Could a malicious guy with a press destroy our hobby?

Were it possible, I am sure they would be doing it in China. Labor is cheap, time is cheap, a little money goes a long way - especially the profit, and I am not even sure there is a legal risk over there.

 

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You bet they will.

 

Convincing Fakes

How many CoinTalk members remember that, in the 1970's, a number of superb fakes came out of Lebanon?
Although we are not experts on this subject, it appears that when Lebanon disintegrated into chaos, a number of employees of its mint helped themselves to the equipment, and set up making coins as freelancers.
It seems to have taken a few years until these fakes were discovered because they were so good that many leading international dealers and auction houses found that they owned or had handled a surprisingly large number of known rarities.
We know of a number of British coin rarities which were produced, but believe that fake rare coins of other countries were also produced.
We first became aware of the Lebanese fakes when a small consortium of Northern English dealers offered us a relatively common 1887 gold £5 Victoria Jubilee coin. The price they asked us was suspiciously low for a genuine coin in mint condition. Naturally, we started to examine it closely, and were about to ask them what the catch was.
At this point, they produced a tube (roll) of identical coins, and said they had more if we wanted, then fell about laughing.
It was quite clear that they were not trying to catch or defraud us, and were perfectly open and honest with us about the fact they were fakes, and their provenance.
It appears they honestly believed there was nothing wrong with selling them as fakes, an opinion with which we have some sympathy. The problem is that there will always be other, less honest dealers and individuals who will resell them them without full, or any, disclosure.
All the members of the consortium were prosecuted and convicted of offences relating to forgery. Most of these dealers are no longer active in the coin trade.
We can well imagine that if a similar quality of fakes were to be produced nowadays, a large number of them would get marketed to end-user buyers via eBay and other web auction sites (are there any others).
If the "technology" existed 30 years ago to produce fakes which could fool many of the world's leading "experts", then it must be possible for it to happen again.
Some members have commented that lasers can copy very exactly, but of course you also need to pair the laser reader with a cutting or engraving tool, either traditional or laser. According to the British Royal Mint, the old pantograph machines still copy and cut more faithfully than their modern counterparts. It's easy to predict that this will not always be the case.
There is no infallible remedy we can suggest. Vigilance is obviously useful.
We would also repeat advice we have been giving for years, buy what gives you pleasure, and not primarily for monetary value or investment.

 

Hmmmm

Just look at the nearly perfect 1907 HI-Relief $20 St Gaudens "OMEGA " coins...

 

...which did not destroy the hobby.

Counterfeits, forgeries, and other hustles have always been a problem for all collectibles - not just coins. Have those hobbies been destroyed ? No ?

Well what makes you think counterfeiting will suddenly destroy the hobby now ? It won't.

It's hard to predict the future, but some things are certain...

• Sunday will follow Saturday
• The sun will rise in the East
• Chicken Little will keep whining, and will be dead wrong... as always. In matters big and small.

 

The Chinese have gotten pretty good at it. How many Morgans will return to America with our travelers following this summer's Olympics?

 

That's a good point. I wonder if I could get someone to bring some good fakes back for me. I don't know anyone going to the Olympics but the US Olympic Training Center is only a few miles away from me. Maybe I'll ask around there.

Thanks for the idea!