PCGS helps nab counterfeiter!!

Apparently this ripoff was selling halved silver dollars in graded holders in Southern California. I just glanced at it, so you'll have to check out the article as it came in today's coin news. Another argument why we shouldn't have started grading in the first place. Anyone?


http://www.coinnews.net/2009/10/27/pcgs-helps-police-nab-counterfeits-suspect/

 

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It was a decent article. I'm glad they are doing something about counterfeits but just because a coin is slabbed and labeled by a top TPG doesn't mean collectors and dealers can let down their guard for a moment when considering a coin.

 

IDK, but something must've not been too convincing if dealers suspected it as being altered. Usually (at least the ones I have sold to at shows) don't even look at the coin if it's slabbed, they take it for granted.


stainless

 

Check you Number befor you buy!!

Coin World also had an article about MS65 1903-S Pcgs. that had been sliced in half they were guessing that the China's counterfeiter's had gem 1903-P and join it with 1881 or 82-S. buyer was out $13000.00
once there in a Pcgs holder you can not see if it was sliced like this one was.

 

IMO, this is why NGC is way better than PCGS, with the pics now on their website (and I think they now require pics for all coins they slab) it would be impossible to do something like this. You would literally have to get it to look just like the pics on their site.


stainless

 

I agree with you to a certain extent. However, let's remember that the vast, vast majority of NGC coins are not photographed, so the above only applies to recently-slabbed coins.

 

The NGC edgeview holders also prevent thi type of scam.

 

Nice article!!

 

I've looked up many NGC serial numbers on their website and while the pics aren't the greatest, they're usually good enough to compare minute details. Very helpful.

Unfortunately, they still aren't automatically photographing everything submitted these days. There's a 2 or $3 fee to get them to photograph and list it on their website. Some people pay it. Some don't. Probably depends on the dollar value.

 

I know of some very hard to duplicate security devices that could nearly eliminate fraudulant activities such as this. Unfortunately, it would increase the price of TPGs by $12-$15 and would require only authorized, reputable individauls in the field to be authorized to have the proper equipment and resources to verify authenticity. I know it sounds very complicated, and it is. But it may be worth the efforts and added cost on items in the $1,000+ category.

 

Sometimes it may be worth it!!

 

But their is a simpler way...and NGC is doing it...although, they should make it a requirement. and so should PCGS.


stainless

 

True and everyone should remember that as long as there is a slabbed coin, there are individuals that will try to open them for replacing or whatever. Also, there will always be someone making a copy of them, making copies of coins and inserting in them. China is known to make imatation slabs with counterfeit coins now but when will other countries start doing that also? As long as someone comes up with a fool proof anti anything against crime, some criminal will find a way to defeat that.
This entire counterfeiting mess about a really great hobby is getting really bad.

 

He must have access to some really good cutting equipment. Glad he's busted!

 

Are you sure? They have automatically photographed all the coins (including ancients) I have submitted a few months ago.

I agree. It's a great service to collectors. It makes a buyer more comfortable purchasing a coin from overseas. :high5:

guy

 

Being comfortable with your purchase is a priority with me not knowing
If its real or not can be a little unsettling, Especially with several
Thousand dollars at stake!!

 

I know the feeling but all we can do now is ck the TPG # make there real.I agree any amount to me is unsettling $$$$:kewl:

 

you could do it with a hobby hacksaw if your hand was steady enough. I've seen a morgan dollar cut into a 25-30 piece jigsaw puzzle.

 

Always, A choice......Lol