Don't know if any of you have seen these pics. Just sickens me. http://coins.about.com/od/worldcoins/ig/Chinese-Counterfeiting-Ring/Chinese-Fake-Coin-Minting.htm
[h=1]disgusting![/h] thats why we as collectors need to stay educated on fakes. just hope they stamp COPY on them lol
that's required by law in the US, to have COPY in capital letters, but in china they can do anything they want
You know why they are making these things? Because we as Americans are so dang greedy we are always looking to make easy money.. Its Greed by us that is creating a market for these items. No market, they would stop. Simple.
I don't believe most collectors buy coins because they are greedy. I would say it is the counterfeiters who are looking to make the easy money. I guess if we didn't keep money in banks, bank robbers would quit robbing them, so that's our fault too. I tend to blame crime on the criminals, not the victims.
The counterfeits are getting pretty good these days out of China. They are even faking the common date Morgans. Be careful. Your best defense is to educate the heck out of yourself when collecting any older series. From what I've gathered, they haven't been counterfeiting Presidential dollars, or America the beautiful quarters. But, don't put anything past them!
Trust me. They don't stamp copy on any of these. That would defeat the purpose! They don't have to over there. Not illegal to copy foreign coinage in China. They're just not allowed to copy their own currency. This has been posted many times. What's interesting about some of the pics is that it shows they're copying relatively common stuff too. Usually you only think Chinese fake Morgans and Trade dollars. You wouldn't think thousands of Chinese Lincoln cents or standing liberty quarters are out there, but there's your proof.
Correct me if I'm wrong, but I also believe this applies to foreign currency dated prior to 1949 (when the communist government took over). And yes, you are correct, none of them have "COPY" or "REPLICA" stamped on them unless you request it. I have made a purchase a while back just to see the quality. Watch out! I had a hard time finding flaws, as well as the guy at my local coin dealer of thirty years!
One can always keep on talking about laws that stamps of "copy" are required but in reality that's not the case. Same with drugs on the street or any other cases - it doesn't matter what the law states this or that. Honestly what do you want? Bomb a few factories here and there or get congressmen to ban counterfeits wouldn't stop them anyways. If you can stop international drug trades, good on you - I'll like to hear it. You can probably apply the same to stop counterfeit coin production. At the present moment, it's costing a fortune. Would you like to start paying additional taxes to ensure counterfeits get eliminated? Maybe? There is just no solution unless everyone is determined not to pay a single cent on such. Jim's got a point - there is a demand for fakes simply because lack of people's knowledge. Some reckon they might have got a good deal only to find out the hard way. For a long time, I believe we have taken this hobby for granted. The last measure against this is to educate ourselves and learn to appreciate the hobby. Afterall, you get stung only after you make a purchase - it's not like you are forced to buy counterfeits at gunpoint.
Well, there's also dishonest people here in the states buying these by the box full, and knowingly selling these to customers (and other dealers) who put their trust in them. Don't think it doesn't happen. Many of the counterfeits are good enough to fool the experts with all the proper equipment in front of them. What tools will be necessary to buy coins at shows without getting burnt?
Eventually law enforcement will catch up with them. Just got an email from PCGS that they are opening up a grading facility over there. [TABLE="width: 700"] [TD="colspan: 2"][h=2]PCGS Division of Collectors Universe Expands Rare Coin Certification Services to Asia[/h][/TD] (Santa Ana, California) - In a major expansion of its international services and activities, the Professional Coin Grading Service (PCGS) division of Collectors Universe, Inc. (NASDAQ: CLCT) has established a Hong Kong-based authentication and grading operation. The new Asia venture will be known as Collectors Universe (Hong Kong) Lt In May 2010, PCGS successfully opened an office in Paris, France as part of the company's increasing international services, and since then PCGS-certified coins have repeatedly brought higher-than-estimated prices at public auctions in Europe "Coin collecting is alive and well around the world. At our California headquarters, PCGS has received many submissions over the years from dealers and collectors from China and the surrounding area. We are pleased to establish a presence in Asia which will allow us to better serve this important market," said David Hall, President of Collectors Universe and Co-Founder of PCGS Professional Coin Grading Service will begin authenticating and grading coins in Asia with the opening of Collectors Universe (Hong Kong) Ltd. in 2012. [/TABLE] [TABLE="width: 700"] [TD="colspan: 3"]The ability of PCGS to authenticate and grade coins in Hong Kong will eliminate the time-consuming customs issues inherent in sending coins to the United States to be authenticated and graded. PCGS officials say there's increasing acceptance and need in Asia for impartial, independent certification of rare coins to provide reliable protection against counterfeiting and provide confidence and security for collectors and dealers when they buy or sell. [/TD] [/TABLE] [TABLE="width: 700"] "World coin grading has become an important part of PCGS' business. As collectors around the world understand the benefits of third-party grading, more and more of them are seeking it out and insisting on it before they Professional Coin Grading Service will begin authenticating and grading coins in Asia with the opening of Collectors Universe (Hong Kong) Ltd. in 2012.purchase a rare coin. It is only natural that they come to the most respected worldwide certification service, PCGS, for authentication and grading. Having operations in both Hong Kong and Paris will help PCGS provide even better service for the collecting communities around the world," said Donald E. Willis, Jr., PCGS President. [/TABLE] [TABLE="width: 700"] During the past several years, Muriel Eymery, PCGS Vice President and Director of International Business Development, has met with numerous leaders in the Asian coin market. "We have been working with many dealers and collectors from China as well as Japan, Korea, Hong Kong, Singapore and surrounding countries. We have been planning this expansion in Asia for months and decided Hong Kong is the right place to begin," said Eymery "The first public appearance of Collectors Universe (Hong Kong) Ltd will be at the Hong Kong Coin Convention and Antique Watch Fair, April 6-8, 2012. PCGS will provide onsite authentication and grading at the show as well as during pre-show activities and auctions. We look forward to seeing many of our customers and making new friends there. [/TABLE] [TABLE="width: 700"] [TD="colspan: 3"]PCGS announced its expansion into Hong Kong during a presentation at the Florida United Numismatists convention in Orlando, Florida on January 6, 2012. Specific information about submitting coins to the Hong Kong office and in conjunction with the Hong Kong coin convention in the spring will be announced later this month. Information also will be available in English, traditional Chinese, Japanese and Korean online at www.PCGSglobal.com. Direct inquiries can be made by telephone at +852 39606570 or by email at info@PCGSglobal.com. Since its founding in 1986, Professional Coin Grading Service experts have certified over 23 million coins with a total market value of over $26 billion. PCGS represents the industry standard in third-party certification. [/TD] [/TABLE]
