Posted 09/22/2006 8:36 pm
Jordan, was this a coin auction or just a general collectibles auction? Seems to me serious coin collectors would know the difference between quality TPGs and wannabe and boiler room one person grading companies.
Bob, it would take a lot of time to list them, but I would guess there are 50 to 100 alphabet companies out there, most established solely to sell on ebay. The problem is these junk slabs wind up on the open market such as Jordan described. I'm guessing the fools who bought the bogus slabs on ebay were trying (and succeeded) to unload them off onto other unknowing fools in a venue where the buyers would not be familiar enough with ebay coin sales to be savvy about the junk slabs. The ones who bought will eventually figure it out and either take their losses or try to foist them on yet other unsuspecting victims. And the cycle goes on and on and on... They would never be able to sell them at a larger auction with professional dealers; they'd be laughed off the floor.
Bob, it would take a lot of time to list them, but I would guess there are 50 to 100 alphabet companies out there, most established solely to sell on ebay. The problem is these junk slabs wind up on the open market such as Jordan described. I'm guessing the fools who bought the bogus slabs on ebay were trying (and succeeded) to unload them off onto other unknowing fools in a venue where the buyers would not be familiar enough with ebay coin sales to be savvy about the junk slabs. The ones who bought will eventually figure it out and either take their losses or try to foist them on yet other unsuspecting victims. And the cycle goes on and on and on... They would never be able to sell them at a larger auction with professional dealers; they'd be laughed off the floor.
