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Pillar of the Community
United States
7375 Posts |
I think I already know the answer, but just wanted to bounce this off the forum. I have a cast copy of a coin that someone wants to buy from me. They know it's a replica, but they still want to buy it. Frankly I'm uncomfortable selling it even though the $200 bucks is tempting. I've already thrown one fake coin in the garbage recently, and I hate to see fake coins out there in the marketplace. I want to throw this one away too, but just want to make sure I'm doing the right thing. Should I toss it or sell it? I'm thinking toss it.
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Pillar of the Community
Canada
3049 Posts |
I would say either toss it or just hold onto it... but if you sell it..you will never know or have control what will happen to this coin... and someone may end up getting the bad end of deal thinking they're buying a legit coin...
You also mentioned or eluded to the fact that you were offered $200 for it... $200 is a pretty fair sized amount of money especially to spend on a replica... My spidey sences are tingling here and say that no good can come from the sale of a replica..
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Pillar of the Community
United States
2543 Posts |
Interesting ....... I am assuming it is not stamped with "copy". If it was someone I knew, that was just collecting counterfeits or just wanted to use it as a hole filler. And I trusted they were not going to do anything nefarious with it, I would say by all means. If I thought for a second that the person was going to try and pass it on as genuine for a profit, I would have to consider how much I needed the $200 and how much sleep that $200 will afford me as compared to how much sleep I would lose thinking I aided a thief.  |
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Pillar of the Community
Canada
2805 Posts |
Yeah, if it's a contemporary counterfeit I can see a specialist offering $200 - but if it's a modern copy it's a lot more questionable.
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Bedrock of the Community
United States
12437 Posts |
What is the coin in question?
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Pillar of the Community
United States
1391 Posts |
Is it a contemporary counterfeit?
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Pillar of the Community
 United States
7375 Posts |
What's a contemporary counterfeit? It's not stamped 'copy.' Actually they offered $100, but I was going to try and talk them up a little if I decided to sell it. They assured me a couple of times that it was for a hole filler. I checked their ebay account and they have never sold a coin, only bought. That's not to say they don't have another account they sell from. |
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Pillar of the Community
Canada
2805 Posts |
A counterfeit made to be spent, not sold to collectors.
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Pillar of the Community
United States
7375 Posts |
OK, then it's not a contemporary counterfeit.
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Pillar of the Community
United States
8516 Posts |
What exactly is the coin ?
Oregon coin geek.....*** GO BEAVS ! ! ! ***
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Pillar of the Community
United States
7375 Posts |
Edited by edweather
06/23/2014 6:56 pm
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Pillar of the Community
Canada
2781 Posts |
it might take years, or even decades, but eventually the coin will make it to marketplace and someone is going to get taken for their hard earned cash.
$200 (or even $100) seems like an awful lot for a fake coin ? especially when both parties know it's fake
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Pillar of the Community
United States
9792 Posts |
There are quite a few electrotype copies in the EAC world that are actually sold by the big auction firms, Goldbergs, Bowers, etc. some of these (mostly1793 chain cents and Lib caps) are very collectible in their own right.
"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector. See my want page: http://goccf.com/t/140440 |
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Pillar of the Community
United States
3453 Posts |
True westcoin but it sounds like this is a cast copy (overseas variety?) and if it were me, I would not sell it but would either keep it for study or send it to the Black Cabinet for cataloging. Once it leaves your hands...
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Pillar of the Community
United States
9792 Posts |
I didn't see the coin in question was a fairly modern one 1922 no D LWC, I'd say no don't sell it, or have it marked (stamped/engraved COPY) then do whatever you want with it. At least then, it can't come back to hurt someone down the road financially. "Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector. See my want page: http://goccf.com/t/140440 |
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Pillar of the Community
United States
2543 Posts |
Quote:
What's a contemporary counterfeit? "Contemporary Counterfeit" is a term mostly applied to much older coins. Mostly old 8 reales and Trade dollars and the such. It is a counterfeit that was made at the same time that the original coin was minted. As opposed to a " modern counterfeit" which is a counterfeit that is/was made within the last 50yrs or so. In the 1800's international trade was carried out using gov't minted Trade dollars, pillar dollars , 8 reales and the such. Many of these coins were counterfeited at the time. Some in real silver, some in lesser value base metals. Hence the advent of the chop mark, which traders used to authenticate real from fake. These "contemporary" counterfeits are highly collectible as they are an important part of history and are, in some cases, hundreds of years old. Modern counterfeits are counterfeit 8R and Trade dollars made to look 100yrs old, but cast in a basement in Akron yesterday. Edited by denco7
06/24/2014 4:51 pm
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Replies: 34 / Views: 4,220 |
Posted 06/23/2014 1:41 pm
