The Chinese Counterfeit Drama Unfolding...

Here is a link which says it all, simply using pictures...
Counterfeiting

 

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Nice one......I think Ill order some:mouth:

 

Excellent post, Ben. The more people learn about counterfeits and how they are made the better.

 

China needs a spanking...

Hey, we could stop getting all our crap made there! (Yeah, like that will happen.)

In 50 years, we'll all be making THEIR crap... mark my words.

 

What's really scary is that this makes a "grading company" that grades grading companies a lot more legit.

Think I'll stick with buying raw 99% of the time THEN send them in if I choose.

At this point I've had FOUR coins slabbed in over 30 years. Three when a friend was sending some stuff to PCI. The other I had my dealer send in to ANACS.

Next thing you know they'll be copying SGS slabs. Course that wouldn't matter much would it. Still worth NOTHING!

clembo

 

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If this becomes rampant (maybe it already is?), I will give up on the hobby since my return to collecting 6 months ago. I know this is the way of the world, but it is still very depressing.....

Another thread from another board on the same topic:

http://forums.collectors.com/messageview.cfm?catid=26&threadid=647774

 

Education. Without it you are at the mercy of those who want to separate you from your money. With it you can protect yourself from falling prey to the counterfeiters.

 

Yes, can't deny your point, but some of these are getting very sophisticated.

 

so how many Chinese officials are on his side? hmmm, he's probably paid off a lot of people and has easy access to US markets.

 

Hobo said it. Education is the key.

If you love the hobby why abandon it? Go into another hobby filled with counterfeits?

I have a coworker that does Baseball cards. They have the same problem, and yes, even in slabs.

It's true, it sucks but why let them "win"?

 

:headbang: It's these kind of reminders that make me want to give up the hobby. Can't trust the raw, can't trust the slab. A simple wholesome past time being destroyed. It's not like we're out here collecting drugs or accumulating extinct species. Geez. Is nothing sacred?

 

I see their Ancient Chinese Secret ...

... instead of ski masks, they wear balls of white yarn over their heads to
avoid detection.

 

My dad is in China now and for the next six weeks. I texted him to keep an eye out for some good counterfeits. If he brings some home, I'll take photos and pass it along.

 

i'll stick to coins that arent carrying much of a premium, walkers, franklins, peace dollars.

raw coins for me thank you very much.

 

Well the way I see after selling over 1000 of them I would say that they carry a premium, at least when silver is doing well.:hail:

 

Problem is, it's just greed that's driving counterfeiters to produce higher quality coins.

If people think they can get a great steal at 20% or more of what it is realistically, chances are you are funding the counterfeit market. And just to add another interesting thing - there are places where Chinese 1 yuan coin is counterfeited and that is a just a miserable 12 US cents. What are the chances of other coins NOT counterfeited?

 

This sort of development is very dangerous to the hobby. It can drive away a significant number of new collectors once it becomes more widespread and well known.

 

Where's that BullFrog or Toad at who has that 1795???:goof::goof::goof:

 

Good point but I've always collected coins w/the same philosophy as everything else - if it sounds too good to be true, it probably is - so I usually buy graded coins based on the PCGS pricing, Coin Value, or Grey Sheet... or a compromise somewhere in between depending on the coin. I've never purchased any graded coin at a fraction of the regular asking price. So it's frustrating to think 'you can't trust anyone in this'.

 

No matter what the Chinese counterfeiters do I'll still collect coins because I really like to collect coins. As it has been said here many times before, education is the key. That's one reason I'm here at CT. I'll always learn a lot here. I'll post a coin or 2 and someone will enlighten me on my buy by confirming my opinion of the grade or shooting it down because I missed something. Whatever it is, you CoinTalkers will set it right. All we have to do is ask (and post a picture).

And now that we're more aware of the fakes out there, we can be more vigilant in IDing them, hopefully before we buy them.

Chinese counterfeits...BRING EM ON!! OK, that was a mistake the last time someone said that, but....

Bruce