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Those Shady Local Coin Stores. (A Bit Of A Rant)

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GrapeCollects's Avatar
United States
8938 Posts
 Posted 10/21/2018  9:27 pm Show Profile   Bookmark this topic Add GrapeCollects to your friends list Get a Link to this Message Number of Subscribers
So this is a thread I hoped wouldn't need be made. But unfortunatly it has to. Yesterday I was in Damascus, Maryland at a festival. There were stands of people selling their wares and such. Then there's this one woman running a stand deticated to coins and currency. So I head over and start taking a look at what she had. Unfortunatly my phone was dead so no pics but this is what I saw. A NGC graded 1967 Kennedy half. Ok, here the thing it was spelled Numistatic Guarantee Corporation. Yes I spelled that right, Numistatic. Oh boy. Next to it was a bent on itself, and I mean folded over like a pancake 1950 wheatie. She had put it in a oversized slab and self labeled it, "Ultra Rare Mint Error Wheat penny, Only One Known. Struck On Top of Itself!" *Sighs in Disbelief*. If this was bad, it only gets worse. As I keep going I see a jar of wheats and indian heads. Each circulated Wheat cent is $2, each corroded, G-4 indian is $10! This older gentleman comes up behind me and starts looking as well. He starts asking about some of the coins she has and I keep going. He asks about proof sets, and she pulls out some US MINT SETS, not proof sets. So she tells him that the celephone mint sets are actually really rare error proofs worth a lot of money, but she'll sell them to him for cheap. At this point I'm getting annoyed with her a bit, and inform the gentlemen of the difference. The woman starts to get a bit miffed that I told him, but we'll get back to that. Then he asks if she has any old coins. She pulls out some early jeffersons (1938-1960). They're $2.50 - $15 each. There are no key dates, just common ones. She tells him the survival rate is really low so he's getting a good deal. He then asks if she has any colonials and she pulls out the most fake flowing hair dollar I've ever seen. This is the closest image I could find on the internet to it.
Those-Shady-Local-Coin-Stores.-A-Bit-Of-A-Rant
So I tell the man when the woman isn't paying attention that it's a fake and explain why. I happened to have some silver kennadys I had in the car with my 1981-S proof set I keep as a luck charm. So I grab them and come back and show him what a proof set actually looks like. I come over and ask her what she'll give me for a 40%er. She says 75C. I look to my left and she's selling them for $5. She says that she buys them for a good price because silver is less than $5 per ounce. The story keeps going and she gets the man to buy a counterfiet spanish 1 real. I felt bad as he paid $250 and I tried to advise him, but the owner told me off. I came back and asked her if she was a member of the ANA or the PCGS dealer registry. She said no because they would fine her for scamming people. She said she had a brick and morter store in Hagerstown, Maryland. But wouldn't say what it was. She asked how a teenager was qualified to say anything about coins. At this point I'm about ready to send out an APB to the ANA counterfiet registry as she admitted to selling fakes on purpose and scamming and deciveing costumers. I hope my rant was ok, and if you have any ideas on the name of this persons shop please PM me. The best description I can give is she was an Asian Woman with black hair who appeared to be in her 50's. Thanks, I just want everyone to be wary of who they buy and sell with.

Good Night,

GC
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paralyse's Avatar
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12057 Posts
 Posted 10/21/2018  11:25 pm  Show Profile   Bookmark this reply Add paralyse to your friends list Get a Link to this Reply
You should probably retitle this thread to "shady local flea market stall vendors" -- the two larger coin stores in Hagerstown are Halfway Coin Exchange & Antietam Coin Exchange, you could contact them to see if they had any employees out at festivals lately. Instead of the ANA, you should have reported her to the United States Secret Service.



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"Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis
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jimbucks's Avatar
United States
4691 Posts
 Posted 10/21/2018  11:42 pm  Show Profile   Bookmark this reply Add jimbucks to your friends list Get a Link to this Reply
Is it any worse than TV Coin guy Richy Tobasco peddling 1874-S NGC MS-61 double eagles saying they are going for 6, 7,8 thousand dollars even 9 THOUSAND DOLLARS. Here is the truth.

Those-Shady-Local-Coin-Stores.-A-Bit-Of-A-Rant

He is full of it, and should be ashamed of himself.
Hurry and you can buy it for thousands more than retail! These crooks need to be exposed.

Those-Shady-Local-Coin-Stores.-A-Bit-Of-A-Rant
I can just go to ebay and buy this one.
Those-Shady-Local-Coin-Stores.-A-Bit-Of-A-Rant
Edited by jimbucks
10/22/2018 12:06 am
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United States
461 Posts
 Posted 10/22/2018  01:38 am  Show Profile   Bookmark this reply Add Sharkman to your friends list Get a Link to this Reply
It's not just flea markets. There are some greatly overpriced coins on ebay. Maybe not the rule, but enough of an exception to look out for. I see coins priced at $200-$300 above retail in the $1,000 - $1500 range with some frequency that do not appear to be special enough to justify the premium. When I see a coin I like, I do a reality check with the Red Book and PCGS price guide. Sometimes I find the seller is actually selling for a discount to retail market value, but not infrequently I find the price too high to justify.
The most egregious example I've seen was earlier this year. I had been looking for a 1917 type 1 SLQ in ms66fh for a type set since last fall, and just couldn't find one I liked. Earlier this year, I saw an ebay listing for the coin for nearly $3,000! And the same seller wanted about $1,000 more for a 1917D. As you would expect, at ms66 these were very nice coins, but there was nothing about them that seemed to justify a 100%+ markup. A few months later, I found the coin I was looking for at an off ebay site for $1350, a slight premium I was happy to pay for a hard to find coin that exceeded my expectations.
Heaven knows if the ebay seller ever got his prices (I hope not), but there are people out there looking for P.T. Barnum's sucker born every minute.
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GrapeCollects's Avatar
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 Posted 10/22/2018  06:38 am  Show Profile   Bookmark this reply Add GrapeCollects to your friends list Get a Link to this Reply
Why the secret service?
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oriole's Avatar
Canada
5239 Posts
 Posted 10/22/2018  07:37 am  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
@Grapecollects, you could spend half your life fighting this sort of stuff and make no progress.
I would suggest saving your efforts for something which can make a real difference, like your personal numismatic education (you are doing well here), or informing people who are willing to listen.
As you have discovered, there are lots of people who are willing to spend a lot of money on a story without making the slightest bit of effort to check it out.

Personally I just walk away when I see this. It is not worth my time.
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IndianGoldEagle's Avatar
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 Posted 10/22/2018  11:43 am  Show Profile   Bookmark this reply Add IndianGoldEagle to your friends list Get a Link to this Reply
It's always buyer beware.
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SilverDollar2017's Avatar
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8715 Posts
 Posted 10/22/2018  11:55 am  Show Profile   Bookmark this reply Add SilverDollar2017 to your friends list Get a Link to this Reply
Yep - especially since this isn't really a coin shop, rather a vendor at a flea market. If you ever purchase something from a similar vendor in the future, be careful, it's one of the most common places where you can get scammed.
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GrapeCollects's Avatar
United States
8938 Posts
 Posted 10/22/2018  1:02 pm  Show Profile   Bookmark this reply Add GrapeCollects to your friends list Get a Link to this Reply
I'm aware it's a flea market, however, she owns and LCS. And that's what bothers me.
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llewellin's Avatar
United States
1005 Posts
 Posted 11/04/2018  11:14 am  Show Profile   Bookmark this reply Add llewellin to your friends list Get a Link to this Reply
If she was lying about all of her coins, then I wouldn't be surprised if she lied to you about having a brick and mortar store in Hagerstown.
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GrapeCollects's Avatar
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8938 Posts
 Posted 11/04/2018  11:19 am  Show Profile   Bookmark this reply Add GrapeCollects to your friends list Get a Link to this Reply
True
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 Posted 11/04/2018  12:16 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
No need to get so irritated. It is just common practice everywhere. Reason people say things like Used Car Sales people are.......... You have to realize that if you knew a lot more and really looked around at those flea markets, you would see many other items that are either fakes or just almost a joke. Batteries for example. Want to buy some batteries? Dinocell, Denocell, Diracell and on and on and on.
And lots more fake or misrepresented items. I go to flea markets all the time. I would guess about 50% of everything there is either fake, broken, renamed or anything possible.
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paralyse's Avatar
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12057 Posts
 Posted 11/04/2018  10:13 pm  Show Profile   Bookmark this reply Add paralyse to your friends list Get a Link to this Reply
The Secret Service handles enforcement for the US Treasury, including counterfeiting, forgery, etc. The local law enforcement will not usually investigate minor complaints such as a single fake bill (I've got a few "nice" counterfeit bills that they let me keep that were tendered for payment at my job) but for larger-scale operations such as selling fake coins or creating fake bills/bearer instruments such as checks/money orders, they will work with the Secret Service to apprehend the seller.
Member ANA - EAC - TNA - SSDC - CCT #890

"Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis
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