Klaatu
Sr. Member
After I ran across this auction on eBay I decided to follow it and see how it ended. http://cgi.ebay.com/1862-S-PCGS-GOL...371612582QQcategoryZ39469QQrdZ1QQcmdZViewItem
The auction was for an "1862-S PCGS GOLD QUARTER EAGLE NOT GENUINE N/R". Did you catch the "NOT GENUINE" part? In the description the seller states the coin "WAS SENT TO PCGS AND CAME BACK, NOT GENUINE". That means it is a fake. A counterfeit. One of the pics of the coin even has the PCGS insert that says "NOT GENUINE". I would say the bidders were duly warned.
A genuine common date Liberty Quarter Eagle in good condition would be worth around $145 to $150 but a genuine 1862-S QE will cost you $500 to $4,000 or more depending on condition. Assuming the counterfeit coin has the same gold content as a genuine coin its melt value is $66.13. I doubt a counterfeit is worth much, if any, more than its gold content.
The counterfeit coin in this auction brought $151.50, more than double its gold value. The coin in the pics looks genuine enough. If you were quickly scanning coin auctions that were ending soon you might read "1862-S PCGS GOLD QUARTER EAGLE" and miss the "NOT GENUINE" part. $150 for this coin would be a bargain if it were a genuine piece. Maybe the bidders did not carefully read the description and didn't know they were bidding on a fake. (Then again, maybe the buyer plans to sell it as a genuine coin to an unsuspecting buyer at a flea market or coin show.)
Moral of the story: Be careful what you bid on and don't get carried away in an auction. Counterfeit gold coins are rampant on eBay.
The auction was for an "1862-S PCGS GOLD QUARTER EAGLE NOT GENUINE N/R". Did you catch the "NOT GENUINE" part? In the description the seller states the coin "WAS SENT TO PCGS AND CAME BACK, NOT GENUINE". That means it is a fake. A counterfeit. One of the pics of the coin even has the PCGS insert that says "NOT GENUINE". I would say the bidders were duly warned.
A genuine common date Liberty Quarter Eagle in good condition would be worth around $145 to $150 but a genuine 1862-S QE will cost you $500 to $4,000 or more depending on condition. Assuming the counterfeit coin has the same gold content as a genuine coin its melt value is $66.13. I doubt a counterfeit is worth much, if any, more than its gold content.
The counterfeit coin in this auction brought $151.50, more than double its gold value. The coin in the pics looks genuine enough. If you were quickly scanning coin auctions that were ending soon you might read "1862-S PCGS GOLD QUARTER EAGLE" and miss the "NOT GENUINE" part. $150 for this coin would be a bargain if it were a genuine piece. Maybe the bidders did not carefully read the description and didn't know they were bidding on a fake. (Then again, maybe the buyer plans to sell it as a genuine coin to an unsuspecting buyer at a flea market or coin show.)
Moral of the story: Be careful what you bid on and don't get carried away in an auction. Counterfeit gold coins are rampant on eBay.
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![:-\](https://www.treasurenet.com/smilies/undecided.gif "Undecided :-\")
If I was the seller I would stamp a C or R on it to let people know its a reproduction or fake.
