If you are a coin collector and buy your coins on eBay, beware of dealers who sell counterfeit coins. Before you spend your money to buy coins, you need to know some important pointers about buying fake coins. This article aims to help you understand some of the criteria for detecting counterfeit coins on eBay.
Types of coin protection
There are four conditions under which American coins are displayed on eBay: those placed in airtight plastic holders called “slabs,” those placed in cardboard holders, fake money for sale online others in plastic holders, and those without holders. You cannot always rely on the authenticity of a coin placed in a cardboard or plastic holder, although the denomination and year of minting may be marked by the dealer. Only the “Slabbed” coins have been authenticated and graded by primarily one of the three numismatic services – PGCS, NGC or ICG. For the most part, these coins are “plated” in a white (“NGC”), blue labeled (“PGCS”) clear container, or green labeled (“ICG”) clear container, which indicates the coin’s face value, year of minting, Year of issue, first letter of the city embossed and graded. Those bearing the PGCS seal are the best to buy as they undergo a much more rigorous scrutiny than those bearing the NGC seal.
Examine silver coins
Although most of the coins displayed on eBay are authentic, you still need to take extra care when buying pre-1964 dimes, quarters, half dollars and dollars. Coins in these denominations were made from silver on and before 1964. They are more likely to be counterfeited than coins minted after 1964 due to their silver content.
Retrieve seller information
To avoid buying counterfeit coins, check eBay’s information about the seller. First, click on his “Shop” link to check the number of buyers who have used it and the percentage of them who were satisfied with their products. It’s a good idea to examine their online “shop” to determine if the seller only deals in coins or if they just sell a lot of other “stuff”. Usually when the ratio of American coins to other items is very high, this seller is more likely to be a reputable coin dealer as they base their reputation on the quality of their wares. Otherwise, the dealer might own a small pawn shop or antique shop.
Does the seller have a website? Click on it to go there and examine its numismatic credentials. Is he a member of the “ANA” (“American Numismatic Association”) or the “PNG” (“Professional Numismatics Guild”)? PNG retailers usually sell a larger selection. If the retailer is not at least a member of the ANA, you will want to take your business elsewhere.
Don’t trust “Made in China” coins
Beware of Chinese dealers selling fake early dollars. China is notorious for counterfeiting American silver dollars. I know – I bought one for $250 many years ago. I should have been a lot more careful as a real one would have cost around a few thousand dollars. So don’t be fooled.
Go to eBay for their coin selection and test the criteria I’ve outlined. Is the coin PGCS or NGC coated or just protected by cardboard, plastic or nothing? Was the coin minted in 1964 or before? Have you verified information about the seller? Is his ratio of coins to fake money for sale online his other goods much higher? Is he a member of the ANA? In any case, when you buy a coin on eBay, you do not spend a lot of money. I wouldn’t be afraid to drop a few bucks on an old penny, nickel, dime, or quarter. Happy collecting, but be safe.
