List of PCGS fake slabs

[ausproofs]

''ÝEAH'' it's still there 24 hours after i reported it to Ebay. So what happens to the poor person who sends the seller $1000.00 bucks only to find out later that the seller has vanished into thin air. Does Ebay or Paypal reimburse $1000.00 to the buyer??.

If they pay by Paypal then yes they will get their money back if they make their claim on time. Fraudsters might be relying on X% of buyers not making the claim on time such that the funds that paypal holds are released (30 days? I'm sure some seller knows the exact holding period). Particular risk is when the posting times (overseas for example) can be 3-4 weeks and the seller will ask the buyer to wait just a few more days....

180 days now if I am not mistaken.

[serenitystan]

Its still there

352557937836

https://www.ebay.com.au/itm/RARE-UNC-1961-R34Sb-ONE-POUND-STAR-NOTE-99047-Only-1000-ono/352557937836

It has sold now for $1000.

UN#$%^&*ING Believable''. I contacted Ebay by email + phone 29hours ago and zilch was done. Contacted the seller of the other Aussie star note and there response was Report it to Ebay. I guess Ebay are happy, they got there 10% and the seller has already started the money transfer to there bank a/c. Easy money. Open a one time only Bank + EBAY a/c, you don't even need your own banknote, just copy one from Ebay. If it's reported don't worry because Ebay will do bugger all about. When the money transfers to your bank a/c just open another  bodgee bank + ebay a/c and do it again. WOOOPE...

[fred lever]

I guess this is a good reason for using paypal and not a bank transfer or other cash type payment!
At least with paypal you have a chance to stop/refund.
Yes, I use paypal for all ebay transactions now, I used to trust people...HAH!
So the scam is really only successful if the buyer sends cash/cheque/bank transfer.
Clever its xmas time and financial services are on holidays, the seller will do just as jens says, take the cash and run.
The buyer will get sweet nothing.
Its a tough old world. In this case the buyer, if there is a real one, should have had warning bells ringing loud, new seller, 0 trades, unbelievable price, too good to be true? YES.
Fred.

[serenitystan]

I guess this is a good reason for using paypal and not a bank transfer or other cash type payment!
At least with paypal you have a chance to stop/refund.
Yes, I use paypal for all ebay transactions now, I used to trust people...HAH!
So the scam is really only successful if the buyer sends cash/cheque/bank transfer.
Clever its xmas time and financial services are on holidays, the seller will do just as jens says, take the cash and run.
The buyer will get sweet nothing.
Its a tough old world. In this case the buyer, if there is a real one, should have had warning bells ringing loud, new seller, 0 trades, unbelievable price, too good to be true? YES.
Fred.

''YES''. To good to be true. Paypal will give you a refund after they get the money back from the seller. If the seller has vanished YOU might have to wait an eternity before you get your hard earned back. Has anyone on this site been in this predicament?. Please give feedback. Am not creating Drama,just interested...Stan.

[stevo1962]

Even the sellers get used on ebay.I've had a PCGS graded coin sell on ebay only to have it returned
for a credit for whatever reason.Maybe they decided it wouldnt upgrade but a good look at the PCGS
high res photos would have been good enough.There are no shortage of time wasters out there and
it's a pity you can't deduct a % from the paypal transaction for your trouble

[kchan1111]

Doesn't PayPal investigate and if found to be fraudulent, they will cover the damage?

PayPal takes a cut of a few percent, which cover the cost of fraud. So if you pay a seller $100, he or she only gets $97. The $3 goes to PayPal and a few cents contributes to "insurance" for fraud.

This should work just like credit card, I once had $3,000 charged to my Amex and I dispute it, I got my money back. No idea if the bank issuer got $3,000 back.

[Mister T]

No idea if the bank issuer got $3,000 back.

I assume the banks have insurance to cover this (and I think in recent years there were some changes to charge-backs to reduce them because ultimately they're a hassle for the banks).

[kchan1111]

No idea if the bank issuer got $3,000 back.

I assume the banks have insurance to cover this (and I think in recent years there were some changes to charge-backs to reduce them because ultimately they're a hassle for the banks).

Yeah a few bps from the merchant discount rate (% fee) funds the fraud coverage. 

It costs the merchant different amounts depends on whether the transaction is card-present or card-not-present. So I think if the transaction is over the internet (i.e. card-not-present) the merchant gets charged a higher fee to cover the higher probability of fraud.

[runway]

Simply there should not be PCGS Slabs

[serenitystan]

What ever happened to the good old days before the internet when you went to coin fairs like Petersham, Sydney opera house, Sydney travel lodge,Ashfield, Granville,Spink/Noble auctions and all the coin + banknote dealers from Blacktown to Sydney..It was an adventure spending hours viewing coins + banknotes in person and talking Numismatics with fellow collectors. No Ebay,Paypal,Gst,Bank fees, Insurance + Postage costs, No fraud. Cash in hand or if another dealer could vouch for you a check was OK...And the good old school LAYBY...

[autocoupler]

Generally I think the internet has been good for collectors, particularly those who live remote from cities, where most of the activity was back in the day. Contact with sellers was either by landline or mail, and I remember Dad showing blind faith in responding to newspaper adds and posting his hard earned off to dealers in Sydney etc. 

The internet has given collectors access at the press of a button, with extended risk at times no doubt, particularly if due diligence isn't exercised.

IMO it won't be a good day when all transactions are made electronically. I recently had an issue with a bank transfer where the money hadn't turned up after six days, it eventually did after they investigated, but that's no good if funds are tight and people are living pay day to pay day.

[JeffH]

Supposedly with the New Payments Platform we can make transfers 'instantly'.
A pity many financial institutions have not enabled (or only partly done so ) the system. It will only work properly if everyone participates. Not much has changes since this article was published.

[nealeffendi]

Simply there should not be PCGS Slabs

Disagree. Nothing wrong with having TPGs such as PCGS. The problem is they claim to be of a very high standard/professional etc yet they are found wanting in so many ways. Still better than the free for all of the raw coin market where you have to really know your subject and accept that there will be many a buy that isn't as good as you expected when you bid or buy off a photo (coins that look proof or chrome struck but are polished are probably the most common downers, but also coins photographed through a Doris Day lens to hide all the flaws are also another common pitfall).

[serenitystan]

Simply there should not be PCGS Slabs

Disagree. Nothing wrong with having TPGs such as PCGS. The problem is they claim to be of a very high standard/professional etc yet they are found wanting in so many ways. Still better than the free for all of the raw coin market where you have to really know your subject and accept that there will be many a buy that isn't as good as you expected when you bid or buy off a photo (coins that look proof or chrome struck but are polished are probably the most common downers, but also coins photographed through a Doris Day lens to hide all the flaws are also another common pitfall).

Most raw coin dealers ''HATE'' TPG graded coins. This is because it exposes there overgraded junk. Eventually one day it will put them out of business, just like what medical science did to snake oil salesman... :zomby: