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Biggest Coin Scam Ever!!?
barbershopper
Posts: 1,201
There's an article in today's Stock Market section about how you can bid on government surplus and confiscated merchandise.
It lists three sites; PublicSurplus.com, GovDeals.com and Bid4Assets.com.
I did a quick scan of the first two and they seemed legitimate with most listings having several bids.
However, when I went to Bid4Assets.com, they had a coin category.
I had to look at that one. There weren't many listings and the ones I saw were all by the same person.
He had mostly Morgan and Peace dollars. Basically, all his Morgans were MS68 certified by ANI.
There were a couple I saw by NCU (I think) and the rest were slabbed but without information.
Most were described as W/ERROR. Many had a BOOK VALUE or POSSIBLE VALUE in the six figure range.
One was POSSIBLE VALUE over 1/2 Million! Each listing went thru a process of taking the highest grade
PCGS price and because it had an ERROR, that price was multiplied by 10.
Also, there was an $11 S & H charge and a buyer's commission of the HIGHER of 10% or $25. A refund had a 15% restock charge.
These were all common date Morgans that in normal circulated XF, AU or low MS grades were $25-$30.
I think the article's author should have done a better job investigating each site before publishing it.
If you're looking for a good laugh, take a look for yourself.
The URL for his listings is;
http://www.bid4assets.com/Search/?fuseaction=search&sellerID=306947&type=seller&criteria=harpgold
Have fun.
It lists three sites; PublicSurplus.com, GovDeals.com and Bid4Assets.com.
I did a quick scan of the first two and they seemed legitimate with most listings having several bids.
However, when I went to Bid4Assets.com, they had a coin category.
I had to look at that one. There weren't many listings and the ones I saw were all by the same person.
He had mostly Morgan and Peace dollars. Basically, all his Morgans were MS68 certified by ANI.
There were a couple I saw by NCU (I think) and the rest were slabbed but without information.
Most were described as W/ERROR. Many had a BOOK VALUE or POSSIBLE VALUE in the six figure range.
One was POSSIBLE VALUE over 1/2 Million! Each listing went thru a process of taking the highest grade
PCGS price and because it had an ERROR, that price was multiplied by 10.
Also, there was an $11 S & H charge and a buyer's commission of the HIGHER of 10% or $25. A refund had a 15% restock charge.
These were all common date Morgans that in normal circulated XF, AU or low MS grades were $25-$30.
I think the article's author should have done a better job investigating each site before publishing it.
If you're looking for a good laugh, take a look for yourself.
The URL for his listings is;
http://www.bid4assets.com/Search/?fuseaction=search&sellerID=306947&type=seller&criteria=harpgold
Have fun.
It is health that is real wealth, not pieces of gold and silver. Gandhi.
I collect all 20th century series except gold including those series that ended there.
I collect all 20th century series except gold including those series that ended there.
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Comments
<< <i>Did the srtical mention this place? >>
Nope, just the 3 I listed. That one looks pretty decent.
I collect all 20th century series except gold including those series that ended there.
I am interested in the site you asked about (PropertyRoom.com). They have listed several Police Depts. and I shall call them and see what is said. In acouple of days I should have an answer for you.
As far as GOVdeals.com, I researched them before and did not get "cozy warm" feeling about them.
Let you know
GOD Bless
DJF
be very very careful............
They are a legimate business... the seller you are referring to is quite ridiculous, but as always buyer beware!