Beware of people selling coins at flea markets. Lots of counterfeits.

I think going to war over fake coins might be a hard sell to the American people...

 

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I guess the most important thing to remember is, if the price is too cheap it might not be real.

 

I thought that tapping a genuine US silver dollar or half will result in the familiar ringing sound. Is this a reliable test?

 

http://youtu.be/plkYmX2tde0
i wonder if there are perfect counterfeits out there? anyone hear of pcgs slabbed coins that turn out to be feits?
i am wary and never used to be, i think this has to affect everyone - soon nobody will be trusting anything or anybody except pcgs and big bullion dealers because everything else will be counterfeit.

 

Anyone can be fooled by counterfeits. Only time will tell how many have been slabbed erroneously. Experts in museums find fakes in their possession decades after they had been authenticated.

 

Thats why you buy the coins that are in worst condition at the flea market like I do.

 

Start a war with China because of counterfeit coins?
Don't you think that's a bit absurd? Or better yet, don't you think that's outright madness?
You hate the Chinese - over a billion people - for the actions of a few?
The racism in this thread is troubling, to say the least.

 

This thread is starting get ff-topic:

 

Scenario:

I'm a silver bug that knows very little about numi, but i love pretty, toned coins. I find a beautiful, rainbow toned Morgan in a PCGS holder (or not) at a price I can afford so I buy it. I take it home and then find simular coins going on ebay for hundreds. I like the coin but would rather use the money to increase the size of my stack so I sell it to you on ebay. Maybe you notice it is a fake or maybe you hold it for years and then sell it again. I'm sure there are many collectors that would not bother with due diligence if it is in a PCGS holder. This coin has unwittingly changed hands many times with no one noticing so who is to blame other than the counterfeiter?

Maybe an even more interesting question though, is who is harmed, other than the last person holding the coin and realizes it is a fake. That person then has the ethical decision of taking the loss or dumping it again on some newer collector and starting the cycle all over again!

-also-
based on your comment do you think it is unethical to garage sale hunt for cheap silverware, vases, rare paintings, etc. if you do not tell the seller that they are not selling it for full value? I'm not saying I look to rip people off, I"m just kind of playing devils advocate on this ethics issue. I've read in the coin roll hunting tread of people watcing people dump change in the coin machines, hearing the silver dropping inthe reject bin and not saying anything so they can grab it. others feel they are stealing b/c they do not say anything.


Opps ff-topic:

 

But the person who realizes its a fake will go back to the person he bought it from demanding a refund. A fake product has no defense, and if you bought it from someone you can still find they have to refund your money. This is the advantage of buying from dealers.

 

I don't know how many collectors checks the TPG slabs. But I would suggest they do check them. Also if you have a magnet thats strong enough you can feel the charge against the slab. There is also a site that shows how to spot a fake slab.
And since I got into coin collecting I carry a small magnet and a pocket magnifier in my bag. This way if I pass by a flea market or yard sale I can at least check them.