I have been a coin collector for years, but the fear of ending up with a counterfeit coin or slab has made me very wary of making new purchases. It seems that the only option of being reasonably sure a coin is real, is to submit it on your own for third party grading. In fact, I have only bought coins directly from the mint in the past year. As the skill of counterfeiters improves, this will only become more of a problem in the future. Does anyone have similar concerns? It already has had a big impact on my purchases. Could this spell the end of numismatics?
knowledge helps to protect you from counterfeits. buy the book, learn thoroughly about what you want to collect, and spotting fakes becomes easier. it's not 100% protection, as some fakes are just that good, but knowledge provides 99% protection!
Yes, definitely, no more coin collecting. Also, this is the end of transportation and automobile industry, because one might be involved in a car accident.
It's good to be cautious and have some concern. But I don't think it will end the hobby. The counterfeits are getting better but they aren't perfect. The counterfeit slabs aren't perfect either. You can look up serial numbers on NGCs website to make sure it at least matches what's supposed to be in the slab or that it exists. If there is concern. That will eliminate some fakes. For one step further, they are photographing coins now for their database. You can usually see distinguishing characteristics on their pics that should match the coin you have. Any little mark or feature will do, and will very likely not be exactly replicated on a counterfeit.
Swish is correct in his comments on knowledge protecting numismatics. Most collectors don't consider spending much money on books as much of the info is on the web, but they also don't wish to buy a nice scale/balance to weigh coins, a jeweler's caliper to measure them, a loupe that can magnify for them and a camera that can take close enough photos to post for examination. Each can help themselves to not be a victim. If you buy on craigslist or at a flea market or auction and don't do your study first, it increases your chances of being duped. In 5 or so years, new devices will drop into the price range of most serious collectors that can tell the composition of the coin's surface without damaging it, and cameraas will have higer resolution and closer digital focus. It is a contest, and as they say, don't bring a pocket knife to a gunfight, be armed.
I think that having the TPG's photograph their coins is a good step. But I think the counterfeiting problem is going to be more and more pervasive. It does have me concerned, especially when purchasing high end coins. I consider myself a reasonably sophisticated collector, particularly of Peace Dollars. But living in New Zealand now, I cannot buy my coins in person.
I'm sad this may put a severe psychological damper on potential new collectors who discover how good the counterfeit maple leafs (for example) are. And just when a new generation is really taking off, with 25+ years of the modern commems maturing, state and ATB quarters, Lincoln bicentennial cents, etc. Gotta pay to play...
Buying from reputable dealers, educating yourself, and equipping yourself with tools to detect counterfeits can help reduce the risk. Counterfeits may change numismatics but not end it. Many people collect for enjoyment of a hobby as opposed to an investment vehicle in which counterfeiting becomes more financially relevant. TC
Quoting master forger Mark Hofmann (from Charles Larson's book "Numismatic Forgery"): "If I can produce something so correctly, so perfect that the experts declare it to be genuine, then for all practical purposes it is genuine."
Counterfeiting is as old as coinage. It'll never go away. However, as counterfeiting methods advance, so do counterfeit detection methods, and good "old fashioned" education on the topic will alert you to most of the fakes currently circulating. That's also one of the reasons why I encourage all collectors to have their own black cabinet, so they have a couple of fakes to learn from directly.
NO, it might cause a decline in casual collecting, but it may result in a upsurge in actual numismatics, the serious study of the coins themselves and not just the casual acceptance of what it appears to be or taking someone else's word for it. You want to know what the coin is you will do the study and KNOW.
Spend time with your coins. It sounds trite, but read about them, weigh them, get to know what the planchet should look like, depth of strike, etc. Most counterfeiters do not know coins like a true collector does. Even though I hate saying so from pictures, a true collector will look at a counterfeit coin and something just doesn't look RIGHT. Your mind is recognizing something wrong even if you cannot place it right away. At a casual glance it may appear that the counterfeits are good, but using tools every numismatist should have, most come up short. Now, saying this should we stop prosecuting importers of fakes? Heck no, they should step up prosecution. This is why I am so adamently against reproduction from whatever source. We need to stand together and decry all fake coins, and demand they are permanently stamped COPY. If not, the OP is right and we will all lose.
