Hannes Tulving

[MunkyMan95]

Traded a raw morgan $1 for a 1962 Franklin Proof 64 in a Hannes Tulving slab. Anyone tell me more about them?

[MikeKing]

I can't, but I know someone who probably does, he's on this board, so maybe he'll see this. But I do know there was/is (?) a company called Tulving, I believe. I have no idea who or what they are, but I came accross them when doing a search on the 1811 Mickley restrike, and they gave a little historic rendition on the coin.

 

Is there a photo we could see?

[MunkyMan95]

A few quick shots at the keyboard...

 

 

The reverse of the slab reads "Hannes Tulving Rare coin Investments"

500 Birch St., Ste. 500, Newport Beach, CA 92660

[jgrinz]

THIS IS THE GUY THAT STARTED INFLATED PRICING DUE TO THIRD PARTY GRADING AND ENCAPSULATION ( IN MY OPINION )

 

 

******

In 1992, Hannes Tulving Rare Coin Investing Inc. of California settled FTC charges that the firm "created and maintained an artificial coin market to induce the purchase of coins at inflated prices." The firm was fined $260,000.

 

CALIFORNIA COIN DEALER AGREES TO SETTLE - 06/92

 

Hannes Tulving, Jr., president of Hannes Tulving Rare Coin Investments, Inc., a California retail marketer of numismatic coins, has agreed to settle Federal Trade Commission charges that he created and maintained an artificial coin market to induce the purchase of coins at inflated prices.

 

Under the proposed settlement filed in federal court, Tulving would be prohibited from misrepresenting, among other things, the degree of risk or any other fact material to a consumer's decision to purchase any investment offering. The order also imposes a monetary judgment, which will be partially satisfied by the payment of $260,000 over a five-year period.

 

In August 1990, the FTC filed a complaint against Tulving and his company, Hannes Tulving Rare Coin Investments, Inc., of Newport Beach, alleging that they misrepresented the degree of risk and appreciation of their coins, falsely represented that the figures published in their coin price guide reflected the actual wholesale market price of their coins and that their customers' portfolio updates reflected the current value of the customers' coins; and that they failed to maintain a reserve of funds to enable them to honor their buy-back guarantee.

 

Under the terms of the proposed consent order settling the charges against Hannes Tulving, Jr., he would be prohibited from, among other things, falsely representing that his coins are an excellent, low-risk investment or that they have consistently appreciated in value; that portfolio updates given to customers reflect the current value of their coins; and that the prices he charged for his coins were at or near the prevailing market price.

 

He also would be prohibited from falsely representing the profitability of any investment offering, the services he offers in connection with such an offering, or the earnings of any of his customers.

 

Further, the proposed order would prohibit Tulving from falsely representing that he has a reserve of funds sufficient to honor any buy-back guarantee for a substantial number of customers, if he offers such a guarantee; misrepresenting any other fact material to consumers' decisions to purchase any investment from him; and from representing that the FTC endorses or approves his activities. Misrepresenting the terms of the settlement also would be prohibited.

 

The proposed settlement would further require Tulving to place a written notice on all coin-related promotional material to alert consumers to the risk of investing in rare coins. If he offers a buy-back option, he also would be required to disclose clearly and conspicuously the following notice on all promotional material:

 

"BUY-BACK OF COINS: We cannot guarantee that, when you desire to liquidate your coins, we will be able to repurchase them from you. Moreover, if we are unable to repurchase your coins and you are forced to sell them to another dealer at the current wholesale price, you will probably receive much less for the coins than what you paid for them."

 

 

 

******

 

All About Hannes Tulving, Jr.,

President of The Tulving Company.

Hannes Tulving, Jr.'s parents were immigrants who found and live the American Dream. Both mother and father came to the United States in 1949 from Estonia, a small country on the Baltic Sea, that had been taken over by Russia during World War II. They arrived in this country with no money, some clothes, and big dreams. In 1953, Hannes Sr. bought his first business, a Chevron service station. He would remain a Chevron dealer until he retired in 1985.

 

Hannes Jr. was born July 6th, 1955, and by age eight was already doing odd jobs around his father's service station. He worked on and off at the station through his teenage years, doing such things as working on cars, pumping gas, and doing the daily books. Hannes was an avid basketball player, and in his senior year at Covina High School in Covina, California, earned All-CIF honors. He proceeded to go to Cal Poly San Luis Obispo, in California, on a basketball scholarship.

 

Hannes Tulving, Jr. became a full time coin dealer in 1976. He began by selling coins at a local swapmeet, and then started to attend local coin conventions. Early in his career he was fortunate enough to meet John Wayne, "The Duke." He became one of Mr. Tulving's largest customers, buying gold bullion from him.

 

In 1979, Mr. Tulving moved his operation down to Newport Beach, California, where it has been ever since. Mr. Tulving's professional accomplishments have been numerous over the years. In the 1982 edition of Wayne Miller's famous The Morgan and Peace Dollar Textbook, Mr. Tulving was listed as a major contributor to the book. Mr. Miller has called Hannes Tulving "the best dealer in the gem silver dollar business." In July, 1983, Hannes Tulving wrote an article for the Coin Dealer Newsletter (Greysheet). The editor had this to say of Mr. Tulving, "Mr. Tulving is among the small group of the country's leading silver dollar specialists; the knowledge and experience that he has gained by a nearly exclusive concentration on dollars over a number of years enables him to view the overall market in a very discerning manner."

 

PCGS is now one of the the largest independent grading services, as well as one of the two most reputable services. In late 1985, they wanted Hannes Tulving involved. In a letter from David Hall, founder of PCGS, to Hannes, it said "We invite your participation... as a member of the grading board. We want to be able to say, "seven of the world's top grading experts" instead of "six". You... can grade coins for us any time you want."

 

In 1986, Les and Sue Fox wrote Silver Dollar Fortune Telling. In the book the authors state "Hannes Tulving, Jr. is one of the most noted and successful silver dollar investment experts in the United States."

 

For 30+ years in the rare coin business, he has never had a commissioned salesperson on staff, nor does he believe in cold calling people. The Tulving Company has no telemarketing operation, nor will we ever. In the past 30+ years, Hannes has bought and sold over 1.1 million individual coins.

 

Sensing that the Internet may be the place to be, Hannes set up www.tulving.com, our website, in November, 1995. We now do all of our business over the internet, using our website, and have done in excess of 308 Million Dollars in business since January, 1999. We also have done business with over 15,500 different customers in all.

 

The direction of the coin market in the year 2007 and beyond? Hannes believes that the fundamentals have changed dramatically in the past few years, with the advent of the State Quarter programs. The State Quarter programs, which will run thru the year 2008, have brought millions of new collectors/ coin enthusiasts into the marketplace. The U.S. Mint continues to sign new marketing and distribution agreements. This has changed the coin market, forever.

 

On June 17, 2005, Hannes had a major stroke. As of today, March 7th, 2007, he has worked in the office, every week day, since early May, 2006. He was at first, totally paralyzed on the left side of his body. Before he went to the office, he first started by walking about 10 miles every day, then ran 6 miles every day, when he was able to run instead of walk. Now, because of working during the week, he exercises every morning, he walks every day during the week at noon, for half an hour, and also runs 2 miles on the beach every day after work, and on weekends, he runs over 7.5 miles on the beach, walks over four miles, and does other exercises. He has done his weekend routine on every holiday and has not missed his weekday or weekend routine since he started to walk in August, 2005. He has not completely, yet, recovered from the stroke, as he can not drive a car, ride a bike, write well with his right hand ( he is righthanded) or type a long letter ( such as long E Mails), but is expected to in the future. 80 pounds lighter than before the stroke, he eats healthy food every day.

 

In his opinion, the place to be? PCGS MS69 and Proof 69 Deep Cameo certified Gold, Silver and Platinum American Eagles, PCGS Modern U.S. Comemmoratives, and PCGS Proof and Mint State State Quarters.

 

Have questions. You can e mail Hannes at hannes@tulving.com

He answers all his own e mail.

 

Oh, by the way, Hannes Sr., who retired from the service station business in 1985, has since worked side by side with his son. Currently, the elder Tulving works in the shipping and receiving department of The Tulving Company. Hannes' younger brother, Alan, also joined the Tulving Company, so father and both sons now all work together.

 

 

ENOUGH INFORMation for you

 

[MunkyMan95]

Got this info from WaxonWaxov yesterday:

 

CALIFORNIA COIN DEALER AGREES TO SETTLE - 06/92

 

Hannes Tulving, Jr., president of Hannes Tulving Rare Coin Investments, Inc., a California retail marketer of numismatic coins, has agreed to settle Federal Trade Commission charges that he created and maintained an artificial coin market to induce the purchase of coins at inflated prices.

 

Under the proposed settlement filed in federal court, Tulving would be prohibited from misrepresenting, among other things, the degree of risk or any other fact material to a consumer's decision to purchase any investment offering. The order also imposes a monetary judgment, which will be partially satisfied by the payment of $260,000 over a five-year period.

 

In August 1990, the FTC filed a complaint against Tulving and his company, Hannes Tulving Rare Coin Investments, Inc., of Newport Beach, alleging that they misrepresented the degree of risk and appreciation of their coins, falsely represented that the figures published in their coin price guide reflected the actual wholesale market price of their coins and that their customers' portfolio updates reflected the current value of the customers' coins; and that they failed to maintain a reserve of funds to enable them to honor their buy-back guarantee. The case against the corporate defendant, Hannes Tulving Rare Coin Investments, Inc., is still pending.

 

Under the terms of the proposed consent order settling the charges against Hannes Tulving, Jr., he would be prohibited from, among other things, falsely representing that his coins are an excellent, low-risk investment or that they have consistently appreciated in value; that portfolio updates given to customers reflect the current value of their coins; and that the prices he charged for his coins were at or near the prevailing market price.

 

He also would be prohibited from falsely representing the profitability of any investment offering, the services he offers in connection with such an offering, or the earnings of any of his customers.

 

Further, the proposed order would prohibit Tulving from falsely representing that he has a reserve of funds sufficient to honor any buy-back guarantee for a substantial number of customers, if he offers such a guarantee; misrepresenting any other fact material to consumers' decisions to purchase any investment from him; and from representing that the FTC endorses or approves his activities. Misrepresenting the terms of the settlement also would be prohibited.

 

The proposed settlement would further require Tulving to place a written notice on all coin-related promotional material to alert consumers to the risk of investing in rare coins. If he offers a buy-back option, he also would be required to disclose clearly and conspicuously the following notice on all promotional material:

 

"BUY-BACK OF COINS: We cannot guarantee that, when you desire to liquidate your coins, we will be able to repurchase them from you. Moreover, if we are unable to repurchase your coins and you are forced to sell them to another dealer at the current wholesale price, you will probably receive much less for the coins than what you paid for them."

 

Defendant Tulving has agreed to the imposition of a $10 million judgment. In light of his recent filing for bankruptcy and the absence of security, however, the Commission cannot be assured that it will collect the full judgment. The $10 million judgment against him would be non-dischargeable in bankruptcy -- that is, he still would owe it. Under the settlement, Tulving would pay $50,000 within 14 days of the entry of the court order, $210,000 over five years, and the remainder at the end of the five years.

 

The Commission vote to file the consent order was 4-1, with Commissioner Deborah K. Owen dissenting. Owen stated, "I find no financial justification for reducing the defendant's required monthly payments from $5,000 to $2,500 after two years. More- over, I disagree with imposing, on paper, a monetary judgment that may be 'empty' in practice. Such an empty judgment is a departure from recent practice, and could give the impression that the Commission's monetary judgments are illusory."

[EZ_E]

In his opinion, the place to be? PCGS MS69 and Proof 69 Deep Cameo certified Gold, Silver and Platinum American Eagles, PCGS Modern U.S. Comemmoratives, and PCGS Proof and Mint State State Quarters.

 

 

.....sounds like an agenda to me......

[Zoins]

In his opinion, the place to be? PCGS MS69 and Proof 69 Deep Cameo certified Gold, Silver and Platinum American Eagles, PCGS Modern U.S. Comemmoratives, and PCGS Proof and Mint State State Quarters.

.....sounds like an agenda to me......

Those are exactly the places where a large dealer can easily acquire a huge inventory....

[michael]

superb thread even better information from posters

 

this thread should be on the front page of coin world, numismatic news and pcgs forums

 

unfortunately pcgs does not want you

to know this so sadly this will never

happen/be read by anyone over there

 

but maybe more will buy into these recommendations if it was read by more sheep