I know the RCCo from when they were in Sydney. They closed this office some 2 years ago. My conversations with the staff indicated that they were doing it tough then and were consolidating back to the head office in Perth.
Wasn't there an office on Hay St just near the mint that closed about a year ago as well? Or was that a different numismatic company?
Website is now off the air. Not too sure how this operation worked but if they were a major buyer in the ultra premium market then expect some major hits to values. Not only is a major buyer removed but others buying for their SMSF may start to question what they are doing or at least how much they should pay.
Absolutely. If there's a rush to liquidate items then the premium market might get a flood of really top quality items that will be struggling to find buyers on short notice, particularly with uncertainty about the future of collectibles in SMSF where I'm betting much of the money has come from in this sector in the past decade.
well if that happens then we may see some coins that have been hidden away for a while now. i am excited to see what they have
When i stumbled across them in Albany (drove past and popped in to see if they sold bullion) they had some seriously nice coins. Holey dollars etc and alot of stuff priced in the $200k-$600k price range. Some higher! I just hope their clients get something back. Not good at all.
I'm not exactly sure on the business model, but the article refers to hundreds of "creditors" - surely it would be hundreds of "clients" who have numismatics in storage that the company was holding on their behalf. "Sorry, we're selling your holey dollar on Grays Online and you can apply as a creditor for a payout once we've sold everything"? I don't think so.
I will certainly be watching this with interest and personally waiting for an announcement from the company. I am not sure what has happened. I have had some dealing with them and are currently in a transaction, so this could be very interesting. Not sure of the particulars, but one coin company does not make a market, and rare coins and bank notes are just that rare. So I doubt the price on premium items would be effected significantly, there could be a few good deals around though with some trying to cash out to the market.
I would be surprised if they have actually sold clients coins that were held by them without the clients knowledge. It will come down to the wording of contracts for sale/purchase and how liquidators/lawyers may interpret a transaction.
It sounds more like they promised to do buybacks but couldn't afford to. This review seems to be a beacon towards "the end" http://www.productreview.com.au/p/the-rare-coin-company.html As for thinking that if these rare items being "dumped" onto the market (and I'm saying IF not WHEN) won't cause a dip in price - I can speak from experience that when a large collection of 1930 pennys (about 8) hit the market all at once a few years ago - it cause a short term drop of about 20% in the price. Not saying that this will do the same - just that the potential is there. malachii
Not looking good, I think I have lost a chunk of my SMSF bye, bye... The saying you don't hold, you don't own it is true again. I am in a worse place as it was a deposit. As such I don't even have the security. So bottom of the list with a lot of others it appears as well in the unsecured creditors bin. The only thing is I have a bit a time until retirement to recoup back, not that it really helps. The missus will never EVER let me forget this one. I do feel sorry for those that had invested the huge money. Yet a lot of them will get something I reckon. I am now considering it as lost.
Mate that is terrible news. I really feel for you and everyone else who is affected by this. Sounds like a lot of farmers were their clients too. Thats all they need!
Sorry to hear that Austacker. They sound like they have been around for a while and not obviously 'dodgy'. Lesson learnt and move forward is probably the best advice. So do people that have bought these coins have title/ownership and are just paying for storage with the option of the buyback price. Or have the coins also gone 'missing'.
Hi guys/gals, my 1st post after a few months lurking This is sad as they (in the shop) were friendly, helpful people and the silver coins I bought from them were $25 cheaper than the mint just a few yards up the street. I used to check their website for 'silver coin specials' but a few months ago the site changed, no longer had coins for sale, I never gave it much thought and now........... Anyway I live in Perth and am relatively new to 'stacking' therefore I will be asking q's of you's so bear with me please.
This is a case of people investing into something they have done little research into, and with little knowledge about the associated risks or even how a diversified portfolio works. Investing completely everything into one thing and hoping that they will be able to sell all for a profit by the time they retire. The person in the article says "I need that money in the next 12 months. I need it very, very much." So she is going to retire in 12 months without any other investments or savings? Or she has already retired and only has cash to live for 12 months. Either way she is a bit silly to of invested absolutely everything into this numismatic coin scheme. And to invest into something so heavily and not even physically hold the investment yourself not knowing if you would be able to get hold of the item if the company collapsed. Crazy.
How about pulling your head in a bit? Members here are directly effected and they are real people who will lose real money.
Eureka Moments, I was just saying, people need to be aware of the risks before going all in to something. I wasn't pushing my head out of anywhere lol I am sorry if my words offended or upset people that have lost money.
