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A consumer watchdog organization has recovered nearly $900,000 for buyers who paid far more for coins than they were worth.

The money represented full refunds in 16 recent disputes, according to the New Jersey-based not-for-profit group, the Numismatic Consumer Alliance, Inc. (NCA).

The consumers had purchased the coins – mostly overpriced bullion coins and other modern issues – on the basis of telemarketers’ sales pitches, NCA said. It said the Alliance was able to obtain full refunds totaling $884,769 for coins which were worth a fraction of their purchase price.

“Many of these buyers,” NCA said, “were senior citizens with no knowledge of coins who also lacked the Internet savvy to check out what they were buying and who they were buying it from.”

The Alliance has now recovered a total of more than $4 million for such consumers since becoming operational in 2005. NCA intervenes on these buyers’ behalf, engaging legal and other professional assistance if necessary, in an effort to ensure that coin consumers are getting their money’s worth.

The Alliance is reviewing other disputes involving coins for which consumers paid more than $10 million.

NCA seeks no compensation when it enters a dispute on behalf of an aggrieved consumer – even though it frequently incurs substantial legal bills and other expenses in the process. Funds to cover such costs are contributed by coin dealers and collectors who share its concerns. On several occasions, consumers who were aided by NCA subsequently donated funds to help it continue its work on behalf of others. Read the full article →