Tuesday, August 13, 2013
SCAM ON FREE SILVER COINS
State Zip codes determine who gets free Silver coins
NATIONAL SCAM!!! I can't imagine why this local newspaper accepts this type of ad. Well, possibly because this is not an outright fraud, but more a deceptive attempt to take advantage of the naive. How much different is this from Las Vegas or any casino? Plus there is a gambling mentality that prevails here, and some might actually think they can beat the hopeless odds. You would think the disclaimer on the bottom that the World Reserve Monetary Exchange is not affiliated with the U.S. Mint, U.S. Government, a bank or any government agency should be sufficient, but... Further, if for any reason you are not satisfied, within 10 days you have the option to return the bag with the seal in place, but must pay for the return shipping. Now who would waste his time to call that number, have the bag shipped and send it back without opening at your cost? Something's got to be fishy just with this nonsense.
Anyway, read the full story of this hustle by clicking on this advisory from the Better Business Bureau of Virginia. First of all, the coins are not free, for you need to send them $99 for over 100 U.S. Government issued (what other kind is there--of yes, there is that bitcoin) coins in a bag by implication said to be sealed by the government, plus a genuine Silver Walking Liberty coin (50 cent piece--see above). The metal value of this coin is $7.68. This is about the current low bid value on E-Bay today of a used 1936 Walking Liberty half dollar. If a large half dollar consisting of 90% silver costs this amount, can you imagine what dimes and quarters are worth? Minting of these coins 90% of silver ended in 1964, and silver was totally cut out in 1971.
Here is an interesting calculation. A silver dime is 1/5 the weight of a silver half dollar. Thus, the metals value of a silver dime would be $1.54. A hundred of them would be worth $154. So how can you lose when you only pay $99?
Easy, the catch term is that the 100 coins only INCLUDE those of silver, plus not. Want to bet most of them you will get in your sealed bag were minted after 1964, and probably from 1971 on? A 1965 used penny is worth 20 cents, nickel 38 cents, dime 10 cents, and quarter a buck. A dime does not have that much metal. I would guess that the chances are high that this sealed bag will have mostly pennies and dimes.
As an aside, here is an interesting bit from Snopes.com: one pound of dimes, quarters and half dollars in any combination is worth $20 (in face value). And if you're hopelessly numismatic, click on this HuffPo.