Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!americast.com!americast.com!americast-post Newsgroups: americast.twt.life From: americast-post@AmeriCast.Com Organization: American Cybercasting Approved: americast-post@AmeriCast.com Subject: Overpriced holiday items on rise Date: Sat, 7 Nov 92 19:23:58 EST Message-ID: \SE B;LIFE;TIME OUT;THE STAMP & COIN EXCHANGE \SS (WS) \HD Overpriced holiday items on rise \BY Peter M. Rexford \CR ASSOCIATED PRESS I'm the first to admit that I don't believe in psychic forecasting (especially from the "1-900" telephone numbers on television after 11 p.m.). Nevertheless, let me make a prediction. Early in 1993, dozens of people owning sets of "historic" stamps or coins will enter hobby shops around the country. They will ask the dealers to give them an appraisal of the items they bought or were given for Christmas. To their dismay, they'll find the value of their collectibles is a fraction of what was paid. Of course, the dealers will be the ones accused of trying to cheat them. The basis for my prediction is one of the countless mail-order catalogs I received this past week touting a host of Christmas gifts. This particular one is produced by a prestigious retail outlet in New York that, over the years, has garnered a reputation for selling exotic and pricey merchandise. As with many catalogs, this one is following a trend to hawk "collectibles," including stamps and coins as well as endless pieces of autographed baseball memorabilia (balls, caps and pictures signed by Nolan Ryan, Stan Musial, Willie Mays, etc.). While I find most baseball collectibles nothing more than overpriced and contrived curiosities, the stamps and coins being sold in the catalog as "limited edition" collector's sets present a serious problem to the hobby. In one case, the catalog advertises a framed display of stamps including a plate block of four, a single and a first-day-of-issue envelope. The subjects on the stamps depict a variety of vocations, including medicine, law, architecture, banking and several others. Each is nicely displayed in a "cherry-finished poplar frame." The price for each is $99.95. As attractive as the sets may be, especially for hanging in a professional office, the price is just a wee bit out of line from reality. Actually, it's ridiculous. Most stamp dealers would sell the same stamps and envelope for around $5. Many probably would sell them for less. Of course, the frame is very nice. It's not worth $94.95, but it's darned nice. Another example involves a set of seven Kennedy half-dollars minted between 1964 and 1970. Each is advertised to be in "uncirculated condition" and to come in a "velvet-covered display case." The description of the coins suggests that because the minting of the coins began just six weeks after Kennedy's assassination, they have become "cherished" among "Kennedy fans." What isn't mentioned is that most of the coins were produced in the hundreds of millions. Further, the rarest half-dollar in the set, that from 1970, had a mintage of well over 2.5 million. The same coins, sans the velvet case, can be bought from any coin dealer for around $15. The price being charged by the mail-order house is $69.95, plus postage and handling. Sadly, many mail-order Christmas shoppers will fall prey to this and other promotions. Worse, few will realize that they have grossly overpaid until they go to sell them or have them appraised. Then, the coin dealer will look like the villain because he or she is offering so little. As I've tried to say so many times, a little knowledge is the best help when buying any collectible. If you are considering buying a true collectible for a hobbyist you may know, first consult your local library and then a reputable local dealer. Each can often offer the best outlet for such a purchase as well as a recourse if you are not satisfied. This article is copyright 1992 The Washington Times. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM