I don't agree. Counterfeits have plagued numismatics from the beginning. If counterfeit coins didn't sink the hobby, neither will counterfeit slabs. I certainly agree it's a serious issue, just like counterfeit coins are a serious issue. I think this shows the value of "early warning systems" and good communication, of which CT is a part.
how will one bypass fake slabs? They fake a coin, then fake the slab - including the refferance number that points to the correct coin ... how would someone tell the differance?
exactly and since its int he slab you cant even feel the coin. also if youa re buying sight unseen on ebay god help you. i believe the worst is yet to come and the NEW TPG that looks at slabebd coins and labels them will make money
I think it's really nice of NGC to point out to the COUNTERFEITERS just what they need to improve on. Think any of those guys might pay attention as well?
If you read NGC's response you would have read that the fake slabs have easily identifiable markers, e.g.: Misspelled words in the hologram Different font used on the lable Different seam weld on the top of the slab Plus a few more. If you know what to look for you shouldn't fall into the trap. It's not a lot different from counterfeit coins - you learn what markers to look for for certain coins. Education is your best protection.
i do not buy raw coins very often, and when i do .. the coins i buy are very unlikely counterfeited coins. But this will not always be the case. With buying raw coins there has always been a chance. Slabs have always had the appearance of safty. The link provided gives some good clues to help educate buyers ... lets hope the fake slabbers dont learn and improve.
I rarely buy raw coins, not because of counterfeiting worries (although I'm alert for that.) My main concern is cleaned coins. I can spot some but not all.
Yes, telling EVERYONE so openly about it isn't such a good idea...we will soon have even better fake slabs around.... But why can't you just check that the coin inside isn't genuine ? And who would buy a coin like that from someone who wouldn't give you a refund if it was fake ?
Another thread here(US Coins i think) stated that Ebay recently halted quite a few auctions. The fake slabs may have been the reason, i have'nt heard the official reason yet though.
Well, you tell collectors so they can identify the fake slabs already out there. Then, if you are NGC, you come out with a new style holder.
Here's the way I see it. I had a great point and now I'm Elvis (thank you very much). JeromeLS had a great point (thank him very much). GDJMSP has a great point for future solutions (thank him very much). Now all we need to do is inform everyone of the risks of an old holder. Now THAT'S going to be a big job. Pretty much sucks if your vision is like mine and you need a loupe just TO LOOK AT THE HOLDER. Guess I'll stick with mainly raw coins for that reason. I look at those with a loupe anyway and buy from dealers I trust. Hmmm... are we going back to old school collecting?
The smart folks never quit the old school method clembo - buy from a dealer/seller you trust. Then any coin or slab you purchase that is questionable, can be returned
Some CFe members contacted NGC about the fake slabs being offered for sale. They may not have known about the sale of empty slabs but they did say they'd been watching this situation for a little while. Shortly after this exchange I understand that NGC , with eBay cooperation, had auctions of those selling fake slabs removed from sale. (One would hope "with extreme prejudice" but we all know eBay.) I would imagine that NGC will be keeping an eye on eBay auctions and paying close attention to any observations made by CFe members. Just my understanding, not necessarily absolute fact.
This was a necessary step for NGC to take regarding fake slabs, even though obviously the fakers will try to correct their mistakes. Now NGC needs to continue to keep up on how they're doing it and keep the public posted.
