If you buy coins online, especially from eBay, you’ll want to listen closely…
Not to scare you, but the biggest marketplace in the world for coin fraud is eBay.
And I’ve seen it firsthand.
Make sure you don’t buy a fake Morgan Dollar
Chinese Gold and Silver Pandas, Morgan Dollars, and Peace Dollars are commonly faked.
Over 90% of counterfeit coin sellers are from Asia…China, Hong Kong, Korea, and Singapore are among the worst. (Though they can be anywhere)
Another issue is that eBay and PayPal offer minimal, if any, protection after you buy a fake
coin.
Usually, by the time you figure out your coins are fake, the seller has disappeared and their PayPal account has been closed.
It’s up to you to protect yourself against online coin fraud
- Don’t buy any coins from any Asian sellers online.
- Pictures don’t tell the whole picture, because you can’t judge the actual quality, and you may get a different coin than what’s in the picture. Even PCGS slabs can be faked.
- Don’t fall for stories the seller may tell you.
- If you do buy a coin online, always use a credit card, and not the one tied to your PayPal account.
- Buy only from sellers you know and trust, or who are recommended by reputable sources.
- If the price sounds too good to be true – it is.
- Use common sense when buying any coin online.
For more info about counterfeit coins, go to one of these sites:
http://pcgs.com/Articles/Detail/5286
As always, stop in or call us if you have any questions!