Fakes on Proxibid

fakesonproxibid

Proxiblog scours Proxibid every day, looking at all auctions in the Coin and Currency section, even ones that we do not patronize, to keep tabs on their progress. We always find counterfeit coins. Here’s the harvest Sunday on the portal.

Fake California Gold continues to be the most frequently found counterfeit on Proxibid. Here are two from different auctions.

base metal

The manufacture of this counterfeit is so bad that the base metal shows under the plating. Yet this was billed as a California gold coin.


fakegold

This counterfeit has the dreaded bear on the reverse. 99.9% of the time, that’s a fake. Ironically, the description states 1957 rather than 1857 as the date of the fake. The auctioneer may believe this is a lot description error; but it’s probably accurate in terms of date of manufacture.


fake

The flip of this 1864 Seated Half has a question mark, and rightly so, as the “six” in 1864 has been altered and etched in. Dates and fonts are difficult for counterfeiters to master, so always look closely there on 19th century half dollars that just don’t seem right at first glance.


Auctioneers have a responsibility not to sell counterfeit coins. Many are used to “all sales final.” Not the case when items produced by the U.S. Treasury Department are faked, the sale of which is a serious federal offense. Auction companies also open themselves up to fraud for violations of the U.S. Hobby Protection Act.

If counterfeit coins continue to be found in great quantity on Proxibid, the company might want to stengthen its rules in the Unified User Agreement to ensure that the Omaha company will not be found liable in the transmission of images that lead to sales of fake money.

As we always advise, make sure your consignors know they are responsible for coins proved to be counterfeit. Put that in your consignor agreements. Protect yourself.

Proxiblog is an independent entity with no connection to the auction portal Proxibid. Our intent is to uphold basic numismatic standards as established by the American Numismatic Association and the National Auctioneer Association and to ensure a pleasurable bidding experience not only on Proxibid but also on similar portals such as iCollector and AuctionZip.

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