worthless, and the only coins that had any value were those with silver in them. I was devastated because when I was buying all those coins, the people at the Franklin Mint told me these coins were minted in limited production and would be more valuable to collectors in the future. I called two coin dealers in Detroit (these coins are too bulky to carry around) and both said they had no interest in Franklin Mint coins and said they don�t know any dealers who would buy them from me. My son told me to write you because he said you might know of buyers for them, and at this point I�d be very happy to get at least half of what I paid for them if possible. Please help me if you can. And if you cannot help me, do you think I can sue the Franklin Mint and recover my cost? And could you recommend a lawyer for me to sue them?
Ouch! The reply is fairly gentle. I feel sorry for this poor fool.
Posted by DaveH at April 29, 2012 4:04 PM