Log in or Sign up
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
What happens if a coin dealer accidentally sells a fake coin?
>
Reply to Thread
Message:
<p>[QUOTE="Bob Evancho, post: 7407942, member: 84595"]The Point you make is Dealers buying coins in bulk and getting a counterfeit or altered coin in Their purchase. Did that dealer Accidently sell that single coin to a customer? That is the issue. What I mentioned is no legitimate or knowledgeable dealer would sell that particular coin. On the other hand if he was flipping the hoard or bag without looking over the coins, he didn't accidently sell a counterfeit. He sold what he believed was a genuine hoard of genuine coins. He should have checked all the coins at some point to guarantee count and authenticity. I find that most collectors buy the coin before they garner the knowledge from buying the book or doing research on the die characteristics of a genuine coin they want to add to their collection. One LCS sold a circulated 1896-S Morgan dollar. I was asked to authenticate it because it was 27.1 grams instead of 26.73. First thing I did was check its metal content. It was 94% silver (XRF determination). Second thing I did was check its die variety. The obverse die did not match the only reverse die marriage that was paired for a genuine coin of that VAM variety. Further study indicated transfer dies were used to strike the counterfeit coin. Keep in mind the 1896-O, 1900-O and 1902-O micro o Morgan's that fooled PCGS. When I brought in all the information on this Counterfeit coin, the dealer refunded the purchaser. That is what a legitimate dealer does and it promotes good will.[/QUOTE]</p><p><br /></p>
[QUOTE="Bob Evancho, post: 7407942, member: 84595"]The Point you make is Dealers buying coins in bulk and getting a counterfeit or altered coin in Their purchase. Did that dealer Accidently sell that single coin to a customer? That is the issue. What I mentioned is no legitimate or knowledgeable dealer would sell that particular coin. On the other hand if he was flipping the hoard or bag without looking over the coins, he didn't accidently sell a counterfeit. He sold what he believed was a genuine hoard of genuine coins. He should have checked all the coins at some point to guarantee count and authenticity. I find that most collectors buy the coin before they garner the knowledge from buying the book or doing research on the die characteristics of a genuine coin they want to add to their collection. One LCS sold a circulated 1896-S Morgan dollar. I was asked to authenticate it because it was 27.1 grams instead of 26.73. First thing I did was check its metal content. It was 94% silver (XRF determination). Second thing I did was check its die variety. The obverse die did not match the only reverse die marriage that was paired for a genuine coin of that VAM variety. Further study indicated transfer dies were used to strike the counterfeit coin. Keep in mind the 1896-O, 1900-O and 1902-O micro o Morgan's that fooled PCGS. When I brought in all the information on this Counterfeit coin, the dealer refunded the purchaser. That is what a legitimate dealer does and it promotes good will.[/QUOTE]
Your name or email address:
Do you already have an account?
No, create an account now.
Yes, my password is:
Forgot your password?
Stay logged in
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
What happens if a coin dealer accidentally sells a fake coin?
>
Home
Home
Quick Links
Search Forums
Recent Activity
Recent Posts
Forums
Forums
Quick Links
Search Forums
Recent Posts
Competitions
Competitions
Quick Links
Competition Index
Rules, Terms & Conditions
Gallery
Gallery
Quick Links
Search Media
New Media
Showcase
Showcase
Quick Links
Search Items
Most Active Members
New Items
Directory
Directory
Quick Links
Directory Home
New Listings
Members
Members
Quick Links
Notable Members
Current Visitors
Recent Activity
New Profile Posts
Sponsors
Menu
Search
Search titles only
Posted by Member:
Separate names with a comma.
Newer Than:
Search this thread only
Search this forum only
Display results as threads
Useful Searches
Recent Posts
More...