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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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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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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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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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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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Fake U.S Silver Eagle coins soaring through Hamilton, police say

April 26, 2013 in Coins, Collecting, Counterfeit, Fake Coins, News, Silver, Silver Coins, Silver Eagles, USA Coins

Hamilton Police say they’ve gathered over 500 fake U.S Silver Eagle coins sold across the city over the past few months.

By: Cbc News April 25th, 2013

Hamilton coin collectors and pawn shops are getting duped.

Police are warning that fake U.S silver eagle dollar coins have been circulating in the city and have been sold to various establishments over the past few months.

“You wouldn’t be able to tell the difference (with) the naked eye. The coins are actually very high quality fakes,” Const. Mike La Combe said in a Hamilton Police YouTube video. “They are silver and nickel-plated, which gives them the look of an actual silver dollar. However, when you cut them open, you can clearly see on the inside, they are brass filled.”

The video shows some of the roughly 500 fakes that have been confiscated so far.

“They are worth practically nothing, just a couple cents each,” La Combe explained.

LaCombe is a pawn unit investigator and says the coins are being bought online, then sold at “golden” times for the seller when shops are busy or with little staff. During the rush, employees may not have the time to do all the proper authenticity checks, giving criminals the chance to sell fast without getting caught.

“Only buy them from reputable dealers, a place that is established, an expert who works there who knows the difference between real and fake. Don’t buy them off the internet. and don’t buy them from people from the public who aren’t considered experts because more than likely you’re going to get a fake,” added Le Combe.

Full Article at source>

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