How dangerous are GMM’s as Counterfeits?

Latest to come through a Dealer’s shop is this 1796 “quarter”; pretty obvious once you compare it to a known Galley Mint example or try to attribute it:





Others I have images of include this “1793 large cent”,



a 1787 Fugio,




a very rare 1786 New Jersey,




and a 1796 $2.5 gold piece that found its way into a genuine TPG holder!



I actually wrote a Coin Week article on that one at https://coinweek.com/counterfeits/f...counterfeit-gold-no-stars-1796-quarter-eagle/

And this one from my collection; was for sale on the Bay from a known good seller; countermarked to try to hide the truth:




Best, Jack.

 

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The NJ one is scary.

 

@Jack D. Young ? Are these modern or past counterfeits? Thanks for educating us!

 

Gallery Mint examples worn/ tooled to appear as worn genuine coins; the "1793" goes back several years, the "1796" example this week. I have also seen a 1793 half cent worn to be deceptive a couple of years ago.

 

Gallery Mint made reproductions of classic U.S. coins using the same minting techniques as the first U.S. Mint. The designs were off, but not enough to be glaringly obvious. All of their products were stamped “COPY” on the obverse or reverse.

The problems come as you see them here. The crooks give the pieces various levels of “wear” and obscured the “COPY” counterstamp. One of the first examples of this was reported to the Early American Coppers club. A member thought that he had discovered a new Sheldon variety. It was actually a modified Gallery Mint piece.

One of the companies’ more ambitious project was a 1796 year set, which included all 10 coins, including the gold. You see an example of the No Stars quarter eagle here in a “third world” certification slab.

 

My understanding is that gallery mint makes their own dies, and intentionally changes them in such a way that they are unmistakable if you know what you are looking for. That might be harder in such worn condition, but should still be pretty clear.

As for the Numistrust slab... I don't think anyone actually trusts them, do they? That's some guy in his garage slabbing anything that comes through.

 

These sets were really something to see. Every coin was almost perfect. I bought the 14 pc set and the box when it came out. It was a lot of money for me at the time but these were coins that I knew I would never own. I went with the copy stamp on the reverse.
Never figured I could ever get my money out of it but the price of gold today has changed that.
These are some of the ads that were placed for the sets. I'm lost on any dates.

 

Is that "COPY" faintly visible on the supposed bust quarter?

 

Yes.

 

This one crossed a dealer's counter:



And this one was listed on the Bay:

 

kind of takes the thrill away with that big copy stamp on the back

 

For some strange reason I have never heard of "NUMISTRUST CORPORATION"
...LOL

 

Here is a comparison of the modified Gallery Mint Quarter and a genuine piece in the same grade.

Gallery Mint "modified"



Genuine

Yes, I bought this when I couldn't afford the real thing. It did nothing for me so I didn't buy any more of them.



The people who started Gallery Mint did it with the best of intentions. They did not intend to defraud anyone, but the crooks found a way to subvert their products. For those who are not familiar with the 1796 half dollar, a genuine example in Mint State can sell for close to 7 figures. A worn one in Fine sells for $50,000 or a little more.

One thing the crooks have learned, including the Chinese crooks, is that you don't need to hit home runs to make money in the counterfeit coin business. All you need to do is to hit a bunch of singles. You copy low grade, sometime common stuff and try to trap the new or less than perfectly educated collectors.

 

When I moved to Florida and continued my coin dealer business, a lot of dealers were offering them at the shows. The grading was consistently "overly optimistic." And sometimes they got fooled by counterfeits as we have seen here.

 

Always a good idea to stay with the top 2 PCGS or NGC personally I only buy coins
in a PCGS slab, there just worth more when you go to sell

 

When they restarted it about 10 years ago I called it new mistrust

 

Well, the Chinese "counterfeited" the Gallery Mint and Dan Carr stuff as well...

 

Yes, keep them in the slabs for the guarantee!

I have built an infamous collection of fake examples in genuine TPG slabs...

 

What companies ?

 

PCGS, NGC, ANACS and ICG.