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Why does a declared fake coin sell for so much?

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Pillar of the Community
Australia
641 Posts
 Posted 02/21/2012  04:30 am Show Profile Bookmark this topic Add MobOfRoos to your friends list Get a Link to this Message

For a while now it has been an absolute mystery to me why key date coins which have been declared fake by the seller bring such high prices on eBay.

Then I saw this

http://cgi.ebay.com/ws/eBayISAPI.dl...p=true&rt=nc

A fake 1925 Penny which sold for $99. Once again I was left scratching my head

But then it struck me
The key line on this listing is....(but not stamped)
It seems to me that there is a high premium on fake coins that arn't stamped "COPY" for the sole reason that they can then be resold as a genuine coin for a profit.

And then I began to feel sick

What a sad world we live in where there is a secondary market to buy fake coins for the sole purpose of ripping people off.

Pillar of the Community
1119 Posts
 Posted 02/21/2012  04:55 am  Show Profile Bookmark this reply Add erkle to your friends list Get a Link to this Reply
ive spotted old silver in the last few days that look nothing alike to me. and yes I wouldnt mind a few fakes, 1 of each coin to use for checking and comparisons. but I wouldnt pay more than a dollar each for them.
Valued Member
Australia
56 Posts
 Posted 02/21/2012  05:13 am  Show Profile Bookmark this reply Add LukeDARLING to your friends list Get a Link to this Reply
Scum bags.
Valued Member
Australia
243 Posts
 Posted 02/21/2012  05:32 am  Show Profile Bookmark this reply Add enoilgam to your friends list Get a Link to this Reply
Its possible that those people bid on the coin on the possibility that it is real - although judging by the pictures its pretty obvious that its a fake.
My CCF Gallery

Collecting since 2004
Rest in Peace
United States
9104 Posts
 Posted 02/21/2012  05:41 am  Show Profile Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply
Effective 2/20, you can't list fakes on eBay, marked or not.
Pillar of the Community
Australia
641 Posts
 Posted 02/21/2012  06:03 am  Show Profile Bookmark this reply Add MobOfRoos to your friends list Get a Link to this Reply

Quote:
Effective 2/20, you can't list fakes on eBay, marked or not.


That is great news, and not before time.
Pillar of the Community
United States
617 Posts
 Posted 02/21/2012  06:23 am  Show Profile Bookmark this reply Add tokenmast to your friends list Get a Link to this Reply



Quote:
Effective 2/20, you can't list fakes on eBay, marked or not.


I hope that does not mean the assumption that if it is listed it must be real?
The coin is a force, TFDwall. TrueField Detective . .. Tools and Instruments.cr.tm.pat/pend. Counterfeit/off metal, silver
Pillar of the Community
Australia
829 Posts
 Posted 02/21/2012  06:35 am  Show Profile Bookmark this reply Add Ausjack to your friends list Get a Link to this Reply
Good point tokenmast and very true So the is still on roo. I feel your frustration mate
Pillar of the Community
Australia
853 Posts
 Posted 02/21/2012  06:55 am  Show Profile Bookmark this reply Add goatieman23 to your friends list Get a Link to this Reply
This is absolute *** Edited by Staff | The bad word filter is in place for a reason. Bypassing the filter and making the intended word obvious anyway is completely unacceptable. ***, because the buyer is obviously buying it to sell it on to someone who doesn't have great coin skills (i.e a newbie on/off eBay) for a massive EF profit. It's a joke, but eBay are making money from it.
I've brought 1930 altered date Penny's as altered-date Penny's to fill a gap. I actually also brought a Silvered one from Downies a few years ago which was really nice too.
But the common 1925's & 1946's. I feel very sorry for all sides of the story. The amount of fake 1923 Halfpennies I've seen sold on eBay makes me cringe.
The issue is that money makes the world go round.
(The manufacturer gets paid, the seller gets paid, eBay gets paid (commission), Paypal gets paid (commission) & the cycle can go on & on)
Valued Member
United States
163 Posts
 Posted 02/21/2012  06:58 am  Show Profile Bookmark this reply Add War Nickel to your friends list Get a Link to this Reply

OK, I am glad eBay is getting out of the business of selling known counterfeit coins.
Where will this lead? Who determines what is real, and who assumes the risk?
Does that mean eBay might eventually sell only slabbed coins?
Will raw coins themselves be declared fake until proven otherwise?

Just thinking about what has happened lately to the presumption of innocence (remember that? What a quant notion!).Many seemingly wonderful choices that appear to confer great benefits to society are, in some cases, taken to such extremes that the burdens far outweigh the benefits!

Put another way..."The cure is worse than the disease" and
"The road to 'heck' is paved with good intentions" (this is a family forum! ) and "unintended consequences"

Hopefully, common sense will prevail and people will rely on the sellers eBay rating, and look at what ELSE they sell (if its water heaters, thats a little odd...but maybe ok? )

My late father, who was a very very very experienced collector somehow ended up with a fake Albanian 5 Franga...it happens to the best of collectors....

Hopefully, common sense will prevail, and raw coins will be allowed to freely flow in interstate commerce without undue burden from higher regulating authorities. It is a risk I am willing to bear for the sake of keeping collectable, affordable coins available to those who wish to risk buying them....

Speaking of which, there were about a BILLION "CTFT 8 reales" on eBay 2 days ago...guess they were emptying out before the decision!
So I guess this means the market is flooded with these right now!
By the way, are 8 realles really HOT right now for some reason? (Mexico, etc?)....
Pillar of the Community
Learn More...
United States
2293 Posts
 Posted 02/21/2012  08:44 am  Show Profile Check carmykle's eBay Listings Bookmark this reply Add carmykle to your friends list Get a Link to this Reply
For as long as someone finds it profitable, copies will be made. Knowledge is king (I heard that somewhere) and if you don't do your homework, you run the risk of being a statistic. One key stratagem I've adhered to...if the deal sounds too good to be true...it probably isn't! The deal for you is one you've researched well and performed due diligence on the seller. Sounds good, but it doesn't always work for me either.
Money can't buy happiness, but it sure makes misery easier to live with.
Pillar of the Community
Australia
641 Posts
 Posted 02/22/2012  02:59 am  Show Profile Bookmark this reply Add MobOfRoos to your friends list Get a Link to this Reply

Quote:
I hope that does not mean the assumption that if it is listed it must be real?


No definitely not. We will still have to remain diligent and do our home work.

What it will stop though is the sickening sight of a bunch of fraudsters bidding for an unstamped fake coin. The prize being the right to sell it off as genuine to some poor punter.

Rest in Peace
United States
9104 Posts
 Posted 02/28/2012  04:30 am  Show Profile Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply
Like any other change on eBay, it's to protect eBay.

The crooks will figger out a way around it in about a week.
Pillar of the Community
United States
617 Posts
 Posted 02/28/2012  5:09 pm  Show Profile Bookmark this reply Add tokenmast to your friends list Get a Link to this Reply
This is some just of what is available. Having a "Truefield Detective TM" on your desk is going to be very important in the years to come....

biggfredd did you mean something like this


Quote:




Hello eBay only can admit sell any replica coins until 20th Feb.so
if you need any more other replica coins .
email: ....edit out ....


I can
send any coins to you without "copy" or "replica" stamped:

Half Cents
Liberty Cap - Head Left (1793)
Liberty Cap - Head Right (1794-1797)
Draped Bust (1800-1808)
Classic Head (1809-1836)
Braided Hair (1840-1857)

Large Cents
Flowing Hair, Chain Reverse (1793)
Flowing Hair, Wreath Reverse (1793)
Liberty Cap (1793-1796)
Draped Bust (1796-1807)
Classic Head (1808-1814)
Matron Head (1816-1839)
Braided Hair (1839-1857)

Small Cents
Flying Eagle (1856-1858)
Indian Head (1859-1909)
Lincoln Wheat Ear
1909-sV.D.B,1909-s,1909,1910-s,1911-s,1911-d,1912-s,1912-d,1912,1913-s,1913-d,1914-d,1914-s,1915-s,1916-s,1917-s,1917-d,1918-s,1918-d,1919-d,1920-s,1920-d,1921,1921-s,1922-d,1922,1923-s,1923,1924-s,1924-d,1926-s,1927-s,1928-s,1931-d,1931,1931-s,1932,1932-d,1933-d,1939-s,1955
Two Cents (1864-1873)

Three Cents
Silver (1851-1873)
Nickel (1865-1889)

Half Dimes
Flowing Hair (1794-1795)
Draped Bust (1796-1805)
Capped Bust (1829-1837)
Seated Liberty (1837-1873)

Five Cents (Nickels)
Shield (1866-1883)
Liberty Head (1883-1913)
Buffalo (1913-1938)

Ten Cents (Dimes)
Draped Bust (1796-1807)
Capped Bust (1809-1837)
Seated Liberty (1837-1891)
Barber (1892-1916)
"Mercury Head" (1916-1945)

Twenty ect. ect....


not a crook just doing allowed business down the line from him
The coin is a force, TFDwall. TrueField Detective . .. Tools and Instruments.cr.tm.pat/pend. Counterfeit/off metal, silver
Edited by tokenmast
02/29/2012 10:38 am
Rest in Peace
United States
9104 Posts
 Posted 03/09/2012  01:50 am  Show Profile Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply
It's usually the long-term damage, like the seven fake trade dollars that were " inherited" and brought in today. I'm going to see if she'l let me test them on a Truefeild Detectiveâ„¢.
Valued Member
Australia
491 Posts
 Posted 03/09/2012  02:36 am  Show Profile Check wwwww's eBay Listings Bookmark this reply Add wwwww to your friends list Get a Link to this Reply
http://www.ebay.com/itm/1930-Austra...em27c451bc1b

This one's undeclared and comes with a colourful story, reckon it'll sell for more? (it's an altered date)
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