Report: #713833

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

  • Submitted:
  • Updated:
  • Reported By: Burned — New Orleans Louisiana United States of America
  • Blanchard and Company, Inc.
    909 Poydras Street
    New Orleans, Louisiana
    United States of America

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Blanchard charged me a premium over spot of $136 for each Liberty Head Double Eagle $20 VF random date when spot was $850 on May 1, 2008. That's a huge 16% premium, much more than the fairdealing competition's prevalent average of 6% to 7% at that time.

Yes, I was new to the gold coin market and, yes, I believe Blanchard took full advantage of my ignorance. The salesman asked, "Have you ever purchased gold coins before?". To which I answered, "No". I was lazy in believing that such a competitive market would keep prices roughly equal among competitors.  I was wrong. I wrote several letters of complaint to Blanchard's management hierarchy from the top down, but they never responded.

I will never deal with Blanchard again. I made subsequent online purchases from Tulving, APMEX, and Gainesville Coin, and I have no complaints with those firms' prices and performance.

I have noticed that Blanchard now, 3 years after my dealings with them, appears to offer online webstore purchasing for some of their coins at fixed prices quoted on their webstore page. However, the fine print I've seen throughout their website states that your order is not complete until Blanchard calls you back to "confirm" your order and "lock in" your price. I would exercise extreme caution during that call-back against the possibility of attempts to change the webstore prices or "up-selling" to other higher priced "investment grade" coins.

This report was posted on Ripoff Report on 04/04/2011 06:23 PM 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 was also BURNED by Blanchard and Company!

AUTHOR: harleyLady - (USA)

 I first invested in gold when prices were really low in 1995. I trusted Blanchard & Co who took advantage of my naivety and inexperience. I wanted to buy bullion gold coins and platinum but was steered away from that and into much more expensive "graded" coins that could not be confiscated by the government. I was literally screwed out of several hundred thousand $$$ when trying to sell said coins back to Blanchard & Co. 10, 15, and 20 years later - at a much lower price than what I paid even though gold has gone from $210/oz to over $1,700/oz!!! I detest this rip off company and hope and pray Lady Karma does to them like they did to me!

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#2 Consumer Comment

Collection Values Vary Greatly between Asks and Bids


Blanchard and Company does not indicate what the value of the coin value being up  55 % is compared to.  The values they place on their coins are not comparable to reputable coin dealers I check with after the fact of dealing with them myself.  

I found that their "ask" price for their coins were always hire than by 25 to 35% in same day comparisons for the same coins of other dealers.    I have also found that the claim of a coin value being up 55% does not necessarily constitute a profit for a client who wishes to sell a coin back for their bid price.   The claim made does not clarify between the two and obviously could be used to decieve a person into a sense of well-being or that their collection has gained value.  

Another issue not made manifest in Blanchard and Company's claims is that the commissions taken constitute a double loss for the customer.   If they sell a coin for 15% over premium at their "ask" price and then buy it back at 15 % under premium at their "bid" price, then the client has lost 30% over the course of doing business with Blanchard and Company.  In otherwords, either way, Blanchard and Company makes a profit on their client which is a good reason to be in business for them.   But it is only good for the client if they make a profit of same comparison.  If Blanchard and Company's "ask" price is inflated in comparison to coin values posted on puplications like the Certified News Letter Blue Sheet, then Blanchard and Company clients are not getting the deal account executives might claim they are giving.  

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#3 Consumer Comment

No Details to contradict original complain


It is great that some people might have had wonderful experiences with Blanchard and Company, Inc.  But their experiences don't nullify a report that does not look good.   The rebuttle needs to explain why Blanchard and Company, Inc's Account Executive dealings in each and every case did not end in enhancing and protecting the wealth of the person who trust them to live up to their claim.  My experience is that the company has not lived up to this claim in my personal transactions with them. 

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#4 General Comment

Satisfied customer

AUTHOR: Scott - (United States of America)

I came across this site after recommending Blanchard and Company to a friend of mine and having him send me this complaint. Because I have invested close to 7 figures with Blanchard, and have had a 15 year, extremely positive relationship with this company, I felt compelled to offer my experiences.  First of all, Blanchard and Company is not the absolute "cheapest" in the industry. However, they are not the most expensive either. I have been purchasing precious metals for over 15 years, and have done business with about 6 of the major companies out there.

It has been my experience that Blanchard is, by far, the best company to do business with. Their professionalism, prompt attention to my needs, and portfolio recommendations have been outstanding. Their willingness and capacity to liquidate metals when I have needed to, has been one of the key reasons why I continue to use them above the competition.  I have never been misled, misguided, or lied to.

I have always been treated with respect and honestly feel as though the company has my best interest at heart. I have actually formed a friendship with my Account Executive, to the point of us knowing the names of each others' children. I am of the firm belief that you get what you pay for. I am happy to pay a small premium over the competition to have the peace of mind of dealing with a reputable company that charges fair prices for their high-quality products, and that has the ability to buy my metals back at a moment's notice. I have recommended many of my friends and family to Blanchard and will continue to do so.
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#5 UPDATE Employee

From Blanchard and Company, Inc.

AUTHOR: David Beahm - (United States of America)

Dear Burned,

I am sorry that you did not have a pleasurable experience with our company.  I can assure you that our number one concern is customer satisfaction. 

Since I do not know the specific details of your order, other than what you provided, the only thing I can conclude is that the coins you purchased from Blanchard are now up over 55% since you purchased the coins.  Not bad for a 3 year hold. 

As for the lack of response from upper management, I am not sure what happened and I apologize for that. 

If you would like to discuss your situation or additional concerns, please do not hesitate to call me directly - 800-880-4653.

David Beahm
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