Fakes on ebay

pagriep · February 9, 2010 1:55AM

I read a lot about counterfeit coins that are sold on e-bay. It is discouraging to someone who wants to add coins to his/her collection but cannot attend coin shows.

Has anyone determined the typical value of fake coins? For example, are the fakes usually those that sell for $500, $1000, or more? My gut tells me that a counterfeiter would not want to waste time making a fake coin that sells for $100, $50, or less. Is my thinking correct?

I have read where people indicate that I should buy from reputable dealers and avoid those selling from China. The only problem rests with those who may buy from China and then try to flip the coin in the US. Ebay can be difficult to determine if the coin is legit.

DUIGUY · February 9, 2010 1:58AM

JamesMurray · February 9, 2010 2:02AM

I dont believe the counterfeiters limit themselves to expensive coins , most everything is pretty well covered from what ive seen or read about.A sellers feedback and location will help in determining matters.At the end of the day though you are close to the mark , theres no guarentee youll get what you think you bought, a sellers return policy is useful at that point.
Probably a good idea to spend a few hours reading over old threads here concerning fakes and scammers.

coinguy1 · February 9, 2010 2:02AM

Welcome to the forum.

Unfortunately, your gut is wrong - and yours is not the only one.

As just one general example, a large number of counterfeit Morgan dollars have sold in the $15-$20 price range. If you buy from knowledgeable, reputable dealers or collectors, your chances of ending up with a counterfeit are greatly diminished. And on the minimal chance that you do end up with one, there is an excellent likelihood that you will be able to return the item for a full refund.

AUandAG · February 9, 2010 2:06AM

Welcome.

Coins in all values are being counterfeited. Even inexpensive coins.
Be careful when buying online. Make sure there is a return privilege.
But, more importantly, know your series and read and study. Lots
of good books and articles on fakes. Even ebay has articles on fakes.
If you get a coin that is a fake off ebay, and not marked replica/copy,
then you have a return privilege regardless. The reason: it's against
the law to sell a fake. Ebay will back you 100%.

Don't quit just because you are still learning. I bought a fake off ebay
from a seller in China just a few months ago. I think it is a fake and
it's in PCGS hands at the moment.

I was convinced that it was real from the excellent pics. Just a damn
good fake.

bob

robkool · February 9, 2010 2:12AM

My recommendation is buy coins already encapsulated through third party graders (pcgs, ngc, anacs, & icg). These are for coins your not sure about.

coinguy1 · February 9, 2010 2:16AM

Here is a link to the feedback of an Ebay seller who sold counterfeits (at least for roughly the first 20 or so I looked at images of). You can see that most of them are lower priced items and that most of the buyers left positive feedback, not knowing they had acquired counterfeits. Click on "view item" and you will see listings and images of counterfeits.

robkool · February 9, 2010 2:21AM

OUCH !!! A buyer paid that much for a fake 93' s...

coinguy1 · February 9, 2010 2:24AM

<< <i>OUCH !!! A buyer paid that much for a fake 93' s...

>>

No, that particular buyer knew that the coin was counterfeit. He bid on it to make sure no one got stuck with it and subsequently left negative feedback to warn others about the seller.

DorkGirl · February 9, 2010 2:42AM

Your best defense is to read, read, read, and to spend some time here and on other forums looking at the pictures. Knowledge is the key.

cameron12x · February 9, 2010 3:15AM

Here is a thread which was also recently started on this topic.

Welcome aboard!

chucknra · February 9, 2010 3:41AM

You just have to be careful and know what you're buying.

coinvac41 · February 9, 2010 4:22AM

I agree with Dorkgirl, read, read, read. If you are still uncomfortable about your skill level, make aquaintance with a knowledgable and honest dealer to help. Knowledge is power!!!

SNMAN · February 9, 2010 5:10AM

OT: 3 years before making 1st post. Are you the ultimate lurker?

snman

garrynot · February 9, 2010 5:23AM

<< <i>I read a lot about counterfeit coins that are sold on e-bay. It is discouraging to someone who wants to add coins to his/her collection but cannot attend coin shows.

Has anyone determined the typical value of fake coins? For example, are the fakes usually those that sell for $500, $1000, or more? My gut tells me that a counterfeiter would not want to waste time making a fake coin that sells for $100, $50, or less. Is my thinking correct?. >>

I believe the counterfeit Morgan Dollars, 1900-O and 1902-O with the small mintmark still have a following. Those are probably contemporary counterfeits to some degree.

yellowkid · February 9, 2010 10:02AM

It is generally recommended here that you only buy slabbed coins on line, not only are you reducing your chances of getting a bogus coin, but also one that has been "worked" on.

silvergoldnut · February 9, 2010 11:10AM

<< <i>Here is a link to the feedback of an Ebay seller who sold counterfeits (at least for roughly the first 20 or so I looked at images of). You can see that most of them are lower priced items and that most of the buyers left positive feedback, not knowing they had acquired counterfeits. Click on "view item" and you will see listings and images of counterfeits. >>

good eye mark, i saw that e-bayer before.

it looks like he bought a book of fakes from china and is breaking it up to sell them off.

BNBAnalytics · February 9, 2010 1:33PM

Fakes are very common on Ebay I've noticed.

Fakes on ebay

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