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New anti-counterfeiting technology: Dogs

September 8, 2017 in Coins, Collecting, Counterfeit, Education, Fake Coins, History, News, Numismatic Crimes, Numismatica, Numismatics, USA Coins, World Coins

By: Coin Update News.CoinUpdate.com (Coin Update News)

Dogs are renowned for their almost supernatural sense of smell and have been used for years by law enforcement to solve some of the most complicated crimes ranging from drug smuggling to cold-blooded murder. In 1997, the world was introduced to the first counterfeit-sniffing dog, named Mike, and the concept has rapidly gained popularity ever since. The excerpt below, which is from the Stamp & Coin Place’s “Past and Present” blog, explores this powerful tool in the war on counterfeit currency.

On February 16, 2018, we will be welcoming the Chinese New Year, and it turns out that—appropriately—2018 will be the… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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Texas Attorney General Issues Gold Coins Consumer Protection Tips

May 22, 2017 in Bullion, Coins, Coins for sale, Collecting, Education, Fake Coins, Gold, Gold Bullion, Gold Coins, Investing, News, Numismatic Crimes, Numismatic Societies and Clubs, Numismatica, Numismatics, Opinion, Precious Metals, Press Releases, PSA, Rare Coins, US Government, USA Coins, World Coins

News media contacts:

Paul Stein, for Universal Coin & Bullion, 409-860-9077
Texas Attorney General’s office, 800-252-8011

Texas Attorney General Issues
Gold Coins Consumer Protection Tips

(Austin, Texas) May 22, 2017 – With input from numismatic experts, the Attorney General of Texas, Ken Paxton, has issued a consumer protection alert about buying and selling gold coins.  

Award-winning rare coins and precious metals writer, Michael Fuljenz, President of Universal Coin & Bullion in Beaumont, Texas, provided continuing consultation to the attorney general’s office on this important consumer alert. Fuljenz, in coordination with other key numismatic industry leaders, offered guidance on consumer protection best practices for precious metals consumers.

The advisory notes that senior citizens make up about 14% of the U.S. population but account for 60% of the callers to the National Fraud Information Center.

Paxton’s advisory cautions consumers and investors: “If coins you bought as an investment would have to double or triple in value before any gain could be realized, you may have been a victim of fraud.”

Entitled “Consumers Should Do Their Research Before and After Investing in Gold Coins,” the advisory emphasizes the crucial importance of working with reputable dealers to help avoid paying too much when buying or receiving too little when selling.  Paxton’s office recommends researching dealers through the Better Business Bureau, the American Numismatic Association, the Professional Numismatists Guild, Professional Coin Grading Service and Numismatic Guaranty Corporation.

“By issuing this important consumer protection advisory, Texas is not only assisting Lone Star state residents but providing nationwide benefits to the public who can access this useful information online.  Attorneys general across the country now also have a template to provide consumer protection advice to their residents about buying and selling gold bullion and gold coins,” said Fuljenz.

Among other tips in the Texas Attorney General’s advisory:

Do not respond to callers not previously contacted. Cold callers often are not registered in Texas to legally telemarket and often try to pressure customers to act quickly.

Do not do business with a dealer who guarantees your purchases are totally safe, will go up in value or can’t go down, stresses government gold confiscation or says he will buy them back for what you paid at any time.

The full consumer protection advisory from Texas Attorney General Paxton is available online and as a printable PDF document at www.texasattorneygeneral.gov/cpd/gold-coins.

Regretfully, due to print limitations, additional buying and selling tips were excluded, said Fuljenz, including avoiding false grading claims, advice about return privileges and urging caution if sellers receive certified money orders or certified checks from unknown buyers because they could be counterfeit.  All ten of the additional consumer protection tips are available online at www.MikeFuljenz.com/goldtips.

At Fuljenz’ request, the following are among the precious metal industry leaders who provided input to him for the advisory. Their names are listed alphabetically with affiliations given only for identification purposes.

Gary Adkins, American Numismatic Association Vice President and former Professional Numismatists Guild President

John Albanese, co-founder of Professional Coin Grading Service, Numismatic Guaranty Corporation and CAC

Doug Davis, Founder of Numismatic Crime Information Center, City Manager and former Police Chief of Pantego, Texas

Beth Deisher, Director of Anti-Counterfeiting for the Industry Council for Tangible Assets and former Editor of Coin World

Terry Hanlon, Dillon Gage Metals President, former PNG President

Jerry Jordan, award-winning investigative reporter and former Texas newspaper editor

Kathy McFadden, ICTA Executive Director

Rick Montgomery, NGC President

Donn Pearlman, public relations consultant, ANA Zerbe Award recipient, former ANA Governor and former journalist/broadcaster

Jay Sheppard, Better Business Bureau Serving Southeast Texas Dispute Resolution Director

Miles Standish, NGC Vice President

Universal Coin & Bullion (www.UniversalCoin.com) President Michael Fuljenz has won more than 60 prestigious national and regional awards and honors for his consumer education and protection work in rare coins and precious metals.  He is on the Boards of Directors of the influential Industry Council For Tangible Assets, Crime Stoppers of Jefferson and Hardin Counties Texas, and is a member of the prestigious Professional Numismatists Guild which honored him along with Doug Davis and Jerry Jordan in 2016 with its Sol Kaplan Award for helping to fight numismatic-related crimes.

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European dealer devises a clever contest using a fake coin

May 18, 2017 in Ancient Coins, Antique Coins, Auctions, Coins, Coins for sale, Collecting, Competition, E-commerce, Education, Events, Fake Coins, Gold, Gold Coins, History, News, Numismatica, Numismatics, Rare Coins, World Coins

By: Coin Update News.CoinUpdate.com (Coin Update News)

There’s a fake in the latest catalog of a respected auction house—and the owner knows it.

Dr. Hubert Lanz, of the respected Munich coin company Numismatik Lanz, has long been a champion of collectors, whose many hazards include the issue of counterfeit coins. As Numismatik Lanz is celebrating its 70th year of operation, Dr. Lanz came up with a clever idea to promote the company and highlight the danger of fraud in numismatics: He placed a fake in catalog number 164, and announced that anyone who identified the fake would receive a €25 credit toward their purchase in the auction.

Numismatik Lanz… Full article at the source>

Source: c

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ICTA’s Anti-Counterfeiting Task Force gets underway with steering committee and work groups

April 19, 2017 in Coins, Collecting, Counterfeit, Currency, Education, Fake Coins, History, Investing, Money, News, Numismatic Crimes, Numismatica, Numismatics, Press Releases, USA Coins

By: Press Release News.CoinUpdate.com (Coin Update News)

The Industry Council for Tangible Assets has named an 11-member steering committee and has formed eight work groups to begin the work of its Anti-Counterfeiting Task Force.

ICTA created the Anti-Counterfeiting Task Force in January and named Beth Deisher as its director. ACTF’s mission is to mobilize law-enforcement resources to protect the integrity of U.S. and world coinage by educating officials on the economic impact and growing threat of counterfeit circulating, collectible, and bullion coins.

“We are extremely pleased to have leaders step forward and volunteer their time and expertise as we begin working with various levels of law enforcement to… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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Buyers Beware! Fake British Virgin Islands Collector Coins from Unauthorized Distributor

November 3, 2016 in Coins, Collecting, Counterfeit, Education, Fake Coins, News, Numismatic Crimes, Numismatica, Numismatics, Opinion, PSA

By: Michael Alexander News.CoinUpdate.com (Coin Update News)

(Thursday, October 27)–The government of the British Virgin Islands is advising the public, especially coin collectors, that “coins” purported to be issued in the name of the British Virgin Islands have been offered for sale to coin dealers and the general public. (Two examples are shown above.) The coins are being sold from a website originating in Russia, by a company calling themselves “Katz Coins & Notes” or “Coinsking” with offices in Novosibirsk. The designs feature the Sibir Hockey Club in Russia and animals from Novosibirsk Zoo. The seller also purport to have offices in Prague, Czech Republic. The coins… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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NFC Tags and the Fight Against Counterfeiting

September 5, 2016 in Coin Grading, Coins, Collecting, Counterfeit, Education, Fake Coins, Grading, Investing, News, Numismatica, Numismatics, Opinion, Rare Coins, USA Coins

By: Kendall Bailey News.CoinUpdate.com (Coin Update News)

nfc tag 1smaller

It seems we can hardly go a week without hearing of new counterfeit coins surfacing. It is a problem as old as the hobby it continually undermines. Keeping collectible coins honest is especially troublesome today because counterfeiters have become quite adept at thwarting the security precautions employed by third party graders (TPGs). It is a predicament for collectors and dealers alike as it creates instances of distrust between buyer and seller.

The grading companies attempt to combat fakers’ efforts with a barrage of security precautions. TPGs use features like holograms, micro printing, serial numbers that are searchable on their websites, special… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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Use Caution To Avoid Gold And Silver Counterfeits, Advises Professional Numismatists Guild.

May 3, 2016 in Bullion, Coins, Coins for sale, Collecting, Education, Fake Coins, Gold, Gold Bullion, Gold Coins, Gold Eagles, Numismatic Crimes, Numismatica, Numismatics, PNG Professional Numismatists Guild, Precious Metals, Silver, Silver Coins, USA Coins

For immediate release
May 3, 2016

Use Caution To Avoid Gold And Silver Counterfeits, Advises Professional Numismatists Guild.

 

Historic, genuine 1803 Draped Bust design U.S. silver dollars in Very Fine condition are currently valued at about $3,000. This counterfeit 1803-dated dollar was recently offered in a Hong Kong flea market for less than $3. (Photo by Donn Pearlman.)

Historic, genuine 1803 Draped Bust design U.S. silver dollars in Very Fine condition are currently valued at about $3,000. This counterfeit 1803-dated dollar was recently offered in a Hong Kong flea market for less than $3. (Photo by Donn Pearlman.)

(Temecula, California) – Beware of counterfeit vintage rare coins and fake modern gold and silver bullion items now being offered in the marketplace.  Purchase only from reputable dealers, cautions the Professional Numismatists Guild (www.PNGdealers.org).

The PNG is a nonprofit organization composed of many of the country’s top numismatic experts.

“It is clear there is an increase in the types of fakes sold by unscrupulous dealers.  These sales of counterfeit coins are potentially a multi-million dollar problem for the public.  There’s an old saying that can help buyers avoid problems: If you don’t know coins, you better know your dealer,” stated Professional Numismatists Guild (PNG) President Dana Samuelson.

“We conducted an informal inquiry of PNG members and PNG Accredited Precious Metals Dealers (APMD) about what they’re encountering now in the marketplace.  They have seen everything from counterfeits of vintage rare coins to modern precious metal items.  These include fakes of popular century-old U.S. Morgan and Peace design silver dollars to current gold and silver American Eagles, gold U.S. Buffalo coins, silver and gold Chinese Pandas, and Canadian silver and gold Maple Leaf coins.  We’re also seeing spurious gold and silver ingots,” said Samuelson.

“Professional dealers who look at classic U.S. coins and bullion items all day long are usually not fooled by these spurious items, but to the untrained eye they often look like the real thing,” he explained.

“Many of the fakes apparently are originating in China and then offered online by various sellers.  It is imperative that collectors, investors and the general public deal only with reputable, knowledgeable experts who offer a guarantee of authenticity,” emphasized Samuelson.

Two PNG members who recently were in Asia say they saw counterfeits of early 19th century Draped Bust, mid 19th century Seated Liberty and late 19th and early 20th century Morgan and Peace silver dollars being sold in flea markets in China and Hong Kong for $1 to $3 each.

Unsuspecting buyers have submitted counterfeit modern bullion coins to Numismatic Guaranty Corporation (www.NGCcoin.com) for authentication and grading. NGC, the official grading service of PNG, earlier reported submissions of counterfeit 2012-dated gold American Eagle $50 denomination coins.

The front and back of a counterfeit 2012-dated American Eagle $50 denomination one-ounce gold bullion coin. (Photo courtesy of Numismatic Guaranty Corporation.)

The front and back of a counterfeit 2012-dated American Eagle $50 denomination one-ounce gold bullion coin. (Photo courtesy of Numismatic Guaranty Corporation.)

Those particular counterfeits exhibit poorly defined details around Liberty’s face and hair, different fonts for lettering and the date compared to genuine coins and the color is different because the fakes are not composed of gold, according to Max Spiegel, a Vice President of Certified Collectibles Group, NGC’s parent company.

PNG and PNG Accredited Precious Metals Dealers must adhere to a strict Code of Ethics in the buying and selling of numismatic merchandise including bullion coins, precious metal rounds and ingots, and they offer a guarantee of authenticity for the numismatic items they sell.

For a list of PNG-APMD members visit www.PNGdealers.org and click on the APMD navigation link.

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Increase In Gold Price May Increase Gold Scams, Cautions Michael Fuljenz

February 9, 2016 in Coins, Collecting, Counterfeit, Education, Fake Coins, Gold, Gold Bullion, Gold Coins, Gold Eagles, Investing, News, Numismatic Crimes, Numismatic Societies and Clubs, Numismatica, Numismatics, PNG Professional Numismatists Guild, Precious Metals, Press Releases, Silver, Silver Coins, Silver Eagles, US Mint, USA Coins

February 9, 2016

 News media contact:

Donn Pearlman, for Michael Fuljenz

(702) 868-5777  Donn.Pearlman@gmail.com

Increase In Gold Price May Increase
Gold Scams, Cautions Michael Fuljenz

 

 Summary:

There are five things you must know about buying and selling gold to avoid paying too much or receiving too little, advises Universal Coin & Bullion President Michael Fuljenz, a member of the Professional Numismatists Guild’s Accredited Precious Metals Dealer program.

 (Beaumont, Texas) — The recent increase in the price of gold may increase the chances of unwary buyers and sellers becoming victims of dishonest dealers, cautioned Michael Fuljenz, an award-winning precious metals writer and President of Universal Coin & Bullion, Ltd. (www.UniversalCoin.com) in Beaumont, Texas.

“It happens virtually every time there’s a run up in gold and silver prices.  Scam artists take advantage of investors and consumers who have not done their homework,” warned Fuljenz.

“Last year when prices dropped, there was still so much public demand that the United States Mint ran out of some bullion coins inventory several times.  I anticipate demand will rise even higher from 2015’s impressive levels.  Investors should know how to get more value when buying and more money when selling,” Fuljenz stated.

He said there are five danger points to avoid:

  • Paying far too much when you purchase new, popular gold bullion items, such as American Eagle and Canadian Maple Leaf coins. Depending on the quantity of your purchase, Fuljenz advised you should only pay between 4.5 and 5.5 percent over the intrinsic (“melt”) value of a typical, one-ounce gold bullion coin.  Premiums above melt value may reach as high as 14 percent when purchasing smaller-size bullion coins that contain only one-tenth of an ounce of gold.
  • Receiving far too little when you sell.  Depending on the quantity and quality of coins you are selling, you should receive as least melt value for popular, one-ounce gold bullion coins and usually significantly over intrinsic value for rare coins.  Several years ago, Fuljenz assisted news media in five states with investigations of so-called ‘hotel buyers’ who often paid just pennies on the dollar for some precious metals items.  In one case, a high-profile buyer offered only $60 for a gold coin with a market value of $10,000 that Fuljenz loaned to investigative reporters who worked on the stories.
  • Not receiving what you paid for.  Fuljenz pointed out there have been recent news media stories in Orange County California and Austin, Texas about precious metals dealers failing to deliver the gold bullion coins investors ordered in good faith.
  • Not receiving payment for precious metals items you shipped to a buyer.  “Before you buy or sell with a dealer, check to see the dealers’ credentials.  Are they accredited by the Better Business Bureau?  Are they truly experts, such as being a member of the Professional Numismatists Guild’s Accredited Precious Metals Dealer (APMD) program,” advised Fuljenz.
  • Beware of counterfeit American Eagle gold and silver coins and fake bullion ingots (bars).  “Even though hobby protection laws have been strengthened and counterfeit detection efforts in the precious metals and rare coin profession have increased, it pays to make sure your specific dealer is an expert in counterfeit detection,” said Fuljenz.

About Mike Fuljenz

Michael Fuljenz, President of Universal Coin & Bullion

Michael Fuljenz, President of Universal Coin & Bullion

Universal Coin & Bullion President Michael Fuljenz has won more than 50 prestigious national and regional awards and honors for his consumer education and protection work in rare coins and precious metals, including Book of the Year.  He has taught counterfeit detection classes at American Numismatic Association seminars, and was recently was awarded an Honorary Doctorate in Humane Letters by McNeese State University.  A respected community leader in his hometown of Beaumont, Texas, Mike also has served with distinction as a consultant to the Federal Trade Commission, United States Mint and Royal Canadian Mint, and is on the Boards of Directors of the influential Industry Council For Tangible Assets, Crime Stoppers of Beaumont, Texas, and is a member of the prestigious Professional Numismatists Guild (PNG) and is a PNG Accredited Precious Metals Dealer.

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Beware of Frighteningly Deceptive Counterfeits Statement By Dwight Manley

November 12, 2015 in African Coins, Coins, Collecting, Education, Fake Coins, Gold, Gold Coins, Numismatica, Numismatics, Opinion, Precious Metals, PSA, World Coins

November 12, 2015

 

News Media Contact:
Dwight Manley, (714) 526-5460

Beware of Frighteningly Deceptive Counterfeits
Statement By Dwight Manley

 

Prominent rare coin dealer and collector Dwight Manley, owner of Fullerton Coins & Stamps in Fullerton, California and Managing Partner of the California Gold Marketing Group, who assisted a quarter-century ago in breaking up a counterfeit coin and counterfeit holder scheme, has issued the following statement.

The counterfeit quarter-ounce Krugerrand in a counterfeit NGC holder that was purchased in Fullerton, California. (Photo courtesy of Dwight Manley.)

The counterfeit quarter-ounce Krugerrand in a counterfeit NGC holder that was purchased in Fullerton, California. (Photo courtesy of Dwight Manley.)

“A frighteningly deceptive counterfeit has been encountered, and the world needs to be told about it. We recently realized that a 2005-dated quarter-ounce South African Krugerrand labeled NGC Proof 70 is not only a counterfeit coin, it is housed in a counterfeit Numismatic Guaranty Corporation holder that has the same certification number on the label as a genuine 2005 PF 70 one-quarter ounce Krugerrand listed in the NGC data base.”

“The fake was purchased on October 23, 2015 by a knowledgeable employee of Fullerton Coins & Stamps over the counter from a semi-regular customer. Before making the purchase, the employee checked the NGC website to see if the certification number and coin description matched. They did: cert number 3676849-006.”

“I recently examined the coin, and it just didn’t look quite right. I did a side-by-side, inch-by-inch comparison between the encapsulated coin the store purchased and the obverse and reverse photos on the NGC website. The reproduction of the NGC hologram on the fake is almost dead on the same; however, there is one distinct difference between fake and genuine on the left side of the front insert label. On the fake coin, the circle in the NGC logo (an encircled balance scale) goes almost entirely around the P in the grade PF 70. On the genuine coin’s label, the P is outside the logo circle.”

“An amazing amount of effort obviously went into creating a fake coin and a fake holder with a cert number and description that match a genuine coin. I’ve notified NGC, but in the meantime, I caution collectors and dealers to watch out for any similar, deceitful and dangerous counterfeits.”

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Proxibid Adopts Bidder-Friendly Coin Listing Rules

September 2, 2015 in Certified Acceptance Corporation (CAC), Coins, Coins for sale, Collecting, Ebay, Education, Fake Coins, Fun, Grading, News, Numismatic Crimes, Numismatica, Numismatics, Online Tools, Opinion, PCGS (Professional Coin Grading Service), Rare Coins, USA Coins, World Coins

By: Michael Bugeja News.CoinUpdate.com (Coin Update News)

proxibid

I’ve been writing about self-slabbed and hyped coins for more than five years on Coin Update News, not only because of the inherent dishonesty of auctioneers calling a silver-melt Morgan MS67, but also because of concerns about the hobby.

One bad transaction in which a significant sum is lost, based on misleading or even fraudulent information, and the buyer will typically cease collecting coins.

In a 2010 Coin Update News article, I noted that eBay (but not Proxibid) had changed its coins and currency rules to exclude grades and values from titles, item specifics, and descriptions for any lot not… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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Beware Fake Flying Eagles and Altered Indian Head Cents

August 21, 2015 in ANA (American Numismatic Association), Antique Coins, Blogs, Coins, Collecting, Counterfeit, Education, Fake Coins, History, Investing, News, Numismatic Crimes, Numismatic Societies and Clubs, Numismatica, Numismatics, USA Coins

By: Richard Snow News.CoinUpdate.com (Coin Update News)

Genuine 1878 Indian Head cent
Genuine 1878 Indian Head cent
Counterfeits were once a great detriment to the enjoyable pursuit of coin collecting. Throughout the 1950s until the mid-1970s, collectors had a good chance of buying a counterfeit if they strayed from traditional sources for their coins. The average collector was mostly ignorant about counterfeit detection, and there was nowhere to turn for protection.

Venues not typically known for numismatic expertise (such as flea markets, estate auctions, and garage sales) were places where counterfeits could easily be found. At the typical coin show, counterfeits were offered knowingly by what one might call “fly-by-night” dealers, who gave no… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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PCGS Grading and counterfeit detection seminars at September 2015 Long Beach Expo

August 5, 2015 in Coin Grading, Coin Shows, Coins, Collecting, Conventions, Education, Events, Fake Coins, News, Numismatic Crimes, Numismatic Societies and Clubs, Numismatica, Numismatics, PCGS (Professional Coin Grading Service), Seminars, USA Coins, World Coins

For immediate release
August 5, 2015

News media contact:
Steve Sloan, (949) 567-1223

PCGS GRADING AND COUNTERFEIT DETECTION
SEMINARS AT SEPTEMBER 2015 LONG BEACH EXPO

 

Collectors will have the opportunity to learn from the experts at two Professional Coin Grading Service (www.PCGS.com) coin grading and counterfeit detection seminars during the upcoming September 2015 Long Beach Coin, Currency, Stamp & Sports Collectible Expo (www.LongBeachExpo.com).

Michael Sherman will teach Grading 102 at the September 2015 Long Beach Expo.

Michael Sherman will teach Grading 102 at the September 2015 Long Beach Expo.

PCGS will offer two separate seminars from 10:00 am to 2:00 pm on Saturday, September 19.  Grading 102 “Qualifiers” will be taught by Michael Sherman, PCGS Director of Collector Education.  The other seminar, Grading 103 “No Grades and Counterfeit Detection,” will be taught by Mike Faraone, PCGS Lead Counterfeit Detection Expert.

“Space for the PCGS Collector Education Program seminars is limited and anyone interested in attending is encouraged to make a reservation as soon as possible,” said PCGS President Don Willis.

The cost for each four-hour seminar is $149 for PCGS Silver, Gold, Platinum and Diamond level Collector’s Club members, and $199 for non-members.  Lunch is included for the seminar attendees.

Attendance for Grading 102 and 103 will be limited to 30 people for each class.  Advance reservations will be taken on a first come, first served basis.  To register, visit the PCGS Online store at www.PCGS.com/store.

“Grading 102 topics will cover ‘qualifiers,’ including color on copper coins, the strike on silver and nickel coins, and proof-like and cameo surfaces,” explained Sherman.  “Grading proof coins also will be discussed along with ultra-high grade modern coins and difficult to grade series, such as U.S. Indian gold coins.”

The Grading 103 seminar will examine the interesting world of ‘No Grades,’ coins that for some reason either cannot receive a regular grade but can still be placed in a PCGS holder, or coins that cannot be encapsulated by PCGS.

Grading 103 will be taught by Mike Faraone at the September 2015 Long Beach Expo.

Grading 103 will be taught by Mike Faraone at the September 2015 Long Beach Expo.

“Each of the dozen or so reasons for a possible ‘No Grade’ evaluation will be covered in detail with numerous photographic enlargements and actual examples of coins,” said Faraone.  “The second part of this seminar will cover counterfeit detection, including struck and cast counterfeits, and alterations to genuine coins, such as an added mintmark or changed date.”

The Long Beach Expo will be conducted Thursday through Saturday, September 17 – 19, 2015, in the Long Beach, California Convention Center, 100 S. Pine Ave.  For additional information about the show, visit www.LongBeachExpo.com.

For additional information about the grading and counterfeit detection seminars, contact PCGS Customer Service at (800) 447-8848 or by email at info@PCGS.com.

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$1.9 million Fraud Judgment Raises Compelling Hobby Issues

July 23, 2015 in Antique Coins, Coin Grading, Coins, Collecting, Fake Coins, Gold, Gold Coins, Grading, Investing, News, Numismatica, Numismatics, Opinion, USA Coins

By: Michael Bugeja News.CoinUpdate.com (Coin Update News)

PCA Collectibles, a New York company associated with the former PCI Coin Grading company, was found liable for nearly $1.9 million in damages based on the impression that coins sold to the plaintiffs were graded independently according to industry standards but actually were fake (one coin), damaged or worth only a fraction of Red Book prices.

The Red Book, or The Official Red Book: A Guide Book Of United States Coins, was sent by one of the defendants, Anthony J. Delluniversita, to the late Corpus Christi stockbroker Bonnie Pereida, who used it to evaluate the prices she paid against the value… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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Judge Awards Coin Fraud Victim’s Estate Nearly $1.9 Million Under Federal Racketeer Laws

July 22, 2015 in Antique Coins, Coins, Collecting, Counterfeit, Fake Coins, Grading, Investing, Legal, News, Numismatica, Numismatics, PCGS (Professional Coin Grading Service), PNG Professional Numismatists Guild, Press Releases, US Government

For immediate release
July 22, 2015

News media contacts:
Paul Montgomery, (405) 254-6877
Lyn Stevens, (800) 896-3452

Judge Awards Coin Fraud Victim’s Estate
Nearly $1.9 Million Under Federal Racketeer Laws

 

(Corpus Christi, Texas) – A Federal Court Judge in Texas has issued her final ruling that a coin fraud victim’s estate should receive nearly $1.9 million from a Long Island coin dealer and his grading company under the Racketeer Influenced and Corrupt Organization Act (RICO).  The estate was assisted in its three-year recovery efforts by former Professional Numismatists Guild President Paul Montgomery, President of Paul Montgomery and Associates in Oklahoma City, Oklahoma (www.paulmontgomeryonline.com).

Judge Nelva Gonzales Ramos of the United States District Court of Southern Texas, Corpus Christi Division, issued her final judgment on July 21, 2015.

Last November, Judge Ramos held a bench trial in the case.  On May 20, 2015 she issued a 30-page Findings of Fact and Conclusions of Law in which she ruled that PCA Collectibles, Inc. of North Lindenhurst, New York, and PCI Coin Grading company misled Corpus Christi stockbroker Bonnie Pereida “into buying coins that were counterfeit, damaged or worth only a fraction of what they were represented to be.”

Judge Ramos also stated in May: “The Court concludes that there is clear and convincing evidence of the fraud perpetuated by PCI and PCA against Pereida.”

In her final judgment, the judge now has ordered that the estate can recover $1,892,324 from Anthony Delluniversita, majority owner of PCA and the owner of PCI coin grading company at the time the coins were graded and sold to Pereida.  Of that total, $1,610,802 is for damages, $280,190 for attorney’s fees and another $1,332 for costs of the lawsuit.

Montgomery stated: “I’ve been involved in hundreds of these kinds of cases, and this is the first one that resulted in a federal court victory.  Usually, the sellers resolve the buyers’ complaints to avoid a trial in court by eventually making a refund of all or at least a portion of what the customers paid.  It takes time, but there are remedies against nefarious dealers, and I’m delighted for Dr. Malvino about the judge’s decision in this case.”

According to court documents, from January through May of 2011, Pereida made 31 separate purchases of rare coins from PCA.  She bought 135 coins and paid a total of $727,569 to PCA for them.  The coins were graded by PCI, and the sole owner of PCI at the time was defendant Delluniversita who also was the dominant shareholder of PCA Collectibles.

Pereida’s fiancé  Albert P. Malvino, Ph.D., testified, “We bought these (coins) for our retirement…and we thought…we’re getting a good deal…..”

When Pereida died in October 2011, Dr. Malvino was appointed executor of her estate and had the coins appraised.

Heritage Auctions through its Heritage Appraisal Services estimated the auction value at $190,865 at the time the coins were examined, less than 27 percent of the amount paid by Pereida.  Montgomery then was retained by Dr. Malvino to assess the grade and value of the coins, and he concluded the reasonable retail value of the coins at the time they were purchased by Pereida was $150,964, about 20 percent of what Pereida paid.

Montgomery also requested Professional Coin Grading Service to do an independent appraisal of the grades, and, according to the Judge’s ruling, “PCGS’s findings were consistent with those of Montgomery.”

Heritage, Montgomery and PCGS identified one coin as a counterfeit, a 1914-D Indian $2.50 graded by PCI as MS64.

They also identified 25 other coins that could not be graded because they were either cleaned or damaged.  These included a 1907 Saint-Gaudens Roman Numerals High Relief Double Eagle graded by PCI as MS65 and sold for $19,500.  Heritage estimated the auction value at $6,000, Montgomery valued the coin at retail as $4,500 and both Heritage and Montgomery agreed with PCGS that the coin had been cleaned.

An 1892-CC Liberty Double Eagle, sold by PCA to Pereida for $12,500 and graded by PCI as MS62, was valued by Heritage at $2,600 and only AU, valued by Montgomery at $700 because it was damaged and given also given no grade by PCGS because of an noticeable scratch on the coin.

During the trial in November 2014, Montgomery showed the judge coins graded by PCI as Mint State, that were in his opinion, only About Uncirculated.

“She quickly understood the concept of grades and its relationship to coin values.  I told her: ‘Your Honor, now you’re a coin grader,’” recalled Montgomery.

“When you’re buying or selling coins, there’s an important lesson for the public to remember.  If you don’t know rare coins, you’d better know your rare coin dealer.  Members of the Professional Numismatists Guild must adhere to a strict Code of Ethics in the buying and selling of numismatic merchandise.  The dealer who sold coins to Ms. Pereida was not a PNG member,” said Montgomery who served as PNG President from 2009 – 2011.

Dr. Malvino was represented by attorney R. Lyn Stevens of Stevens Baldo Freeman & Lighty in Beaumont, Texas (www.sbf-law.com and www.CoinFraud.com).

The case is Albert Malvino v. PCA Collectibles, Inc., Civil Action No. 2:12-CV-401, in the U.S. District Court of Southern District of Texas Corpus Christi Division.

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How to Safely Buy Gold Coins on eBay

July 5, 2015 in Antique Coins, Auctions, Coins, Coins for sale, Collecting, E-commerce, Ebay, Education, Ethics, Fake Coins, Gold, Gold Coins, Numismatica, Numismatics, Precious Metals, Rare Coins, Silver, Silver Coins, USA Coins, World Coins

By: The Silver Dollar Scoop (Silver Dollar Co)

With the price of gold at a five-year low, gold coins have become a very attractive investment opportunity for many collectors. Any coin shop or bullion shop will have a selection of gold, but most of their coins will be priced at a substantial premium over the precious metal melt value. For the absolute lowest prices on gold and silver coins, a collector’s best bet is eBay.

To the uninitiated, eBay can be a scary place. Counterfeit coins are a very large and real risk, especially when it comes to high value gold. An inexperienced shopper can easily… Full article at the source>

Source: Coin Collecting Alltop.com

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Fake Silver Coins: 11 Ways to Spot Counterfeits

July 23, 2014 in Coin Validators, Coins, Collecting, Counterfeit, Education, Fake Coins, Numismatica, Numismatics, Precious Metals, Silver, Silver Coins, Silver Dollars, Silver Eagles

By: Dave Martinez. July 2014 (http://www.silvercoins.com)

It is unfortunate that articles like this have to be written, but where there is money trading hands, there will always be fakes, frauds, and counterfeits.

If you have purchased some silver and can’t get rid of that little voice in your head that keeps saying what if they are fake silver coins …

Below are 11 ways on how to spot fake silver eagles, bars, and bullion. We’ve ranked them from the least to the most effective methods in detecting counterfeits. (Most of these tests can also be applied to gold as well).

 1. Magnetic Test

While many fakes can easily pass this test, silver as well as gold bullion for that matter are both non-magnetic. If a bullion coin or bar sticks to a magnet you can easily throw this one out. Fakes that are produced with any iron or steel content in them will give off some magnetic attraction and identify itself as a fake. Metals that have a core of zinc, copper, lead or other non-magnetic metal will not be detected by this test.

Full Article at the source>

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Fake British Virgin Islands Crown Coins Surface

May 29, 2014 in Counterfeit, Fake Coins, News, Numismatic Crimes

May 28, 2014. By Michael Alexander (http://news.coinupdate.com)

In an effort to alert the public of a potential fraudulent coin being offered to the numismatic community, the office of the Premier of the British Virgin Islands has issued a communique to advise would-be collectors that a coin which has recently surfaced purporting to be a crown coin from their authority is in fact not an authorized coin from their Treasury. The theme of the coin is the recent Papal visit of Pope Francis to Brazil which took place in July 2013. An image of the Pope appears on the reverse of the coin, with an effigy of HM Queen Elizabeth II and the “2014” date on the obverse.

 Fake British Virgin Islands Crown Coins

Fake British Virgin Islands Crown Coins

The following text was included in the press release by the Premier’s office:

BUYERS BEWARE! FAKE BVI COLLECTOR’S COIN IN CIRCULATION

Thursday, May 22, 2014 – The Government of the British Virgin Islands is advising the public, especially coin collectors, that a ‘coin’ claiming to be issued in the name of the British Virgin Islands, has been offered for sale to coin dealers and the general public.

This ‘coin’ allegedly commemorates the visit of Pope Francis to Brazil and bears an image of Her Majesty the Queen on the front, together with the wording ‘British Virgin Islands.’

All interested parties are advised that this ‘coin’ has never been approved by the Government, the Foreign and Commonwealth Office or Her Majesty the Queen.

Immediate action is being taken to investigate the perpetrators of this distribution. In the meantime, the Government of British Virgin Islands is alerting any potential purchasers that this item is not an authorized coin.

Full article at the source>

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Mould for minting Roman coins found in Talkad

May 19, 2014 in Ancient Coins, Anthropology, Antique Coins, Archaeology, Coins, Counterfeit, Education, Fake Coins, Numismatic Crimes, Numismatica, Numismatics, Roman Coins, World Coins

By: Akram Mohammed, Mysore, May 19, 2014 (http://www.deccanherald.com)
For those who think financial fraud or circulating fake currencies is a modern day phenomenon, an ancient Roman coin mould on display at the Department of Archaeology, Museums and Heritage in the city is a startling revelation.

 

The Roman coin mould, which is being displayed for the first time since its excavation in 1993, indicates that fake coins were in circulation around 19 to 20 centuries ago. The terracotta mould is among the most important objects displayed at the exhibition, apart from terracotta figurines, iron objects, bronze dies, stone beads.

M S Krishnamurthy, a retired professor of Archaeology who led the team that unearthed the mould, told Deccan Herald that it was a mould for Roman coins in circulation during the first century AD. “The coins probably were minted either during the period of Augustus or his son Tiberius,” he said.

Full article at the source>

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Fake Nevada Coins | Lawmakers working to stop counterfeits

February 8, 2014 in Antique Coins, Coins, Collecting, Counterfeit, Fake Coins, News, Numismatic Crimes, Numismatica, Numismatics, Silver, Silver Coins, USA Coins

By:Reed Cowan. February 7th, 2014. (http://www.mynews3.com)

LAS VEGAS (KSNV & MyNews3) — Rare coins are big business in Nevada.

A recent auction of the coins in Las Vegas topped $1 million in sales.

A Chinese counterfeit coin expert may be threatening the success of the business, while diluting a part of Nevada history.

Washington lawmakers are focusing on how coins minted in Carson City in the early days of the state could be at the center of a counterfeit operation.

Built near the Comstock mines at the peak of the silver boom, the mint produced 50 issues of silver coins and 57 issues of gold coins between 1870 and 1893. The coins bore the “CC” mint mark.

Coin collectors and businesses say the phony coins threaten to ruin them. Historians say the fakes tarnish Nevada’s minting heritage.

Collection experts and historians see accused counterfeit expert Jinghuashei as their worst enemy.
Robert Nylen, curator of the Nevada State Museum housed in the old Carson City Mint, says it “seems sad that something so important can be tarnished by people out to make money.”

Every day Nylen leads tours through museum, ending in the room where thousands of coins were stamped out of silver and gold. Authentic examples of the coins are kept behind bars.

Nylen and others say counterfeit Carson City coins are devastating a proud part of the state’s history while also duping serious coin collectors.

Related Video:

Full article at the source>

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The Gold and Silver Mine – A South Jersey counterfeiter who aimed low

February 4, 2014 in Cents, Coin Errors, Coins, Counterfeit, Education, Fake Coins, Nickel Coins, Numismatic Crimes, Numismatica, Numismatics, USA Coins

By: Douglas Keefe. (http://www.shorenewstoday.com/)

A weekly column dedicated to “digging out” current information about precious metals, coins and other numismatics.

A recent story in “The Numismatist,” a monthly publication put out by the American Numismatic Association, reminded me of a story about what is probably the most bizarre example of coin counterfeiting.

The counterfeiter, Francis Leroy Henning, a true underachiever, chose the lowly five-cent coin as the item he wished to make. And his intent was not to copy a rare coin that would have a greater numismatic value, but rather one that he would spend as five cents. Why he chose that coin instead of one with a higher denomination is unknown, but in all likelihood, because the higher-denomination coins were made of silver, his investment would be higher if he needed silver to make those coins.

Henning, who lived in Erial, N.J., made dies for five-cent coins with six different dates (1939, 1944, 1946, 1947 and 1953, with a sixth date that was never found) using a mechanical transfer process in his machine shop. He created a single reverse die, and where a mintmark would normally appear was blank, indicating a coin struck at the Philadelphia Mint. His operation took place in the years 1954 and 1955, and because he purportedly had a vending machine route, it was not unusual for him to make large deposits of coins in the bank.

His undoing came about as a result of his lack of knowledge of coins. As I said, the practice at the time was for all mints that struck coins to add a mintmark to the coin. However, coins struck at the Philadelphia Mint did not have any mintmark. The exception to this rule occurred during the war years of 1942-45, when a certain amount of the metals used to strike the five-cent coin were replaced with silver. These coins were so marked by adding a large mintmark on the reverse for each mint, now including the letter “P” for Philadelphia.

Since Mr. Henning used just one die for all his coins, the coin dated 1944 caused his endeavor to be exposed, since that coin didn’t have the required “P” mintmark.  Also, since all of his counterfeits were of the same metallic content as the regular five-cent coin, his 1944 coin didn’t contain the silver that a normal 1944 coin would, and hence had a different appearance.

Full article at the source>

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Counterfeit coin expert to share authentication tricks in Toronto

October 6, 2013 in Canadian Coins, Coins, Collecting, Counterfeit, Education, Fake Coins, News, Numismatica, Numismatics, Royal Canadian Mint, World Coins

That shiny collectible coin may be worth hundreds of dollars, or it may be a worthless fake, says one Ontario collector.

By:  Staff Reporter (http://www.thestar.com) Oct 04 2013

Hundreds of brightly coloured collectible coins and heavy pieces of bullion shine brightly beneath protective casings in Mike Marshall’s Trenton home.

While collectible coins can fetch thousands of dollars from hungry collectors, many pieces in Marshall’s collection are essentially worthless.

As a collector, he doesn’t just compile rare pieces of metal produced by the Royal Canadian Mint — he also looks for fakes. Marshall has amassed a giant collection of counterfeit coins and studied them carefully, looking for markings left in a coin by the die.

Full article at source>

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House Weighs Bill to Crack Down on Coin Counterfeits

July 30, 2013 in Coins, Counterfeit, Fake Coins, News, Politics, Rare Coins

By STEVEN NELSON.  July 29, 2013 (http://www.usnews.com)

Coin collectors are being conned by Chinese counterfeits, according to trade groups and congressmen behind legislation up for a vote in the House Tuesday.

The “Collectible Coin Protection Act” will make it a crime “for a person to provide substantial assistance or support to any manufacturer, importer, or seller if that person knows or should have known” that the coins are not authentic.

Rep. G.K. Butterfield, D-N.C., is the primary sponsor of the bill, which is co-sponsored by Rep. Henry Waxman, D-Calif., and Reps. Steve Scalise, R-La., Lee Terry, R-Neb., and Lamar Smith, R-Texas.

Full Article at source>

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The Fisch Gold, Silver and Platinum coin validator

June 20, 2013 in Coin Validators, Coins, Counterfeit, Fake Coins, Gold, Gold Coins, Platinum, Platinum Coins, Silver, Silver Coins

I have just added to the resource page a link to the Fisch Gold Silver and Platinum coin validator or checker. In our opinion a very good tool to detect counterfeits.

There are videos and diagrams that clearly explain how it works. Worth the time to check out.

How the Fisch works for Gold and Platinum coins, <Click here>

How the Fisch works for Silver coins <Click here>

The Fisch Website is http://www.thefisch.com

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Auction company sues man who sold firm fake rare coins

June 6, 2013 in Antique Coins, Coins, Counterfeit, Fake Coins, Gold, Gold Coins, News, Rare Coins

Heritage Auctions filed suit in Manhattan Supreme Court against Boris Koyen Aminov, who provided fraudulent certificates along with the plastic-sealed coins he claimed were rare and pocketed $31,000 from the sale.

By Barbara Ross / NEW YORK DAILY NEWS

A prominent Park Ave. company that sells millions of dollars a year in rare coins is accusing a Queens man of snookering it into buying three gold coins by claiming they were extremely rare.

In papers filed Monday in Manhattan Supreme Court, Heritage Auctions says it paid Boris Koyen Aminov of Rego Park $31,000 for a 1911 coin and two 1909 coins, but the gold coins were only worth what their gold content would fetch — a few thousand dollars. Heritage wants its money back.

Full article at source>

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Three forgers jailed for total of 12 years after biggest ever plot to flood Britain with £1.5million in fake pound coins

May 23, 2013 in Coins, Counterfeit, English Coins, Fake Coins, News

By MARK DUELL May 21st, 2013. (http://www.dailymail.co.uk)

  • Kevin Fisher, 53, Daniel Sullivan, 28, and Mark Abbott, 44, imprisoned
  • Undercover police operation found huge storage container in Essex
  • Scotland Yard says some of fake currency might now be in circulation

Three forgers were today jailed for a total of 12 years following what police believe was the largest ever plot to make fake pound coins in the UK – some of which may still be in circulation.

Kevin Fisher, 53, of Goffs Oak, Hertfordshire, Daniel Sullivan, 28, of Hornchurch, east London, and Mark Abbott, 44, of Edmonton, north London, were all sentenced at Southwark Crown Court today.

The three men were behind what is thought to be a record number of fake coins worth £1.5million, which were discovered after an undercover Metropolitan Police operation in May last year.

Full article at source>

 

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