Why do people buy silver plated coins on eBay?

[LittleMan]

I see a lot of silver plated 1 oz coins selling on eBay for about the £10-12 mark.

There seems to be a lot of plated coins from the Chinese Perth Mint selling recently.

But why are people buying them? I could understand people getting them as decoys if they were £1 each. But at £10+ I just cannot understand why anyone would want one. They are clearly labeled as plated, so I dont think its people thinking they are solid.

Are they all being bought by people intending to sell them on as "genuine"?

Anyone got any ideas?

[modofantasma]

Some might not understand what silver plated is? 

[AppleZippoandMetronome]

I would expect that its mainly people not fully reading titles and descriptions mixed with ignorance of the hobby. They probably search silver coins then those results come up and they pounce on them without fully reading or understanding. They may or may not know what the coins should be worth so could think they got a bargain. The £10 to £12 price point is a tricky one becase for someone who doesn't know what coins are worth its not so low as to be an obvious fake.

As a long term ebay seller people buy stuff without fully reading the title or description all the time. Its one of the big frustrations of selling on ebay as no matter what effort you put in to decribing items you know most people won't read it.

We definitely know that people love to dive into something without taking the time to fully understanding it. So many want to be that person that scores the bargain or whatever. Scammers have such great success because it takes time and effort to to fully understand something like coin collecting and a lot of people seem unwilling to commit to those two things before making a purchase.

[LawrenceChard]

10 hours ago, LittleMan said:

I see a lot of silver plated 1 oz coins selling on eBay for about the £10-12 mark.

There seems to be a lot of plated coins from the Chinese Perth Mint selling recently.

But why are people buying them? I could understand people getting them as decoys if they were £1 each. But at £10+ I just cannot understand why anyone would want one. They are clearly labeled as plated, so I dont think its people thinking they are solid.

Are they all being bought by people intending to sell them on as "genuine"?

Anyone got any ideas?

May I suggest you add a link to a typical example?

😎

[LawrenceChard]

9 hours ago, LawrenceChard said:

May I suggest you add a link to a typical example?

😎

Hello!

Anyone still at home?

@LittleMan?

😎

[LittleMan]

https://www.ebay.co.uk/itm/Year-of-the-Tiger-1oz-Silver-Coin-Silver-Plated-Coin-Chinese-New-Year-2022-/284660815358?hash=item42471b55fe%3Ag%3AkJEAAOSwAs5iBqo5&nma=true&si=6BZeOEjA8lF%2FO59%2BlQbd7jnO7Mw%3D&orig_cvip=true&nordt=true&rt=nc&_trksid=p2047675.l2557

 

https://www.ebay.co.uk/itm/2018-AUSTRALIA-COLORISED-LUNAR-YEAR-OF-THE-DOG-1OZ-SILVER-PLATED-1-COIN-/313933426999?hash=item4917e3f137%3Ag%3AjIsAAOSwc4xiQaHr&nma=true&si=6BZeOEjA8lF%2FO59%2BlQbd7jnO7Mw%3D&orig_cvip=true&nordt=true&rt=nc&_trksid=p2047675.l2557

https://www.ebay.co.uk/itm/352491732426?hash=item521224fdca:g:ehwAAOSwK65bupE1

Sorry for slow reply.

I have linked a cupple, there seem to be a bunch of color ones selling now. I cannot see the ones that had sold the other day. But it was a load of non color ones that had sold then.

The coins so clearly state they are plated that I dont think many people could have bought them by mistake. In fact some of them are not even listed as "bullion" so i can use an eBay discount on them if I like.

I remember a similar discussion on this forum from about 5 years ago, at the time fake coins could be picked up on eBay for £1-2 each. Some members concluded people were getting them as decoys, and at that price it could make sense. I am often told I have too much confidence in people, so maybe it is just numptys buying them by mistake, then not even realizing after they relieve the coin.

I sell a lot on eBay too, and have never had any problems regarding people not reading or miss-reading my listings.

So in spite of all your suggestions I am still struggling to comprehend why so many sell.

[LawrenceChard]

1 hour ago, LittleMan said:

https://www.ebay.co.uk/itm/Year-of-the-Tiger-1oz-Silver-Coin-Silver-Plated-Coin-Chinese-New-Year-2022-/284660815358?hash=item42471b55fe%3Ag%3AkJEAAOSwAs5iBqo5&nma=true&si=6BZeOEjA8lF%2FO59%2BlQbd7jnO7Mw%3D&orig_cvip=true&nordt=true&rt=nc&_trksid=p2047675.l2557

 

https://www.ebay.co.uk/itm/2018-AUSTRALIA-COLORISED-LUNAR-YEAR-OF-THE-DOG-1OZ-SILVER-PLATED-1-COIN-/313933426999?hash=item4917e3f137%3Ag%3AjIsAAOSwc4xiQaHr&nma=true&si=6BZeOEjA8lF%2FO59%2BlQbd7jnO7Mw%3D&orig_cvip=true&nordt=true&rt=nc&_trksid=p2047675.l2557

https://www.ebay.co.uk/itm/352491732426?hash=item521224fdca:g:ehwAAOSwK65bupE1

Sorry for slow reply.

I have linked a cupple, there seem to be a bunch of color ones selling now. I cannot see the ones that had sold the other day. But it was a load of non color ones that had sold then.

The coins so clearly state they are plated that I dont think many people could have bought them by mistake. In fact some of them are not even listed as "bullion" so i can use an eBay discount on them if I like.

I remember a similar discussion on this forum from about 5 years ago, at the time fake coins could be picked up on eBay for £1-2 each. Some members concluded people were getting them as decoys, and at that price it could make sense. I am often told I have too much confidence in people, so maybe it is just numptys buying them by mistake, then not even realizing after they relieve the coin.

I sell a lot on eBay too, and have never had any problems regarding people not reading or miss-reading my listings.

So in spite of all your suggestions I am still struggling to comprehend why so many sell.

So, I took a look at the first one.

It appears to be a fake 2022 Australian one ounce coloured silver year of the tiger $1 coin, by Perth Mint.

The title starts:

Year of the Tiger 1oz Silver Coin

Which is dishonest, misleading, and fraudulent.

It is listed under the category:

Coins, Banknotes & Bullion
Bullion & Bars
Silver Bullion
Silver Bullion Coins

Which is also dishonest, misleading, and fraudulent.

Sure, the full title is "Year of the Tiger 1oz Silver Coin, Silver Plated Coin Chinese New Year 2022", which does include "Silver Plated".

The "Item Specifics" state:

Item specifics
Coin:    
Australian Lunar    
Year:    
2022
Precious Metal Content per Unit:    
1 oz

Which is also incorrect in multiple places places: 

Coin

Australian

Precious Metal Content

Nowhere has the seller "manchester9138*" stated that it is not actually a coin, or that it is an imitation at best, or more accurately a fake.

Even without looking at any of his other listings, I would concude that  "manchester9138*"

Business seller information
Paul Clapham
7 Davenport Street
Manchester, Audenshaw
Greater Manchester
M34 5TP
United Kingdom

Is dishonest, and his listings are misleading and fraudulent. They would almost certainly not comply with UK Advertising Standards, but who is going to bother lodging a formal complaint?

I suspect, like many other ebay cheats, crooks, and scammers, that he only includes the words "Silver Plated", so that he can argue that his description is not misleading or inaccurate.

I have also, for many years, believed that ebay are fully aware that many items on its site are listed misleadingly, dishonestly, and fraudulently, but as long is it can deflect accusations by devious devices such as "Silver Plated" on this listing, it does not care, and is happy to continue collecting fees from crooked sellers ripping off gullible "punters", many of whom are probably lulled into a fales sense of security by stuff like

"Shop with confidence
eBay Money Back Guarantee
Get the item you ordered or get your money back"

"99.4% positive Feedback", and much more.

You could try complaining to ebay that this coin is a fake, and see what happens.

I predict the answer would be "nothing much"

Here is a screenshot of the listing:

You can find these fakes on AliExpress. The first listing I found was asking 1 penny "￡0.01 ￡3.41  -99%" "New User Bonus". If you shopped round, you could probably buy them in bulk for about £2 each.

Here is a screenshot of the same item on AliExpress:

The reason there are so many people offering c**p like this for sale on ebay is mainly the big fat profit margins, about £10 profit on this item.

The harder question to answer is why people are stupid enough to pay £12.99
.. and why there are so many who are so stupid.

So far, I have never been able to work out how and why people are so stupid, but it seems to be a fact of life, and...

There appears to be no cure for human stupidity.

😎

 

[LawrenceChard]

I have just noticed this on his member / feedback page:

"Hi I’m here to deliver good service and do my very best to get products to you as quickly as possible, items are described as accurate as possible and if you have any questions just ask. :)"

So you could try asking why he does not state his item is not a real coin, why it is listed as silver, why he does not disclose the fact that it is a fake / imitation, and is he aware his listing is dishonest, misleading, and fraudulent.

I think you should try it, and report back here with the answer, which I forecast will be to ignore you, or to suggest you enagage in a sex and travel related activity.

😎

[LawrenceChard]

45 minutes ago, LawrenceChard said:

I have just noticed this on his member / feedback page:

"Hi I’m here to deliver good service and do my very best to get products to you as quickly as possible, items are described as accurate as possible and if you have any questions just ask. :)"

So you could try asking why he does not state his item is not a real coin, why it is listed as silver, why he does not disclose the fact that it is a fake / imitation, and is he aware his listing is dishonest, misleading, and fraudulent.

I think you should try it, and report back here with the answer, which I forecast will be to ignore you, or to suggest you enagage in a sex and travel related activity.

😎

I took a screenshot of his feedback page:

I also think the use of a Royal Engineers badge is potentially dodgy.

😎

[flyingveepixie]

On 24/06/2022 at 10:00, AppleZippoandMetronome said:

 

As a long term ebay seller people buy stuff without fully reading the title or description all the time.

I can attest to that.  It does my head in, especially when it's a higher value item like a guitar which I wont post and needs to be collected.  I get some twit from overseas pressing the buy it now button and paying via paypal after I specifically note in big bold letters in the description that I will not ship under any circumstances anywhere never mind abroad and will only accept cash on collection.

Infuriating.

 

[flyingveepixie]

1 hour ago, LawrenceChard said:

So, I took a look at the first one.

It appears to be a fake 2022 Australian one ounce coloured silver year of the tiger $1 coin, by Perth Mint.

The title starts:

Year of the Tiger 1oz Silver Coin

Which is dishonest, misleading, and fraudulent.

It is listed under the category:

Coins, Banknotes & Bullion
Bullion & Bars
Silver Bullion
Silver Bullion Coins

Which is also dishonest, misleading, and fraudulent.

Sure, the full title is "Year of the Tiger 1oz Silver Coin, Silver Plated Coin Chinese New Year 2022", which does include "Silver Plated".

The "Item Specifics" state:

Item specifics
Coin:    
Australian Lunar    
Year:    
2022
Precious Metal Content per Unit:    
1 oz

Which is also incorrect in multiple places places: 

Coin

Australian

Precious Metal Content

Nowhere has the seller "manchester9138*" stated that it is not actually a coin, or that it is an imitation at best, or more accurately a fake.

Even without looking at any of his other listings, I would concude that  "manchester9138*"

Business seller information
Paul Clapham
7 Davenport Street
Manchester, Audenshaw
Greater Manchester
M34 5TP
United Kingdom

Is dishonest, and his listings are misleading and fraudulent. They would almost certainly not comply with UK Advertising Standards, but who is going to bother lodging a formal complaint?

I suspect, like many other ebay cheats, crooks, and scammers, that he only includes the words "Silver Plated", so that he can argue that his description is not misleading or inaccurate.

I have also, for many years, believed that ebay are fully aware that many items on its site are listed misleadingly, dishonestly, and fraudulently, but as long is it can deflect accusations by devious devices such as "Silver Plated" on this listing, it does not care, and is happy to continue collecting fees from crooked sellers ripping off gullible "punters", many of whom are probably lulled into a fales sense of security by stuff like

"Shop with confidence
eBay Money Back Guarantee
Get the item you ordered or get your money back"

"99.4% positive Feedback", and much more.

You could try complaining to ebay that this coin is a fake, and see what happens.

I predict the answer would be "nothing much"

Here is a screenshot of the listing:

You can find these fakes on AliExpress. The first listing I found was asking 1 penny "￡0.01 ￡3.41  -99%" "New User Bonus". If you shopped round, you could probably buy them in bulk for about £2 each.

Here is a screenshot of the same item on AliExpress:

The reason there are so many people offering c**p like this for sale on ebay is mainly the big fat profit margins, about £10 profit on this item.

The harder question to answer is why people are stupid enough to pay £12.99
.. and why there are so many who are so stupid.

So far, I have never been able to work out how and why people are so stupid, but it seems to be a fact of life, and...

There appears to be no cure for human stupidity.

😎

 

This is only one of the many reasons why ebay has become so c**p.  The guy will get away with it simply because he has said at some point in the description that the coin is silver plated.  As long as it's noted somewhere in the description the buyer can't come back and make a claim that the item has been misdescribed and is in fact a fake when it can be argued that the description clearly states that it is a fake, if not in so many words....

[TeaTime]

Blimey - in an effort to gain knowledge i Googled 'selling counterfeit currency' and was surprised that there are websites selling counterfeit banknotes including blurbs such as .... 'amazing quality and 100% authenticity is guaranteed'..... which seems a bit odd. Authentic counterfeit currency 🤔.

I think the simplest answer to the question 'why do people buy silver plated coins' is that the buyer has every intention of passing on the 'coin' as genuine at some point. I don't believe there are that many people around who are buying a counterfeit because they are too stupid to realise it..

 

[LawrenceChard]

6 minutes ago, TeaTime said:

Blimey - in an effort to gain knowledge i Googled 'selling counterfeit currency' and was surprised that there are websites selling counterfeit banknotes including blurbs such as .... 'amazing quality and 100% authenticity is guaranteed'..... which seems a bit odd. Authentic counterfeit currency 🤔.

I think the simplest answer to the question 'why do people buy silver plated coins' is that the buyer has every intention of passing on the 'coin' as genuine at some point. I don't believe there are that many people around who are buying a counterfeit because they are too stupid to realise it..

 

I have spent many hours, and even years, pondering the mystery, and I do think the buyers are stupid.

We could analyse it into different degrees:

Some are not totally stupid, and actually realise it is fake, but like it anyway, can afford £10 to £15, but not the £40+- for the genuine article.

Some are stupid enough to buy, hoping the seller might have made a mistake, and it is either underpriced, or genuine, and not silver plated.

Some are just stupid, and have not read to the end of the title, because it's length exceeded their attention span.

Some less stupid ones don't buy it, because they are smart enough to look elsewhere, then buy from the legal (in China) Chinese counterfeiting industry, for about £2, and either keep it, or...

Join the rest of the crooks on ebay and start their own fraudulent ebay sales operation, feeding off the slightly stupider.

"Your" buyer probably slots in somewhere in my list.

😎

[LawrenceChard]

56 minutes ago, flyingveepixie said:

This is only one of the many reasons why ebay has become so c**p.  The guy will get away with it simply because he has said at some point in the description that the coin is silver plated.  As long as it's noted somewhere in the description the buyer can't come back and make a claim that the item has been misdescribed and is in fact a fake when it can be argued that the description clearly states that it is a fake, if not in so many words....

... and ebay surely know, and are therefore part of the unwritten conspiracy to mislead and defraud people.

😎

[Pete]

2 hours ago, LawrenceChard said:

So, I took a look at the first one.

It appears to be a fake 2022 Australian one ounce coloured silver year of the tiger $1 coin, by Perth Mint.

The title starts:

Year of the Tiger 1oz Silver Coin

Which is dishonest, misleading, and fraudulent.

It is listed under the category:

Coins, Banknotes & Bullion
Bullion & Bars
Silver Bullion
Silver Bullion Coins

Which is also dishonest, misleading, and fraudulent.

Sure, the full title is "Year of the Tiger 1oz Silver Coin, Silver Plated Coin Chinese New Year 2022", which does include "Silver Plated".

The "Item Specifics" state:

Item specifics
Coin:    
Australian Lunar    
Year:    
2022
Precious Metal Content per Unit:    
1 oz

Which is also incorrect in multiple places places: 

Coin

Australian

Precious Metal Content

Nowhere has the seller "manchester9138*" stated that it is not actually a coin, or that it is an imitation at best, or more accurately a fake.

Even without looking at any of his other listings, I would concude that  "manchester9138*"

Business seller information
Paul Clapham
7 Davenport Street
Manchester, Audenshaw
Greater Manchester
M34 5TP
United Kingdom

Is dishonest, and his listings are misleading and fraudulent. They would almost certainly not comply with UK Advertising Standards, but who is going to bother lodging a formal complaint?

I suspect, like many other ebay cheats, crooks, and scammers, that he only includes the words "Silver Plated", so that he can argue that his description is not misleading or inaccurate.

I have also, for many years, believed that ebay are fully aware that many items on its site are listed misleadingly, dishonestly, and fraudulently, but as long is it can deflect accusations by devious devices such as "Silver Plated" on this listing, it does not care, and is happy to continue collecting fees from crooked sellers ripping off gullible "punters", many of whom are probably lulled into a fales sense of security by stuff like

"Shop with confidence
eBay Money Back Guarantee
Get the item you ordered or get your money back"

"99.4% positive Feedback", and much more.

You could try complaining to ebay that this coin is a fake, and see what happens.

I predict the answer would be "nothing much"

Here is a screenshot of the listing:

You can find these fakes on AliExpress. The first listing I found was asking 1 penny "￡0.01 ￡3.41  -99%" "New User Bonus". If you shopped round, you could probably buy them in bulk for about £2 each.

Here is a screenshot of the same item on AliExpress:

The reason there are so many people offering c**p like this for sale on ebay is mainly the big fat profit margins, about £10 profit on this item.

The harder question to answer is why people are stupid enough to pay £12.99
.. and why there are so many who are so stupid.

So far, I have never been able to work out how and why people are so stupid, but it seems to be a fact of life, and...

There appears to be no cure for human stupidity.

😎

 

Beautifully put ....

When you see sellers listing fake, some would argue "counterfeit" coins on eBay I cannot understand why the authorities, Mints and trading standards people let this happen. You see TV programmes where fake handbags and designer shoes are seized by trading standards why not bullion ? Just because there is mention of silver plating isn't enough when the precious metal content is still described as 1 oz and when a coin depicts a legal denomination in currency. 

[LawrenceChard]

17 minutes ago, TeaTime said:

Blimey - in an effort to gain knowledge i Googled 'selling counterfeit currency' and was surprised that there are websites selling counterfeit banknotes including blurbs such as .... 'amazing quality and 100% authenticity is guaranteed'..... which seems a bit odd. Authentic counterfeit currency 🤔.

I think the simplest answer to the question 'why do people buy silver plated coins' is that the buyer has every intention of passing on the 'coin' as genuine at some point. I don't believe there are that many people around who are buying a counterfeit because they are too stupid to realise it..

 

Guaranteed 100% genuine counterfeits!

😎

[flyingveepixie]

17 minutes ago, Pete said:

Beautifully put ....

When you see sellers listing fake, some would argue "counterfeit" coins on eBay I cannot understand why the authorities, Mints and trading standards people let this happen. You see TV programmes where fake handbags and designer shoes are seized by trading standards why not bullion ? Just because there is mention of silver plating isn't enough when the precious metal content is still described as 1 oz and when a coin depicts a legal denomination in currency. 

Come to think of it, I can distinctly remember a time on ebay when if something fake was advertised it would be automatically flagged as such by some kind of bot or other and the auction cancelled and  a warning would be sent to the seller on a 'three strikes and you're out' basis along with a requirement to go and read ebay's terms and conditions for sellers with a wee tickbox at the bottom which you had to tick before you could proceed.  I can definitely remember that from about 10-15 years ago, so why not now..? 

 

[Pete]

4 minutes ago, flyingveepixie said:

Come to think of it, I can distinctly remember a time on ebay when if something fake was advertised it would be automatically flagged as such by some kind of bot or other and the auction cancelled and  a warning would be sent to the seller on a 'three strikes and you're out' basis along with a requirement to go and read ebay's terms and conditions for sellers with a wee tickbox at the bottom which you had to tick before you could proceed.  I can definitely remember that from about 10-15 years ago, so why not now..? 

 

Absolutely agree when the Bay is promoting a "safe platform" and when people are misled into buying fakes, irrespective of that little word 'plated' in the text somewhere, it cannot be perceived as "safe" especially when buyers are paying £10 plus for something worth less than 10 pence.

[ArgentSmith]

It was once considered a very serious offence to pass counterfeit coins, underweight even debased precious metals, but now all seems to be ignored. I read recently how many areas have a zero rate of solving domestic burglaries. Recently spoke to an ex met officer who told me youths found carrying knives in London are asked to attend a knife crime awareness course so clearly treated as low priority.

Clearly the plod are too busy policing "hate crimes" such as wrong speak on social media.

[LittleMan]

Thanks for all the replies, some very interesting points.

The ones I linked to were a bit dish honest, but the ones I had first seen, but frustratingly cannot find again, were clearly listed as plated in all parts of the listing.

But I have seen 100s sell over the last years. Some clearly stating they are plated, and some more ambiguously so.

I accept a certain % will be bought by mistake, but i still struggle to comprehend why so many sell.

Regarding the seller, the law and eBay enforcement. eBay will remove a listing if reported by another user. But will not punish the seller unless they get many listings removed. Eventually the account will reach a state where by all new listings will have to be checked by an ebay staff member before going live. But there is nothing to stop the seller just opening or using a different account if one has been flagged.

The only exception to this is if a big manufacture threatens ebay, I dont see many fake levies jeans on ebay these days! So ebay can do it.

And dont get me started on facebook enforcement, that is just as broken.

I think if there was a story in a nation newspaper about fake currency being openly sold on eBay, then it would stop overnight.

Thank again everyone for your thoughts, I have enjoyed reading all your replies.

 

[James32]

3 hours ago, LawrenceChard said:

Some are just stupid, and have not read to the end of the title, because it's length exceeded their attention span.

🙋‍♂️

[LittleMan]

2 hours ago, flyingveepixie said:

Come to think of it, I can distinctly remember a time on ebay when if something fake was advertised it would be automatically flagged as such by some kind of bot or other and the auction cancelled and  a warning would be sent to the seller on a 'three strikes and you're out' basis along with a requirement to go and read ebay's terms and conditions for sellers with a wee tickbox at the bottom which you had to tick before you could proceed.  I can definitely remember that from about 10-15 years ago, so why not now..? 

I think it depends a lot on the particular item you are selling. If the manufactures of the coins, ie the mints were to complain to eBay, then the situation for coins might change.

Clothing for example seems to be highly policed, where as power tool battery's seem to get let a light touch regarding enforcement. For example if you search De-Walt 5ah battery, then check the box for de-walt brand, then you will still see non-dewalt counterfeit batteries. Its varies though, some will more clearly state they are not de-walt, but others will be more ambiguous, just like the situation with coins.

 

[flyingveepixie]

13 minutes ago, LittleMan said:

Thanks for all the replies, some very interesting points.

The ones I linked to were a bit dish honest, but the ones I had first seen, but frustratingly cannot find again, were clearly listed as plated in all parts of the listing.

But I have seen 100s sell over the last years. Some clearly stating they are plated, and some more ambiguously so.

I accept a certain % will be bought by mistake, but i still struggle to comprehend why so many sell.

Regarding the seller, the law and eBay enforcement. eBay will remove a listing if reported by another user. But will not punish the seller unless they get many listings removed. Eventually the account will reach a state where by all new listings will have to be checked by an ebay staff member before going live. But there is nothing to stop the seller just opening or using a different account if one has been flagged.

The only exception to this is if a big manufacture threatens ebay, I dont see many fake levies jeans on ebay these days! So ebay can do it.

And dont get me started on facebook enforcement, that is just as broken.

I think if there was a story in a nation newspaper about fake currency being openly sold on eBay, then it would stop overnight.

Thank again everyone for your thoughts, I have enjoyed reading all your replies.

 

I got booted off the Amazon selling platform because of some idiot who complained that an item I sold him - an old Rush album which I had had in my collection since the 70s - wasn't in mint condition even though I had listed it as being obviously used and road worn, so I guess it's kind of the same over there in terms of broken-ness...  

Edited June 25, 2022 by flyingveepixie

[HerefordBullyun]

Because @stefffana can pretend to flog them on TSF as 999 fine after, he has a knack especially with spoons trays jam jars etc

Edited June 25, 2022 by HerefordBullyun

[stefffana]

4 minutes ago, HerefordBullyun said:

Because @stefffana can pretend to flog them on TSF as 999 fine after, he has a knack especially with spoons trays jam jars etc

Go to the naughty page, mate!😁

Anyway...