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Speaking of highly suspicious Ebay auctions....

Started by MarkFeld,

19 posts in this topic

MarkFeld

MarkFeld

Posted
Posted

What are the chances that this zero feedback seller who signed up on Nov. 5th and listed this circulated Proof 1895 Dollar at (little or) no reserve, actually has the coin and will dealiver it to the winning bidder? Ebay listing

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jesbroken

jesbroken

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Bobby, looks like so far, there are 10 stupid people placing multiple stupid bids for this stupid item on this stupid auction. Ok, maybe I overdid the stupid part, but that's just me.

Oh, don't worry, Paypal will take care of them. Ya think?

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bsshog40

bsshog40

Posted
Posted

30 bids and it ended at over $15,000. I had forgot to see how much time was on it earlier. Does anyone know if it was close to end or did the auction shutdown?? Hopefully Jim, whoever bought this, papypal will cover it.

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rbrown4

rbrown4

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Posted

Sold for $15, 251.00 Wow, unbelievable and to a buyer that has only 40 transactions. Perhaps they deserve each other. I hope all works out for the buyer. Man oh man.

 

Rey

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MarkFeld

MarkFeld

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Going strictly by the facts given, there is nothing to indicate fraud or fraudulent intent. I hope the best for the high bidder.
Part of those facts is the reality that the seller didn't have a reserve or minimum bid of any consequence, whatsoever on the coin. That along with the fact that the seller has no history, means the odds are significantly better than 50-50 that the seller is a scammer.
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DC Dawg

DC Dawg

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Posted
Going strictly by the facts given, there is nothing to indicate fraud or fraudulent intent. I hope the best for the high bidder.
Part of those facts is the reality that the seller didn't have a reserve or minimum bid of any consequence, whatsoever on the coin. That along with the fact that the seller has no history, means the odds are significantly better than 50-50 that the seller is a scammer.
There are two sides to the story... I just recently sold a PR69 First Strike 2006-W Buffalo with a starting bid of .01 and no reserve. Why did I do that? Because I knew the market was hot, the coin would get bid up to over its melt value (and my purchase price), and it lowered the fees eBay charges. I know I will have to pay eBay final value fees, but if I lower my posting charges, the more money I make.

 

I know I have an over 1100 rating. But even if I had lower or even 0, I am not sure you can pass judgment on this sale. I would post it starting at 1-cent with no reserve and let the bidding take its course. I would rather put up with the Final Value Fee than the posting fees.

 

HOWEVER, the lack of return policy worries me... which would be only reason I would pass this auction--at least until I would be able to ask the seller about these policies.

 

Scott :hi:

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MarkFeld

MarkFeld

Posted
  • Author
Posted
Going strictly by the facts given, there is nothing to indicate fraud or fraudulent intent. I hope the best for the high bidder.
Part of those facts is the reality that the seller didn't have a reserve or minimum bid of any consequence, whatsoever on the coin. That along with the fact that the seller has no history, means the odds are significantly better than 50-50 that the seller is a scammer.
There are two sides to the story... I just recently sold a PR69 First Strike 2006-W Buffalo with a starting bid of .01 and no reserve. Why did I do that? Because I knew the market was hot, the coin would get bid up to over its melt value (and my purchase price), and it lowered the fees eBay charges. I know I will have to pay eBay final value fees, but if I lower my posting charges, the more money I make.

 

I know I have an over 1100 rating. But even if I had lower or even 0, I am not sure you can pass judgment on this sale. I would post it starting at 1-cent with no reserve and let the bidding take its course. I would rather put up with the Final Value Fee than the posting fees.

 

HOWEVER, the lack of return policy worries me... which would be only reason I would pass this auction--at least until I would be able to ask the seller about these policies.

 

Scott :hi:

Scott, I don't think that's a fair "apples to apples" comparison.

 

What was the approximate value of your coin? I imagine considerably less than that of the 1895 Dollar. And that makes a big difference in terms of potential liquidity, whether Ebay is even the right place to try to sell and with respect to the significance of a small extra fee for including a reserve. Also, while you might have been OK once your coin received a bid in excess of melt, I doubt that the owner of a Proof 1895 dollar would feel the same way. ;)

 

I am merely going with the odds here in presuming that a scam is involved, based upon the seller's history and the way the coin was listed. I am certainly wrong on occasion, in my hunches based on the odds. However, based on my experience in having examined far too many suspicious listings of this type, I know that chances of my being right are far greater than of my being wrong about a given listing.

 

By the way, I am happy to report that the winning bidder has his eyes wide open.

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NoTwilight

NoTwilight

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Mark,

So the winning bidder buys suspicious auctions cheap and properly protects himself? Good business plan if you've got the second half nailed. Before bidding I sometimes ask such sellers if they would consider escrow if I pay. That usually gives me some insight. --Jerry

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MarkFeld

MarkFeld

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Mark,

So the winning bidder buys suspicious auctions cheap and properly protects himself? Good business plan if you've got the second half nailed. Before bidding I sometimes ask such sellers if they would consider escrow if I pay. That usually gives me some insight. --Jerry

Jerry, I don't know what he has done previously, only that he is aware of the possibility of a scam and is taking appropriate precautions.
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EZ_E

EZ_E

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Mark,

So the winning bidder buys suspicious auctions cheap and properly protects himself? Good business plan if you've got the second half nailed. Before bidding I sometimes ask such sellers if they would consider escrow if I pay. That usually gives me some insight. --Jerry

Jerry, I don't know what he has done previously, only that he is aware of the possibility of a scam and is taking appropriate precautions.

 

How?

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MarkFeld

MarkFeld

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Mark,

So the winning bidder buys suspicious auctions cheap and properly protects himself? Good business plan if you've got the second half nailed. Before bidding I sometimes ask such sellers if they would consider escrow if I pay. That usually gives me some insight. --Jerry

Jerry, I don't know what he has done previously, only that he is aware of the possibility of a scam and is taking appropriate precautions.

 

How?

If a transaction occurs I believe it will be face to face . ;)
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