PCS Stamps & Coins

In today’s mail, I received an unsolicited offer from PCS Stamps & Coins out of Norwalk, Connecticut. It was a truly outstanding piece of advertising genius. If you are completely ignorant of precious metals, and are a gullible fool. Please allow me to explain, for your amusement.

At the top of the page is the term Credit Voucher in big red letters. Non-transferrable is in slightly smaller text just below. They were offering me a $43.00 credit. On something. I was able to buy a Gold Eagle below spot price earlier this year from a similar advertisement (which is probably where these idiots got my name and address) so initially I ignored the obvious Credit Voucher gimmick and kept reading.

Redeem this credit voucher and receive a 49% discount on a pure American Eagle Silver Dollar in coveted uncirculated condition.

Okay, lots wrong in that first sentence. First of all, for $43.00 to be a 49% discount, they must be talking about a multiple coin deal. Today’s silver spot price is $27.90, so even with the high current premium for monetized silver coins of $10.00 or more, a one-ounce coin can be had for less than $40.00. In fact, just yesterday I bought a beautiful one-ounce Cook Islands silver dollar for $34.00 from a local dealer. Sure, an American Eagle demands a slightly higher premium than a CI dollar, but not enough to push it much beyond $40.00. I kept reading for clarification.

Dear Collector,

Congratulations! You have been selected to receive this special credit voucher towards an Uncirculated American Eagle Silver Dollar. Use this credit voucher and this 99.9% silver dollar – whose regular price is $84.99 plus $2.50 shipping and service – is 49% off.

An? As in singular? Regular price of $84.99? Okay, they have to be talking about a graded numismatic coin, right? But no, they specified uncirculated condition. In fact, they said “coveted uncirculated condition”. And they underlined uncirculated, just as I did. Like it is a big deal. It is anything but.

For those who do not know, not a single current generation silver American Eagle (minted since 1986) coin has ever been circulated. What that means is that every single one in existence is uncirculated. In fact, uncirculated is the least valuable type of silver Eagle out there. There is nothing coveted about it. There are proofs, special mintages, and the PCGS-graded numismatic coins that are worth more than the generic “uncirculated” coins. But that is not what they were trying to convince me has a retail price of $85, and how I’m getting a great deal with a $43 “discount”.

They go on about the history of the silver Eagle, with such factiods as “America’s Purest Silver Dollar”, “Struck in 99.9% pure silver”, “49% savings” and “No longer available from the US Mint”. That last one puzzled me until I saw that they were trying to sell me a 2007 coin. Of course it’s no longer available from the mint. They only have current year coins. Then I thought maybe 2007 had a particularly low mintage or something, making it more valuable. Nope. Over nine million coins minted, roughly the same as the average of the previous seven years, from 2000-2006. The 2007 is worth exactly the same amount as any other random year since mintage began.

Yep, they think I’m a sucker. That’s why they said how This voucher is only being sent out to those who we think will genuinely appreciate this beautiful coin. And the post script Supplies are extremely limited. Don’t miss this opportunity… A truly good deal wouldn’t need to be pushed so hard.

But wait, I skipped over an important part. With your purchase, you will be enrolled in the Pure Silver American Eagle Dollars program granting you the opportunity – but not the obligation – to purchase other 99.9% pure silver dollars in uncirculated condition at the regular price from one of America’s most trusted names in coin collecting.

I don’t know how they could write that last part with a straight face. They want me to overpay by almost twenty percent for my first coin, then enroll in an auto-ship subscription service through which I will pay well more than double what I can buy the same coins for anywhere else, and expect me to believe that they are a “most trusted name” in anything?

Pull the other one, it’s got bells on.

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