I recently read that back in 2000, PCGS was encountering just about one quarter of one percent counterfeits among the coins submitted to them fior certification. Now I realize some particular issues are notorious in this regard, that there may in some cases actually be more phonies floating around than authentic surviving examples, but does that proportion seem about right in general? In a show, for example, where maybe 100,000 raw coins are for sale, should you expect 250 of them to be forgeries of one sort or another, regardless of how reputable and honest the vendors may be? Buying slabbed coins provides some protection, but even that sanctum has been violated in recent years. And since 2000, would you expect the prevalence of counterfeits to have gone up or down? It bothers me that in the ensuing decade and a half that the Chinese have become so prolific, organized, and adept in this nefarious activity, and that the online conduits by which their product can be readily and widely distributed around the world have become so prominent. Depending on what you collect, it'd be easy cross the line from caution to paranoia with regard to this whole topic. What in reality is the current state of the hobby in this respect?
There's lots of them out there, always has been. Are there more today ? Yeah maybe. But that kinda depends on what coins you are talking about. For example, how many out there are aware that in the '50s, '60s, and '70s that there were huge factories in the middle east that did nothing by manufacture fake gold coins from nations all over the world ? And just one of these factories dwarfed what all of the Chinese counterfeiters combined do. And there have been times, plenty of them, when one country would intentionally counterfeit the money of another country. Even hundreds of years ago this happened, it still does. Think about that, government owned mints just pouring out counterfeits and doing it for 200 years. How many of those do you think are out there ? And even today, those counterfeits are still fooling the TPGs. Those coins are being slabbed as genuine - when they are really fakes. Ever since coins were invented coins have always been counterfeited. Most of them made to pass as genuine money. And because of that ALL coins, even the most common and lowest denomination, have been counterfeited. Most have the idea that "this coin" really isn't worth anything so why would anybody counterfeit it ? Well idea right there is exactly why they would - because then that coin would be the easiest to pass as genuine because nobody would expect it. Even the lowliest Lincoln cent there is has been counterfeited. Now one thing that has changed is that there are more fakes produced to fool collectors today than there used to be. Whereas in years past, that was a pretty rare occurrence.
i feel that the U.S. really need to crack down hard on not just Chinese but counterfeits in general put teams into operation to see out the counterfeiters rings and destroy them
It's a never ending circle. We learn how to spot them and post the information. They take that information and improve the product. It will never be easy again.
It's for this reason that I tend to like buying modern coins directly from the mint. I will let time pass and 100 years from now my great grand kids can get rich
Sure wouldn't bet on that happening. If they are very, very, lucky, they might get back what you paid for them. Maybe.
Unfortunately that's the truth. If you're simply buying common coins from the US Mint you are paying full retail and in the secondary market you could likely get the same coins for less. The US Mint charges a ton of money for their coins and the premium they charge is the mark your coins will have to surpass before you see any profit. Sorry but highly unlikely.
Not anymore no. But then I never claimed it was the Chinese doing it. In today's world it cost more than a cent to make a cent, so they are no longer counterfeited to be passed as real money. But it was not so long ago that it costs less than a cent to make a cent. And back then, yes, they were counterfeited to be passed as real money. That is the point I was making.
In regards to numismatic forgeries I'd say there are definitely more out there now then there were 10-15 years ago. The quality has become so good that more of them are fooling collectors and TPG's alike. And since they are passing and crazy money is being made, the counterfeiters have reason to crank more of them out. By numismatic forgeries I mean those that would fool the average collector, not the crude lightweight types you find at flea markets. Those are probably just as prevalent now as they were back then.
