Buyer beware — for gold or silver coins offered by any of Nicholas J. Bruyer' sellers
He charged us 2.4 times the spot price of gold coins or about 240% profit for several modern minted coins. Had we not researched what other people were selling coins for and found out that a fair profit above spot for modern gold or silver coins, which are simply metal bullion and of no collectible value, should be about 5 to 10%, then we would have been stuck with this major loss had we tried to sell them beyond their "30 day return" time period.
In returning these coins the whole process took almost two months while they delayed refunding our money.
Watch out for smooth talking, high pressure sales pitches that give you a story of how special their coins are, such as they are graded at a high mint state or how "rare" they may try to pitch them. These high mint states or any special story add essentially no value or premiums over the spot price of gold or silver because their resale value will be no more than any other modern minted coin, no matter what their story that their high pressure sales people may try to give you.
This is one example among many now that I have found where coin dealers try to rip you off with inappropriately high mark ups. A safe way to buy gold or silver is to find someone who will sell you gold coins or bullion at a low mark up above the current spot price for gold or silver, which should be about 5 to 10%. A good test is to ask them what they would buy them back from you in 2 to 3 months.
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