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My 80 year old father and Veteren who served his country for 42 years in WWII, Korea and Vietnam, gave me a gift of Morgan Silver Dollars when he was diagnosed with cancer. He passed away with great suffering in 2006. He purchased 100 Morgan Silver Dollars dated before 1900. His credit card was charged $3,975.00. There is no detailed documentation on the invoice as to dates, prices or value of individual coins only to say" 100 Morgan Silver Dollars all before 1900. $3,975 charged to Master Card Account. Invoice # 06992150 order Date 6/25/1999. I have researched these coins and NONE of them are rare dates. The invoice states uncirculated but no documentation of was provided as to the condition of any coin and all of them have bag marks on them.
Considering the price of silver when pruchased 11 years ago and the coin values then, I feel he was overcharged at least $3,000. I am very sad that my father spent all of his life dedicated to his country and their veterens ( a Legion Comander) to be cheated in the last days of his life. They are all bright and shiny however, if they have been cleaned they are worth even less than I estimate.
3 Updates & Rebuttals
Flynrider
Phoenix,Arizona,
USA
Not defunct
#4Consumer Comment
Thu, November 11, 2010
"The company is currently defunct..I tried to find any info about them and all that comes up is similar rip off reports. I wish there was a way to help. "
Detective Ronny, I don't know where you get your info, but this is not true. NCM is National Collectors Mint. They are alive and well and I saw them advertising on TV last night. They have recent reports on this site.
There are certain sectors of the coin and metals business that specialize in selling to people who have no idea what they're buying. NCM is a prime example. Those who have even a rudimentary idea of what they're doing would know to stay far away. For example, I just noticed that their site is selling a gold bullion coin which carries a $50-$70 premium over melt value at any reputable dealer. NCM is selling it for nearly $500 above melt value. You'd have to be insane or completely clueless to pay that much.
That being said, forget about contacting Attorney's General and the like. Repugnant as it is, there is no law against selling something for more than its average market value. In a free market, an item is worth what someone is willing to pay for it. Have you ever been to Nieman Marcus? Selling overpriced goods to uninformed buyers happens every day at car dealers across this country.
Ronny g
North hollywood,California,
USA
I don't know why Karl the madman...
#4Consumer Comment
Thu, November 11, 2010
..mentioned my name in the title of his reply. I guess it is another example of him exploiting others for whatever his agenda is.
I agree your father was ripped off. According to reports the same thing has happened to others. The company is currently defunct..I tried to find any info about them and all that comes up is similar rip off reports. I wish there was a way to help.
It is sickening that people can be so unscrupulous but these types of scam artists have no ethics, honor or guilt about what they do. They take the money and run. They exploit others for personal gain...kind of like our friend Karl. However it is yet to be determined what he gains other then taking away credibility from this website. If that is his intent..he has gained.
Karl
Highlands Ranch,Colorado,
USA
Ava, Make sure to 'Google' this- RONNY G RIP OFF, and read....
#4Consumer Comment
Thu, November 11, 2010
the Ripoff Reports for valuable information, okay?