What would you do with a "bad" coin????
majorbigtime
Posts: 2,937 ✭
Well, it's Sunday morning and, even though I'm new to these boards, I thought I'd stir it up a bit.
Over the years, I've been burned a few times having been sold "bad" coins. That was a long time ago, before slabbing. I once had a "bad" 1909S VDB which had the mintmark added by by skillfully carving an "S" into the area below the date. I also acquired two "bad" (cast counterfeit) US gold coins over the years. They all were very deceptive. I suspect many of you also have been "burned" in a similar fashion.
The alterations and counterfeits were discovered years after I acqired them, when they were submitted for slabbing. I had no idea who sold the pieces to my father and me. Even if the seller cound be identified, what's the chance of getting a refund on a raw coin years later?
I see another post discusses the rash of counterfeits and alterations being detected by ANACS. Some of these are very difficult to distinguish from the genuine article. I wonder what the owners do with them when they come back in a BB??
What would you do with bad coins that you are stuck with (i,e., can't return to the seller)?? Some choices are:
1. Send then to the US Dept. of Treasure for destruction.
2. Keep 'em as a lession learned.
3. Sell 'em on Ebay.
4. Sell 'em at a swap meet or similar venue on a "no name" basis.
5 Donate to a charity and take a big tax deduction.
5. Try to get 'em slabbed at one ot the "crappy" grading services, then sell or trade 'em.
6. You name it!!
This is a connundrum, which invokes ethical and legal issues. I suspect many will be reluctant to respond, and this is understandable (don't ask me what happened to the bad coins, suffice to say that I still have one and the others are gone).
OK folks, let's have at it!1
Over the years, I've been burned a few times having been sold "bad" coins. That was a long time ago, before slabbing. I once had a "bad" 1909S VDB which had the mintmark added by by skillfully carving an "S" into the area below the date. I also acquired two "bad" (cast counterfeit) US gold coins over the years. They all were very deceptive. I suspect many of you also have been "burned" in a similar fashion.
The alterations and counterfeits were discovered years after I acqired them, when they were submitted for slabbing. I had no idea who sold the pieces to my father and me. Even if the seller cound be identified, what's the chance of getting a refund on a raw coin years later?
I see another post discusses the rash of counterfeits and alterations being detected by ANACS. Some of these are very difficult to distinguish from the genuine article. I wonder what the owners do with them when they come back in a BB??
What would you do with bad coins that you are stuck with (i,e., can't return to the seller)?? Some choices are:
1. Send then to the US Dept. of Treasure for destruction.
2. Keep 'em as a lession learned.
3. Sell 'em on Ebay.
4. Sell 'em at a swap meet or similar venue on a "no name" basis.
5 Donate to a charity and take a big tax deduction.
5. Try to get 'em slabbed at one ot the "crappy" grading services, then sell or trade 'em.
6. You name it!!
This is a connundrum, which invokes ethical and legal issues. I suspect many will be reluctant to respond, and this is understandable (don't ask me what happened to the bad coins, suffice to say that I still have one and the others are gone).
OK folks, let's have at it!1
0
Comments
Rgrds
Tom
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
would get time out in a corner for 30 to 45 minutes.
Herb
<< <i>Who are you? Hows about putting a profile up?
Rgrds
Tom
I described my background in my first post and don't want to fool with a profile.
Suffice to say that I've been a collector for nearyl half a century--"been there, done that".
Ken
BTW, my disposition of the "bad" coins is not on the list so put on your thinking caps!
peacockcoins
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
The only "Bad Coin" was purchased as a raw coin in 1984 I believe it was. At the time of the purchase the dealer was informed that the coin was going to ANACS for authentication. He agreed that if it came back as a bogus coin he would take it back and refund the total purchase price. It was a 1916D Merc dime that was a nice AU coin. I wonder if it is still floating around in someones collection. Nowdays the coin would never be purchased raw. More is known about the series so probably I would spot it before the purchase.
Return to seller is the answer with the hope he destroys the coin.
Ken
Send it to our friend Lordmarcovan (Rob), so he can put a hole in it, if there isn't one already, and attach it to his hat or jacket.
rainbowroosie April 1, 2003
I don't think I would ever consider buying a "bad coin." I'd like to think I'm not that gullible. I'd only buy certified rare coins. THe common stuff doesn't have to be certified.
"Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."
~Wayne
<< <i>Counterfeit coins are guaranteed genuine for life from reputable Dealers. If you could recall, your two cast gold counterfeits and probably that 09-S VDB could be returned, even many years later, if the Dealers you purchased them from could be remembered and were ethical. >>
I doubt it, as these were raw coins and the dealers could not be expected to accept them as the same coins they sold unless they knew they were bad at the time, in which case it is unlikely that they would "fess up" anyway. One ot the bad gold pieces came from a vest pocket dealer who walked the floor at Coin-A-Rama City in Hawthorne CA back in the 60s! I have no idea who he was or where he is now (maybe he's croaked).
One of the best aspects of slabing is the weeding out of bad coins, although I understand some do get slabbed (inadvertently or ??) by the third-tier services.
Katrina
Ask yourself how you felt when you realized that the coins were not real... Would you want to put that on someone else? I know I would not.
Option 1 is something you could do to: 1. Not get yourself in trouble with a counterfeit coin 2. get the coin out of sight so you will not be reminded any longer of the situation.
Option 2: I would probably do this one.
Option 3: Really isn't an option
Option 4: Defiantly not an option
Option 5: Worse than number 3 or 4! Not just morally wrong, if you try to take a tax deduction this become a federal crime...
Option 6: I think the best option I read below was the one about sending the coin to LM for his vest and hat. I absolutely LOVE the idea and wish I thought of it first. I've been considering a hat of sorts but really don't wear hats. I think this would Be the best overall decision. Granted LM would want to have such coins.
Just my opinion,
Ray
In addition, if you put the coin back in circulation, some other poor collector would find said coin and possible be faced with the ethical decision to sell this coin. Or be set up for a huge let down. I don't think this is an option.
Thanks,
Ray
I would never pass on a counterfit unless I told some one it is a counterfit.
A friend of mine just gave me a coin he got and found out it was counterfit, and I'm just hanging on to it as an example.
I just ment junk coins that aren't worthy of a grade, when I go through rolls and what not, I don't want to pass that junk on either.
Katrina
<< <i>) sell them while FULLY DISCLOSING that they are altered and/or fakes. There is actually a market out there for that kind of thing (counterfeits). >>
Hmmmmmmm, I wonder what the buyers do with 'em!!
When we are planning for posterity, we ought to remember that virtue is not hereditary.
Thomas Paine
a collector who you can trust not to try to get it back into the marketplace.
They are fun to collect but technically illegal to own. The government has always
looked the other way so long as they are contained and the hobby has always done
a good job of keeping them contained.
<< <i>Donate them to the ANA museum. >>
For a counterfeit that I could not get a refund for, I would also send it to the ANA.
CoinPeople.com || CoinWiki.com || NumisLinks.com
I can find counterfeit coins at almost any coin show that has a fair amount of dealers.
Sometimes the dealers get mad at me when I tell them a coin is bad. Sometimes they thank me and put the coin on their back table, and later on I'll pass by again and the coin's back in their case.
There have been times I've found a counterfeit and showed the seller why it was bad, but that I wanted to buy the coin from them for my collection, only to have the dealer refuse to sell it to me.
Some dealers will NOT sell a counterfeit.
One time I was at a major show, and saw an 1848 Seated Half dollar in a dealers' case, that caught my eye. There was a woman behind the table and I asked to see the coin. I guess I spent 10 minutes examining it with my 16X loupe. I knew it was bad, but It looked so good I couldn't tell why. As I examined it point by point I began to see the things wrong with it. The coin was a few thousandths of an inch too thick. The reeding was too fine for an 1848. I can't remember now the other things I found.
Anyway, when I finished looking the coin over, I looked up to see a man behind the table now, giving me the strangest look.
I told him the coin was no good. He said "what do mean, no good"?
I told him the coin was a struck fake.
Then I proceeded to show him each and every thing I found that was wrong.
I told him I wanted to buy the coin anyway, as I collected counterfeits, and this was a really well made one. He put the coin in his pocket and said "it's not for sale". He then told me he collected counterfeits too, and had not realized it was fake.
Ray
<< <i>What would you do with a "bad" coin???? >>
I would make it sit in the corner and scold it "Bad,coin. Bad, bad coin."
My posts viewed
since 8/1/6
Ask me no questions, I'll tell you no lies.
<< <i> (don't ask me what happened to the bad coins, suffice to say that I still have one and the others are gone).
>>
Well, nobody came up with my solution. I'll reveal it now,
The bad gold went into jewelry. I suspect many other fakes end up around someone's neck
K S