The Rare Coin Company debacle

[autocoupler]

AC I think that banknote dealer was John Petit Rare Banknotes.
Also whatever happened to Barry Winsor?

That's the man. Going back into the early 2000's I received a lump sum payout after my employment of many years had ran into a dead end. At the Brisbane Coin Show around the same time I spoke with him about taking up a portfolio of notes, and with the returns at that stage being exceptional, I nearly took the leap but me being the cautious type didn't. For quite some years after that the returns were just through the roof, and  remember being at an auction where the crowd would be in rapturous applause every time a note sold at record levels. I often cursed my decision not to invest, but in hindsight very glad I didn't, because I know I wouldn't have sold when I should have.  

i'd bet you a hundred bucks that it was his coin

You may be correct RG so I'm not betting haha. I didn't know the bloke personally, but he appeared to be a personable character.

[interest]

[trout]

Which is what a Ponzi scheme is.

I am pretty sure that it wasn't the original intention of the founders of this business for it to be a Ponzi or Pyramid scam.
I am of the opinion that it was just a case of big business getting involved in the market without any thought being given to the consequences or effects that this scheme would have on the Australian Market.
Everyone keeps banging on about how the poor investors got stung/hurt by the collapse of T.R.C.C.
The investors were motivated by greed and they were directly involved with the scheme by participating in it and as with any High Risk/High Return investment there are inherent risks, In this case the investors paid the price for accepting the risks.

Not much thought has been given to the average collector or Dealer that virtually overnight lost a huge percentage of the value of their collection/Stock.
These are the people that have for NO fault of their own had to bear the cost of this collapse and every time Big business gets involved in the market it will have a "ripple" effect on everyone's collections and usually NOT a good effect.

[robbiegal]

"Some people are believed to have used entire super funds or the proceeds of selling their house to fund their purchases."
Australasian Numismatic Dealer's Association president Andrew Crellin said: "It seems a lot of people weren't aware of the way that the market operates or the value of the items they had."


these are the people who have been hit the hardest
that is why I don't trust financial advisers
they push for risk and self management and then poor blighters dreaming of things too good to be true end up living in poverty

i expect these people to show up again and start other businesses
and other cons

and round and round it goes


anyways - lots of businesses go bust - we recently had the Autolyse bakery go bust here - turns out the bastard hadn't been paying his staff superannuation payments either and to boot- turns out that he is a repeat offender in the going bust business - apparently he had the telstra tower restaurant and similar state of affairs for his staff when he went bust

http://www.canberratimes.com.au/act-news/autolyse-cafe-and-bakery-closed-down-and-staff-terminated-after-popular-braddon-business-sold-20170125-gtypp6.html

[trout]

Apparently you can go bankrupt a few times and rip off your creditors and Still become the President of the US :angel:

[Fulvio]

"Some people are believed to have used entire super funds or the proceeds of selling their house to fund their purchases."
Australasian Numismatic Dealer's Association president Andrew Crellin said: "It seems a lot of people weren't aware of the way that the market operates or the value of the items they had."

This is a discussion I seem to have every other day in the crytptocurrency world.

I remember a guy in early 2014 who tipped his entire life savings, some $75,000, into Dogecoin at the absolute top of the peak. It was supposed to be the deposit for a house he and his fiance had been saving for while living with his parents. The market crashed, and wiped out 3/4 of the value of his coins. She left him, his parents threw him out, he lost his job, and he was talking suicide.

This happens all the time, in just about every market. Been there, done that... I saw my shares in Cinema Plus, which owned all the Oceania IMAX theatres, evaporate when the joint partners got together and seized the assets and left the company with all the debt. But it was only three grand, so it didn't kill me. Neither did the bank pulling the plug on my business and costing me a million, but that's another story.

Everything has risk attached. Even lying in bed, a plane could come through the roof at any moment. Its all about risk management and mitigation. You don't play footy on the freeway, and you don't risk what you can't afford to lose. Ever.

These people failed to heed that, and paid the price.

[p.gee]

I have a basic knowledge of the Rare Coin Company debacle but as I was not into collecting coins back then, I have know idea of the prices before or during the peek, apart from some of the more expensive ones . It would be interesting if someone who collected through that era could pick a couple of pre decimal coins that are maybe worth say $200 - $300 now and estimate what they were worth before and during that era. I am just curious to see what the market might head back to or if we are already there.

[Basil]

I have a basic knowledge of the Rare Coin Company debacle but as I was not into collecting coins back then, I have know idea of the prices before or during the peek, apart from some of the more expensive ones . It would be interesting if someone who collected through that era could pick a couple of pre decimal coins that are maybe worth say $200 - $300 now and estimate what they were worth before and during that era. I am just curious to see what the market might head back to or if we are already there.

I was around then but the limit i would spend on a Coin would be less than $100, unless it was Gold,so not much help.RCC,if i understand it properly,were targeting  people with Thousands(Cash or Coins/Notes) to spend otherwise it wasn't worth their time.As others have stated it turned into a Ponzi Scheme rather quickly.

Wasn't 'P.Gee' one of David Gee's alias early on?

http://www.smh.com.au/good-weekend/a-sticky-business-20141009-113l4m.html

[robbiegal]

"" and you don't risk what you can't afford to lose. Ever.

These people failed to heed that, and paid the price. ""


- that really resonated with me Fulvio
what incredible (sad) stories and good advice

Basil
often sons are  fairly active in their father's business and carry on the family traditions

[drakesterling]

Apparently you can go bankrupt a few times and rip off your creditors and Still become the President of the US :angel:

Don't give Rob Jackman any ideas. Our Prime Ministers are disappointing enough already.
Does anyone know where Rob Jackman and co. are now and what they're up to?

[trout]

Does anyone know where Rob Jackman and co. are now and what they're up to?

I have NO idea But if you Googled "Get Rich Quick" maybe you will find something :angel::laugh2:

[echidna]

Apparently you can go bankrupt a few times and rip off your creditors and Still become the President of the US :angel:

Don't give Rob Jackman any ideas. Our Prime Ministers are disappointing enough already.

Does anyone know where Rob Jackman and co. are now and what they're up to?

Mr Jackman is a security guard.

[frenc11]

Apparently you can go bankrupt a few times and rip off your creditors and Still become the President of the US :angel:

Don't give Rob Jackman any ideas. Our Prime Ministers are disappointing enough already.

Does anyone know where Rob Jackman and co. are now and what they're up to?

Mr Jackman is a security guard.

not for too much longer

[drakesterling]

Apparently you can go bankrupt a few times and rip off your creditors and Still become the President of the US :angel:

Don't give Rob Jackman any ideas. Our Prime Ministers are disappointing enough already.

Does anyone know where Rob Jackman and co. are now and what they're up to?

Mr Jackman is a security guard.

not for too much longer

Oh? What have you heard?

[gnome]

I have a basic knowledge of the Rare Coin Company debacle but as I was not into collecting coins back then, I have know idea of the prices before or during the peek, apart from some of the more expensive ones . It would be interesting if someone who collected through that era could pick a couple of pre decimal coins that are maybe worth say $200 - $300 now and estimate what they were worth before and during that era. I am just curious to see what the market might head back to or if we are already there.

I was around then but the limit i would spend on a Coin would be less than $100, unless it was Gold,so not much help.RCC,if i understand it properly,were targeting  people with Thousands(Cash or Coins/Notes) to spend otherwise it wasn't worth their time.As others have stated it turned into a Ponzi Scheme rather quickly.

Wasn't 'P.Gee' one of David Gee's alias early on?

http://www.smh.com.au/good-weekend/a-sticky-business-20141009-113l4m.html

Interesting read there, cheers Basil. I remember awhile back in a former forum when the chatroom was booming, a Sydney Dentist, by the name of George, he called himself , used to pop his head in every now and then for a chat. At one time, I think he was trying to get info on how to remove something off coins, may have been tape or similar. Article just sparked the memory abit. just a coincidence  I suppose