Denver Coins
Liquidated
Posts: 331 ✭✭✭✭
Casually looking through eBay and this Flowing Hair half caught my eye. Opened the listing and realized the “Choice F+ from original collection” was in fact cracked from my submission that ended 13 days ago with Great Collections. Coin was received, cracked and offered in less than 7 days.
Denvers Coins photos look much better than what this did in hand. At least scratch not hidden.
Coin was not from an original collection obviously.
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Comments
I’m not a fan of their business model, but don’t see anything wrong with it except that the seller knowingly misrepresents the coin as “from original collection” (whatever that means).
Nothing is as expensive as free money.
Another eBay seller with 100% feedback, despite their practices.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Its sad to see stuff like that 😔
To me, such misrepresentations, combined with cracking out detail-grade coins and reselling them as “choice” problem- free examples makes for a lot “wrong”.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I agree that any intentional misrepresentation is wrong, but not the model itself of cracking and reselling as raw.
Nothing is as expensive as free money.
They are a terrible company in MANY ways...but for the term "From An Original Collection" by itself (outside of all of the other BS), I view it as puffery and a buyer beware situation. Similar to "Fresh To Market".
What is an "original collection"? Is my collection original? There's no real definition so it can't be wrong...it just feels really cruddy in context of all the other shady things they do.
chopmarkedtradedollars.com
“Bluechip Example”
Wow. Looking at other items. Looks like an AT trial piece. How are collectors accepting this stuff still after 30 years now?
Why would anyone buy a coin like this raw, from a dealer, no less, in this day and age. Unless it was coming out of a legitimate estate or somewhere else where coin grading has not reached, being raw is a huge red flag, to put it mildly.
The "original collection" label is really just annoying puffery which can't really be defined so it's hard to adequately quantify the level of the deception.
Also looks like an auction, what’s the chance that there will be any shill bids?
( 💯% guaranteed IMO )
I don’t know if what they’re doing is illegal but I do know that they’re behavior is unethical and they have serious character flaw issues.
And what of the description of the coin?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
On top of all that the "details" has been omitted from the listing. Even though the scratch is pictured the coin is being sold as problem free.
Looked at sellers past items for a few easily recognizable items and then checked great collections.
These people are making a killing.
Maybe Great Collections could rename the check box for Ungraded/Details as Denver Coins
The seller is taking a loss of $1074for cracking the coin out of holder. What kind of business model is that. What was the second highest bid,perhaps a good buy to purchase and submit to be graded again?
You are mistaken. No loss taken. If comparing the FH prices auction has not ended yet.
The business model of "crack Details" and sell raw on ebay, with support from your own shill bids is as old as the hills - has been happening for decades.
If it sells to your own shill bid, then it gets "returned" and it gets relisted, so you really don't know if they are "making a killing", as those sold prices could be shills.
311 current auctions and enormous number of past listings for your viewing pleasure all at impressive prices.
You made the assumption of shill bids and possibility that coins did not actually sell?
Take a look at the number of sold listings and realize even if shill bid was high on a few that there so many more that change hands.
I stand by my “making a killing” statement. Does not legitimize the company, but it is what it is.
A solid refund policy leads to high ratings despite the misleading nature of the listings. Such tactics are a real blight on the hobby because so many collectors enter through EBay. Some realized they have been burned,assume the field is full of fraud, leave and never return.
A dirty little secret is how much these sellers prop up the value of details coins that have no chance of getting into straight holders. Ever wonder who is buying a Details AU coin for XF price?
"Look up, old boy, and see what you get." -William Bonney.