• Report: #1170458
Complaint Review:

Great Collections LLC

  • Submitted: Mon, August 18, 2014
  • Updated: Mon, August 18, 2014

  • Reported By: RIPPED OFF BY GREAT COLLECTIONS LIARS CHEATS AND THIEVES!! — RENO Nevada
Great Collections LLC
2030 Main Street, Suite 620 Irvine, California USA

Great Collections LLC LIARS, CHEATS AND THIEVES, TELL YOU WANT YOU WANT TO HEAR JUST TO GET YOU TO CONSIGN YOUR COINS SO THEY CAN RIP YOU OFF!!! Irvine California

*Consumer Comment: alternatives that you could use to avoid a loss

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They say one thing and do another, they tell you what you want to hear to get you to consign your coins.  Then all the lies come after they get them.  They say they will communicte with you every step of the way and let you know everything that is happing with your items after everything is sold for pennies on the Dollar.  I sent in over 18,000 dollars in rare and Low Population coins that were very hard to come by and I got a 1/3 of my money back.

 

So if you want to be ripped off, lied to and stolen from then fthese people have a great reputation for that you will really take in the shorts if you use these people


This report was posted on Ripoff Report on 08/18/2014 07:08 AM and is a permanent record located here: http://www.ripoffreport.com/reports/great-collections-llc/irvine-california-92614/great-collections-llc-liars-cheats-and-thieves-tell-you-want-you-want-to-hear-just-to-1170458. 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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#1 Consumer Comment

alternatives that you could use to avoid a loss

AUTHOR: 4504 - (USA)

Hello

 

I am not affiliated with Great Collections in any way, shape or form other than being a consumer of their business.  While I completely understand the complainer's view, his losses could have been avoided in serveral ways.  My guess that he submitted his coins on a g.c. consignment form, which requires the consent of the seller on how they want to sell their coins,  my guess being that he consigned them without a reserve, without the g.c. assigning a value (roughly starting at about 3/4 of the the coins are worth, the coins are then either bid on or not bid on.  As i mentioned, my guess is that the seller submitted his coins with a starting price of $1.00, then hope that buyers will notice.  It will then be possible to get much more than you thought you might get, OR MUCH LESS if there are no or not enough bidders interested in the coins.  I just did this on a coin set that is worth about $3,000, and started the auction at $1.  by the auction's end, the bidding had got up to only about $2,100 (plus the seller will have to add a 10% buyer fee).  As a result, i lost about $900 on the difference of what i paid for them when i originally bought them, and what they actually sold for on g.c.

 

Do I blame g.c. for this?  NO!  why?  because you take your chances, depending on how you want to sell your coins.  the seller had several options...

 

1.  He could have started the auction at $1 and hoped the auction would therefore generate a lot of action.  risky, but also could work out very well and get much more money than the coin(s) are worth... ("Bidder's Fever").  For example, I often pay more for coins than they are worth, simply because I want them, or I think that the price of the coin will rise in the future.  or both.

 

2.  The seller could have put a "reserve price" on the coins, ensuring that the seller would get at least the minimum  price they want.

 

3.  The seller could have his coins listed at a "buy it now" price.  no bidding.  the buyer simply likes the coin and the price, even if high, is acceptable to the buyer.

 

4.  The buyer could have asked G.C. to list a beginning auction price that is slightly below retail, encouraging buyers.

 

my guess is the this seller went for option #1 and there was simply just not enough interest in his coins, and he had to take what the final bid was (as what happened in my case).

 

we all have a choice on how to sell our coins on G.C. and either minimize or completely eliminate ANY risk of getting less than what you feel the coins are worth.  I will say that G.C. did their best to promote my coin set... put it it the "hot item" section, put my set on their front home page as a featured set, etc... all without me asking or paying for these services.

I will continue to do business with G.C.  why don't you add in a few details on how you got "ripped off" or what "lies" were told to you... in specific details.  How were your coins listed? You are a little light on these areas as far as providing details.

best of luck if you are still selling coins.  just read and understand the complete consignment form.  if you have any questions, call or email Ian.  I have done both and spoke with him immediately on the phone and got a reply on my email questions within 1 business day.  I was even able to make payments on the coin i wanted, plus G.C. will provide a cash advance on your coins prior to their sale.  what other dealer does this, and charges the buyer the buyer's fee, instead of charging the seller a "final value fee" like ebay does.  G.C. is tons better to sell on than ebay.

 

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