Registry set fraud?

gecko109 · September 22, 2008 1:45AM

What would prevent someone from just entering cert numbers from photos they saw into their own registry sets? If you really think about it, I'd guess that well over 80% of all PCGS slabbed coins are not in anyone's registry. Its likely you could "build sets" for years before there was a conflict.

rgCoinGuy · September 22, 2008 1:49AM

I am pretty sure people have been caught doing this in the past, but all I know are whispers of it....

RYK · September 22, 2008 1:49AM

<< <i>What would prevent someone from just entering cert numbers from photos they saw into their own registry sets? If you really think about it, I'd guess that well over 80% of all PCGS slabbed coins are not in anyone's registry. Its likely you could "build sets" for years before there was a conflict. >>

In some series, probably over 95% of coins are not registered. I do not place much stock in the registry, so I would not care. There are phonies and posers in all walks of life, so why not in the registry, too?

STONE · September 22, 2008 1:50AM

I'd probably put the number of PCGS coins not in registry sets closer to 99% if you think of all the Morgan dollars slabbed out there just sitting in collections.

But, I do agree that there are likely several coins in several sets that are not owned by the individual.

mgoodm3 · September 22, 2008 1:51AM

Way back when. I had a type set registry. I couldn't put my Frankie into the registry because it was already being used by somebody. Not sure if they actually owned it or formerly owned it.

amiller · September 22, 2008 1:55AM

PCGS has a system in place for resolving conflicts of ownership (email a scan of your newp). In theory if everyone registered all their coins there would not be any wiggle room for cheats. Of course, as has been stated above, the majority of coins are not in the registry.

gecko109 · September 22, 2008 1:55AM

People talk all the time about high dollar moderns, and what causes people to spend such sums on otherwise common coins. Invariably the answer is always "registry points". With such a weak system of accountability in these so called "sets", is there anything PCGS can do to make set users verify they actually own said coins?

notwilight · September 22, 2008 1:57AM

Whenever you own a registry set quality coin you should put it in your inventory before posting photos of it anywhere. I have sometimes covered the Serial Number of coins before posting them but that makes buyers think you may be hiding something. So all my coins for sale on ebay that are registry set quality get put in my inventory. Once the buyer gets the coin he sends me a removal request and i remove it and he adds it.

--Jerry

19Lyds · September 22, 2008 2:02AM

Whenever a question arises, the registry folks ask for a current scan or photo of the coin in question to prove actual ownership.

Yes, there have been problems in the past. I know I've had problems with entering coins I purchased and I've also had problems remembering to delete coins I've sold. It's pretty much an honor system with a few built in checks and balances.

However, I also believe that those folks that pay big sums for modern registry coins are also quick to open a dispute if something arises.

Silverstate · September 22, 2008 2:17AM

<< <i>Whenever a question arises, the registry folks ask for a current scan or photo of the coin in question to prove actual ownership.

Yes, there have been problems in the past. I know I've had problems with entering coins I purchased and I've also had problems remembering to delete coins I've sold. It's pretty much an honor system with a few built in checks and balances.

However, I also believe that those folks that pay big sums for modern registry coins are also quick to open a dispute if something arises. >>

Same here.

PCGS just asks for scans If a dispute arises.

No big deal.

NHSBaseball · September 22, 2008 3:33AM

I can see how it could be done. I would have to question the sanity of a person who feels the need to cheat to gain a spot in the registry, though.

gecko109 · September 22, 2008 3:55AM

<< <i>I can see how it could be done. I would have to question the sanity of a person who feels the need to cheat to gain a spot in the registry, though.

>>

Would you also question the sanity of the person who spends $15,000 on a zincoln in MS70 as well?

rgCoinGuy · September 22, 2008 4:36AM

My understanding was people were doing it to hit the 90% completion on sets to get free grading certificates.

BECOKA · September 22, 2008 4:44AM

I have only run across this a couple of times.

First time I just e-mail the guy I bought it from and he just forgot to remove it.
Second time a coin I bought off of heritage was in use, I just sent BJ the photo's after no response from the previous registry owner and it was quickly resolved.
Third time, I forgot to remove it from my set after selling it.

Out of these only one is possibly a stolen number but most likely just forgot to remove it.

notwilight · September 22, 2008 5:34AM

I usually wait for the removal request before I remove it. that way I know the new owner is ready to put it in his set since the photos are usually still in ebay history. --Jerry

ps I can post again. Yeah. Thanks for fixing my account pcgs.

ricko · September 22, 2008 5:52AM

There are cheaters and phonies in all professions and hobbies.... some are on this forum.... Many form sets just for the status and the 'dig me' points.... their ego must be continually stoked.... all - cheaters, phonies, egoists, elitists - are pitiful. Cheers, RickO

PawPaul · September 22, 2008 7:47AM

knew a guy must have gotten close to a hundred coins graded for free by building registry sets with other people's coins ........

then B.J. caught him and deleated all his sets ; real and fake

Cladiator · September 22, 2008 7:49AM

<< <i>What would prevent someone from just entering cert numbers from photos they saw into their own registry sets? >>

Morals and ethics. Which means in today's world I'm sure there are folks out there doing just that.

micmt · September 22, 2008 11:13AM

I don't register my coins on the registry so I did not know that u got free grade certs if 90% complete. Must register now. Hey where can I get some numbers hehehe.......

Registry set fraud?

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