• Report: #895056

Complaint Review: Town East Gold and Silver Exchange

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Sat, June 09, 2012
  • Updated: Fri, June 15, 2012

  • Reported By: James Tomlinson — Highland Michigan United States of America
Town East Gold and Silver Exchange
1765 N. Town East Blvd. Suite 112 Internet United States of America

Town East Gold and Silver Exchange Misrepresented value of coins and tried to scam them to buy bullion coins that were advertised as rare date and extremely contactable Prices extra for claiming coins were in Packaging From the US Mint Mesquite , Internet

*Consumer Comment: Law?

*Author of original report: Did you read all of it?

*Consumer Comment: Not buying this part.

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

Misrepresented value of coins: were telling customers to buy bullion coins that were advertised as rare date and collictable and in original mint packiging when all were lies and were priced up to 300% over spot price of the base metal:;; I was told by employee that a silver eagle was worth more cause it was in its original mint paciging I told him no the bag says Littleton coin company that it's a dealer not the us mint the said o well it's a rare date silver eagle and was worth 80 dollars cause it was from 2004 IT'S A BULLION COIN., and my silver eagle I was looking to sell was only worth $23 well below spot and my coins were actually ms coins in air tires while there's we're in nasty bags with the advertising of another coin seller who they thought was was the us mint. Then was told my quarter ounce gold eagle 1992 proof grandest NGC pf69 ultra cameo was worth 440 I told him if I traded it to them if it would be worth more he said no then I asked about a 1/10 ounce eagle they had he told me $156.00 so I sai I would take it a min later he come back and says o no that 1/10 ounce is worth $500 because it is graded and u told them so is mine why isn't it worth more mine is also a 1/4 ounce proof then dropped my coins value and said mine was worth only $350 and I told him to explain to me how a 1/10 ounce business strike is worth $150 more than a 1/4 ounce graded proof just the gold alone is worth over double his and he replied it's a rare year very collectible I then asked him if he had a gold eagle that wasn't rare so he grabbed another 1/10 gold eagle and said that this one would be only $156 I told him I would buy it outright I gave him $160 cash he put the money in the register and was about to hand me the coin when his boss asked what he charged me he told his boss who said no I had to pay 180 I said no I have been quoted this price 3 times and always made up a fake reason the coin was worth and misrepresented them I was given my money back and told him I was going to meet him in the middle even though I already paid and everything and I told him you can make this right or I will go to the auturoney  general and file a claim I they are selling billion coins and telling people they are in mint original paciging and were charging $50 over the value and telling coustomers a 1/10 ounce gold billion coin was worth $400 more than its real value. And was also told while waiting on the price of the coin I paid for...I asked about some prices on some of their Morgan's and why they were so hi when I told him I am a collector and know the value of any Morgan in any condition and they were trying to sell cleaned coins as ms and was also lied too and told a 2012 1 oz silver philharmonic was worth $60 over spot because it was a European coin and had a face value on the coin it says 1.5 euro so at most 3 dollars usd and I told him you coin go anywhere and buy that can for $2.00 over spot price and I asked if I went and bought some how much he would give me he said $23 dollars I asked and you would sell it for $50 over an he said yes. When I asked about the $60 margin he just said thats the coin business. I told him a bad deal is 5% between buy and sell and his was unfair and told him he was wrong about their value and he then took all the coins they were (misleading and telling coustomers it was a good investment) and hid them under counter and said oh these aren't even for sale. At this time as a moral human being I could not let them knowingly lie and steal from people I left after being told he would not sell me the coin for $170 i left called the state AG office and they were appalled and are working on a claim do not go there they are robbing people blind and telling them they have coins rare numismatic coins when in fact they have bullion worth hundreds of percent less than they paid.

This report was posted on Ripoff Report on 06/09/2012 05:13 AM and is a permanent record located here: http://www.ripoffreport.com/r/Town-East-Gold-and-Silver-Exchange/internet/Town-East-Gold-and-Silver-Exchange-Misrepresented-value-of-coins-and-tried-to-scam-them-t-895056. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Town East Gold and Silver Exchange

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Law?

AUTHOR: Flynrider - (USA)

" The part that is illegal is telling a customer that a certain coin is rare or is in the original packaging when it is not. And also telling them that It is a good investment because of its low mint number when in fact it is higher than other years. That is the part that is illegal tellin me if I buy these $80 American Silver Eagles in the original mint plastic that it's worth more than all other eagles." 

  I'm not disagreeing that practices such as you described are shady.   The problem is really an uneducated investor taking investment advice from some telemarketer.     Technically, that would fall under fraud statutes, but it is notoriously hard to prove when the only evidence is an investor who says one thing and a company rep who says they must have misunderstood.   AGs in CA and NY have tried to go after metal dealers that do this, but short of a full fledged sting operation with phone recordings, it never goes anywhere.

"  There is a law to protect the customer for those situations now because all the company's that have telemarketers convincing people to buy high graded coins for their value. "

  Such a law would go a long way towards solving the problem in the industry, but I've never heard of it.    Can you be more specific?

Respond to this report!
What's this?

#2 Author of original report

Did you read all of it?

AUTHOR: REAPER1775 - (United States of America)

The part that is illegal is telling a customer that a certain coin is rare or is in the original packaging when it is not. And also telling them that It is a good investment because of its low mint number when in fact it is higher than other years. That is the part that is illegal tellin me if I buy these $80 American Silver Eagles in the original mint plastic that it's worth more than all other eagles. But in face it is just in a plastic wrapper that says littleton coin company. If they have any knowledge of coins they knew it wasn't from the mint, therefore why would they lie and say it was and charged $80. It's not about the money it's about customers think they are buying a rare coin worth more than all the others because they were lied to. There is a law to protect the customer for those situations now because all the company's that have telemarketers convincing people to buy high graded coins for their value. Then they get the coins and they are in a unknown TPG slab that says ms65 the customer think they did well till they take it to sell it and it's maybe VF 20 or the coins Is a st gaudens slabbed MS65 but only really AU55 the person loses so much money.

That is why it is illegal to misrepresent coins, and tell them one coin is a better investment than another.
Respond to this report!
What's this?

#3 Consumer Comment

Not buying this part.

AUTHOR: Flynrider - (USA)

i left called the state AG office and they were appalled and are working on a claim "

  Basically, your claim is that their buy prices are too low and their sell prices are too high.  That is not against the law and I seriously doubt that any AG would have the slightest interest.   You can sell your coins for whatever you think you can get for them.

   I've got a stack of 2009 1oz. maples that I'd be willing to part with for $6K apiece.   Maybe you'd better tell the AG about me too.

  I'm  not saying the prices you quoted aren't outrageously expensive.  I'm just not buying this notion you have that it is against that law to sell things for high prices.   Been to a Neiman Marcus store?
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory