counterfeit advice

A slightly weird question: I own a dime that I submitted to ANACS many years ago and in their opinion it was not genuine. I understood at the time that counterfeit coins were illegal to own and should be turned over to the government. However, I never did that and I wonder if in reality I run any risk by not doing so.

The reason I kept it was that it belonged to a set of old coins bequeathed to me by my grandfather, and they are (in this genealogists' mind) family heirlooms that I hope to hand down to some other member of my family. My grandfather ran a general store in the 1920's and I am guessing this is where he obtained many of the coins he left me.

Anyway, what do folks think about me holding onto this coin? I've done so for nearly 40 years.

By the way, the dime is dated 1872-CC, so having even a fake of a scarce coin is sort of cool, too!

 

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heres an answer about owning such a coin


http://www.coinbooks.org/esylum_v07n14a17.html


I was just reading this web site..are these prices for real? listed is an 1872 cc dime
I would really make sure the one you have is fake..lol

 

Just don't try to sell it as the real deal and no one will give you any trouble about it. If you do decide to sell it I know a couple of guys who collect contemporary counterfeits and might make you an offer.

Then again if it is a family heirloom, just pass it along to your heirs as a neat piece of family history!

 

Did they tell you how they came to the conclusion it was counterfeit?

 

Their graders examined the coin and sent it back in a body bag. This is the standard proceedure, as frustrating as it can be.

 

Did they say if the metal was fake or what?

 

ernie, maybe you could post a picture of it.

It would be interesting to see what it looks like and maybe I can give you some advise as to what type of counterfeit it is.

 

The government has never come out and explicitly said so, but the general impression I get is they have nothing against you owning counterfeit coins, as long as you don't attempt to use them as legal tender currency or sell them as genuine (they don't seem to have a problem with the selling of counterfeits, as long as it's made clear that's what they are.)

There's never yet been a ruling on the legality of owning a counterfeit coin and interpretations of the pertinent laws differ. But if you're not trying to pass it off as real, you should be fine legal-wise.

 

I don't know if you realize this, Ernie, but you're driving us nuts here. You're holding a potential counterfeit of a dime that fetches $71,300 in MS-61 condition and you didn't even scan it or photo it for us? I mean, what did we ever do to you? :headbang:

 

Let me add an afterthought. You said your grandfather had a store in the early '20s. What to you think the chances are that somebody in the late 19th or early 20th Centuries altered this dime that was in your family all this time and that was passed down to you directly from your grandfather? Where's the profit in altering a dime that's only that old at that time? And counterfeiting one? Again, it's a dime? I'd get another coin doctor on this one, given this long chain of custody...and maybe even a third, or fourth opinion, if the second one doesn't work out. Just my buck-three-eighty, now...

 

Well then I guess that's where my lack of experience shows, Doug. I do know ANACS is like the Mayo Clinic...heck, they've been at this game for a long time. If this was just a floater, though, and he picked it up at a coin show, well, that's one thing. But given this history, he just might fit in that .001%. Should check it out more thoroughly, though, for sure, that just about goes without saying.

 

Guys, thanks for all the advice. The coin has been in my safe deposit box for years, pretty much forgotten. Now I will have to dredge it up and give it a second look-see. When I do, I will figure out a way to scan it for you (I have no camera) with precision. At the time (1981) ANACS didn't not go into detail as to why they thought it was not genuine - I assume because of its composition. Alas, since it is only in Good condition, it didn't occur to me that it was an altered mint mark. My suspicion and reason for submitting it was that it was a brassy color, not silver-like, but hey, I thought it was possible it was just discolored. I also had shown it previously to a couple of dealers at the time and they had mixed opinions on its authenticity.

 

Since it's only in Good condition, I wasn't worrying about holding some potentially valuable coin, or a reasonable facsimilie thereof.

 

My advice to you about the coin, would be to send the coin to Larry Briiggs with SEGS (Sovereign Entities Grading Service)! Larry is one of a few leading Authorities on Rare old coins, Seated Liberty coins and Counterfeits and is the person that all of the others (Coin Dealers and other Grading Service Representatives) goes to when they need a coin authenticated! Whether the coin is a Counterfeit, has been altered, is genuine or other, he will know and will advise you of the coin's status.

SEGS is based in Chattanooga, Tennessee but Larry lives and operates out of Ohio. Therfore you will need to contact SEGS for information on how to get the coin to Larry. I have one of his' Business Cards with the information you need but have misplaced it. Below, I have pasted the link to SEGS' Website.

http://www.segsgrading.com/


Good luck...Frank

 

Well, now that you disclose its condition, our heart rates are getting back to normal. But still, even in G-4, it’s worth more than most Morgan and Peace dollars, roughly-speaking, in MS.

 

I send it to another grader, PCGS or NGC... get another opinion..

 

I'll suspect the owner of the coin already knows whether the dime is genuine or not...

 

I was kind of interested in trying to purchase a counterfeit 1944 Jefferson War Nickel. But, then I started to think that if I start collecting this kind of stuff - am I not condoning the counterfeiters to a certain degree? I'm curious does anyone know how the 40s counterfeit nickels came about?? Was it Germany trying to sack our economy much like they did with Great Britain and the famous cache of counterfeit pound notes that have been found. Or was this more local sinisters trying to make a buck - literally I suppose - because man if I was going to counterfeit, even in the 1940s my goodness I'd choose something better than a darn nickel!!! lol Unless someone changes my mind - my final answer to collecting counterfeits will be - ABSOLUTELY NOT! I'm not going to give credence to those that do wrong in any way shape or form, even though I do admit, the 1944 counterfeits and I have held one in my hand are kind of cool.

Any info or opinions would be great.

Esky