Interesting Ebay activity - buy and "repackage" ??

[JIM F.]

This seems a bit suspicious. If you look at Ebay member southpaws88 activity, you can see he buys PL Morgans (many low MS TPG) and sells raw PL Morgans with the same dates (likely the same coins) raw with some nice fancy pictures and, titles like "*RARE* SHOCKING BU/DMPL", and a story that his daughter inherited them -- of course at inflated prices.

 

I'm not drawing any conclusions, I'll let you draw your own conclusions -- but it looks like some buyers may be getting taken advantage of to me.

 

Check it out, and post your thoughts.

 

Here's a link to what is for sale

 

http://shop.ebay.com/southpaws88/m.html?_dmd=1&_ipg=50&_sop=1&_rdc=1

 

Checking his feedback shows you what he has been buying.

 

 

 

[Mark T]

This is a common scam on EBAY , another scam is buying a coin in a details holder cracking it out and selling it with an inflated grade and no mention that the coin has issues.

[JIM F.]

This guy is not even transparent. With as much volume he is doing, it would be a lot "smarter" to buy the coins at a coin show instead of in the same forum you are trying to resell them at with a bogus story.

 

In this case, the buyers are not doing their homework.

 

 

[MunkyMan95]

Caveat emptor.

[JIM F.]

It prompts the question, "when does blatant lying become fraud"?

 

[dopy02]

, and a story that his daughter inherited them .

 

 

 

 

 

 

 

[JIM F.]

I did some research, and found out who this father and daughter team is. Perhaps you've seen them before. See picture.

[thebeav]

[TJ'S Coins]

It's the way he has chosen to make money. If you do not want to support him, don't purchase his products. Are these really scams? Might not B & M dealers to the same thing?

[Lazarus Long]

So the daughter inherited before the father did? That doesn't happen every day.

 

While we're on the same subject, can someone enlighten me as to how a dealer like GSC http://stores.ebay.com/Great-Southern-Coin aquires so many raw coins?

 

I mean it's like every single week they have 32-D, 32-S Washingtons 16-D,17-D FB mercury dimes, etc. that are raw. I'm not acusing them of anything wrong (I've bought some cheap coins from them before that I was happy with). I'm just wondering how so many scarcer date raw coins end up in the same place. Are they cracking them and reselling them or there still that many raw coins out there that a wholesaler like GSC is able to aquire them?

 

I'm just curious. I'm not crying foul.

[Mark T]

So the daughter inherited before the father did? That doesn't happen every day.

 

While we're on the same subject, can someone enlighten me as to how a dealer like GSC http://stores.ebay.com/Great-Southern-Coin aquires so many raw coins?

 

I mean it's like every single week they have 32-D, 32-S Washingtons 16-D,17-D FB mercury dimes, etc. that are raw. I'm not acusing them of anything wrong (I've bought some cheap coins from them before that I was happy with). I'm just wondering how so many scarcer date raw coins end up in the same place. Are they cracking them and reselling them or there still that many raw coins out there that a wholesaler like GSC is able to aquire them?

 

I'm just curious. I'm not crying foul.

 

No you did not get them cheap from GSC - what you probably paid for was an over graded coin that may have been cleaned or has other problems. Assuming a coin did not have problems, if GSC listed it as Au it was probably at least a few points lower then their listed grade. From what I have experienced myself and from talking to others they generally over grade by at least a few points. The EBAY feedback system is so flawed I wont even bother to talk about it other then to say that many people on EBAY don't have a clue what they are buying or how to grade it . This is a huge advantage for any EBAY seller of raw coins. GSC doctors their photos, however if you know what to look for it is not that hard to spot an obvious problem coin. You may be able to get some decent deals from GSC on their raw inventory but only if you bid as if the coin is several points lower then their listed grade and cross your fingers that the coin does not have issues that you can not see from their photos.

As for your original question as to how they have so much inventory - someone once answer that question , maybe they can re post the answer. I think it has something to do with GSC being a coin wholesale operation , they get a lot of Slab rejects .