1 reviews | Active since Mar 2017
Inability to buy back coin for 7 years
<p>I have purchase a Mandela Coin from the Scoin Shop under the 'promise' that it would yield substantial returns in years to come.</p> <p> </p> <p>Three years after my purchase i queried the resale price of the coin, which I was informed grew by R6,000.</p> <p>I asked to sell this back at that point in time but was advised that it should be held for at least 5 years in order to achieve a better return.</p> <p> </p> <p>It is now 7 years later, and the coin is not even worth the intial price I paid. </p> <p> </p> <p>I have been corresponding with Scoin via email for the past year and a half to sell the coin back to them, but they have still 'not been able to purchase it due to current market conditions'.</p> <p> </p> <p>This is apalling and unacceptable.</p> <p> </p> <p>I would like to sell my coin back to Scoin - and would appreciate the common courtesy of giving me my money back.</p> <p> </p> <p>I have records of all correspondence with them since inception, yet this seems of no help when trying to sell the coin.</p>
Dear Moaaz,
Although the Seller attempts to act as a market maker in respect of coins and medallions which it sells, the ability of the Seller to sell coins and medallions will be determined by the specific market conditions prevailing at the time of the proposed trade exchange. This also includes, but not limited to, supply and demand, gold price, exchange rate.
The Company, or any of its representatives, does not guarantee, by any means or manner, that it will buy back any coin/medallion.
Kind regards,
Customer Care
Dear Moaaz,
Although the Seller attempts to act as a market maker in respect of coins and medallions which it sells, the ability of the Seller to sell coins and medallions will be determined by the specific market conditions prevailing at the time of the proposed trade exchange. This also includes, but not limited to, supply and demand, gold price, exchange rate.
The Company, or any of its representatives, does not guarantee, by any means or manner, that it will buy back any coin/medallion.
Kind regards,
Customer Care
When brokers/agents are selling the coin, this is not specifically imp****, and 'hidden' in the fine print.
They constantly punt the 'growth' and 'future returns' but the underhandedness never reveals the catch - that the price/returns quoted are the selling price to others and not the buy-back price offered (if any at all).
Ttherefore in essence, the growth i was quoted does not refer to the coin i purchased, and in fact i have not invested in something which would appreciate in value, but rather based on the current gold price which is worth less than the initial price i paid.
When brokers/agents are selling the coin, this is not specifically imp****, and 'hidden' in the fine print.
They constantly punt the 'growth' and 'future returns' but the underhandedness never reveals the catch - that the price/returns quoted are the selling price to others and not the buy-back price offered (if any at all).
Ttherefore in essence, the growth i was quoted does not refer to the coin i purchased, and in fact i have not invested in something which would appreciate in value, but rather based on the current gold price which is worth less than the initial price i paid.