WARNING: KEY DATE COINS dba Silver Traders in NJ!

This Mom and Pop company out of New Jersey are hosting webcast auctions on such sites as HiBid, iCollector, ProxiBid, and now LiveAuctioneers. They also have a link on FaceBook. I 'm not embarrassed to say I was stupid enough to purchase from them. These two sell themselves as honest, down-to-earth entrepreneurs. Through my own experience I can attest that the coins and rolls they are auctioning are junk and these two are as phoney as phoney can be. I hope this post will find its way to stopping anyone else for falling for their hype.

Key Date Coins by morezan posted Dec 22, 2019 at 10:22 AM

 

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Could you share images and what you paid?

 

Ugghhh...colorized ancients.

 

Sure. This is just one: I paid $360+ for this and sent it to GreatCollections just to see what it would do. It sold for $32 after being graded. Note the statement "One of the finest...." The coin had been dipped before being encapsulated. Mostly what I got taken on were bank rolls. These two are operating with impunity an appear to have quite the following. I've purchased auction items in the past from others for items I was less than pleased. However, never have I seen such blatant, well thought-out misrepresentation. These two must employ scores of individuals just to post this stuff so it looks 'just right.' They really need to be in jail. I ran across a group selling AC equipment in the Washington Metro area several years ago substituting used equipment for new while using a legitimate finance company to make the sale. It didn't happen to me. But eventually they sold a unit to the wrong person and now are in jail.

 

They did make the coin look really nice. I'll guess GreatCollections cracked the coin from the USCG holder and sent it to PCGS or NGC?
What was the problem with the rolls you bought?

 

I wonder what it will take to stop them? Hoping someone on this site wi

I posted the issue with the rolls earlier. However, this is not the roll I purchased.

 

Sorry that happened to you. Kind of an expensive lesson.

 

Indeed. However, in the BIG picture over the many years I have been purchasing lots from auctions, I am still way ahead. It's just that these two are blatantly misleading and stealing, using the same auction sites as the honest ones. I was hoping to get some feedback on how one would go about putting a stop to it. I'm sure there are a multitude of very smart collectors and dealers in this forum. Is there not one or two who have an interest in keeping this hobby alive? Isn't it the responsibility of enthusiasts like us to ensure a future interest in the hobby? If not, then: what are we doing here?

 

You have left out too much information for me to care. Take them to court. That's all that can be done. The part of your post I quoted is insulting.

 

The KDC person, Corey Bower and wife Sandy, are absolutely scam artists and need to be removed from Society.

 

NJ BBB will only listen to complaint. NJ Attorney General needs to start an investigation into the buy/sell scam practice. They received coins to sell but claim they did not receive the coins. Registered mail and reinforced tape with a packing list. Only after pissing off Corey on phone did he respond and claim he did in fact receive the coins and "perhaps will sell them in 2021", coins were sent to this KDC Auction in March 2020 and as of Janiary 2021 they have not been forthcoming.
Additionally, they will lower the value of the coins by grouping together and then buy them onsite, this sham allows them to resell them in the future in single lots to garner real value. They have a preferred supplier of slabbed coins,USCG, and yet there is no available information about the USCG coin grading service. They conditon of the coins is arbitrary to the grading service that is not accountable, therefor you can not trust the graded condiotion of the coins. The people at Key Date Coins are scam artists.

 

Pop him the head so he is on his tail.

 

Take them to small claims court. Go online to the BBB and file a complaint. Report them to the Consumer Protection Agency/Bureau. Leave bad feedback on Yelp or one of the other online yellow pages websites which people read when looking up a company on Google. (Google "Coin Dealers Near Me".) Report them to your State's AG. File a Police Report. Report them to your Credit Card if you used one. Report them to every Auction Site they are using. There is plenty to do. Go ahead and do it.

 

I used to see this guy on Facebook running auctions. He was selling some very rare coins with major problems and presenting them as problem-free. I unfriended and blocked him because his crap was all over my feed.

 

Him and his wife have already spent time in jail for for multi million dollar mortgage fraud scheme they were running. You think they would learn. Just Google there names the reports are out there for it.

 

Whenever I think of doing business with individuals online, I type in “name and mugshot” to see if anything comes up.

 

People will never learn when they think they are getting a "good deal" and buying something that someone doesn't know anything about. Greed always catches up with the greedy.

 

This is a perfect example of people not doing their own due diligence. While this outfit (is still going on in 2024) is lowlife trash and should be shut down, some responsibility lies with the buyer. If you did even an hour of reserach, it wouldnt take long to learn there are no such thing as original rolls of Silver Dollars. They came in bags. Any coin rolls were done by dealers and after market people and fast forward to today, any rolls are done by shady scam artists as any "legit" 2nd gen rolls from the 1950s-70s are long gone. If you scan their auctions it wouldnt take long to see they have dozens, hundreds of these rolls. All the paper is the same and they run them week in an week out. How can they have hundreds of the same paper rolls week after week, when I dont see even 1 of these in a legit environment.

Unfortunately they take advantage of the bad traits of humans - greed and trying to get something for nothing or hoping they will. People that gamble or buy scratch tickets have the same traits and I am not criticizing or putting those folks down. I speak from experience but that was many years ago and lessons well learned. The best way to learn is to lose. That applies in all sports, poker, and hobbys like numismatics, antiques etc. Losing is as painful as touching the hot stove. Some learn from it while others repeat the mistake hoping for a better result the next time.