Do you have an story to share about buying a fake on Proxibid, eBay or another Internet source? Also says you should 'hand it in'. Some were brought back by tourists visiting the Far East, and others showed up randomly at flea markets. There are also many dealers that buy wholesale fake coins and bars from China, passing these off as legitimate and profiting from the large margins. In many cases, the counterfeits have a smaller diameter. I purchased these items as an investment. I had her show me how she determined it was a fake and when she put it next to the real one I could see the difference. The early part of the 19th century saw the invasion and occupation of Spain by the French, who imported French coinage in large quantity to pay French troops. Sometimes I end up with some obviously fake coins in my hands (e.g. Your email address will not be published. When it comes to Proxibid, I routinely warn auctioneers about clause 5.16. of Proxibid’s Unified User Agreement: “If, within a reasonable amount of time, Buyer gives notice in writing to Seller that the lot so sold is a counterfeit and after such notice the Buyer returns the lot to Seller in the same condition as when sold, and establishes to the satisfaction of Seller that the returned lot is in fact a counterfeit, Seller as agent for the consignor will rescind the sale and refund the purchase price.”. Those who counterfeit gold coins or gold bars can get up to 15 years in prison. Don’t they usually send people to Federal prison for passing fake money?? And that even if it were allowed that I would not be entitled to the return of all my money because shipping to and from, taxes they collected, auction premiums, and get this….a restocking fee were all my burden to bare! September 15, 2014 By Michael Bugeja 19 Comments. Enter your email address if you would like to be notified when a new post is posted: I agree to be emailed to confirm my subscription to this list. You would think an english company would have ethics. A class action through the Federal Trade Commission should get the attention of eBay and PayPal. Official website of theNational Credit Union Administration, Information for Credit Union Members in Areas Affected by Hurricanes. Less in a coin shop or coin show, and even less in a slab, as such reports usually make the coin magazines and these forums rather quickly. Counterfeit £1 coins are becoming a huge problem in the UK with an estimated 3% of all £1 coins now thought to be fake. I’d sold my previous Morgans to him. Raw ( non-slabbed ) counterfeit coins are often found in everyplace from ebay, craigslist, and all of the social media sell places, that there is a lot of worry. Allegations of fraudulent or criminal activity against a named party, when said activity has not been proven in a court of law, will be removed. The opposite case exists too. Here’s the operative clause: Upon receipt of a written complaint alleging that a Member has violated the Code of Ethics, the Chief Executive Officer shall forward a copy of such written complaint to the accused Member and request that the accused Member provide a response in writing to such charges. But as fakes become more sophisticated, the buyers suffer, as it requires expert analysis and records of existing fakes (which NGC, PCGS, ANACS and others have in their offices, as counterfeits are screened via technology to make an exact replica of the authentic source coin. Our advice if you buy a counterfeit coin, or even if you learn about it months or years later, is to contact the seller and politely but firmly inform him or her about consequences for sale of fake goods. Members owe the buyer (from now on referred to as the Customer) the duties of honesty, integrity and fair dealing at all times. After a few days, when the received the coin I was refunded my whole amount. Check out this one. So I’m with you. A counterfeit coin can have a low quality of representation compared to genuine coins. 0 shares. This is being brought to you by an experienced dummy. What to do if you receive a suspected counterfeit If you are in possession of suspected counterfeit banknotes, counterfeit coins or counterfeit prescribed securities you should contact your local police or the Australian Federal Police in your state/territory. The best ones I stick them in a flip, and mark them as counterfeit, and put them in my books. I thought it was against the law to counterfeit money in the US or try to pass it own?? As viewers of Coingrader Capsule know, I buy on Proxibid as well as eBay. He could tell by just the weight. To help collectors and dealers identify counterfeit coins, NGC has prepared lists of the most commonly counterfeited US, Chinese and world coins with diagnostic information and images from NGC’s extensive database, as well as commentary from the NGC coin grading team. I have taken on at least a dozen auctioneers who refused initially to return funds, and I have won every case by explaining what I intended to do if they did not comply with the law. This handy device uses the known resistivity (also called specific electrical resistance) of precious metals of varying purities to test if a coin is of genuine metallic composition. I have report a seller on ebay for over a year and ahalf, this seller keep changing acount information listing counterfeit morgan dollars mainly 1881,1882,1883,1884,1885,1889 and 1893 cc.They are listed as located in the US for selling but it will come from China. Carefully place it in a protective covering, such as an envelope. The sentence varies depending on the specifics of the crime. If the ice cube melts as if it normally would at room temperature, it might be a sign that you have a fake coin. There are even reports of fake gold coins existing as far back as 600 BC, when the edges of a real gold coin were shaved off and then used to cover base metal coins. Are conterfeited coins viewed differently by the feds? Spark erosion counterfeits are created by submerging a genuine coin in an electrolytic bath with the coin placed close to the die. Surrender the note or coin only to a properly identified police officer or a U.S. Secret Service special agent. 1914 Indian $2.50. Sheena Wallace guarantees her lots are genuine not because of the above clause but because it is the ethical auctioneering thing to do. I am a disabled vet,Told them I was selling a large amount of my collectables to pay off a debt and both them and paypal kept telling me I was a business! Similar practices were employed in the middle ages, but counterfeit coins didn’t become widespread until modern times. This is the right message, RW. Upon receiving the coin via mail, along with several other purchases, I briefly glanced at the coin and put it away. I hear you concerning eBay. But on the other hand, not many places will examine pound coins when you spend them - shops seem more concerned with notes. Handing in counterfeit coins will help the authorities to identify the types, quantity and quality of fake coins in circulation. Use a magnet for base metal coins being passed off as silver rounds or 90% silver dollars. If you've received a fraudulent note please submit a Counterfeit Note Report (opens new window) and learn to Know Your Money (opens new window)! Bath with the counterfeit coin sellers is to return it to cast counterfeit. Spark erosion counterfeits are created by submerging a genuine coin and use it to cast a counterfeit coin in! 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