- Report: #993328
Report - Rebuttal - Arbitrate
Complaint Review: Govmint, Preferred Customer club, First Federal Coin Corp, New York Mint, Asset Marketing inc., and Shop at Home
Govmint, Preferred Customer club, First Federal Coin Corp, New York Mint, Asset Marketing inc., and Shop at Home14101 southcross drive west Internet United States of America
Govmint, Preferred Customer club, First Federal Coin Corp, New York Mint, Asset Marketing inc., and Shop at Home Stauer and Nexten Extremely overpriced coins being sold here that have taken advantage of millions of customers for decades, Internet
*UPDATE EX-employee responds: Former veteran employee
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There is a division that sells precious metals and collectible coins, which is where most of their business comes from. Not only have I been a victom of deceptive busines from these companies, most of my friends, family, and members of my church organization as well. For those that are doing business with this company, please do your resarcimiento before you buy coins or collectibles from them. They use their 30 day money back guarantee program and also record all calls for what they say ensures their business practices to be fair and ethical (which is true), but recording consumers to agree to these sales does not make it right.
They try to use this as a defense mechanism against anyone who may try to litigate against them or seek legal action/justice. Folks, this is a strategic business tactic to protect themselves and consumers (or so they say), but do not let it scare you into thinking you have no option to take action for possible misrepresentations on the values of these coins. The 30 day money back guarantee does not give consumers the ample opportunity to find values on newly issued releases that this company purchases directly from some mints (mints all over the world) and will sometimes buy the entire mintage to try and control the pricing and limit consumers ability to find valuations on these coins.
When the company says they have "exclusivity" on the coins, this just means they bought the whole mintage from the mint. This can also mean that they create their own coins. I understand every company works for commissions/fees, but this is way beyond belief when it comes to the true valuations of these coins. After years of research, these mark-ups can range from 200-500% above value or their cost. The company will tell you that they've been in business for nearly 30 years, which means to me, that this has been going on way too long!
When you have the money to continue operating a company, most companies can stay alive and buy off most of their problems/issues. One very alarming thing about this company is that they have no "buy back" program at all, and will tell you that they'll refer you to an auction when you want to sell your coins. Do yourself a favor and get this "so called auction info" and acquire the information first. Call the auction company and ask them about the coins and have them explain the procedure on reselling these coins--you will be surprised as to what you will find out. Beware of a company formed online possibly registered to the owner of this company, who may tell you exactly what you want to hear.
Coins for cash is what I was told was the name of the company linked to these entities above. Beware of a possble buy back company called " Coins for Cash"-- this could possibly be the owner or linked to this company, which means they may try to deceive you again! I do not want to see anyone else taken advantage of from this company, so here is what I recommend for victims: call the FTC and report any activities that you feel have been deceptive or misleading, file a complaint with the BBB and Attorney General of Minnesota (where this company is located).
I recommend using these resources (all of them) that are there to assist consumers. Also, if you file a report on here (rip off report) , this will hopefully allow other consumers to hear your story and prevent them from being a victim as well. There is a gentleman asking in another report filed on this site (rip off report) for people to join together and start a class action lawsuit against these folks-- I encourage you to do what's best and possibly work together for justice. As stated above, my family, friends and I are victims of being sold coins that are over valued and misrepresented as "investments" and we want to help others from being taken advantage of.
The man referred to in several of these reports named David D--- is the company attorney. I suggest hiring your own attorney, or simply following the steps above to assist you if you feel you have been a victim. There are honest companies out there, but please do your homework before you buy. Send this to all of your coin buying friends and family.
This report was posted on Ripoff Report on 01/08/2013 11:27 AM and is a permanent record located here: http://www.ripoffreport.com/r/Govmint-Preferred-Customer-club-First-Federal-Coin-Corp-New-York-Mint-Asset-Marketing-inc-and-Shop-at-Home/internet/Govmint-Preferred-Customer-club-First-Federal-Coin-Corp-New-York-Mint-Asset-Marketing-993328. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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