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Morgans are worth $7.50! Man buys 160 for $1200 and they are fakes!

mkman123mkman123 Posts: 6,849 ✭✭✭✭
in U.S. Coin Forum


<< <i>According to reports, the business owner believed the coins looked genuine and searched the Internet for comparable prices for them. He then made an offer to the man, buying 160 coins for $1,200, police said. >>



He searched the internet for comparable prices and made an offer of $7.50 each? Wow what site did he visit?
However, the coins turned out to be faked!!!

$7.50 fake morgans
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    djdilliodondjdilliodon Posts: 1,938 ✭✭
    That's what he gets for paying $7.50 each lol.
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    DennisHDennisH Posts: 13,963 ✭✭✭✭✭
    Guy deserves a certain amount of medicine for being stupid, but the seller deserves jail.
    When in doubt, don't.
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    keyman64keyman64 Posts: 15,455 ✭✭✭✭✭
    He didn't do a magnet test BEFORE buying them...hmmmm.
    "If it's not fun, it's not worth it." - KeyMan64
    Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners. :smile:
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    StubbyMcNumbthumbsStubbyMcNumbthumbs Posts: 1,259 ✭
    Wait a minute... another crook in New Jersey??? That can't be true.
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    mkman123mkman123 Posts: 6,849 ✭✭✭✭
    I'm just wondering what internet site the buyer went to to find a comparable price lol.
    Successful Buying and Selling transactions with:

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    coindeucecoindeuce Posts: 13,471 ✭✭✭✭✭
    The buyer didn't have a sense of value, but he spontaneously noticed after the "buy" that the coins were magnetic. What a coinkydink. image

    "Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
    http://www.americanlegacycoins.com

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    JamesMurrayJamesMurray Posts: 4,036 ✭


    << <i>He didn't do a magnet test BEFORE buying them...hmmmm. >>



    Theres an interesting comment left on the page linked to , along the lines of "what if " the buyer knew very well they were fake , hence the low price and only cried foul and found a magnet 5 days later upon trying to sell one at full price.
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    pontiacinfpontiacinf Posts: 8,915 ✭✭


    << <i>Guy deserves a certain amount of medicine for being stupid, but the seller deserves jail. >>



    guy thought he ripped a seller, got so happy he didnt pay attention, he deffinately deserved what he got.

    ps. didnt know my next door neighbor got out and was back in business LOL image {JK}
    image

    Go BIG or GO HOME. ©Bill
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    pontiacinfpontiacinf Posts: 8,915 ✭✭


    << <i>

    << <i>He didn't do a magnet test BEFORE buying them...hmmmm. >>



    Theres an interesting comment left on the page linked to , along the lines of "what if " the buyer knew very well they were fake , hence the low price and only cried foul and found a magnet 5 days later upon trying to sell one at full price. >>



    ohhhhh good call
    image

    Go BIG or GO HOME. ©Bill
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    lkeigwinlkeigwin Posts: 16,887 ✭✭✭✭✭
    I wonder what kind of business it was. A coin dealer would know better.

    The buyer did an Internet search so he knew he was ripping the guy off. The seller should go to jail. The buyer should go to counseling.
    Lance.
    Coin Photography Services / Everyman Registry set / BHNC #213
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    19Lyds19Lyds Posts: 26,472 ✭✭✭✭
    I keep losing track!

    Whose the crook? image


    On the plus side, such shenangians should certainly attract some action by the Secret Service. Especially when it makes National News.

    Right?
    I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.



    The name is LEE!
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    goldengolden Posts: 9,054 ✭✭✭✭✭
    I can't believe that there was a crook in New Jersey!image
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    Wolf359Wolf359 Posts: 7,653 ✭✭✭

    Major ouch....
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    WTCGWTCG Posts: 8,940 ✭✭✭
    Reminds me of the story from a while back when a dealer while in Hong Kong purchased what he thought was an original $2000 bag of BU Trade Dollars at $50 USD per coin. He thought he found the deal of his career until the results from the grading company were revealed.

    There is no Santa Claus is numismatics...period.
    Follow me on Twitter @wtcgroup
    Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
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    BochimanBochiman Posts: 25,293 ✭✭✭✭✭
    I'm at a loss as to who the bigger crook was and how one would handle something like that; where both sides are crooks.....

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

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    jdimmickjdimmick Posts: 9,595 ✭✭✭✭✭
    This has been going on down here for a while now. There was an auction company in sampson county who had a ring going with several folks posing as dumb collectors selling to various coin shops, pawn shops, flea market dealers, etc . Most of the coin shop dealers had sense enough to pass, but several of the pawn shop owners got burned!! as so did a few of the flea market vendors. I was fortunate to be at one of my freinds who is a flea market dealer when a stack came in, he was about to buy some and I stepped into warn him they were all fake. Several folks down here have loss thousands.

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    MrEurekaMrEureka Posts: 23,943 ✭✭✭✭✭
    There is no Santa Claus is numismatics...period.

    Nonsense. Most of us have stumbled on more than a few bargains over the years.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
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    cmerlo1cmerlo1 Posts: 7,891 ✭✭✭✭✭
    An education in applied numismatics can be so expensive....
    You Suck! Awarded 6/2008- 1901-O Micro O Morgan, 8/2008- 1878 VAM-123 Morgan, 9/2022 1888-O VAM-1B3 H8 Morgan | Senior Regional Representative- ANACS Coin Grading. Posted opinions on coins are my own, and are not an official ANACS opinion.
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    pontiacinfpontiacinf Posts: 8,915 ✭✭


    << <i> There is no Santa Claus is numismatics...period.

    Nonsense. Most of us have stumbled on more than a few bargains over the years. >>



    yeah losely translated as "I offered nil and they jumped"
    image

    Go BIG or GO HOME. ©Bill
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    ConstantineConstantine Posts: 2,350 ✭✭✭
    $7.50 each? Come on, if there is one saying that always seems to bring logic to any situation is "If it is too good to be true, then it probably is". This is almost akin to a drug dealer calling the cops when a drug deal goes bad! The more pressing issue is convict the person instigating the counterfeit transaction, but poo poo on the "local businessman". Pawn shop perhaps?
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    robkoolrobkool Posts: 5,934 ✭✭✭✭✭
    OUCH !!!
    Ebay items for sale Current BIN's / The Kingdom Collection
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    stevekstevek Posts: 27,724 ✭✭✭✭✭
    Yea, and I can only imagine the buyer actually paid the seller even a lot less than he said...but the hustler got hustled.
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    robkoolrobkool Posts: 5,934 ✭✭✭✭✭
    If it's too good to be true... Then it probably is...
    Ebay items for sale Current BIN's / The Kingdom Collection
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    WTCGWTCG Posts: 8,940 ✭✭✭


    << <i> There is no Santa Claus is numismatics...period.

    Nonsense. Most of us have stumbled on more than a few bargains over the years. >>



    Finding a cherrypick is one thing. It is another to be knowingly sold a legitimate item at a fraction of what it is worth.
    Follow me on Twitter @wtcgroup
    Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
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    TexasNationalsTexasNationals Posts: 3,837 ✭
    Free advertisement and public ridicule is priceless. This is why I hate craigslist, period. Everyone looking to get rich quick. There are a few on the boards who would have jumped or called me when they saw this deal and wanted me to get in on the action. Screw learning the basics, just go rip and get pissed when you get ripped off. I laugh because the scammer scammed and got his easy money and the get right quick fool lost and is mad. Bottom line, both tried to make a bunch of money quick, one lost and one won. Why this is news is beyond me? Not. directed at the OP
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    atarianatarian Posts: 3,116 ✭
    These stories are interesting to read about. Interesting to know that this happened a few towns over from me. Has me wondering though about who this guy is ( the seller). I deal with many dealers in local community . Gots me wondering who it is and if its a dealer i deal with .
    Founder of the NDCCA. *WAM Count : 025. *NDCCA Database Count : 2,610. *You suck 6/24/10. <3 In memory of Tiggar 5/21/1994 - 5/28/2010 <3
    image
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    TwoSides2aCoinTwoSides2aCoin Posts: 43,837 ✭✭✭✭✭
    He might try listing them on eBay as "pocket pieces" for $15 with free shipping. image
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    TwoSides2aCoinTwoSides2aCoin Posts: 43,837 ✭✭✭✭✭
    APRIL FOOLS
    image
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    rickoricko Posts: 98,724 ✭✭✭✭✭
    No pity for the buyer.... he tried to scam a scammer - and lost.... tough noogies. Cheers, RickO

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