Report: #385894

Complaint Review: Gov Mint And Preferred Customer Club

  • Submitted: Wed, October 29, 2008
  • Updated: Tue, October 18, 2011
  • Reported By: N. Fort Myers Wisconsin
  • Gov Mint And Preferred Customer Club
    14101 Southcross Drive West
    Burnsville,, Minnesota

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During 2007, I purchase gold, silver and platinum coins, which were supposidly limited in supply from Gov Mind dba Preferred Custome Club. I recently contacted quite a few dealers and find that they are only worth 4% below their melt value. Naturally, this came as a shock to me, as I had paid a substantil premium over melt value for the coins. Before you purchase any coins from them, please have them evaluated by a independent 3rd party, I will be very surprised to find them priced anywhere near fair value. I am considering a lawsuit against the company, and would appreciate any people who would like to join me in a class-action suit against the unscrubulous company, I have lose thousands of dollars because of the deceptive sales practices, especially with one of their representatves, Dave Davenport. Please contact (((ROR REDACTED)))

N. Fort Myers, Wisconsin

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This report was posted on Ripoff Report on 10/29/2008 07:24 AM and is a permanent record located here: 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. READ: Foreign websites steal our content

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#1 Consumer Comment

I am an avid coin collector-consumer

AUTHOR: Took me hard alias - (U.S.A.)

People who do not do their homewirk before making a purchase for coins or any other expensive purchase like gold or silver coins, a new Corvette, whatever ?  These people will always regret their purchase later when they learn they have lost money. It is not the fault of the retailer it is the ignorance of the consumer for not checking into his or her interests before making a compulsive purchase with no research whatsoever. Gold coins, bullion or top grade collector coins or for that matter, any coins advertised by anyone as rare or valuable should be purchased through a reputable dealer that has been verified as honest and reputable. Take a half hour or even an entire day to research and compare purchase prices and dealers to see where the best and most honest purtchases can be found. There are good reputable dealers out there and the US Mint is a good place to go as well as a plethora of honest coin dealers. Try Angies List and your Home PC is a huge information highway.
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#2 Consumer Comment

AUTHOR: Cu29640 - (U.S.A.)

I had to chime in here. SO you actually expect a profit driven any company sell you something below the cost of raw materials? Otherwise its a scam. Sure GovMint has some high prices but they also sell some hard to find coins. They always are glad to accept a return withint 30 days. I know this from being a customer...I don't work there. And of course a dealer is only going to try to pay below melt...they are in the business to make money as well..not give out money. Next time you go and buy a wedding ring or anything like that..why not compare the melt of the gold to the price will be shocked and most certainly you will feel ripped off.
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#3 REBUTTAL Individual responds

Fort Meyers is in Florida not Wisconsin

AUTHOR: Dportonline - (U.S.A.)

William purchased Unique Beijing Olympic Coins from our Company and had 30 days to be completely satisfied or could return any and all purchases within that time frame. Now almost 2 years later he has some concerns?? Perhaps the source of second opinions is questionable and William may be having economic issues like many consumers today. All of our Phone calls are recorded in compliance with the FTC.
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