Buying US Mint Gold Coin with COA on Ebay - possible Scam Alert!

I posted on US Coins Forum earlier but thought this forum is more appropriate so I am listing again.

I registered to the site today to check on the disturbing listing I saw on Ebay and I did not find any thread on my observation so I wanted to sound the alarm.

As I was searching $50 buffalo 1 oz proof to bid, I found someone selling the box, COA and capsule WITHOUT THE COIN!

http://www.ebay.com/itm/2010-W-50-1-OZ-PROOF-GOLD-BUFFALO-MINT-BOX-COA-CAPSULE-NO-COINS-/370548756005?_trksid=p3984.m263&_trkparms=algo%3DSIC%26its%3DI%2BP%26itu%3DUCI%2BIA%2BUA%2BFICS%2BUFI%2BDDSIC%26otn%3D5%26pmod%3D320795342673%26ps%3D63%26clkid%3D4400199620057092841#ht_878wt_954

I wondered why would someone buy just the capsule and COA, then a bell went off in my head. What if someone bought the capsule, complete with COA --then turn around and put counterfeit coin (which are sold on Ebay for around $10) and sell as genuine US Mint set, complete with COA -- instant 60X - 70X profit!

US Mint casing and COA are worthless on Ebay. Buy directly from the Mint, or from reputable dealer and never on Ebay!

 

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How is this a scam? the seller is clearly stating in CAPS that there is no coin, just the box and COA. I have purchased commeratives from my local dealer without a COA and so if I wanted to complete the item I can purchase just the box/COA. The seller may have done this if he/she sent the Buffalo to get it graded by a TGP. Could it be a scam, sure anything is possibly now-a-days.

For your worries about buying counterfeit the simple answer is dont buy raw coins from Ebay, if you do know what to look for.

 

Let's say I buy this casing and COA, buy fake coin, then sell back on Ebay for price of ounce of gold. Cost for the casing/COA + fake coin = $30, result of sale $1700+. Is this not a justifiable concern? I have never questioned US Mint's COA and casing until I saw this today. Below is listing for fake 2010 buffalo gold coin

http://www.ebay.com/itm/2010-USA-50-1oz-GOLD-BUFFALO-COIN-copy-/280692435982?pt=AU_ReplicaCoins&hash=item415a92ac0e#ht_858wt_954

 

The key here is to make sure you don't buy a coin that has 'COPY' stamped on the obverse. Especially if the seller states in big capital letters the word 'REPLICA' twice in the description.

 

What if coin does not say copy like this one?

http://www.ebay.com/itm/2010-50-GOL...S_Individual&hash=item4aaace2120#ht_500wt_970

 

I see what you're sayin but this sort of thing has been going on for years. By this sort of thing I mean people seperating coins form the original packaging and COA to be graded. I don't think this is going to be the next super scam. They can fake just about anything now including the packaging and COA. The only way to protect yourself is to make sure you know what your bidding on, go through a reputable dealer, or if your really paranoid only buy coins you can see in person.

 

I'm no expert in American coins but the fact that the size may vary from the original is a good clue, aswell is the top of the reverse starting to blister? it's a problem coin clearly. Knowledge is power.

 

I am not a hardcore collector and casually buy one or two coins whenever I have extra money since gold & silver coins have been better than putting money in the bank. So, I was not aware of this possibility. I figured I would put this up so someone will not fall for this type of ploy. Like my post earlier, why would anyone buy blank COA/case unless up to no good.

 

I don't know about American coins but in the Charlton's guide to Canadian coins there's a whole section just for old cases and packaging. Some of the older stuff is worth a lot of money.

 

I was not aware of that. Thanks for that info.

 

If you, or anyone for that matter, are buying coins and are relying on OGP, COA, TPG slabs or sellers honesty for protection, you should not be buying coins.
Buy the coin. Not the box! Not the COA! Not the TPG slab! Not the sellers honesty! THE COIN!​

The best advice I can give you is: If YOU​ don't know what you are buying, keep your money in your pocket.

 

That does say copy on it... right on the front

Any real collector or investor will have a scale and set of calipers. Any fake is readily detected.

When collectors or dealers submit coins for grading, many times they're left with the OGP, which the slabbed coin will not fit into. Therefore, they just sell it to someone who wants it. Better to sell it for $10 than to just throw it away. Always been this way.

 

I think you are a bit off-base here goldrush - oftentimes I buy slabbed coins that do not include the Mint box and COA, but since I like to have the box and COA for every coin, then I routinely go to eBay to buy the box and COA wihout coin, just as this seller has listed. There is nothing nefarious going on here, but some sellers choose to separate the box/COA from the slabbed coin, and other people buy only the slab and then decide at a later point to sell that slab.

It is fine to be careful, but I think you might be a bit paranoid and honestly your assumption that all sellers are up to no good is insulting. As someone earlier posted, buy the coin first, but I disagree and say that you should consider the slab, sellers reputation etc to make sure that you are buying a genuine coin from a reputable dealer.

 

wow...guys, you should be really carefuly when you pay online. For me, I only buy gold coins from official site, like http://www.mint.ca/store/buy/gold_coins-cat120004 and ttp://catalog.usmint.gov/webapp/wcs/stores/servlet/TopCategoriesDisplay?storeId=10001&catalogId=10001

 

Welcome to the forums but why bump a 3 month old thread?

 

Okay; I think it's safe enough so we can all go back to bed now.

 

I've been told that, if you want to put a proof PM coin into an IRA, it has to have the COA. I'm not sure if this is true, but the seller told me that coins with a box and COA carry a premium for that reason. If I got a coin slabbed and had no intention of doing this, I'd certainly be willing to get a little money for the unneeded packaging and paperwork.

Whenever I've bought gold in mint packaging on eBay, the first thing I've done is to pop the capsule for a dimension and weight check. I haven't been burned yet.

 

I was searching some posts about gold coins, so...forgive me if I did something wrong

 

as someone explained, sometimes you get a deal on a loose coin and want the box/coa for later resale. i have bought the box/case for some proof ASEs i had in slabs 'cause a couple years back the whole 'kit went for more than just the coin. i have an '05 1/2oz proof AGE now that i keep looking for a box/case for. no funny business involved.

 

Scams on ebay are one reason I have to wait for my money for the silver coins I sold. Paypal won't release the funds until the item is delivered and they are sure there are no complaints from the buyer.