Dwight Manley Warns of “Frighteningly Deceptive Counterfeit”

Discussion in 'World Coins' started by silverbullion, Nov 12, 2015.

  1. silverbullion

    silverbullion Active Member

    Beware of Frighteningly Deceptive Counterfeits

    Statement By Dwight Manley

    Prominent rare coin dealer and collector Dwight Manley, owner of Fullerton Coins & Stamps in Fullerton, California and Managing Partner of the California Gold Marketing Group, who assisted a quarter-century ago in breaking up a counterfeit coin and counterfeit holder scheme, has issued the following statement.

    “A frighteningly deceptive counterfeit has been encountered, and the world needs to be told about it. We recently realized that a 2005-dated quarter-ounce South African Krugerrand labeled NGC Proof 70 is not only a counterfeit coin, it is housed in a counterfeit Numismatic Guaranty Corporation holder that has the same certification number on the label as a genuine 2005 PF 70 one-quarter ounce Krugerrand listed in the NGC data base.”

     
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  3. jackhd

    jackhd Active Member

    Silverbullion,
    Thanks for the heads up. Holy Cow! That is disturbing. How was it found? Who is behind it? That's a pretty high level scam. Is there any more to the story? Jack
     
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  4. silverbullion

    silverbullion Active Member

    You're most welcome.

    “The fake was purchased on October 23, 2015 by a knowledgeable employee of Fullerton Coins & Stamps over the counter from a semi-regular customer. Before making the purchase, the employee checked the NGC website to see if the certification number and coin description matched. They did: cert number 3676849-006.”

    Source: http://www.newcoinreleases.com/dwight-manley-warns-of-frighteningly-deceptive-counterfeit/
     
  5. jackhd

    jackhd Active Member

    SB - Thanks again for taking the time to warn us. I've copied and re-posted your original post on another popular "Community" forum. That is just SCARY! Jack
     
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  6. silverbullion

    silverbullion Active Member

    Very scary and surely another blow to the integrity of the Krugerrand.
     
  7. medoraman

    medoraman Supporter! Supporter

    Its not a blow to the Krugerrand, its more of a blow to the slab market.
     
  8. silverbullion

    silverbullion Active Member

  9. jackhd

    jackhd Active Member

    medoraman,
    I disagree. I think that if this is a new effort to cheat using counterfeit Krugerrands, it will throw up red flags for anyone who buys them and could hurt sales. The counterfeit holders are even more upsetting. If you follow the provided thread, they are apparently extremely close to NGC holders in appearance. The only difference being a slight difference in the NGC logo. That error could be quickly fixed now that we're all talking about it. Just my humble opinion. Jack
     
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  10. ToughCOINS

    ToughCOINS Dealer Member Moderator

    This is a most disturbing development.

    In all likelihood, there are hundreds, if not thousands of these already floating around, all with the same serial number.

    Now that word is out, the counterfeiter probably has already shifted gears, and begun working on a different coin and holder.
     
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  11. Markus1959

    Markus1959 Well-Known Member

    Good point. If the counterfeiter is this good then what coin will be next? Or are there some already out there just not caught yet?
     
  12. daveydempsey

    daveydempsey Well-Known Member

    I agree, most Krugerrand buyers throughout the world buy them unslabbed, this was designed to cheat US buyers and dealers.
    Buy the coin not the slab.
     
  13. harris498

    harris498 Accumulator

  14. DeodatusAlp2002

    DeodatusAlp2002 Lowball glory!

    Yikes! Fakes are getting better and better. In my old coin forum, there were multiple articles with fake slabs with the cert number matching the one in the database. :hungover::yuck::arghh::banghead:
     
  15. jackhd

    jackhd Active Member

    Deo - I'm thinking if they go to all the trouble to match up cert numbers of similar coins, that's a pretty serious threat. Perhaps not so much for those with a lot of time in the hobby, but what about newer collectors, or even those that buy as investments (which I believe is the actual target for this scam). There's real danger here. We all need to be even more careful especially with high dollar certified coins. Jack
     
  16. green18

    green18 Unknown member Sweet on Commemorative Coins

    I don't buy slabbed bullion and I don't buy Krugerrands.........I may be safe.
     
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  17. silverbullion

    silverbullion Active Member

    More or less 5% less gold.
     
  18. Maxfli

    Maxfli Well-Known Member

    Bingo.

    This scam is targeted at the noobs who are attracted to the slabbed bullion sold on Coin Vault et al. — which itself is a scam in its own right.

    I hate to say it, but it's actually quite a clever scheme.
     
  19. medoraman

    medoraman Supporter! Supporter

    Really? I remember reading about fake slabbed morgans, cents and lots of other coins I doubt you would consider coins for "noobs". The fake coin in a fake slab is coming, it might already be here. Since these coins are in plastic, there is no way to weigh them, examine edges, or other ways we have found fakes for decades. How sure are any slab collectors that every coin of theirs is authentic? Do you know how to tell, or do you just rely on the, (very fakable), plastic?
     
    Numismat likes this.
  20. Maxfli

    Maxfli Well-Known Member

    I wasn't suggesting otherwise — simply offering an opinion that fake slabbed bullion is a particularly clever scam because it appeals to a less knowledgeable end-user market that is less likely to suspect, or even look for, signs of counterfeiting.
     
    Last edited: Nov 18, 2015
  21. Numismat

    Numismat World coin enthusiast

    This makes me very glad to have avoided collecting slabbed coins for the duration of my numismatic life. :)
     
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