Rare Coin Company goes bust

[bellyflorin]

:dodgy: i had a feeling  they wouldn't last , to good to be true 14% per year returns . http://www.abc.net.au/news/2013-07-09/rare-coin-company-placed-into-liquidation-owing-millions/4809054

[JeffH]

If you are a millionaire and want to buy coins as an investment you go to one of the established firms or appoint an agent to buy for you.
If you are an enthusiastic collector then you seek out your own coins and quick profit is not your principal motivation.

Another start-up company preying on people's savings and superannuation funds. What's the bet that the people running it were paying themselves fat salaries and didn't lose a cent?

You have to feel sorry for the punters (for that is what they were) but, before investing large amounts of money it is prudent to carefully check out the offer.
An old and trite saying, but still true; "If it looks too good to be true, it probably is." And, was there an element of greed from the investors who expected unrealistically high returns?

Jeff

[robbiegal]

yes, I heard the rumours early this year
seems that my source is quite reliable

I think they had been around for a fair while though
http://www.rarecoin.com.au/

[markn]

Rare Coin Company are neither a startup nor are their owners new to the industry.  According to Rob Jackman's LinkedIn page he's been in the game since 1982 (http://au.linkedin.com/pub/robert-jackman/28/1/507).  Second major Australian dealer to go belly up in a year.

[coxspau]

Markn, who was the first major Australian dealer to go bust?

[purplepennyhunter]

Did they forget to take their website down?

The book every dealer is selling for $40.

[Fulvio]

Did they forget to take their website down?

I don't get it.. what am I missing?

[runway]

Greg MCDonald?

[robbiegal]

no not macdonald
John Pettit Banknotes - they have been made insolvent as well

[runway]

Really? That's sad for those who will lose their money specifically super investers

[robbiegal]

the investment business is always risky I suppose

anyways, I guess you just have to be careful and do your homework with any higher end investment

not that I have any investments except what my superannuation does with my hard earnt money, so I don't really know what i'm talking about here

[jozk123]

Did they forget to take their website down?

The book every dealer is selling for $40.

Which dealers have it for $40i would love to get one at that price.

Did they forget to take their website down?

The book every dealer is selling for $40.

Which sydney dealers have it for $40i would love to get one at that price.

[interest]

They have been around for a lot of years, I have bought several items off them over the years nothing really high end
just a few notes & things.
Used to look forwards to their monthly dogalogue.
Shame to see them go belly up.

[ausjack]

:laugh2: when you lose you health and wealth and everything else come talk to me, what a pathetic joke..bet they still have a home car etc etc etc..I'll swap just about anyone with my life for theirs..what no takers

GET A LIFE as they haven't lost much only a few dollars
why is it that if a business goes belly up it's the end of the world but if something happens and someone loses everything in accidents etc it's no biggie and tough titties for them. I reckon if a business goes belly up let it sink as it will just cost more and more for something that's not worth it, eg aussie cars..or should I say yank that the idiots here think are still aussie but haven't been for a very long time

[keldaw]

good on ya  A J ,
super is a thing forced on all of us by the fed gov ,during our working life
 if you are under retirement age when you stop working  for any reason , medicial reasons or any other then it must be left in a super fund and then that fund invest it for you , in different ways like shares, bonds ,real estate, . etc etc .  believe me ,it happened to me,.  I lost  $ 47000.00 , in less then 4 years . so I decided to except my losses and draw the rest out and they had the cheek to charge me another $ 2000.00 early withdrawal penalty ,. so with what I got back I took my wife children and grand children to Fiji for a holiday .I am now left with just 2 small supers ,  1 in my name with amp
$ 15000.00 and 1 in dawn,s name with first state $ 11000.00 ...
last year  I rang amp and asked for the papers for me to claim my super and it took over 3 weeks to get the papers sent to me and back to them and in that time I got back $ 10280.00 instead of $ 15000.as promised . same with dawn,s and she got back $ 7000.00 back instead of the $ 11000.00 . she was promised .. all I have left now is some shares with wesfarmers value ,2 weeks ago at $ 21000.00 today,s value $ 18604.36 ..I am not trying to winge about it , I am just trying to show people who are thinking about retiring to be very careful .. always ask your adviser what is the tax free amount you can get on your super if you retire early , because if you don't ask them , they wont tell you , when I retired it was the first $ 10500. 00 was tax free then the rest was taxed at  15% but remember I have been retired over 12 years now so it may have changed a little bit by now ..I am just saying be very careful with your super investments.
 why am I putting all this on here it is because it is a discussion on companys going broke , and I would dearly like to see my lot go under.      ,, kel ,,