Pennybids...anybody else seen this

I responded to a peculiar ad on craigslist today about someone looking to buy Indian Head Cents to build "Historical" sets with a promise of some sort of return in the future for selling them to the buyer at a "fair price". Sounds like a scam to me.

Check out the website this guy forwarded to me after I started questioning him on the weasely language in his ad.http://www.geocities.com/pennybids

The following is text of an email I sent to him followed by his response:

Me: I don't understand, how does your possession of someone elses coins benefit the folks who chose to sell them to you (other than financially of course). Are you planning on using them as an educational tool or something?

Response:What happens after the sale is that the former owner can become a member of Pennybids. Members can watch the position of their former coin as it grows into future sets. As I build these sets from low grade to high grade, I hope to offer the former owners of the coins a position ownership in the final set. We have plans to allow members opportunities to receive rare coins at low to no charge. I am going to offer great rewards if people work with us, and allow us to purchase their Indian Head Pennies at a good value. This IS an original idea to build interest in coins "after the sale".

huh.........

 

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Gusmyster:
What the heck did he say?

 

Exactly.......what is this guy talking about....

 

WOW! Sign me up. I'm not sure for what but I want apiece of that action. What's he doing again?

 

What?

I think what he is trying to say is, I am wanting to buy cheap so I can sell at a profit to buy the next higher graded coin cheap so I can sell it and upgrade again and again until I have a high grade coin at very little cost.
I think that sums it up.

 

Looks like a scam....

 

Looks and sounds like some sort of pyramid scheme.

 

Pyramid schemes are illegal in some countries.They're definitely illegal over here in New Zealand.In fact,it was the collapse of a pyramid scheme that caused the violent overthrow of the Albanian Government back in 1997.

Aidan.

 

then there is "I HOPE TO"

I guess if you want to sell off Indian Heads because you dont want them, there would be 'no loss' for you in the end with this one. This reminds me of the guy who traded a paperclip and ended up with a house..lol

 

I sent you that reply.

I found this through Google.

After reading my reply again, I can say that without more context, that statement is very confusing. Sorry. I am building Pennybids. By that I mean I'm building great sets of Indian Head Pennies so that I can one day own the best set available. I own a large selection of VG-F, G4, AG, etc., now, and I am using them to purchase quality coins for high-quality collector sets.

I hope to one day cosign coins for auction, and for direct sale to the public. I hope to purchase and sell pounds and pounds of pennies so that I can afford the coins I need to make the kind of sets I intend to build.

Due to traffic, I've moved to our own host, and write ads about Indian Head Pennies. I am documenting this activity on Myspace, Youtube, and now at *********. (not inlcluded).

I'm trying to find lost lots of Indian Head Pennies from around America, and much more. I'm going to be talking, typing, videoing, and writing about Indian Head Pennies.

I attempt to treat all our friends with respect, and respond as quickly as possible. If anyone has misgivings about me, or my mails' content, then I apologize. I'll do my best to explain it better. If you want more on this subject, just let me know in your post, I'm always ready to talk Penny.

 

wow

WOW !!!!! Why didn't you say it was on my-space? It must be legit for sure !!!! How do I get rare coins at little or no charge? Count me in !!!!!encil:

 

I believe Penny thinks what he or she is doing is a legal thing, but there will be people hurt by it...it is a Ponzie scheme that is destined to collapse...and when it does (there is no way a Pyramid built on these principles can produce for all the people who have to participate to make it work)...Only a very few at the top can or will benefit....

Clinker

 

Just another slick jack trying to make a quick buck

 

So my better half says..

"I don't believe you have people posting topics about you."

Uh...she's right. That's not a good thing in my house, so let me see if I can get this straight.

I've only recently started this adventure (under 30 days). I have many pennies. I want to spend time building them up to something, and I thought people would be willing to become involved as well. I have this all wrong.

As far as my ad, I wanted to attract people to a sale. My response to the inquiry is not correct, I should read what I type before hitting the send button.

I am alot better at attracting people to send me an email then I am directing them properly after.


There is no scheme here. Only someone with a lot of pennies who needs to be better prepared. That's the truth.

D Walsh
email for complete contact info if wanted or needed.

 

Pennybids;
Thank you for your response, however, I am sorry, but I still don't understand what you are attempting to do.

 

Build wonderful set of pennies. Sell most of the pennies I have as they are not of the quality I want in the sets.

 

Once again: huh?

Build sets for who?

By the way, as a dealer: the US doesn't issue pennies, Great Britain does.

 

Gotta follow the other Frank on this one (AGAIN).

If you have so many pennies why don't you advertise in the U.K.? We use Cents over here.

Most of these people have been polite and so will I in telling you that I think this is a scam. What next? Morgan Dollars? Large Pennies? (cents).

Damn dude I trust you so much I'll send you my whole collection at face value!
Want my currency too?

By the way - welcome to the site.

 

My Dear Clembo:
As a respected member of the numismatical fraternity I humbly request that you submit all of your coins for my consideration at the below address:
Cents - R - Us
P.O. Box 34,000,000
Grand Central Station, NY 895742

I will personally review your coins and offer proper consideration to our society, usually at a rate of face (!) or better(!).
Please send asap, and
Thanks for your stupidity.
Sincerely,
Me.

P.S. Yes, There is no such word as : numismatical

 

Possibly more than face - I'm there!

As for the stupidity thing - are you incinirating that I'm dumb?

LMAO - I'll package them up after work.