Why is PA Treasury Department selling coins on ebay???--update 1839-O $2.50

RYK · February 27, 2003 4:56AM

This smells a bit fishy to me. I was previously a bidder on their 1839-O $2.50, being sold as unclaimed property. I am a little bit suspicious, now. Does anyone know if this seller is legit?

PA Treasury Department sells collectibles on ebay???

airplanenut · February 27, 2003 4:59AM

They're selling, not buying...

eagle7 · February 27, 2003 5:01AM

I dont know anything about the veracity of their affiliation with any state government but I do know that they rountinely show the same photos for their auctions of proof sets. They are especially clever at posting photos of seemingly cameo coins in these sets. When you bid on the thing and get it in, its just a plain jane, not the one in the photo. I never bid on any of their stuff again when that happened to me.

Russ · February 27, 2003 5:10AM

They also use plenty of shill bidders. Either that, or they have a large mailing list of idiots with lots of extra money.

Russ, NCNE

wayneme · February 27, 2003 5:10AM

they had it on 60 min tv show that PA TREASURY Was selling stuff off
about 2 months ago

jeffnpcb · February 27, 2003 5:12AM

Another play on words! If you look at his location it says"PA Treasury Vault", appears to be a business name. I guess we could check the internet Yellow Pages and find out who he is. Over 1600 sales and no negatives, but sells alot of other crap. Could be a Pawn Shop?

See if he also cashes checks on payday!

RYK · February 27, 2003 5:12AM

Eagle,

Thanks for the heads up.

Airplane,

They are mostly selling, but the link is to an item that they purchased.

Everyone,

I guess anyone can scam a logo from any institution and claim to represent that institution, unless they get caught. Until I noticed the state purchasing the currency, I thought the seller was legit.

RYK · February 27, 2003 5:14AM

Well, now that the gig is up, who is going to find an 1839-O $2.50 for me???

banknote1 · February 27, 2003 5:18AM

I saw this on the news. Penn. is selling off stuff that is being found in old bank boxes. They are legit. But I can't understand how they are getting the prices they are geting on some of that junk!! I do like the 1839-O $2 1/2 even though it looks to have a scratch on the obverse. It also isn't slabed. I have learned the hard way not to buy inslabed gold!!!!!!!

PhillyJoe · February 27, 2003 5:21AM

They tell you to make your check out to "Commonwealth of Pennsylvania" This is the real state gov't you're dealing with. Must have a ton of stuff to unload. Don't know about the certified appraiser who has even looked at $10 mint sets.

How 'bout that '55 proof set at $180??? See Russ' thoughts above.

Joe

Barry · February 27, 2003 5:21AM

The Treasurer of PA is Barbara Hafer, so the name seems to make sense.

RYK · February 27, 2003 5:36AM

Oops! My mistake. I thought that PA was a seller and buyer. Clearly they are only a seller.

Gilbert · February 27, 2003 5:59AM

PA contracts out the appraising, cataloging and selling/auctioning of their unclaimed coins, and probably other property. I know this is the case for coins; I knew a guy who did the appraisals in the past, and it may be the same person doing the appraising, but someone else doing the rest. BTW, based on what I know of the process, they aren't very selective; bottom line is $$$$$.

ksteelheader · February 27, 2003 6:05AM

It really is the PA Treasury. They sell off unclaimed items from safe deposit boxes and estates..............Ken

vam44 · February 27, 2003 6:44AM

I have been to their live auctions when they had them before they started using ebay.There were some bargains to be found, amidst the 71 proof sets going for $25!

They are getting CRAZY prices on most everything they sell, with great feedback??? I don`t get it.

As near as I can tell, there is NO return policy!!! Amazing.

RYK · February 27, 2003 7:27AM

I actually inquired about their return policy, and they said that they have one. They were not forthcoming with the details.

ClausUrch · February 27, 2003 7:31AM

I can't believe people are actually thinking they are getting a deal on this junk that Pa. is selling.

ksteelheader · February 27, 2003 9:03AM

And the good, or bad thing about them is that if you live in PA and sell to someone in PA , like through e-bay, you are supposed to collect 6% sales tax and send it to the Treasury quarterly. But they don't. ......................Ken

airplanenut · February 27, 2003 9:06AM

<< <i>Oops! My mistake. I thought that PA was a seller and buyer. Clearly they are only a seller. >>

RYK · February 27, 2003 11:27AM

I cannot believe that this 1839-O $2.50 has a bid over $2000 with that lousy picture of that scratched, raw coin. Is this a shill bidder? Is he/she nuts?

Link to 1839-O $2.50 auction

Russ · February 27, 2003 11:36AM

Well, this bidder certainly seems to LOVE the State of Pennsylvania.

Russ, NCNE

RYK · February 27, 2003 12:13PM

Russ,

And that bidder seems to have a knack for grossly overpaying for fairly crummy material (in the rare auctions that he wins!). And the same guy is just as comfortable bidding on circulated/damaged Barber dimes, Mickey Mouse watches, and my 1839-O $2.50--a very unusual pattern of interests, eh?

satootoko · February 27, 2003 12:21PM

<< <i>Does anyone know if this seller is legit? >>

I was going to suggest that someone with a Pennsylvania phone book check out the address, but someone apparently did.

Every state has "escheat" laws, which require businesses holding unclaimed property, including bank deposits, safe deposit boxes, etc., to turn the property over to the state after a specified number of years, usually somewhere between three and seven. In most states, and possibly all, when the true owner shows up and makes a claim he/she gets the money, but in the meantime the state "protects" it. Typically tangible property is sold and the proceeds placed in the escheat fund. It looks like Pennsyslvania decided to go the E-Bay route instead of the glorified police auction route, and they are catching a lot of fish! (by the way "escheat" means "revert to the state's possession", and theoretically has nothing to do with "cheat"

redhott · February 27, 2003 12:55PM

think you might be bidding against the current appraiser?

redhott · February 28, 2003 9:05AM

but maybe not, as the guy bid against himself, cost himself $50

RotatedRainbows · February 28, 2003 11:01AM

I wonder if someone thinks it is really RARE because the dies are rotated 180° ?? My specimen only grades VF but I know there are a number of UNCS floating around out there, if that is a mark in the plastic and not on the coin that could be a pretty nice piece that is well struck. I would not want to be the one taking a chance especially at the price it is going for.

RYK · February 28, 2003 11:14AM

RR,

I agree. With a lowball bid, it was worth the risk. At $2550, it's crazy. I have located an NGC AU-58 that could be bought at that price.

Robert

Why is PA Treasury Department selling coins on ebay???--update 1839-O $2.50

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