eBay Seller Arbitraging World Coins – Crazy

johnjohn10

Don’t really post much here but I could not help myself on this one.

Never seen this before. Bought an older NGC slabbed coin a few weeks ago (already received it) and when looking at some other items I saw a coin that kind of looked like one I had bought. Clicked on it and it was pictures of the slab and the cert number was the same, the same coin. I was totally confused for about 30 seconds. I was like, did I buy a bad slab, but the coin had a few telling spots that were in both sets of pictures so I knew it was the same coin, plus I had the slab and I knew it was real.

Finally dawned on me the other seller was clipping the pictures and doing some photo shop work on them. Posting the “new” pictures and raising the price by 2-3X and trying to sell them as a buy it now or best offer. I then looked at 10 more of their world coin listings and of the 10, 8 more I could find on either current sellers’ listings or in recently closed auctions. I figure the other 2 were auctions that closed so long ago the listings were no longer visible.

Appears not to monitor the other auctions well since a few of their current listings the coins have already actually sold.
Then you read the reviews and the current ones, with the coins sales, are not very good. Buyers not happy because, guess what, they don’t get the coin and they finally get their money back.

The eBay lot I mentioned above, Germany: Weimar Republic Proof "Meissen" 5 Mark 1929-E PF64 NGC.

Sold item - eBay item number 196565567062 Sold for $688.88 (if you want to see it make sure you click the closed auction box after you search the auction number)

Their current listing - eBay item number 114479354172 Listed at $2,488.88

Most egregious of the items;

Russia: Czar Peter I Rouble 1722 VF35 NGC, Red mint. RARE!!!

Listing item number 126622888259 at $2,588.88

Their listing item number 114015495460 at $9,999.00

Funny thing is I think their pictures are better!

Ever see anything like this before?

neildrobertson

I see stuff like this from time to time, and it's not just ebay. In one case someone person bought the marked up item after already having the coin in hand just to see what would happen since they knew it was impossible for the seller to fill the order.

I assume this sort of practice works every once in a while or it wouldn't be present. It shouldn't be a surprise that a hobby centered around money has some predatory practices.

TomB

Happens all the time on ebay and it is a lousy thing to do.

johnjohn10

Thank you for the responses. I guess I never noticed this before now. I guess nothing should surprise me any more!

neildrobertson

I just remembered that I noticed a similar thing.

One of the semi-sketchy auction sites like hibid.com had an auction house that "auctioned" coins that could be found elsewhere on the web and basically used house bidding/reserves to keep the prices above the other locations. Very dubious stuff.

davewesen

How can you tell they are just not a scammer using stolen pics?

johnjohn10

I think because if you read the reviews regarding coins, some customers get the coin only the shipment is delayed. I figure because they need to get it first (from the other eBay site) and then ship it on. Other reviews have the buyer getting a refund after the order gets cancelled with no real explanation of why the order was cancelled. I assume the coin is already sold on the legitimate site. They don't track the other eBay site well or they would be taking down their listing at the same time as to not create an issue for them if someone "buys" it from them.