happy new year to everyone...… ive saw and ive read that the FBI and the Secret Service investigate paper bill currency through out the US but I haven't saw or read much of anything about the rather large problem with US Coin counterfeiting. how do you guys see the US Coin counterfeiting going in 2021? do you see it increasing or decreasing? why? how can it be fixed? thanks in advance for your participation in my 1st thread
Counterfeit coins are a threat to a small portion of the population--coin hobbyists. Counterfeit bills are a threat to the US money supply itself. Their limited attention is placed where it should be.
The FBI and the Secret Service can't really do much. It's not that they don't care, it's that they just don't have the time. Counterfeits made in the US are not high on the list of how to use the manpower and very little can be done about China. I don't see this changing in my lifetime.
I keep on learning, thanks guys for the reply's. I didn't look at it not being a threat like paper currency is to the nation. thanks again
I believe the law applies only to coins and currency currently in circulation. I don't think they care much about coins like Morgan dollars being counterfeited. I could be wrong, though.
The United States has been printing so much cash I don't think counterfeit even upsets it. It's all basically Bogus at this point. Counterfeit coins on the other hand are a real problem to collectors.
Given the comments I plan on ramping up my counterfeit production for 04/01/2021 with a focus on clad quarters of the 1980s as I forsee that being a huge market among the most sophisticated collectors...
Morgan dollars are still legal money. I can't imagine any anti-counterfeiting law excluding obsolete money, as long as it hasn't been demonetized. Otherwise, why not set up a huge press to produce silver and gold certificates?
thanks again to everyone replying to this thread. I hope there's a lot of collectors learning as much as I do from you guys, thanks
I disagree, 4/1/21 will mark the incredible upsurge of counterfeit zincolns, primarily for their stability and beauty. What say everyone?
Even most counterfeiting of bills doesn't draw attention, it's a local issue. Years ago we had a detective from the local PD do a preso at coin club. He brought a bunch on fakes to show us - the "here's what the idiots tried to pass at the local cheap gas stations" kind of stuff. Unless it was a new, good, counterfeit they didn't even bother calling the USSS - singled sided color copies, meh. For the rest, the USSS would eyeball them and usually report they were aware of these in circulation, the AUSA (Assistant US Attorney) would indicate they weren't interested in prosecution and it would bounce back to the city for "theft of service" or the like. Except for one time. They served a warrant on a couple whose son was in jail and the parents had passed a few bad bills. Nothing serious - just wanted to ask them where the bills were coming from (some suspicion that sonny-boy was doing bad things from jail and such, running with a bad crowd and maybe got Dad involved...). There, around the fireplace were STACKS of new, banded, counterfeit 20$. $40-50K. That bust the USSS and AUSA were -very- interested in.
It applies to both but unless it's some super high value fake collectable coins are very low on the priority list and cheap 20 dollar fakes aren't even on that list at all unless they stumble upon them in some minting facility
Thanks for posting your first thread here! Hope it's the first of many! I'm not exactly sure on what the boundaries and abilities are of the FBI and Secret service are in regards to counterfeiting however I do like to push for the common collector that understands and is able to spot a counterfeit to point them out in whatever capacity they can. law Enforcement, report them on Ebay or whatever sales site you can or send a direct message to the seller.
thanks for all the great posts so far. I was becoming more and more aware of this problem, especially the counterfeit coins coming from china. its amazing what ive read about it. one google search " how much money do collectors lose every year from counterfeit Chinese coins" netted 8,600,000 results. and then you have scammers selling common coins as rare coins on eBay, etsy and more. hopefully the newest generation of coin collectors will come across sites like CT. they wont go wrong reading threads and posts from you guys and gals, I know I haven't
