Dwight Manley Warns of “Frighteningly Deceptive Counterfeit”

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.”

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

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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

 

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/

 

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

 

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

 

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

 

I would say both, especially considering what previously happened involving the Krugerrand: http://www.timeslive.co.za/local/2012/04/15/krugerrand-scandal-rocks-sa-mint

 

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

 

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?

 

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.

 

Interesting. Any idea how underweight the proofs were?

 

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.

 

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

 

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

 

More or less 5% less gold.

 

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.

 

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?

 

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.

 

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