Fake Dollars on eBay

ebay's coin problems

I recently started buying and selling coins on ebay and was shocked at both the numbers of obvious counterfeits (early silver and trade dollars--heck, I even saw an "authentic" 1859 Trade Dollar!! Just had to laugh) and the bids that some receive. As many new collectors, I am returning to a childhood hobby. I made a conscious decision to get educated to protect myself, so I purchased a couple books (spiral bound Red Book has been the most helpful so far--not for the prices, but the coin descriptions--Gray Sheets help for values). I think a small amount of education goes a LONG way in combatting ebay frauds. I have started reporting fakes as well, but I have to admit, they are getting pretty darn good. I have also noticed that they have increasingly been posting copycat listings (stolen images from other sellers) so the high bidder probably won't even receive the fake coin! I also report these image thefts if I can locate the original posting in the completed auctions--which isn't all that hard.

I think the bigger problem at Ebay is the gross over grading by what seem to be questionable--even fictional-- third party graders. People see a slab and think it must be real. I just did a search for "SGS GRADED" coins--there were over 1101 hits. Trust me, there are many chinese fraudsters, but this seller puts them to shame. I haven't seen many (any?) PCGS or NGC MS70 Franklin Halves, but this lucky fellow has tons of them (see item #8315370923 for an example). I am sure that many here have already discussed this seller--I cannot imagine that it has slipped by the eagle eyed individuals here!

 

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wow...your right! just about every coin that guy has for sale is a 70!!!!

 

from SGS web-site:
"SGS is proud to introduce an industry first.
We are now Certifying and Authenticating some different Circulated-type coins.
These coins, being circulated, would not benefit from being graded, but would
benefit from being certified. With SGS you know it's Authentic."

wow, so circulated coins are not worht grading?

time to crack out all the 1916-D mercs and throw away the slabs...



really, someone should put out an advisory in the coin magazines or something to tell everyone about these hucksters, it should be illegal!

 

or this:
http://cgi.ebay.com/ws/eBayISAPI.dl...72&ssPageName=MERC_VI_RSCC_Pr4_PcY_BID_Stores

"Comparable coin grading services (such as PCGS)"

to compare themselves to PCGS is an insult, can't PCGS sue them?

 

a little research has shown Aboncom (the eBay PowerSeller) and SGS are one in the same entity.

I purchased a modern proof Lincoln cent (PF70, of course) from them. I wanted a PF65/PF66 quality of coin and the price was right for that grade so I bought from them. I got what I paid for, knowing exactly what I would get, unfortunately some people believe the PF\MS70 SGS hype and overpay for aboncom's coins. To their credit, my coin didn't arrive (lost in the mail) and they did send a replacement with no hassles.

My favorite part of SGS is the "slab"/COA themselves. The slab is a cheap plastic case that can be purchased from sellers in CoinWorld and it is "sealed" with a piece of gold colored tape at the top and the bottom. The COA has a "serial number" that matches the coin, but it isn't really a serial number, it is more like an item number. My coin was a 91S Cent and my serial number was something like: 1991SLincolnCentPF70. It was all quite humorous, but it did make it really easy to crack the coin out to put it in my album!

 

It didn't take them too long to find a new PF70 did it!!??

Speedy

 

there was an interestin article in this last issue of the numismatist where a fellow discussed third party graders, however I was unsure, from the article, whether he purchased from a bottom tier TPG or whether he purchased over graded raw coins which were rejected as cleaned by the top tier TPGs.

Unfortunately, those people that receive the magazine are probably already aware of the problems (such as these). I guess it's the new and independant collectors that stand to get hurt the most - the ones that don't network with other collectors and learn from others in the hobby. I have been collecting for many years, but it wasn't until a year or maybe a year and a half or so, when I started getting to know others in the hobby, that I really learned about these risks...

Ebay is the toughest market for these problems.