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So you think Ebay is bad for fake coins? Check out this sad result-- different auction site

tincuptincup Posts: 4,847 ✭✭✭✭✭

Greatly saddened when I saw this. Want to venture a guess on what this lot sold for? Description was 3 1929 $5 Indian Head GOLD COINS. Capsules. At a very popular auction site, but not ebay.

----- kj

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    tincuptincup Posts: 4,847 ✭✭✭✭✭

    And the buyer probably has no recourse. Terms and conditions are written such, that the bidder alone is responsible for their bids... and they had a certain time they could personally preview in person. And... auctioneer did not statements as to authenticity, etc. Just brief title and 'capsules'. (and blurry pictures.)

    ----- kj
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    MFeldMFeld Posts: 12,221 ✭✭✭✭✭

    Can you provide a link so that those who are interested can contact them?

    Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.

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    tincuptincup Posts: 4,847 ✭✭✭✭✭

    The last I was able to check on the bidding... it was $1170.... plus around 20% fees and commissions. The auction ended shortly after that, but I was locked out of seeing what the final price actually was.

    ----- kj
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    tincuptincup Posts: 4,847 ✭✭✭✭✭

    The auction site was HiBid.com. As you likely know that is a site where independent auctioneers post estate auctions, etc.

    Ebay was only mentioned .... as they are the site everyone likes to complain about. Just wanted to give an example that ebay isn't always to blame., there are plenty of other culprits.

    ----- kj
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    tincuptincup Posts: 4,847 ✭✭✭✭✭

    What really gets me.... is that the word COPY can be seen on each of the coins... if one would only look! So is the auctioneer totally at fault? Did they really misrepresent anything? Or.... are there that many people out there that have no clue but plenty of money they do not know what to do with??

    ----- kj
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    tincuptincup Posts: 4,847 ✭✭✭✭✭

    I'd hate to be the coin shop owner who will have to give the bad news to whomever when they cash in their bargains.

    ----- kj
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    FrazFraz Posts: 2,018 ✭✭✭✭✭

    I hope that the buyer shows them off to us.

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    tincuptincup Posts: 4,847 ✭✭✭✭✭

    I did just send an email to the auctioneer giving my concerns. Probably nothing will come out of it (other than myself getting locked out of any of their future auctions perhaps) . I really think this auctioneer just had no clue themselves what they were selling. They normally do not sell any coins.

    ----- kj
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    jmlanzafjmlanzaf Posts: 32,410 ✭✭✭✭✭

    @tincup said:
    What really gets me.... is that the word COPY can be seen on each of the coins... if one would only look! So is the auctioneer totally at fault? Did they really misrepresent anything? Or.... are there that many people out there that have no clue but plenty of money they do not know what to do with??

    They misrepresented it if they failed to note that they were copies.

    Of course, if marked "copy" they are actually legal to sell.

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    TrampTramp Posts: 676 ✭✭✭✭✭

    Reading each auctioneer's terms and conditions (T&C's) before bidding is extremely important. If any of the language makes you uncomfortable or raises a red flag, recommend staying away.

    It's important to keep all records of the sale along with a copy of the auctioneer's T&C's at the time of sale for future claims. T&C's can change over time. This might sound like a pain in the arse but this practice has helped me in resolving two ProxiBid auctions over the last decade, worth thousands.

    USAF (Ret.) 1985 - 2005. E-4B Aircraft Maintenance Crew Chief and Contracting Officer.
    My current Registry sets:
    ✓ Everyman Mint State Carson City Morgan Dollars (1878 – 1893)
    ✓ Everyman Mint State Lincoln Cents (1909 – 1958)
    ✓ Morgan Dollar GSA Hoard (1878 – 1891)

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    lkeneficlkenefic Posts: 7,939 ✭✭✭✭✭

    Gosh... is it just me? I can't see the word "copy" on those crappy pics...

    Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;

    Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
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    FrazFraz Posts: 2,018 ✭✭✭✭✭

    @lkenefic said:
    Gosh... is it just me? I can't see the word "copy" on those crappy pics...

    Look at seven o’clock.

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    tincuptincup Posts: 4,847 ✭✭✭✭✭

    @lkenefic said:
    Gosh... is it just me? I can't see the word "copy" on those crappy pics...

    Apparently the bidders had some difficulty too. Although the auctioneer may not have done anything 'illegal', certainly did not provide all relevant information, like the word 'COPY' that is on the back. But, like I said, they do not sell coins that I know of in the past, so could have been clueless themselves.

    ----- kj
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    tincuptincup Posts: 4,847 ✭✭✭✭✭

    And yes... blurry pictures do not help.

    ----- kj
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    BuffaloIronTailBuffaloIronTail Posts: 7,434 ✭✭✭✭✭

    @tincup said:
    And yes... blurry pictures do not help.

    Blurry pictures probably intentionally done.

    Pete

    "I tell them there's no problems.....only solutions" - John Lennon
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    telephoto1telephoto1 Posts: 4,783 ✭✭✭✭✭

    Perhaps the larger question is why people bid on something with terrible pics.


    RIP Mom- 1932-2012
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    MFeldMFeld Posts: 12,221 ✭✭✭✭✭

    @telephoto1 said:
    Perhaps the larger question is why people bid on something with terrible pics.

    Misguided trust and/or (more likely) the lure of a bargain

    Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.

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    sellitstoresellitstore Posts: 2,580 ✭✭✭✭✭

    As @jmlanzaf has correctly noted before, HiBid is the venue, just as Ebay is a venue. Who is the auctioneer in question? And please be aware that it's really the auctioneers terms that govern the sale but you need to be aware of HiBid's terms and policies, too.

    Both the venue and auctioneer are different than the reality that we see with numismatic auctioneers. They act more as agents for the sellers, and as such, assume more responsibility for what they sell. They sell their expertise while the venue does not.

    "We are only a venue..." is the language that Ebay and HiBid use. Think of it as the flea market and you will be fine. If you wouldn't buy coins at a flea market, don't buy from them or online marketplaces. Stick with established and trusted dealers and auctioneers.

    Collector and dealer in obsolete currency. Always buying all obsolete bank notes and scrip.
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    erscoloerscolo Posts: 543 ✭✭✭✭✭

    If a buyer does not do their due diligence as well as educate themselves, well they expose themselves to such occurrences. Many people are dishonest scum, one needs to keep that in mind when buying or selling.

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    tincuptincup Posts: 4,847 ✭✭✭✭✭

    And ultimately.... that's what it comes down to., caveat emptor.

    The auctioneer made no reply to my email of concern. Surprise Surprise. So, as much as I was giving them some benefit of the doubt about being very inexperienced with coins.... my view is changing to now suspect they were intentional. Not sure I will be following their auctions any more.

    ----- kj

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