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Report: #1468286

Complaint Review: Blanchard and Company, Inc - New Orleans Louisiana

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  • Reported By: Bob — Miami Florida United States
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  • Blanchard and Company, Inc 909 Poydras Street, Suite 1900 New Orleans, Louisiana United States

Blanchard and Company, Inc Blanchard Gold BLANCHARD AND COMPANY INC. OVERVALUE THEIR COINS -- DON'T BUY New Orleans Louisiana

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In the 1990's,  I purchased fifteen coins from Blanchard and Company, Inc. based on their claims that the coins would greatly increase in value over time.  I interacted with 3 different account managers on multiple occasions, all of whom took advantage of my inexperience in rare coins and intentionally misrepresented the growth potential, while consistently overcharging me for the items I purchased.  

Although this experience took place over 20 years ago, it continues to cause me great emotional distress, given that I entrusted several thousand dollars of my savings to these supposed professionals who turned out to be opportunistic, scam-artists. Indeed, I have only just discovered that the values of nearly all of the coins, as listed in the Numismatic Guaranty Corporation (NGC) and Professional Coin Grading Service (PCGS) price guides, are a mere fraction of Blanchard's original sales price. 

At the time of purchase, the account managers represented that gains of 20% were expected for these coins. In reality, after 20 years, I am lucky if the coins are valued at 20% of the purchase prices I paid for them!  In other words, instead of a 20% gain, I ended up with coins that are worth 80% LESS than what I paid for them! 

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