Just got kicked off the eBay Coin Forums for 7 Days...SGS Coins

Keep your chin up Midas

Keep your chin up Midas. Nice right on the money email to eBAy's discussion board. My wife, who is not a coin collector, was looking for a nice coin to purchase for my birthday in April last year. She saw all these SGS Aboncon coins on ebay graded MS and PR70, and purchased me one for April Fools Day. She knew it was a joke from what she has picked up hearing me and other collectors talk about SGS. A 2000 P 50C graded MS70 for $4.85. Even she knew that was ridiculous. The 50-60 folks in our coin club had a big laugh about this one. Needless to say, I spent the Kennedy on bubble gum. She actually bought me a NGC 1988 Morgan MS65 as a real birthday present. Isn't it a shame that Aboncon is trying to cheat all the brand new collectors to our hobby. Shouldn't the moneymongers at eBay have a rule about that? Jim

 

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I had to go and look at the forum in ebay. I posted my "opinion" in there as well. Guess now I will get a letter from Ebay. Heck, been on ebay almost 10 years, time to get spanked! Good job Midas. I wonder how they sleep at night?

 

I'm thinking that I should buy their cheapest coin on ebay and leave the appropiate feedback. I wonder if we got 100 people to do that in a row what would happen? Leaving appropiate feedback of the coins that arrive that is. Not just a bashing party. HONEST feedback. there. thats better.

 

Wow, thats a good idea! :thumb:

 

UPDATE:

I noticed at the SGS Website that their "new" address is:

38 Church St
Bellville, Ohio 44813

I can't tell you exactly when they moved (supposedly) to this address, but consider the following:

According to Mapquest, this address is only 10.93 miles (19 minutes) "down the road" from their 115 Park Ave West location in Mansfield, Ohio, which is exactly where their ebay powerseller Aboncom is located. Anybody located near Highway 13 right off of Interstate 71 in Ohio? I would love to see pictures of this place and the home to all of these "70" coins and MS67/68 Morgans!

Since many cited the fact that Aboncom and SGS are one in the same due to their same address (recent past), I believe this is an attempt to try to "distant" the two entities so they appear independent...nothing more!

Remember, ANYBODY can set up a separate entity, LLC, S-Corp, etc., and claim they have no interest in each other, but, by all means...you be the judge!

Pass the word...nothing worse than seeing a coin collector getting discouraged about coin collecting because they got taken with these MS70/PR70 promises!

Just because you "slab" a coin from YOUR inventory with YOUR own plastic and YOUR own packaging with pre-printed MS70/PR70 labels doesn't make you an INDEPENDENT THIRD PARTY grader.

 

Im in ! :thumb: Great idea- I have an old account I dont use anymore. I wont care about a retalitory Neg. feedback on that account. Lets load him up with negitves !

 

Hmmm, when I get home for the summer I may be able to hook you up with some pics. I live about 30 mins from Abon. Send me a PM at the end of May

Ryan

 

They sleep upon silk sheets and goose down pillows for their head as well as for their feet.
It is the honest man who toils as the rich rip him off for their spoils.

e-bay and dishonest dealers I speak of.
for them I hold no love
and think not of the dove.

 

Me too.

 

I have super 4500+ feedback on eBay and I will participate. Get twenty more interested parties and for the sake of the hobby ( investment ) and I will play! " Let's Roll! " The only thing is when you buy one of these cheap coins they totally abuse you on shipping charges. It is kind of expensive to play.

P.S. Thank you initial poster for being the Vanguard. Without new collectors any hobby will perish and when these people realize how bad they have been taken they will probably quit.
Judge ( Moderator ) how about a class action. I know grading is subjective but Fraud is not. Baseball Cards almost ruined coins and stamps anyway. Let's get this thing alive again! A lot of new people are trying to get interested. Current precious metal prices have likely doubled the interest in coins,( I came back ) let's not lose the momentum.

 

Personally I think segs is worse for the hobby than sgs. segs pomotes itself at coin shows and has many many more people suckered into buying inferior coins at superior prices. At least aboncom/sgs is only on ebay. I don't buy segs coins at any price and many other coin dealers that share that pilosophy. Anyone buying a segs coin would do wise to consider that.
Just my 2c.
tradernick

 

I do not own any SEGS coins so I cannot say. At least SEGS has the courage to go to shows as you say. Maybe there would be the place to confront them. It is appalling though to do a search for MS70 or PR70 coins on eBay and see how many SGS come up, maybe half of all listings. I think eBay is a ( the ) direct path for new collectors into the hobby and then to ruin them there would be a sin.

 

I gotta wonder how many people these scammers run off. IMHO I tend to think that if they are just starting out and they get burnt by SGS, or another ebay scammer or an unscrupulous coin shop, and then throw in the towel they really aren't going to hang around much anyway are they? Maybe they would have stuck around a little while longer and spent a few more bucks before getting bored and moving on to hot wheels or whatever but if losing a few bucks is a deterrant then they aren't going to be very happy anyway. Who didn't make some bad purchases when they started out that you shake your head at now? With anything you're new at it's gonna happen. Also, it doesn't take that much effort to read up a little before jumping in and spending your money. How much more effort does it take to learn about grading? If these newbies can't read up a little before they start throwing money around they aren't going to want to learn about grading, they won't put out the time or effort and let's face it, if you don't do your homework you're get taken to one extent or another sooner or later anyway. It's really nice of so many of you to try to look after the newbies but it's like the man said, "there's a sucker born every minute" and if SGS doesn't fleece them it'll just be someone else. God (and Don Quixote) love ya for the effort but really now, why go to so much trouble you get yourself banned from ebay?

 

You will not be banned from eBay for leaving honest feedback ( or even dishonest for that matter. ) This would be the first negative left by me however.

 

They may have originated there but they are starting to filter into the public venues as well. So far, just this year I have seen SGS coins for sale at an IN coin show, MI antique mall, and at a MI flea market. I fear that some dealers can't resist the temptation to pick up these cheap coins and then take advantage of the untrained public to make a quick and substantial buck. One dealer at the flea market was pushing them SO hard that he got mad when I refused to buy and insulted me for "not knowing anything about coins and wasting his time".Every one of them had an open price guide next to the coins highlighting the value of these MS70 coins to show how good a deal they were getting. The sales pitches were every bit as good as any TV coin show and the customers were taking the bait.

 

Airedale>> I wasn't really talking about the plan to get some folks to leave a lot of negative feedback to aboncom. I was mostly talking about Midas/Zakgold getting booted from the ebay discussion boards for a week. I applaud the effort but you know ebay is going to take care of a big time moneymaker like aboncom. They may say all the right things but when it comes down to it they are looking to make money and legitmate or not aboncom is doing that for them. About all you can do is post what they are doing in a few forums here and there and hope people are sharp enough to look around before they start sinking money into the hobby.

 

But if you also accept outside submissions and grade them for a fee, then you are a Third Party Grader. (Ok maybe not independent) SGS does advertise that they accept outside submissions. (Whether or not they receive any I can't say.)

And they do have some more seperation but many of the owners of PCGS and NGC are also major dealers buying and selling the slabs of their company. Submiting? I can't say. David Hall says that his firm doesn't submitt to PCGS. But I sometimes have my doubts. And it would be very easy to simply have someone submit for them. In the early years the owners and employees of the top grading services were not permitted to buy or sell coins. Then it changed to just the graders couldn't buy or sell and the owners went back into the business.

 

I was just looking at e-bay and saw this ,boy is this funny. A 1995 ms70 certified perfect silver eagle by sgs for $39.95. AND on the same page a 1995 ms-70 n g c certified perfect silver eagle being sold by sgs enterprise for $ 595.00. Now if you were new to the coin hobby what coin would you buy? Can't understand why these people are still in business s g s that is. :headbang: :headbang:

 

[QUOTE='Ol Silver]They may have originated there but they are starting to filter into the public venues as well. So far, just this year I have seen SGS coins for sale at an IN coin show, MI antique mall, and at a MI flea market. I fear that some dealers can't resist the temptation to pick up these cheap coins and then take advantage of the untrained public to make a quick and substantial buck. One dealer at the flea market was pushing them SO hard that he got mad when I refused to buy and insulted me for "not knowing anything about coins and wasting his time".Every one of them had an open price guide next to the coins highlighting the value of these MS70 coins to show how good a deal they were getting. The sales pitches were every bit as good as any TV coin show and the customers were taking the bait.[/QUOTE]

Maybe next a SGS Registery?