Do we have a right to be worried??

Hi guys,
As much as I love coin collecting I get more worried every day that the Chinese and other counterfeiters are getting closer and closer to producing fakes that are indistinguishable from the real deal. Are any of you guys afraid of this? Do I have a right to fear the future of numismatics or am I being paranoid

 

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yes..but really I dont buy off the internet and have a reputable dealer I deal with ..thats what beats any Chinese fakes

 

It is very concerning! there are Chinese sites out there that will make you one and
To top it off there is no controls to stop it

 

I would be worried if you WEREN'T worried!

 

Internet has lots of GOOD AMERICANS SELLING COIN .. ..and dont worry we have way to many Professionals who monitor these issues..I have a rule of thumb i got from my elders growing up .Buy American from American..i use this same motto for my ebay

 

You all fail to see my talk. I am not referring to buying from the Internet or byeing from reputable and non reputable dealers. I am talking about whether fakes get to the level where they are made so well that they become indistinguishable from fakes. Thus not even your "reputable" dealer can tell the difference. Seeing as how technology Is improving at a rapid pace I'm worried that a time will come when there's no way to tell what's real or fake

 

I understood that's what you were saying. Even 'reputable' dealers could get ripped if the quality gets to that point. If it ever comes to that, it'll be sad times for collectors - but then, how would you know....

 

Well, your question was answered with how those people deal with buying authentic coin . If your so worried about buying fakes , I recommend investing in some literature that will make you a better numismatist. Infact, maybe you should buy a fake coin and study the differences between that fake and an authentic one. Good luck collecting and I hope no one gets suckered into buying fake coin,unless that's what you want.

 

This is actually very good advice. i am working on several series, and as i work towards completing each set, the risk factor goes up as I look to purchase the key dates. I have boughten some China produced fakes, just for this purpose. I have a very hard time seeing significant differences on many of them. Buy literature, buy a scale, buy a micrometer, and learn how to check specific gravity. It may sound like a lot of work and money invested, but it beats dropping $1,500 on a $3 Chinese counterfeit you may not be able to return easily.

 

I don't worry about fakes that are indistinguishable from fakes. I worry about fakes that are indistinguishable from genuine coins (which is, I assume, what you meant to say).

Education is key. Study genuine coins so you know what the genuine example should look like and you improve your chances of spotting a fake.

 

Yeah, the only problem is the Chinese are also studying the real ones, and reading forums such as this so they can correct their errors. It's a vicious cycle, and we the collectors will be the ultimate losers in the end.

 

I think that it is reaching the point where we will have to have some sort of campaign to inform our respective Congresspeople and the FTC about this growing problem. There is already a law in place that is supposed to address this problem-- the Hobby Protection Act-- but apparently it is not sufficient to deal with this situation.

And remember-- all US coins are considered to be legal tender, as per the Coinage Act of 1965-- so fake US collector coins are also counterfeit legal tender coins.

 

If it ever gets to the stage that the Chinese (a touch of sinophobia I detect in this thread) flood the market with fakes why doesn't the rest of the world produce fake Chinese currency and flood their market. I'm sure the Chinese authorities would clamp down on any of their citizens that threaten their economy under such a threat.

 

Perhaps you are not as well-versed regarding Chinese counterfeit coins as some of us. When we speak of Chinese counterfeits it is not sinophobia; rather we are referring to a genuine threat to our hobby (or business) that happens to come from China. We would be just as concerned (and outraged) if the threat came from any other country.

One thing that you may not realize is that it is legal to produce counterfeit coins in China as long as the coins are dated before 1949 (the year of their revolution). The Chinese government does nothing to stop the production of counterfeit coins. And why should they? Counterfeiting is a HUGE HUGE business in China and the government benefits from counterfeiting (taxes, more exports, more US and other foreign currency coming to China, higher employment, etc.).

You should also be aware that coins are not the only thing the Chinese counterfeit. Many of their products have been in the news over the last couple of decades: baby formula, pharmaceuticals, condoms, automobile parts, aviation parts, movie DVDs, software DVDs, music CDs, construction materials (have you heard of 'Chinese drywall'?), cosmetics, clothing, shoes, handbags, food, pet food, toys, cigarettes, etc., etc., etc. I doubt there is a product the Chinese have not counterfeited.

 

China is on a mission to bring the US to it's knees and it's not just about counterfeiting coins and messing with coin collectors, it's much more devious than that! Check out the link from the NY Post, it's just the beginning fellow Americans!! CYA by getting educated on the subject, they are trying to own the US!!!


http://www.nytimes.com/2008/03/30/weekinreview/30bogdanich.html

 

I have stopped buying Raw Morgans on the internet because of this issue. I have changed my 2011 focus to education, expanding my reference library by buying Numismatic topic books (instead of raw Coins) on eBay. I also am also studying Grading. Isn't this a fantastic hobby that we can change directions and still LOVE Numismatics?!
Steve

 

Take a look at this article, and maybe you will understand why there is so much concern about Chinese fakes:

http://coins.about.com/od/worldcoins/ig/Chinese-Counterfeiting-Ring/?nl=1

 

The main reason our elected officials are not taking steps to correct this situation, is the coins being counterfeited in China are not going to circulate if and when they make it here. Therefore, it will not affect our economy. If the Chinese were producing hundreds of thousands of hundred dollar bills (which they are definately producing some), there would definately be some legislation on the table. As it stands now, a dealer unknowingly selling a counterfeit is in a lot more trouble than the guy producing them. Sad but true...

 

Maybe they're not aware of the seriousness of the problem?
At any rate, maybe Ron Paul can be of some help in this matter? My impression is that he takes an interest in things like this.

 

I would love to see some type of action being taken. Maybe if we present the case that many of these fakes of 90% silver coins, actually contain little or no silver at all, we'd get some attention. It's only a thought, but if people are putting these in their retirement portfolios thinking they are silver, it is now a problem affecting more than just the collecting community.