ComplaintsforProfessional Coin Galleries

• Initial Complaint

  07/11/2022

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  I sent back coins 5 weeks ago to cash them out and spoke with a woman she said they received coins and will be sending me a check for $5200.00 and going on 6 weeks later have not received my check. Please look into this, GREATLY APPRECIATED, THANK YOU

• Initial Complaint

  05/27/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Last year I bought many coins and coin sets the company "Professional Coin Galleries" because they provided a written guarantee that they will buy the coins back at any time for at least what I paid for them so I felt safe putting my money with them. I am 71 years old. I paid $128360.95 for 20 different coins or coin sets. The coin company (PCG), took 2 payments from my Discover card and the have not credited me. The coin never was delivered so I cancelled the order. They took the 1st payment of $2833.33 on 9/14/21 and took the 2nd payment of $2833.33 on 10/20/221 and I cancelled the order for the coin at the end of November since it had not been delivered. They claim to this day that they credited my account but as of my April statement from Discover and going back as far as September, no credits have hit my account. At the end of November, I placed a hold on all payments to PCG for the month of November. The company could not or would not provide me with copies of ALL the coin invoices I purchased from them.During discussion with the owner and President, I found out that he had no reserves for buying back coins. No surety bond, in fact, no financial assets of any kind to back up the written guarantee he sends out with each coin. His response to me was for me to send him 1/3 of my coins and after he "SOLD" them, I could send another 1/3 of my coins until all of the coins had been resold. At that moment, I realized that this was a type of Ponzy scheme where he just finds new or existing buyers to move the coins. And by sending my coins to him in this way, he was making me an accomplice to his Ponzy scheme. The guarantee he offer is fake. They have also modified existing invoices (#*****) to now be 2 coins since the can't find the original and correct invoices. I have asked repeatedly for them to show me the complete paper trail, but have not provided one and yet they claim I owe them money and from the info I have been able to collect, They owe me8566

  

  Business response

  06/20/2022

  We opened Professional Coin Galleries in 2009. For 13 years we have had We have always had  physical locations
  for our offices. On March 17th of 2020 we had 42 people working on the phones in our office that was located at **********************. ***. Building management comes to 
  me and says they are shutting down the building due to Covid-19. That day I had to tell over 40 people that we had to leave, but hopefully that we would be back soon.
  Well that never happened.
  
  
  In late April we decided that we would now have to run the company via zoom and everyone would have to work from home. In all the years we have been in business
  I never would let people work remotely because I wanted to see them in the office and more importantly hear what they were saying. Obviously Convid changed that. 
  We posted some ads on job sites looking for experienced telemarketers.  I received a call from ******************************* on Jan. 21st 2021 pertaining to my job post. She 
  said she had ********************************************************************** this business. She said that she worked for Gov.Mint for 10 years ( A big player in this industry )
  and she could bring in a lot of business. So we hired *******************************. I take the blame for not doing an extensive background check on *******************.
  
  
  On Feb 25th 2021 ****** called me and said that she has a client *************************** who she has done business with for years and he is a great client. She then asked me 
  if we would give him credit on his first order with my company. I told her that we don't give clients credit that we don't know and don't have a track record with us.  She 
  assures me that he was credible and will do a lot of business with us. So I agreed to let ******************** pay on a 3 month payment plan. His first order was 10  2020 American Silver Eagles
  MS 70 Emergency Issued from the **********************. The total amount of the sale was $7950. We let him pay $2650 as the first payment and sent him his coins. Going forward 
  ******************* put in 13 more sales for ******************, the last one being on Nov. 1st  2021. All 14 sales that ****************** did with our company, every single one has been on a 3 payment plan. 
  
  
  Through the months myself and my sales managers started to notice that RR was very aggressive in our daily morning zoom meeting and that there might be a substance abuse
  problem going on with her.  Then in October we received the first call from *************** from  Gov.Mint that they were suing her for hundreds of thousand of dollars for non compete and 
  banning her license from the state of Minnisota. I talked to her about it and she said it was from 10 years ago and there was nothing to worry about. Then we received a call from a prospective 
  client that she cold called and said that he won a raffle and he would get $200 off on his purchase. I authorized no Raffles. Then the straw that broke it. I received a call from a client and 
  he wanted to return some coins. When we searched for the order there was no invoice.  When I asked him to look at his Credit card statement it came up with a company that RR had on the 
  side. She was selling my clients with her own merchant account. After that we did a full background check on RR and we found out that she was being sued by a **************** from Alabama for 
  2 million dollars for coins she had grossly overcharged him. At that point I called RR and told her that we had to let her go. That night on our company text thread which I can provide to you 
  she wrote that my company would get returns and chargebacks for 6 months along with other threats. 
  
  
  We did receive over $175,000 in returns from clients she had opened up with my firm. I personally called every one of her clients and was able to keep about 50% of them.  On 
  Nov 8th 2021 I personally called ************************* and told him that RR had been let go due to misrepresentation and substance abuse.  That was the first time I had ever talked to 
  *************************. His first words to me were " she called me last night and she was three sheets to the wind " I assured ****************** that I would personally handle is account going 
  forward. On Nov 1st ***************** did his last sale with us for $29,000. Without my consent RR put the sale through on a 4 payment plan of $7250 a month. ******************* had made 
  2 payments of $7250. So I told him that there was still a balance of $14,500 he agreed. He also had purchased a Palladium coin from us for $7500 on a 3 payment plan and had 
  made 1 payment of $2500, but we had not shipped the coin yet. ***** said to me just to cancel that coin. So I said I will deduct that  $2500 and now your new balance is 
  $12,000. He agreed. So at the end of Nov. I called ***** and asked him if he could make a payment on the remaining balance and he said he would. For Christmas we had send 
  ***** a $500 box of Omaha Steaks to thank him for his business. I called him to see if he received the gift and he said yes. I asked him if he could make a payment because we did 
  not receive the Nov. payment. He told me that times were a little tuff during the holidays and we could wait till the 1st of the year and he would clear *** the whole balance. I said surly 
  and wished him a Merry Christmas. On or about  Jan.15th we still did not receive any payment from ****************** and called him again, but was unable to get him on the phone. I called 
  in Feb and left him message that he now was over 90 days passed due. No return phone call. On Feb 17th 2022  we receive a charge back from ************************* for $26,000. Getting 
  a chargeback for that amount in my industry does not look good with my merchant account. We provided to ******* proof of delivery for the coins and they put all the money back in 
  our account. I asked ******* what was the reason ****************** did the chargeback. They told me he said that he " didn't recognize the charges " This is a bad man!
  
  
  ******************************* wrote this whole complaint for *************************. These are not his words. They are outrageous accusations against my company. From what I hear from some 
  of my clients, is that she has opened a new company called " Guaranteed  Coin " . I don't know how she could do that because she is suspended and has lost her license from the 
  state of ********* where she lives. She has put ****************** up to this for sure. She wants him to sell all the coins back to us, so she can sell him new ones. 
  
  
  The bottom line is this: 
  
  
  We here at PCG  have had the Buyback Guarantee put into place in 2015. We have purchased more 4 million dollars of coins back for not only what our clients paid, but for profit 
  on what they paid. We can provide you will as many clients as you need that will vowch for us that they sold us coins back and we paid them minimally what they paid for the 
  coins. Recently I had a client that got decimated in the crypto currency market. I just purchased $600,000 worth of coins back from him. In 2018 We went to *********, ****
  and gave a seminar to 100 farmers and they're wife's. I can provide those folks as well. We did over ********** in business last year. For 7 yeas we have been sending 
   out in writing buyback guarantees. Could you imagine if we did not honor those guarantees? We would have an F on our BBB and we would be blown up all over the internet. 
  Here is what we would be willing to do. ****************** can pay me back the $12,000 that he owes us, or we can deduct what he from the coins he wants to send back. We will pay him 
  on a 3 payment plan just like I gave him. This man owns 3 ***********. I would like to know how he would feel if he got a $26,000 charge back to is business when he did nothing 
  wrong. ************************* is a fake and a sham and he should hold hands with ******************************* for life!  We ***** over 5 million dollars in reserves and over 3 million dollars in current inventory 
  
  
  Sincerely, 
  ***************************
  President 
  Professional Coin Galleries
  
   

• Initial Complaint

  04/18/2022

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  I bought 1 2020 W palladium coin and 10 and 10 2020 silver eagles on Nov. 4 2020. these coins have i buy back guarantee. the buy prices was to $12000.00. the president *********************** who gave me a writing buy back guarantee does not want to honor his contract. does not answer the phone or my emails or text most of the time.

  

  Business response

  05/10/2022

  I am working with ********************* to buy back his coins. He promises to get in touch with BBB very shortly to remove complaint.

  We realize that we have to respond to the complaint within 22 days of this notice If we can not come to an agreement with

  ****************** within the time frame we will respond to the complaint formally.  Thank You  ***** ********Tell us why here...

  Customer response

  05/14/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  [Your Answer Here]

   I do not feel comfortable sending the coins back until I have the check. He previously stated that he was going out of business and was not interested in a buy back. 

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  ***************************
  
  
  
  
   
  

  

  Business response

  05/17/2022

  ********************* has been a client of Professional Coin Galleries since 2018. He has sold us back coins on a number of occasions. If you look on our website ***************

  you will see that we have always  honored our BuyBack Guarantee for last 13 years and have purchased millions of dollars worth of numismatic coins that we have sold to

  our Clients. You can even see the comments on the BBB site. We are not going out of business and our business has never been stronger. Our policy has always been the

  same. If you want to sell us back coins that we have sold you, we need to receive and inspect the coins and then we either send out a check that day or we wire funds.

  ****************** fully knows that this is our policy because he has sold us back coins in the past. He wants to tell me how to run my business. All ****************** has to do is

  put the coins in the mail and when we receive them we will send him out a check and honor our Buyback Guarantee. it's that simple.    *************************** President ********* Tell us why here...

  Customer response

  05/22/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved, assuming that I receive a check in the mail for $12,000.00, after I send these coins, within a timely manner as promised.
  
  Sincerely,
  
  ***************************
  
  
  
   
  
  

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩