Purchasing coins on approval

Hey Gar...

I wanted to see what you had to say about this particular topic but when I clicked on your posting topic there was no text!

This is certainly a hot topic that deserves discussion, especially as it relates so closely to one of our club's most important coin acquisition virtues..."knowledge based coin selection".

Belay Off

Hi Belay

This is among the most important topics of our times...for all coin collectors. With Chinese counterfeits in abundance (and getting better by the day)the coin buyers of today need to be more aware than ever.
For me, there's really only one dealer who I trust so much that I would actually purchase a coin on his say-so sight unseen. Times like these pretty much dictate that coins be sold on approval...even then, having an expert/advisor handy to give advice on those coins is a pretty darned good idea.

the drummer

No question about that Drummer. Remember the raw counterfeit silver dollars that Rusty passed around at our August C4OA meeting asking the members to take a stab at guessing the grade? If I had not recently brushed up on counterfeit coins by reading some articles about them, I could easily have missed that Rusty's coins were also counterfeit...unfortunately, many of the members were fooled.

In January 2011, the ANA is sponsoring a two day seminar on counterfeit coin detection up here in my neck of the woods. I am already signed up.

Belay Off

Hi Belay

yes...I remember seeing that set of all four "CC" seated dollar dates. A very nice looking set that until close inspection revealed that they were manufactured in China!

I only wish that every single C4OA member could've been there to see that....many could easily be fooled by such a set(and lately, many probably have been fooled!)

the drummer

Drummer,

Especially the guy who had purchased the entire set of Seated Liberty Silver Dollars from Wiley Coyote and brought them into Southgate Coins to see how big a profit he had made on his incredible purchase.

Rusty has not shared what the guy paid for the complete set but it must have been a pretty large figure or the offering would not have had any credibility in the first place...even to the poor guy who got taken to the proverbial cleaners.

Belay Off