DICK JOHNSON'S ADVICE FOR FRANKLIN MINT CUSTOMERS Pubblico Deposited
- Dick Johnson submitted these thoughts inspired by a columnist's response to a reader's complaints about the value of the medals he'd purchased over the years from the Franklin Mint. -Editor
Financial advisor Malcom Berko, whose column is published in the Illinois Herald newspaper, answered a sad letter this week from "DA" apparently in the Detroit area. He had purchased $47,000 worth of Franklin Mint coins and medals and now wishes to sell them. He took them to a "coin dealer" who offered him only $2,500 for the lot. He called two other coin dealers in the Detroit area with even less encouragement -- they stated the coins and medals were "worthless."
Berko first states his correspondent could sue Franklin Mint for misleading statements about their products. While DA bought Franklin Mint's hype it is unlikely he could recover anything for such sales statements. I am certain the original language was legally cleared before publication.
Berko continues with a rant about his own personal experience with a die-cast car made in China he bought from Franklin Mint that fell apart after he received it. This has undoubtedly influenced his further response. He stated DA overpaid for these items and he has been "snookered and there is no chance for recovery."
Pull out the silver items and go back to the same coin dealers was his recommendation. Worst possible advice.
This entire response is filled with misinformation. Like "I don't know of a single item produced by the Franklin Mint that can be sold today for its original cost." How can he be so wrong! A Boy Scout medal series by Norman Rockwell sells at the greatest premium over original cost to my knowledge.
First DA took the lot to a "coin dealer." Most coin dealers do not deal in Franklin Mint material. He should have found a dealer specializing in FM material - not a local coin dealer.
Next he must realize what sells on the medal market. It is by topical interest. Here he will have to break up those many sets. Offer individual medals for sale (as on eBay). Buyers want one or two medals from a set or series.. Silver medals which do not sell individually can be sold for silver content. The remainder can then be sold wholesale.
Those Franklin Mint coins and medals were top quality (unlike Berko's die-cast car from China). These were originally purchased at perhaps three times silver value (not five times Berko claims). There is a secondary market for some of these items. A seller has to make the effort to find how best to reach that market.
Disregard any advice in this reply: Coin purchases don't live up to claims (heraldnews.suntimes.com/business/berko/12126832-420/
coin-purchases-dont-live-up-to-claims.html) - 2012-04-29
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