Threat of Casascius counterfeiting

[htspringer]

I've been noticing on ebay the ridiculous prices that people are paying for redeemed Casascius coins.  At the moment there are two people bidding on a redeemed 25 bitcoin token, and the price is currently $325.  There are nine people bidding on a 2011 Casascius 1 bitcoin token (redeemed), and the current bid is $104.50.

I know there is a belief that these are "collectors pieces"... I find it astounding that people are paying these prices and can only suspect that there are individuals out there who see these tokens as an opportunity for an easy profit through counterfeiting.

Does anyone else share in these fears?

[Kluge]

It's finally happened. http://casascius.wordpress.com/2013/12/10/possible-counterfeits-to-be-aware-of/

Cas also told the counterfeiter exactly what to fix.

[ixne]

That's why it's important to keep a chain of possession. If you bought your coins from Casascius directly he can provide a signed message confirming the original sale. As counterfeits become more sophisticated, I expect first-owner coins to be more valuable than others that have been traded extensively.

[htspringer]

That's why it's important to keep a chain of possession. If you bought your coins from Casascius directly he can provide a signed message confirming the original sale. As counterfeits become more sophisticated, I expect first-owner coins to be more valuable than others that have been traded extensively.

So what you're saying is that every time a Casascius coin changes hands, it's value diminishes.  Thus, if you buy a Casascius coin from someone who bought it from Mike Caldwell, it has lost some of it's value because now, if you try to re-sell the coin, two people have to be trusted.

[gentlemand]

I've bought a couple of coins and kept the emails and shipping labels from the man himself. Provenance will become increasingly important. There's already some Chinese copies, albeit blanks, copying the brass 1BTC Casascius design.

An original, even if it is redeemed, is definitely of interest to collectors. There are only a few thousand and it has become an iconic emblem of Bitcoin.

[htspringer]

I've bought a couple of coins and kept the emails and shipping labels from the man himself. Provenance will become increasingly important. There's already some Chinese copies, albeit blanks, copying the brass 1BTC Casascius design.

An original, even if it is redeemed, is definitely of interest to collectors. There are only a few thousand and it has become an iconic emblem of Bitcoin.

$325 for a Casascius blank is, frankly, ridiculous.  There were 725 of those minted.  Yes, that's a rather small number.  However, Casascius coins have almost no aesthetic value and would be very easy to counterfeit should they continue to increase in price.

[gentlemand]

A 100 trillion dollar Zimbabwean bank note was worth around 20c before they got rid. I assume there were millions of them. They sell for 10-20 dollars all day long on Ebay because they're an interesting curio.

There are countless examples of coins and notes that are no longer legal tender anywhere or a usable currency that collectors will still find very desirable.

People will want a Casascius blank because it's a cool item to own. I've got one. I'd like more. I'll bet there will be a ton of fakes as it's not the most complex design ever. If I remember rightly many of them were minted by a company that makes car wash tokens.

If you can prove it's a genuine one then you have a very saleable item.

[htspringer]

A 100 trillion dollar Zimbabwean bank note was worth around 20c before they got rid. I assume there were millions of them. They sell for 10-20 dollars all day long on Ebay because they're an interesting curio.

There are countless examples of coins and notes that are no longer legal tender anywhere or a usable currency that collectors will still find very desirable.

People will want a Casascius blank because it's a cool item to own. I've got one. I'd like more. I'll bet there will be a ton of fakes as it's not the most complex design ever. If I remember rightly many of them were minted by a company that makes car wash tokens.

If you can prove it's a genuine one then you have a very saleable item.

Perhaps you're right.  I still find it perplexing that people are paying those kind of prices.

[gentlemand]

Yup. It's weird. I paid $10 for a spent 5 BTC coin.

I wouldn't pay hundreds for one. I can foresee a time when that might be a regular occurrence though. The key will be provenance and that will be a tough thing to prove without a used hologram or some documentation. I'm guessing not many bothered when they were worth a few bucks even when funded.

[hilariousandco]

I bet some of them haven't read the listing properly and think they're getting a fully-loaded coin.