Ohio Valley makes big promises
Once again, the News and Observer has run a full-page ad from a less-than-honest company. The company in question is the Ohio Valley Gold and Silver Refinery and their pitch is that they’re paying on the spot for gold, silver, and other collectibles. Ohio Valley is in Chapel Hill today through the 15th, according to the ads.
Ohio Valley has been accused of not giving a fair deal for the items they buy. The Texas Examiner newspaper sent three employees and a coin dealer to visit Ohio Valley’s “roadshow” last year and found Ohio Valley offered prices below the items’ actual worth, sometimes only a third of an items value. Ohio Valley is also the defendant in a federal lawsuit from WGBH in Boston for deceptive advertising and business practices. WGBH produces the popular “Antiques Roadshow” television program.
[Ohio Valley] has also been the subject of numerous complaints for underpaying or undervaluing products and for taking advantage of consumers, WGBH alleges.
That’s what Autumn Cardwell of Bowling Green said happened to her this week when she brought in numerous items to be sold, including jewelry, a guitar and an old sword.
“It was a joke,” said Cardwell, who owns Shady Ray’s Pawn Shop in Bowling Green. “This is nothing but a gold-buying scam. I could tell because they were giving me prices based just on the weight of what I had and they were low-balling me.”
Cardwell on Tuesday morning took in a guitar, an antique sword and a 1.8-carat diamond ring she said had a wholesale value of $5,000.
Jennifer Cooper, a broker at the show, offered Cardwell $1,500 for the ring.
Another example was given here:
Bob Marcotte, of Corinth, brought in a Gibson John Lennon J160E from 1969 in its original case. A longtime guitar collector and trader, he said he has encountered scam artists before and always researches the value of the item before selling. Marcotte was hoping to get about $3,000 for his guitar.
He was still waiting on a price when his wife, Ruby, was quoted about $400 for a pile of silver and gold jewelry.
“Because I haven’t done this before, I’ll get a second estimate,” she said.
Later on Wednesday, Marcotte told The Post-Star he turned down Ohio Valley’s $1,500 offer on the guitar and a $250 offer on a vintage banjo he valued at upward of $2,000.
“I’ve been doing this for 20 years,” he said. “Obviously these people are not even close.”
It seems to me that this company is all about taking advantage of people who don’t know what they have. Looks like it’s time for me to cancel my News and Observer subscription.