Once again into the crap

Here I am again, looking at a 2-page spread in my Sunday PARADE "magazine", staring in outrage at pictures of Presidential Dollar coins in plastic tubes with "NEVER CIRCULATED" stickers. If you've read my blog, you know this is not the first time I have railed against the World Reserve Monetary Exchange and their tactics of selling 12 dollar coins in a tube, plus one free coin (so you can show it to your friends), for $28.

I am going to quote the entire ad, and highlight all of the lies and half-truths therein:

"At precisely 7:45 a.m. today, some of the last Presidential Coins ever to be minted by the U.S. Government are being handed out free to the public."

This just tells when their phone banks of telemarketers open... the kicker is the use of the word 'free'.

"They are getting them free with every single vault tube they claim."

Here is the rub: free with the 'claim' of a vault tube.

"The U.S. Government barely got started minting these new Presidential coins and by law were required to stop production forever. There will never be any more"

Half-truth: The Washington, Jefferson, John Adams, and James Madison dollar coins will not be produced anymore, since they were 2007 issues. They will continue to mint dollar coins, just with other presidents.

"So, who's to thank for this massive giveaway effort? Well, it's not the government. It's the World Reserve Monetary Exchange."

I would not use the term 'massive': one free coin for every 12 'claimed' is not massive in my book.

"And we'll even give you the direct Hotline to call so you can be among the first to get yours free right now."

Yes, be the first and clog their phone lines so more gullible people can't lose their money.

"People everywhere will be trying to get their hands on the last of these magnificent stacks of coins with the never-before-seen edge markings. Bey only those who get in before the 3-day deadline are being handed one of the remaining brand new never-circulated Presidential Dollar Coins free with every single $28 sealed vault tube."

Lie: edge lettering was used on the Saint-Gaudens double eagles from 1907-1933. The phrase 'E Pluribus Unum' was on the edge of these beautiful coins.

"Officials at the World Reserve Monetary Exchange are coping with the explosion of calls. So, don't give up calling if you don't get through the first time. Keep trying."

Temporal lie: The ad was printed days before it was delivered in the newspaper, so there could not be an 'explosion' of calls. And nowadays, people are used to calling multiple times to get through... have they not watched American Idol?

"(quote)It's a miracle we were able to set up special Hotlines in three Regional Distribution Zones in an effort to maintain order across the country. We feared the flood of calls could bring us to our knees bue we are now equipped to handle everyone who is trying to get through to get our last coins,(unquote) said Stephan Speakman, Director of Hotline Operations for the World Reserve Monetary Exchange."

A miracle, really? Was it a miracle when you set the same zones up in November? I don't think so. You didn't even have the courtesy of using the same phone numbers as before. And once again, FOX does a fine job with using the same set of phone numbers week after week. Surely you could have done the same.

"All this is happening because the World Reserve Monetary Exchange as revealed it will release the last of its secretly located hoard of $13 million worth of never-circulated Presidential Coins in vault sealed tubes to prevent them from ever being introduces into commerce. It's the only way to maintain their value as never-circulated coins."

Hmm... a hoard of 13 million $1 coins in plastic tubes of 12 coins each. That works out to just over a million tubes, each about an inch long and roughly an inch in diameter. That doesn't sound very big of a hoard to me, personally. And as far as 'maintaining their value', I would be more worried about maintaining their purchasing power against other currencies.

"(quote)This is what everyone wants but so few will every have. So many will be left out in the code or with ordinary circulated coins if they can even find them in their bank change. That's why we are so widely advertising our plans to give away some of the last never-circulated Presidential Coins free,(quote) said Speakman."

I will admit that they have a point here: now 12 months since the first Presidential dollar coin was released, and still you don't generally obtain them in change. Their placing the coins in tubes and telling people to save them actually works to further that situation.

"Those who do beat the order deadline will get one of the last Presidential Dollar Coins free so they can handle it, show it off and still keep the valuable vault tube sealed and perfectly intact."

Sealed and out of circulation... there are roll collectors who have done this, and continue to do this, but they know what they're doing. Putting millions of coins out of circulation... not a smart monetary plan.

"The U.S. Government is required to mint each President with a single Presidential $1 Coins, with a different President appearing every ninety days. That's why everyone is still trying to get the last of these Presidential dollar coins now that minting has been shut off."

Half-truth: again, the 2007 coins will not be minted again, but there were over 940 million of them minted that year. Not exactly a limited supply.

"(quote)To honor each President there will be forty sealed vault tubes in all, each containing twelve never-circulated Presidential Coins. That's 480 coins. But with the forty free coins, it becomes a spectacular collection of 520 never-circulated coins in all, loaded into two separate heavy vault boxes. Only those lucky enough to get in on the this now will be among the first to be automatically taken care of with all of the Presidential Dollars to ever be minted for the next ten years.(quote) explained Speakman."

So, who you think would sell a vault box specially designed to house vault tubes?
If you say the World Reserve Monetary Exchange, you may be right, but you'd never know from their web site, which is completely taken over by their ads for a framed Presidential Dollar wall art piece, which you'd have to constantly take off the wall to put in the next set of coins.

"The Presidential Dollars may be hard to find because they have not really made their way into the National banking system. Banks will not honor requests for the free coins. And Banks will never have these crystal-clear sealed vault tubes of the never-circulated coins that show off the rare edge markings. Claims for these free coins while are in never-circulated condition are only being honored by the World Reserve for the next three days and only for those who beat the deadline for the sealed vault tubes."

The coins are not making their way into the banking system partly because some company has decided to take 13 million of them out of circulation and put them into little plastic tubes! Now, how many businesses will grant a request for a free product? You can eat the occasional grape in the grocery store, but try tasting the beans or cereal and you will likely get a different reaction (see the episode of "Everybody Loves Raymond" where Frank gets caught sampling the trail mix).

"(quote)Just look at that stack of coins. When Americans get their hands on those, they are really going to do a double take,(quote) Speakman said."

The only double take will be when you realize you spent $28 for 13 coins. With any luck, you won't get sold on a 'subscription' of tubes.

I am not the only one who has concerns about this company; just look here, or here, or here, or here.

This is exhausting... I would love to take an ad in the PARADE to tell the public, "Hey, go to your bank and ask for a roll of the Presidential Dollars! They will be in uncirculated (a real numismatic term) condition. And if you want to hold one, just ask for another loose dollar coin for, get this, one dollar!" If anyone wants to join me, let me know either by comment. I understand free markets, and they are free to sell what they wish, and we are free not to buy them, but I strongly dislike deceptive advertising.