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Scam?
QuarterCollector
Posts: 1,384 ✭
So I get a email the other day from a Darren Johnson at Century Coin Company (anyone hear of them) who stated that he checked out my registry set and has a few coins in his inventory that would help me round out my collection. Being curious I asked him to email me specifics. Today I received a email from him stating that he had a 1819 quarter in PCGS XF 40 with a asking price of 1950 (moon money) and provided a picture. After reviewing the photo I knew I saw the same quarter somewhere else. After searching Stone's dealer listing I found the quarter on the South Gate Coins web site with a asking price if 1450. Not only is it the exact same coin but the "seller" used the same photo. You think I should contact South Gate?
Tom
Tom
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<< <i>So I get a email the other day from a Darren Johnson at Century Coin Company (anyone hear of them) who stated that he checked out my registry set and has a few coins in his inventory that would help me round out my collection. Being curious I asked him to email me specifics. Today I received a email from him stating that he had a 1819 quarter in PCGS XF 40 with a asking price of 1950 (moon money) and provided a picture. After reviewing the photo I knew I saw the same quarter somewhere else. After searching Stone's dealer listing I found the quarter on the South Gate Coins web site with a asking price if 1450. Not only is it the exact same coin but the "seller" used the same photo. You think I should contact South Gate?
Tom >>
I'd contact South Gate. He's probably just trying to bait you into paying $1950, then he'll buy the coin from South Gate and flip it to you for $500 profit.
In honor of the memory of Cpl. Michael E. Thompson
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
It wouldn't hurt to inquire. It is possible that your seller recently bought the coin and is reselling to you and Southgate has not removed their link
<< <i>Not just YES, but HELL YES! >>
This kind of spam or scam is a very good reason to use that feature.
BTW it starts with editing your profile here.
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<< <i>Not just YES, but HELL YES! >>
Why? He is trying to sell South Gate's coin at a profit. Southgate still owns it but it is for sale. If the OP was foolish enough to say "I'l take it", then he would buy it from South Gate and ship it. nothing illegal or even immoral other than the high price.
I can sell you 1000 oz of silver at $31/oz right now even though I don't own it. I know where I can pick it up this afternoon for less than that.
--Jery
Just tell him you are going to purchase it direct from Southgate.
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<< <i>Not just YES, but HELL YES! >>
Why? He is trying to sell South Gate's coin at a profit. Southgate still owns it but it is for sale. If the OP was foolish enough to say "I'l take it", then he would buy it from South Gate and ship it. nothing illegal or even immoral other than the high price.
I can sell you 1000 oz of silver at $31/oz right now even though I don't own it. I know where I can pick it up this afternoon for less than that.
--Jery >>
Correct, other than the fact that he is using their photo.
Edit - Oops - wanted to quote notwilight in reference to nothing immoral or illegal.
<< <i>Why? He is trying to sell South Gate's coin at a profit. Southgate still owns it but it is for sale. If the OP was foolish enough to say "I'l take it", then he would buy it from South Gate and ship it. nothing illegal or even immoral other than the high price.
I can sell you 1000 oz of silver at $31/oz right now even though I don't own it. I know where I can pick it up this afternoon for less than that.
--Jery >>
My concern was not him selling the coin for profit. I'm all for someone making a profit. But I am against him using South Gates photos and description without permission.
Tom
<< <i>So I get a email the other day from a Darren Johnson at Century Coin Company (anyone hear of them) who stated that he checked out my registry set and has a few coins in his inventory that would help me round out my collection. Being curious I asked him to email me specifics. Today I received a email from him stating that he had a 1819 quarter in PCGS XF 40 with a asking price of 1950 (moon money) and provided a picture. After reviewing the photo I knew I saw the same quarter somewhere else. After searching Stone's dealer listing I found the quarter on the South Gate Coins web site with a asking price if 1450. Not only is it the exact same coin but the "seller" used the same photo. You think I should contact South Gate?
Tom >>
First of all do you want the coin or not? If you do, call Southgate, and ask them if they still have it. If they say yes, ask them if they will accept $(insert your price here). If they say yes to that, buy the coin. After you get the coin send an email back to Century thanking them for calling the coin to your attention and for further showing you where to purchase it for a lot less than their offering price.
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<< <i>Why? He is trying to sell South Gate's coin at a profit. Southgate still owns it but it is for sale. If the OP was foolish enough to say "I'l take it", then he would buy it from South Gate and ship it. nothing illegal or even immoral other than the high price. I can sell you 1000 oz of silver at $31/oz right now even though I don't own it. I know where I can pick it up this afternoon for less than that. --Jery >>
My concern was not him selling the coin for profit. I'm all for someone making a profit. But I am against him using South Gates photos and description without permission. Tom >>
Southgate would probably be fine since he is trying to move thier coin. Maybe he even asked. Doesn't hurt to ask them but even if they pretend to be surprised, doesn't mean they are. --Jerry
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
I don't have the coin nor do I want the coin. IMHO it is a ugly overdipped example. I was just making fellow members aware of this scam.
Tom
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<< <i>Not just YES, but HELL YES! >>
Why? He is trying to sell South Gate's coin at a profit. Southgate still owns it but it is for sale. If the OP was foolish enough to say "I'l take it", then he would buy it from South Gate and ship it. nothing illegal or even immoral other than the high price.
I can sell you 1000 oz of silver at $31/oz right now even though I don't own it. I know where I can pick it up this afternoon for less than that.
--Jery >>
I don't think that's a fair example. The silver is a commodity, whereas the coin is not. If the OP says yes to the would-be seller, there is no assurance that he can deliver the coin in question.
Before you call it a scam, you need to find out if CCC and SGC has a deal between them to authorize this type of marketing/spam.
Too many positive BST transactions with too many members to list.
<< <i>Before you call it a scam, you need to find out if CCC and SGC has a deal between them to authorize this type of marketing/spam. >>
Agreed, but even if there is no such agreement, as long as CCC plans to follow through with the transaction (as opposed to trying to take the money and run), I don't think it's fair to label it a "scam".
Southgate says they don't know him and he is using their photo.
<< <i>Sounds like a self appointed middle man to me? >>
Bingo!
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<< <i>Not just YES, but HELL YES! >>
Why? He is trying to sell South Gate's coin at a profit. Southgate still owns it but it is for sale. If the OP was foolish enough to say "I'l take it", then he would buy it from South Gate and ship it. nothing illegal or even immoral other than the high price.
I can sell you 1000 oz of silver at $31/oz right now even though I don't own it. I know where I can pick it up this afternoon for less than that.
--Jery >>
I don't think that's a fair example. The silver is a commodity, whereas the coin is not. If the OP says yes to the would-be seller, there is no assurance that he can deliver the coin in question. >>
I'm not saying I like this method of selling coins but it happens all the time and often the middleman finds the coin to be no longer available and can't deliver. --Jerry