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 Replies: 56 / Views: 5,382 |
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Bedrock of the Community
13014 Posts |
Quote:
I've met so many people at coin shows that would buy almost anything as long as so called PROFESSIONAL dealer says it's OK. Ive never understood that. Its not like you have to go to school to become one, or earn the title, literally anyone with money who wants to can be. Or when dealers say I've been selling for 25 years like that means something. I know plenty of people that have played sports since they were a small child, doesn't mean well be seeing any of them on tv |
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Valued Member
273 Posts |
So who cares to take a guess of what percentage of coins on "popular common large auction sites" are fakes. Are My eyes fooling me? I see coins of questionable authenticity every day on these sites. NOTE: I am talking about "popular common large auction sites" ... NOT sites that specialize in coins.
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Bedrock of the Community
13014 Posts |
I wouldnt be surprised if the raw coins on ebay had something like 20 percent of them being fake. I'm sure a good number being resold came from the cheapest website they could find for the initial purch ASE |
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Pillar of the Community
United States
759 Posts |
Way less than 1% in total (remember all the wheat rolls, common dates, 90%, etc.), but that number would be skewed towards the higher end items with the damage being significant if the buyer does not identify and return.
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Valued Member
273 Posts |
To summarize, the idea being: if one is partaking of ebay with only images (not the coin) to look at before making a purchase one might remediate potential damage to the pocketbook by honing the commonly available means of detecting non genuine coins and practicing same when the coin is received in order to return non genuine coins in a timely manner... short of purchasing a mass spectrometer or leasing time on CERN's particle accelerator. Similarly, when inspecting any coin at a show or store. Edited by Changeless
08/03/2012 12:48 pm
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Pillar of the Community
United States
2077 Posts |
I used to take the approach that anything I collect isn't valuable enough to counterfeit. Not so sure that is the case anymore.
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Valued Member
273 Posts |
Back when ebay allowed "Reproductions" of coins and they were commonly sold on ebay, it was startling how many versions of how many coins were being made and how easily (inexpensively) these coins apparently were to make (based on a selling price of about $3.00 each including free shipping). nickels, dimes, pennies, common "worn and old looking" indian heads, V nickels, half dollars, dollars, buffalos, etc etc etc. .... I think that in the popular categories, anything that sells for three or four bucks or more stands the potential of having been faked. So part of our "sport" of coin collecting, even for the humble, is not only grading skills, but also fake-detection skills. adds to the fun I think... to put a positive spin on it. |
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Pillar of the Community
United States
2077 Posts |
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but also fake-detection skills. adds to the fun I think... to put a positive spin on it. LOL. Unique approach. |
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Pillar of the Community
United States
2077 Posts |
When I see a seller that has way more raw key and uncirculated specimens than "regular" coins, it immediately raises a red flag for me. Especially if that's ALL they have.
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Bedrock of the Community
13014 Posts |
Quote:
When I see a seller that has way more raw key and uncirculated specimens than "regular" coins, it immediately raises a red flag for me. Especially if that's ALL they have. That and any high value raw or raw key date. With how much easier it would be to sell slabbed you always have to ask the question why wasnt this sent in |
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Valued Member
273 Posts |
Key date I understand... a BU key date can generally be many hundreds or thousands of dollars... ok I am suspicious.
But Curious to know what you-all might consider "high value". Are we talking one hundred dollarish... or maybe 500 dollarish?
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Bedrock of the Community
13014 Posts |
For high value for sure anything over 500 and personally Id probably say anything 200 or over Id be suspicious. But for ebay I wont buy anything around a 100 or more unslabbed. Even if I want it for a raw album id rather get it slabbed and crack it out for the added assurance. I guess a lot too would depend on what gives it the value. I'm not suspicious at all of a 5oz puck for 160ish since its all in the silver value. But I would stay away from like a 90 dollar dime whose value is its supposed high grade especially if the grade below was significantly cheaper. I would just assume its being over graded but I am someone who believes if it looks to good to be true it is lol |
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Valued Member
273 Posts |
Really great info. Thanks. ...oops... I think I just purchased a Half Cent like that. Edited by Changeless
08/04/2012 12:12 am
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Bedrock of the Community
United States
14454 Posts |
i didn't read all the responses but wanted to say in response to the original question, I do not think it will ever ruin the hobby but I do believe it may discourage some new collectors from enjoying the hobby because they may buy one thinking it is real and then find a site like this one and have to be told the truth about it. This may leave a bad taste in this persons mouth and make them not want to collect any longer. It could also work the other way where it makes them want to learn more so they don't get taken again. I have seen it go both ways and when it makes them not want to collect any more it is really hard to watch, especially when I think of the enjoyment it gives me that they will be missing out on by this one bad experience. I think each and everyone of us have had at least one experience that didn't quite turn out like they thought it would when they made the purchase and it could have just as easily have turned us against the hobby as well and not all of those had anything to do with counterfeit coins. Its just how some people are wired I guess that makes them say I am going to make sure that never happens again because they will learn all they can about coins and others say they will make sure it doesn't happen to them again either but its because they never plan to buy another coin
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Pillar of the Community
United States
580 Posts |
Fake coins is what got me interested in coins in the first place. Being scammed on coins really made us start doing research on coins and ended up falling back in love with the hobby.
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Replies: 56 / Views: 5,382 |
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Posted 08/02/2012 2:41 pm
