Lots of counterfeits in submission
logger7
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How does someone get snookered with buying this many counterfeits, then submit them losing $$$?
https://www.pcgs.com/Membership/sharedorder.aspx?OrderNo=21188143&Year=2017&Month=3
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Ouch! I would love it if PCGS posted pictures of them so we can see if they were convincing or not.
Ouch. Someone needs to spend less on coins and more on reference material.
Ouch!
Gold. Definitely a collector who needs to learn more about the things they collect.
He won't be back after that mugging. Shame.
What a drubbing. I can't imagine how much he got clipped to amass that mess. Really a shame.
Here's a warning parable for coin collectors...
Some advantages in the submission; if the 1914 $2 1/2 was bought as an AU that graded MS62 that pays for a lot of mistakes; also the results on the $3 gold pieces were money advantageous. They try to make it worth the submitter's while.
maybe it is a pawn shop and they bought them for less than melt
A pawn shop/coin guy yesterday said he wanted to show me something. So he pulled out a two headed Barber quarter that came back from PCGS as "counterfeit" and he was upset because he thought it was a mint made product! And get this--it was a two headed coin with consecutive years, like 1914 and 1915. So he thought the mint would actually produce and release such a coin! And he said that PCGS could be sued since they said it was definitely fake if it later turned out to be real. Don't expect much from some of these guys.
Looks like a group one my customers wanted me to send off. Ended up doing a nice "told ya so" when they came back. He is now a loyal customer and won't buy much raw stuff. He told me later that he thought I was just try to talk down his coins to buy them cheap.
Man, that smarts.
Wouldn't you like to know the story behind all those or how they ended up in one submission?
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
Someone probably thought they were getting a lot of bargains at a small auction.
I bet they spent more than 10 seconds per coin on that one.
It could also be a counterfeiter trying to see what they can get past PCGS.
There a lot of counterfeit gold out there. Some is real gold melted down when gold became illegal to own in the US, except for collector coins.
And Lebanon is a big source of counterfeit US gold coins.
Being a very novice collector, I learned to only buy graded coins I want for my collection. What happened to this person is one of my biggest fears in buying ungraded coins.
Hope he did not pay much more than melt for them. What a disaster.
does PCGS slab counterfeits and just note that on the slab?I have what I think is a fake 1878cc Morgan that I keep as a learning tool... not sure I would want to learn that lesson in gold
I watched a Morgan sell last week in a pawn shop. Handed to me and it looked nice. I flipped it over and it was a 1990 CC. I looked it over and let it ring on the counter when I put it down. I said ..." not a good silver ring to that one, I'll pass". The other guy there grabbed it and purchased it for $50.
It had two small case c's for cc on the reverse. He said he was going to submit that one. --- OUCH
Wow... that is painful..... would like to know the details on that submission.... Probably not a member here though... Cheers, RickO
I bet they spent more than 10 seconds per coin on that one.
I'm hoping they went back and double checked the ones they didn't call counterfeit!
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Guy could have thought they were all fake, so he scored on the real ones.
Likely bought a "deal". I had a friend who bought 30 or 40 AU/Unc Morgans a few years back at a flea market...they looked very good, but I thought they were fakes, and had identical toning on all of them. Some semi-keys, CC's etc. and he got them all for $15 each. He sold them on eBay and none came back, but I wouldn't have touched them.
Uncertified $2.50 gold coins should be bought only by an experienced collector. An often counterfeited coin.
No Way Out: Stimulus and Money Printing Are the Only Path Left
That's a really shitty thing to do...that is what give this hobby a black eye. That's how someone ends up with a submission like this...
I have read that back in the "good old days" there was more counterfeit gold in circulation than real. I rarely buy gold at all, and I would never buy it raw, unless I spent some serious time studying counterfeit detection.
It's the reason the grading services came about--to interdict fakes, "authentication".
If that is the case, they did very well
It appears this collector has more dollars than sense. I'm VERY sorry to see this.
Uncertified $2.50 gold coins should be bought only by an experienced collector. An often counterfeited coin.
I recall reading a long time back that Dave Bowers once compiled a complete set of counterfeit $2.50 Indians....every date and mm.
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Back in the very early 1970's I purchased 20 gold coins from a guy that had an advertisement in the Coin Dealer Newsletter. There were 5 $2.5 Liberties, 5 $2.5 Indians, 5 $5 Liberties and 5 $5 Indians all AU or so. I showed them to my buddy that had a coin shop. He said that some were bad and maybe all were. He knew a guy at the Secret Service and said I should let them look at them which I did. The Secret Service sent them off to headquarters. After several months I got the 5 $5 Liberties back which were good. The Secret Service paid a visit to the guy that sold them to me. He was mad. He said that I should just have sent them back ( so that he could sell them to someone else ) for a refund. I did receive a refund. The guy never advertised gold coins in the Newsletter again.
Talk about a shellacking. That'll kill a new interest in the hobby.
Lance.
e-bay bound
"Keep your malarkey filter in good operating order" -Walter Breen
As a collector of mainly $2 1/2 Indians, this makes me at least feel better about myself. I think in all of the NGC and PCGS submissions I've had (probably had over 100 graded so far) only one has come back fake, and it was a REALLY good fake. I mainly buy raw, but have gotten pretty good at spotting the bad ones.