Same like what we see in stamp collection Cheating.!!
Buyer increase price and don't pay.!!
Recently 1962 Republic of India Decimal coin set proof was sold for $2247 by eBay seller "pmandmore" from New Jersey, USA.
Looking to price it looks like very valuable coin collection. It has appreciated lot if you compare original price of $2-$3 ( 13-14 Rupees coin) so seller has to pay lot of Capital Gain tax to US Treasury if it was sold for $2247.
It's lot of appreciation !!
To me it looks like ARTIFICIALLY price increase by fake bidders who are not interested to buy to increase price or by SHILL bidding.
To me this is valued less than $50 if you are Indian coin collector and this is missing in your portfolio as this are not RARE coins.!!
I might not even pay $10 for this Decimal Coin set.!!
To me folder don't even look GENUINE. It's without any details such as EMBLEM of India, Details of Coins, Year it was issued etc.
Click this link to see GENUINE Proof Set. (or scroll all the way to bottom of this blog post)
(In Gandhi stamp collection, they were leather folder using EMBLEM of India in 1948 even before it was introduce in 1951.!!)
Also eBay lost commission of almost $220 from this transaction as seller has to cancel this transaction.!!
Also US treasury lost $500-$700 on this transaction only on capital gain tax and New Jersey state lost sales tax on this transaction.!!
Now this is for sale again for $2300.!!! ($53 more than previous bidding.!!).
Why not seller reducing price to $2222 (2nd last bid) or $2200 so loser (2nd # bidder) can buy it.!!
Why 2nd or 3rd bidder are not buying it using Best Offer.!!!
Because they don't want to.!!!
Don't you see similarity between stamp and coin collections.!!
I can see that.
- Bidders (buyer) increase price and don't pay to seller.
- Chances of SHILL bidding ( increasing price with help from relatives, friends or own other id) is also higher if you look at # of bids by this bidders.
There were 12 bidders and 19 bids on this auction. (all details are below with screen shot).
e**e(1) was winner but did not paid
s***s(125) was loser - but he is bidding of 44 items with 144 bids and 27 bid retraction in 30 days.!!
_***u(2200) was 2nd loser - but he is bidding on 625 items with 751 bids in 30 days!!
So what this indicates to you.!!
Are 2nd and 3rd loser really wants to buy this item.!!! I don't think so.!!
Bidding on 625 items in 30 days, does not make sense.!!
They are just increasing price.!!
This is exactly what's going in stamp collection.
1) 1948 Stamps False hope of Riches?
2) 1948 Gandhi Stamps: Are False hope of Riches - Part II ?
3) 1948 Gandhi Mourning Private FDC : Are False hope of Riches - Part III?
4) 1948 Expensive Gandhi FDC : Are False hope of Riches - Part IV?
5) 1948 Gandhi Stamps Early Usage cover : Gandhi Stamps Are False hope of Riches - Part V?
6) Maxi Card sold for $5100 with 1948 Gandhi Stamps - False hope of Riches - Part VI?
7) Indian Philately Exposed
8) Indian Philately Exposed - Part II
9) Gandhi SERVICE overprint stamp price fell from $1009 to $1.!!
10) How can you tell that Gandhi SERVICE stamp is FAKE or Forgery ?
I hope all of the above will help you to make decision in investing rare coin collection and to avoid getting CHEATED.!!
You can avoid cheating in any collection.!!
Same style or method or procedure or process is used.!!
1969 GENUINE PROOF SET :