1895 P Morgan Dollar PCGS PR63

I've been talking to a guy who has this coin. His story is that someone put that up as collateral and defaulted on the loan. So he's trying to get his money back. Asking for $7500. Graded PR63 by PCGS. I've asked him to provide the serial number. He said he will get that to me in a few hours. When I go meet him, I'll take high resolution pictures and post them here.

This looks too good to be true... Just wondering if anyone has encountered slabbed fakes? Someone tampering with the slab...

I plan to flip the coin right away and use the money to pay for my sister's graduate school (I promised to pay her full tuition and she starts Fall 2013). If everything works out... A BIG IF...

 

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PCGS pop is one!

 

I don't know what it lists for in the PCGS Price Guide, but it lists for $56,880 at NGC. I'd be very skeptical......and very careful!

.....and you know what they say about offers that sound too good to be true.

I'm thinking that it is either a fake (and he already knows it) or that he may even try to rob you thinking you may have the cash with you.

Chris

 

If it sounds too good to be true, it's probably too good to be true. Do you know of anybody who would leave $50k sitting on the table? He could walk into any half-respectable coin dealer and get at least $30k.

You're setting yourself up to either be robbed, ripped off, or conned.

 

Are you buying this coin off craigslist or something? If so i would be VERY careful. And there's no way I would pay that amount of cash for a coin on craigslist.

 

Just talked to the guy again. He gave me the certificate number. http://www.pcgs.com/Cert/26141630/

I asked if I could stop by today to take a look. He said he would let me know in a little bit. I plan to meet him at a coffee shop and take pictures of the coin. Not going to have the cash on me since I can't get that much out of the bank today.

 

Having a valid cert # doesn't mean it is authentic. The Chinese have been using valid cert #'s for years. You need to be able to tell a fake from a real one, and familiarize yourself with authentic PCGS slabs and inserts. A fake insert will often have slight differences in the font used.

Chris

 

Here is an article on fake PCGS slab diagnostics.

http://coins.about.com/od/coingradi...agnostics/Fake-PCGS-Slab-Diagnostics.-1yO.htm

 

Sounds too good to be true. That coin RETAILS for between $50,000-75,000. FORGET price guide--that one is such a rarity. I'd investigate very carefully, as there are dozens of collectors who would pay a whole lot more than $7500 for that coin--I bet if he advertised, there would be hundreds of takers at $30,000 or more.

 

It says that that coin sold on auction on September 06 2012. I would ask him when he first got the coin and if he says it was before September 6 2012 then he is obviously lieing.

 

I can't imagine somone paying $50K+ for a coin and then using it as collateral for a $7500 loan a short time later. Do you have any cop friends that could go with you?

Chris

 

It could also be stolen... I'd be VERY careful... Also the fact that it sold just a couple of months ago is REALLY FISHY. My guess is a counterfeit or thats its hot.

 

did a google search and nothing shows up of it being stolen.

 

You are being scammed. Walk away or lose your money.

 

But, Tom, I'd like to see the guy go to jail.

Chris

 

Seller didn't like my idea of meeting today so I can look at the coin and buy it tomorrow. He wanted it all done in 1 day. I asked if he wanted to meet at LCS to verify authenticity and he said "why? It's already graded". He also claimed that he "has to sell it by Tuesday". And now he "has to work on his car so not sure if I can meet today. I will let you know shortly".

I'll still go meet him and check out the coin and try to convince him to meet me at a coin shop tomorrow. I will only give him the money if the coin shop says it's real...

 

I still think it would be a good idea to talk to the police, explain the situation, and maybe have a plainclothes cop go with you. They always like to catch the bad guy, but most of the time they don't get much advance notice.

With what you related about the seller's hurry to unload the coin, it is either stolen or fake.......no two ways about it!

Chris

 

Too many red flags to count... Be careful if you meet this guy in person. Do you have a concealed carry permit?

 

That "it must be sold by blah blah blah" and that he wont go to a coin store means...
A) It's a counterfeit
B) He is going to mug you of $7500 with some sort of weapon.

My final peice of advice is do you know the guys name? If not find out. Then go to your local police station and have them run a search over to make sure hes not a convicted felon.

 

I don't know if this is enough evidence to get the police involved. At the same time, I don't want some other unsuspecting victim to lose $7.5K... I don't own any guns but only plan on meeting him in a very public place... if he gets back to me, that is...