In a recent article, I mentioned a set of coins offered by PCS Stamps and Coins, and showed how much of a markup these people were getting.
Since their ads keep popping up on my mobile phone, I thought I’d add just one more example of how putting lipstick on a pig can bamboozle the ill-informed.
Today’s offering: A complete date set of the Peace Dollar, in protective plastic capsules and a handsome cabinet. Price: $848.00
Complete 10-coin set, with cabinet
United States Peace Dollar
No question, the set is very pretty. But:
Per the advertisement, these coins are offered in “gently circulated condition.” This is essentially a meaningless statement for collectors; let’s look at the average dealer asking price for a similar set as presented by the Professional Coin Grading Service:
Note that these are average dealer asking prices for PCGS-graded coins; buyers of this set have no guarantee that these coins have been graded by anyone.
The price for a set of coins in 40-grade (Extra Fine) is $442, and the odds that you’ll get a set of coins in this condition are vanishingly small. So you’re paying at least twice the price of these items for the bonus of a cheap cabinet from China and a few plastic capsules.
If you’re thinking this is a good investment, it’s not. You could assemble the same set for much, much less by visiting different coin stores online or in person, armed with the PCGS grading and pricing information.
Be careful out there, and don’t be taken in by the bells and whistles of slick advertising promotions.
The Old Wolf has spoken.