I have bad news for holiday retailers – especially those involved in mail order. It’s bad enough merchandise is scant and there’s a logjam in supply chains for goods. Now, it gets worse. After 91 years circling the sun, my mother-in-law has passed on.
Over the past few decades, a key activity of hers was planting herself in front of the TV to watch channels laden with infomercials hawking magic flashlights; revolutionary pillows and, of course, “rare and valuable coins sure to rise in value.” These were all items she felt everyone she knew needed. She bought them for herself and to give as gifts. When the TV wasn’t on, she scanned compelling ads in magazines and newspapers. Those too caught her eye and pocketbook. With her gone, orders are bound to plummet. Who knows where our economy is now headed?...
She knew I have written about coins, stamps, gold, silver and collectibles for decades. That didn’t matter. She never asked my opinion about any of the items she ran across or bought. She’d simply order them and later show me her acquired spoils. I always cringed when seeing the invoices.
I learned, shortly after her passing, she was poised to order rolls of silver half dollars she had spotted in well-crafted print ads. The coins were the vintage US Walking Liberty type minted decades ago. The promotion claimed some of the coins being sold were worth up to 100 times their face value. Quick math suggests that comes to a potential $50.
The ad went on to say, “…thousands of US residents would be ordering the rolls…” and “the phones will be ringing off” when people called in to order them as gifts “for children, grandchildren, grandparents, friends and loved ones.” All that played right up my mother-in-law’s alley.
If you lived in one of the states listed in the ad as eligible for purchasing the half dollars the cost per coin would be $39. Those living in a different state would have to pay $115, “if any remained after (the) 2-day deadline.” They were being sold in rolls of 15 coins. (Original rolls of those coins from the US Mint contained 20 coins.) At $39 per coin the cost came to $585 per roll. To make it even more compelling a strict limit of just four rolls per person totaling $2,340 was imposed on orders.
As I reread the copy in the ad, one issue kept bothering me. A former government official was quoted in the ad attesting the dates and mint marks of the coins in the rolls “have never been searched.” I find that implausible. After all, the ad clearly states, “…we do know some of these coins are worth…up to 100 times their face value.” If the coins haven’t been searched, how could they possibly know that?
According to price guides published by the American Numismatic Association, examples of many Walking Liberty half dollars have values of as little as $13.15 in “good” condition climbing to $15 in “extremely fine” condition. That means, 15 extremely fine coins might cost as little as $225 if purchased from a local dealer.
It’s not surprising offers such as this are appearing this close to the holidays. There are plenty of similar promotions for other coins on TV and in print. Each is compelling. And, with Christmas just around the corner, people are naturally hoping to find gifts that are in-stock in time for the holidays.
I’d certainly advocate for such historic and collectible items as interesting and historic gift options. Plus, coins in top condition or with scarce dates or mint marks certainly have the chance to grow in value. The key is acquiring a top-quality example – usually one that has been graded and certified – at a fair price. Almost without exception, those come from reputable coin dealers, not through cleverly worded ads.
Two final thoughts. 2022 is a great centennial year for obtaining coins issued a century ago. Be it silver dollars, half dollars or any other denomination minted in 1922, it’s an excellent keepsake. Second, in the off chance “collectible” items advertised on TV or in print ads have been purchased, should there be second thoughts, by law there is a 30-day return period retailers must adhere to. You can check the actual value of what you received by taking them to a recognized local dealer. Then, send them back. Fingers are crossed.
For more collecting advice, visit www.peterexford.blogspot.com