The Numismatic Consumer Alliance Inc., a not-for-profit consumer watchdog organization, has recovered nearly $900,000 for buyers who paid far more for coins than they were worth, the group announced July 1.
The money represented full refunds in 16 recent disputes, according to 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 that were worth a fraction of their purchase prices.
“Many of these buyers 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,” NCA said in its statement.
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.
It is reviewing other disputes involving coins for which consumers paid more than $10 million.
NCA seeks no compensation when it enters a dispute. Funds to cover costs are contributed by coin dealers and collectors.
Further information about the group is available at www.stopcoinfraud.org.