Hello- I found this coin in my home and i'm wondering what I should do next, if it is what I think it is. I talked to the local coin store guy and he told me I had to send it somewhere but I'm not shure I'm all bout that. Thanks so much for sending any kinda info this way!
Well - there were only 4 of the original coins made and they are all accounted for. There were also about 500 restrikes made by J.W. Scott & Co. who bought one of the originals. Even the restrikes are valued at between $3,000 to $7,000. The originals are priceless. However - there have been thousands of counterfeits made - and they aren't worth much. About the only way you'll ever know for sure is to get the coin authenticated like the guy at the coin shop told you.
I also would think that a restrike would be from the original die. I don't know if this could be called a counterfeit.
So who and where is the safest place to get a coin authenticated? ANACS? Do I just send it off and pray it somehow finds it's way back to me? Is this the way everyone does it? >Thanks for the info GDJMSP
Reid has done a nice review of the grading/authentication services. http://www.cointalk.org/viewtopic.php?t=93 Have a look, there are several good ones to chose from, his assessment of the services is pretty spot-on.
Is a restrike a counterfeit ? No - not really. For when a coin is a restrike - it is known - they admit it. But with a counterfeit this is not so. A counterfeiter tries to pass off a fake as the real thing. Someone who makes a restrike does not. But to better answer your question - Scott made his dies from one of the 4 original coins. The original dies were gone - destroyed.
Isn't that a circular argument? What does the intended use of the coin have to do with it? If it's a restrike, it should state 'copy' on the coin. If it doesn't have 'copy' stamped on the coin, it's no better than a common counterfeit.
In all fairness,some foreign coins have been officially restruck.Some like the Maria Teresa Thaler have been for many many years all bearing the same 1780 date. None are counterfeit.~ Jim 8)
Understand your point - it is just a matter of semantics. In a case like this - it is a well known fact there are only 4 original coins. It is also known who has all 4 of them. So for a new one to just show up ?? Nah - they know it's a restrike. There are many famous restrikes - some were struck with original dies. Some were struck with re-manufactured dies. But because it is known that they are restrikes - there is always a certain die characteristic that distinguishes them from the original - they are not considered counterfeit. A counterfeit implies the intention of fraud - a restrike does not. That's what makes the difference.
