Counterfeits and The Ethics of Owning Them

There is a great thread going about an altered Morgan that I didn’t want to trample on, but it got me to thinking about the ethics of owning a known counterfeit piece.

I happen to own a contemporary counterfeit 1916-D dime. It is actually quite well done and not a Chinese piece. The “D” is added. Because I am a guy that loathes empty holes in Whitman’s the counterfeit plugs the hole while my slabbed genuine resides in my SDB. Now I am not even remotely a guy that could consider passing on a fake and the coin is doing me a service by keeping my OCD in check.

I do believe there is a place in an honorable persons collection for a fake. They are certainly educational, but the risk always exists for the fake to find it’s way back into the market unintentionally……. So my question….. Is it ethical to keep a known counterfeit in our collections?

 

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Yes as long as it is clearly marked as such....some may feel differently but for your peace of mind not to be a cause of it returning to the invetory for sale. I use CWT as well other items that work with series.
I have no 16 D the reason im not putting a G in with a vf + collection personally I prefer a hole to a low grade slot filler...the same for 1877 ihc.

And I will edit to say yes I have and will buy a very rare die marriage even detailed coin but we are talk specimens with less than < 20 known or there abouts.. however these arent in a album or display.
These are coins that you accept what you find with hopes of an upgrade.

 

It’s not unethical to own them. You and pretty much everyone else likely own something else that’s fake as well without knowing it unfortunately and there’s a risk anything you own could be tried to have logos changed for resale etc. It becomes unethical if you try and sell it as something authentic. You just simply can’t control what other people are going to do with property, all someone can control is how honest they are with what something is.

 

My collection is made up of circulation grade coins, mostly as found or as traded for. I don't have any counterfeit coins, that I know of. I do have a hole in my dime album where the 16D goes. The only coin I have that is slabbed is the 16D and it is put away. So, I put a little note in the hole that simply says SLAB. I think it is OK to have counterfeit coins if you can protect them from escaping after you pass your collection on.

 

Would it be more PC to call them replicas instead?

 

I believe if you clearly mark the 2x2/holder as "counterfeit - do not sell" that's fine. Counterfeits can be great examples to use for study, learning and teaching so I have no issue with keeping them. Just my opinion

 

I don't have a problem as long as you don't try to sell it as genuine. Now if something ever happened to you and one of your heirs inherited your coins, they may unwillingly try to sell the fake unless you specifically mention this to them.

 

I don't believe there is anything unethical about keeping a counterfeit or altered coin in your collection. However, I would be concerned about what happens to it when I become late. I believe I have a responsibility to ensure that no one could pass off such a coin as genuine. How to do that?

The best and easiest way to do it is to take a set of metal letter stamps and stamp the thing "COPY" or "ALTERED" as appropriate. It's not like damaging anything of value and the item would be permanently identified for what it is.

 

I don't think there is any issue to own one. It can serve a hole filler and an educational piece to study. The issue is trying to sell it as the real deal and you aren't doing that.

 

No it wouldn't... fakes , counterfeit, are what they are...repoductions are labeled as such. These are not.

 

I completely agree.

Best answer. I always put a small "Ω" on the gold counterfeits I made so ... wait, did I say that out loud?

 

I’m sorry…. That was the best laugh I have had in a long while….. Good one..

 

I don’t have any in my albums but I do have 2 known counterfeit coins. I is a modern hard to get date but it was marked and sold as a counterfeit. Same with the other coin but that is a Colonial coin. I also have one counterfeit note. That is a CSA fifty cents note. I have the real thing too and both are labeled. If I mix them up I doubt I could spot the real one from the fake.

 

@Randy Abercrombie I like your OCD inspired place holder. That's actually a really novel way to display your completed series. I think I'll employ that approach as well.

Thanks for the idea.

PS- it does chap my hide to patronize the counterfeiters though. I despise the thought of me encouraging their despicable actions to satisfy my OCD. I will clearly label the fake as such. Counterstamping them as fake will quell my anxiety.

 

I have a 1876 counterfeit penny. It is clearly marked as fake. I already got my money back for buying the fake.

 

I think it’s fine as you aren’t trying to deceive or cheat anyone by using it as a placeholder in your album but I take a firm position against putting a mistress in the guest bedroom because that placeholder thing doesn’t work with wives IMO.

 

I think old counterfeits have historical and numismatic value, and don't need to be
shunned. My main concern would be that owning a few counterfeits unmarked
mixed in with the rest of a collection could substantially reduce the value of the
collection. It calls into question the authenticity of other coins in the collection, and
might make it more difficult for heirs to get a fair value for the collection.

I'd be surprised if many of my 1700s UK halfpennies weren't contemporary fakes.
Hard to tell in the condition they reach me, but the fakes are usually underweight.

 

I own a few contemporary counterfeits. Some are worth more than the real thing in the same grade. The holders are labeled to show that they are counterfeit. They are also shown as fakes in my software.
There is no way I would ever take a stamp to them. That would kill the value.

There are folks with large collections of contemporary counterfeits. They are part of history and should be protected from damage, just like any other coin.

This is an example of a fake that is worth much more than the real thing. It would be foolish for someone to sell it as a real coin.

 

Just make your own.