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First Federal
First Federal Preferred Customer Club Highly Inflated Prices Burnsville, Minnesota
19th of Jun, 2011 by User247493
I started buying coins in May 2008 from Preferred Customer Club, now First Federal, I was
assured by their salesman, Bob Allison, that the coins he sold me were the most wanted, most
limited editons, highest quality proof 69, or 70, ultra cameo. and how fortunate I was to be able to buy them.
Every 5 to 6 months he would call me with another amazing set of coins. Like a sheep to the slaughter I fell for several of them, upto a total purchase value of $80,000 by spring 2011. Then came the shock of selling them.
I contacted Don Gause at Americal Federal and he offered me 30 to 40% of my purchase price. I also called Heritage Auction and got a slightly higher, but contingent on what the auction would bring. I checked a few other places with my inventory list, but they did not even respond. I finally sold all my coins to Dave Gause, who picked them up and paid cash on the spot.
Premiums of 150% , I bought a Shipwreck Coin for $3955 and could only sell it for $100 . Bob Allison is very good at selling these, but First Federal refused to buy them back at 75% of my purchase price.
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