ED Magedson – Founder
GovMint14101 Southcross Drive,Burnsville.Minn Burnsville, Minnesota USA
GovMint First Federal CoinPreferred Customer Club overcharged by150%,in some cases by300% for coins that were not as valuable as they stated Burnsville Minnesota
After getting my phone number from sister company STAUER where I had previously placed orders for jewelry in1209,A slick salesman whose name I cannot remember contacted me by phone about investing in rare coins.I had a little nest egg saved up and he talked me into investing inthese coins.
Over the next two years, he would call me when he had various coins to sell.I spent about $3020.00 for coins that I recently found out are worth $11,00 to maybe 12,000 dollars from a highly reputable firm.When I told them where I bought the coins,they said they pretty much knew who cond me.I have since found multiple review sites that had the same comments that they were less than honest.
The strange thing is I sent a complaint thru Better Business Bureau (who gave them a A- rating,and guess where that bureau,Stauer,and First Federal Coin are located,all in the same town in Minnesota.First Federal Coin has recently changed the company to GovMint.I wonder why?
There is a organization called the Collectors Society which is a large group of numistic collectors which really opened my eyes.Members on their site had nothing good to say about them,some even calling them crooks.
When I contacted BBB of Minnesota,they would not tell me what the final dispostion was of their most recent complaint filed this year.Incidentally,they had 17 complaints against First federal coin in the past 2/3 years.Yet they gave them a A- rating.
I got a phone call from the sales manager of the now called GovMint company and he said he would send me a quote by mail icluding a offer to buy my coins back fro me(including a restocking fee of 30% for my coins.I have yet to hear from them and its been two weeks).
The salesman never put his name on any correspondence to me,never sent me a business card with his name.Everything was done by phone.
This report was posted on Ripoff Report on 12/17/2013 05:52 PM and is a permanent record located here: http://www.ripoffreport.com/r/GovMint/Burnsville-Minnesota-55337/GovMint-First-Federal-CoinPreferred-Customer-Club-overcharged-by150in-some-cases-by300-1107808. 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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