Moneta mint accused of overcharging for collectibles of questionable value
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Moneta, which markets medals and collectors’ coins, has caused concern in the Finnish Consumer Agency. Many of its customers have been disappointed when medals and coins bought from Moneta as collectibles which were expected to increase in value, have fetched less at numismatic auctions than what the investor originally paid.
This is a cause for serious disappointment by people who sell Moneta products at auctions arranged by the Finnish Numismatic Association (SNY), says Kurt Petterson, executive director of SNY.
Petterson says that the discrepancy between the original prices and what people are willing to pay have led to losses in the tens of thousands of euros.
Petterson charges that Mondeta “is deliberately deceiving people”.
The Mint of Finland is fully owned by the state. It produces Finland’s euro coins.
The Mint owns 50 per cent of Moneta, and the other half is owned by the international Samlerhuset concern.
Moneta has hundreds of thousands of customers in Finland, and the number of regular buyers is estimated to be in the tens of thousands.
A typical example of Moneta marketing was a an official-looking advertisement distributed to Finnish households in connection with newspaper delivery.
The advertisement offered old Finnish markka coins for EUR 15.80 apiece - handling included.
The same coins can be acquired for prices as low as 30 cents apiece if they are bought in large consignments.
Part of the price discrepancy stems from Moneta’s ornate packaging, which also includes information about the coins.
Moneta CEO Riitta Kivistö rejects the accusations that the company uses deceptive marketing.
“The consumer always has the right to choose. If he or she wants to use time, the coin can certainly be found on auction. We offer comprehensive service”, Kivistö says.
Helsingin Sanomat
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| 28.9.2009 - TODAY |
 Moneta mint accused of overcharging for collectibles of questionable value |
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