ICG Slabs Fake Coins !!!

hello just found new info that ICG Offers to slab fake or altered coins for educational purpose only , what you think guys ?

 

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Well, they could return them raw so they can be resold on fleabay to the next uninformed.

 

Well they're smart because it's another way for them to make a buck AND it proves to the public they can spot a fake when presented. It may seem tacky to do but I don't find this a harmful practice.

Question is now that ICG is doing this how will Ebay react since fakes are no longer allowed to be sold there? Might it be if a specimen is slabbed as fake by Ebay's accepted cabal of 4 graders will they too look the other way as it is another way for Ebay to be included to make an extra buck as well?

 

I think its a good idea. You get charged for the determination whether real or fake. Also if they take the time to slab and label "not genuine" they COULD also name the disqualifying reason for educational purposes. I know many people here wonder why and go unsatisfied as far as explanation. This can lead to a satisfied customer; even if they are shocked by the result at least they know why. I hope that is the way they go with this.

 

I agree, great idea.

Great for study

 

I think the fakes should be stamped or engraved "copy" so they can't be cracked out and sold as genuine.

 

Sure, and which seller/owner would agree to that?

 

They don't have to agree, it's illegal to own. Someday, I bet the Feds will force TPG's to destroy them. It's no different than a fake $100 bill.

 

The grading service would probably open themselves to some form of liability unless they had prior authorization from the owner. Also, it is possible that they might damage the coin, fake or not.

Personally, I'm against the slabbing of such coins because it is too easy for a subsequent owner to crack it out and sell it as genuine.

Chris

 

It is not illegal to own counterfeits. It is illegal to try to sell (or spend) them as authentic.

Chris

 

I was always under the impression that the TPGs would not actually label a coin fake/counterfeit because that would put them in the grey area of required reporting to the SS or possibly having to turn them over to the SS. How many people would be upset about that phone call. "Sorry, your coin was a fake, so we gave the Secret Service your #" That is why the big two send them back as questionable authenticity.

 

Also, what if they are actually wrong, and it is a legitimate coin.

 

Yeah, but the same thing can be said of if NGC is wrong to not slab because yours is genuine. No more harm is done by slabbing it as fake as returning it as fake.

These fakes are around. I do not see how being slabbed as a fake is any better/worst than where we are today, except that once its slabbed your opportunity to learn from coin is lessened since you cannot test weight, edges, etc. But, 99% of collectors do not wish to study their coins anymore anyway, and just buy them in slabs, so I guess not much is lost there either.

 

Slabbing fakes is just ICG's way of increasing their profits. If you do not know the coin you bought is a fake then you should study that series more before you start collecting it. The ANA has great references on fakes and you can borrow books from their library through the mail. The Numismatist has a regular feature in it discussing fake coins.

 

Actually, this seems like a way to lose a buck...not make one. They charge the same amount if the coin is graded or not...they always have. By slabbing the coin as a counterfeit...rather than simply returning it, they are using supplies and time that costs money.

Now, I think this is an interesting thing to do and I don't see anything wrong with it...but they aren't make any money doing it verses sending it back not slabbed.

 

Unless people start sending in fakes to ICG on purpose just to get slabbed. That is what I believe they were saying.

 

And no TPG'er has the legal right to destroy a fake $100.

Only the Treasury can claim it.

 

If people are intentionally submitting fake coins to be slabbed as such...and that is what they want, I see no issue with it. My thought was the coin was submitted as authentic and determined to be fake and slabbed as such.

It's not illegal to own.

 

I think the reason that NGC & PCGS (don't know about ANACS) refuse to slab fakes as "Not Genuine" is because they realize that it would be too easy for someone to crack it out and sell it as real.

I can only surmise that ICG must really be hurting for business.

Chris