50 cents for a 1965 kennedy silver dollar from “getsilvercoin.com”? How does that work?
October 17, 2010 by
Filed under Silver Investment FAQ
I’ve just recently begun studying silver investment… Just google searching really. It’s interesting.
I was watching TV and saw a commercial for “http://www.getsilvercoin.com/” advertising 1965-1970 silver kennedy half dollars at their face value ($0.50 of course).
Feels like a catch to me… Paying the face value for a Kennedy half dollar? 1965-1970 kennedy half dollars have a silver value of about $2.79 (going by today’s silver spot price), and go for $60-$80 at APMEX…
Obviously, it’s tempting to call them up and order a couple hundred dollars worth of em.. But it just seems too good to be true.
Is it a clever scam? Is this a genuine bailout for the layman? Or is my inexperience in silver playing me for a fool?
How does a company sell 1965 Kennedy silver dollars at face value and make a profit?
Er, typo. Everywhere I said “Kennedy silver dollar” I meant to say “Kennedy silver HALF dollar”.
I agree that, although it’s hard to tell from the Web site, this MUST be some sort of scam.
I wouldn’t give these people my credit card number. WAY too many alarm bells are going off in my head.
Although I don’t know this particular company the “catch” is usually three parts:
(1) You are limited in quantity, often just one per order.
(2) You receive particularly poor quality — the actual value is far less than it seems on the surface.
(3) You are required or a majority of people do order additional merchandise.
For legit businesses, of course, (3) is the driving reason why they do these promos. Legit coin dealers have had “free” give aways of “junk” coins for years & years. I suspect that if the actually order does not have a “plus $4.99 in shipping & handling” in mice print somewhere, then the dealer receives an average order far in excess of $2.25 on such promos.
**EDIT**
The site looks very scam-like.
I see nothing that looks like a legit dealer behind the site and the bit about the “release” is exceedingly deceptive as is the bold face lie about the $40 quote. Not a good sign.
The site is legit….HOWEVER, and this is a big however, the shipping/handling charges are retardedly expensive. There is a limit of 3 coins. I filled out the order form with fake info just to check it out. Shipping/handling was $23.85 for 3 coins. The total for the order was $25.35 for 3 halves. Not at all worth it. I can go to my local dealer and get 40% halves for $2.50 each.