Anyone els ever get stuck with a fake??

While at a big coin show in Chicago in the "heat of the moment" I got over excited and bought a fake coin for a big loss.. Anyone else have an experience like this??

 

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You bought it from a dealer at the show?

 

no, i had a table and purchased the coin from someone walking around.. so it was really non refundable..

 

what kind of coin was it?

 

Yep, I have been stuck many times. I buy many raw coins and just chalk up the fakes as part of the cost of collecting. Worst offenders for fakes come from Red China.

 

Could we see a picture of the coin in question?

 

It's unfortunate that something like this has to happen, but there are other members here who think it's TS for you because you're supposed to be the professional who knows what he's doing.

In spite of their opinions, you should know that case law has been established which would void the transaction allowing you to get your money back, but I assume that you don't know the identity of the seller.

Chris

 

As an afterthought, you may want to modify your purchase policy for the future to include requesting ID for coins of higher value if you don't know the seller. If a prospective seller balks at giving you this information, then pass on the deal.

Chris

 

Yes, to many faces to recall who.

 

I don't understand???

 

I would imagine quite a few of us own counterfeit coins, we just don't know it yet.

 

Not the first and probably not the last, these fakes are very well made and getting better every day, thanks to the replica industry. Even the third party graders like NGC, ANACS and PCGS are having problems. At least I destroyed the coin in question. My guess is that the seller at that show had no idea he was selling a fake, it took a big time grading house to tell me. A new wrinkle in this business.

 

Very realistic answer. I try to stick with certified coins, when dealing with hi-dollar stuff.

 

Spot on there. And we paid for their education, by allowing the sale of replicas in our country. They learned the craft well.

 

i am building a good collection of counterfeit £1 coins, some are really good whilst others are atrocious.

 

You shouldn't have destroyed it. I know there are a few collectors (can't remember who right offhand) who maintain reference lists of counterfeit coins to help educate others.

Chris

 

Hobo I do believe

 

I too, keep the fakes. One learns from them.

 

A "friend" got stuck with this one.

 

I’m not sure what you asking, but the following may help….Dealers walk from table to table at shows just like non-dealers, to both buy and sell (and trade). It can get very hectic with just two people trying to keep track of all that’s going on. Making conditions perfect for mistakes to happen, and they do happen.