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Congressmen press the U.S Mint for action on counterfeit gold and silver coins

October 31, 2017 in Coins, Counterfeit, Education, Fake Coins, Gold Eagles, History, News, Numismatica, Numismatics, Opinion, Precious Metals, Silver, Silver Coins, US Government, US Mint, USA Coins

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

Washington, DC (October 29, 2017) — Congressmen Alex Mooney (R-WV) and Frank Lucas (R-OK) delivered a formal letter to the United States Mint and the Secret Service on Friday, urging aggressive action on the growing problem of high-quality counterfeits of U.S. precious-metals coins entering the country from China and elsewhere.

“Enclosed herewith is a 1995 1-ounce gold American eagle coin, carrying a face value $50 and ostensibly minted by the U.S. Mint,” Mooney and Lucas wrote. “You are free to keep it, as it’s a worthless tungsten fake.”

As members of the House Financial Services subcommittee, which oversees the U.S. Mint, Congressmen… Full article at the source>

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

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FLAWED GOLD: How to Spot and Lessen Risk

January 20, 2016 in Bullion, Coins, Collecting, Education, Gold, Gold Coins, News, Numismatic Crimes, Numismatica, Numismatics, Precious Metals, USA Coins

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

flawed Gold

With the price of gold at less than $1100 per ounce, many hobbyists are buying old coins rather than bullion, taking advantage of price and adding raw coins to their collections. However, unlike other numismatic items, raw gold comes with more potential problems because of the soft metal, history of counterfeits, improper care and, lest we forget, unscrupulous sellers.

Some problems lessen value but still may earn a grade at the top holdering companies. Many problems will not be worth slabbing. And a few problems are outright frauds.

The most common flaw is the test cut. Such cuts were made to discern… Full article at the source>

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

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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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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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$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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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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More counterfeit euro coins discovered in 2012

February 12, 2013 in Coins, Counterfeit, Euro Coins

BRUSSELS | Mon Feb 11, 2013 (http://www.reuters.com)

(Reuters) – The euro’s reputation may have taken a hit during the three-year-long euro crisis but the European single currency remains popular with counterfeiters.

The number of counterfeit euro coins removed from circulation increased by 17 percent to 184,000 in 2012, with a face value of at least 290,000 euros, the European Commission said in a statement on Monday.

About 531,000 banknotes were taken out of circulation last year, according to the European Central Bank, which did not give a face value for the notes.

Around 80 percent of the fraudulent coins by value were 2-euro pieces while 20 and 50-euro notes are most commonly forged.

Last week, the Commission proposed increasing sanctions against counterfeiters by introducing a minimum six-month jail sentence in serious cases.

Full Article>

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