PCGS Slab help (fake Morgan/slab??)

It doesn't matter how it was advertised; it is a counterfeit in a counterfeit holder. That is no tribute piece or novelty. Also, at 5% of the value of a real coin, the seller definitely knew it was counterfeit and the buyer did, too.

 

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Unless it was like those sneaky advertisements, like those gold-plated Buffalo's I see on TV at 3 AM for $49.....I can see how people fall for them, I am an investment analyst and I remember scanning to see where the disclaimer is that tells you it is NOT 1 ounce of gold.

If I had to use my skills to see how it could be, imagine the average person (even though EVERYBODY should know you can't get something for 1/20th the normal price without a catch).

 

Here is where it gets tricky.

To say the buyer knew is not fair. Once again I am not casting judgement on any party until I get all the details in front of me. The owner of this coin is in his late 80's. I don't know if he owns a computer or even a red book for that matter.

I will say that The company it was purchased from does not deal in replica's, tribute or etc. Only bullion and investment coins.

It all could come down to a simple mistake or a etc. Although I just can't process a coin being offered at 5% book value and they claim not to know its fake....even though 5% book value on this coin is no small figure.

I admit he is somewhat at fault for going into this so haphazardly. I believe he bought this coin sight unseen over the phone, I do not know how it was represented at this time. I will have more details to post once everything gets sorted out and I know the facts vs speculating.


The scary/sad part is, if he had not brought the coin by and showed it off he would have this coin setting in his set/collection.....none the wiser.

Which is the main reason I posted this story/thread other than to help confirm my gut feelings.
Thanks to everyone for the quick responses earlier on the slab/coin details.

Hope this thread helps someone out and reminds them to always check over the coins and slabs before purchasing.

 

Am I correct -- this is a $20,000 coin if legit ?

So this guy thought he was buying a $20,000 coin for $1,000 ? Shame on him. Unless he's senile, nobody should be that gullible.

And what legitimate bullion/investment firm would sell someone a coin at 1/20th market value without knowing it was a counterfeit ? They should be locked up.

What's the firm ?

 

Where the hell is bsowa1029 when you need his input for Chinese fakes???

 

Coin shops should have cameras everywhere - OH, and if he bought it obviosly was thinking it real it would bring in middle 5 figures$$$ - OUCH!

 

@GoldFinger1969
Not his story just looking at how it could happen to someone

lets look at it this way, you have a CC or two from childhood or through the years. One day you say I would like to get them all. Your elderly, live in a very rural area, do not do computer and are unfimilar with book values or etc. You start ordering a few coins from a company you read in a paper advertisement and start to develp trust $200 coin here 3-400 there...all the sudden you get offered one of the harder dates and it is 9-1,000 that's 3-4 times + what you have been paying.

I see where it could happen. Although im not defending his careless/dumb approach to the way he collects.


Reminds me of my favorite saying..
"Play stupid games....win stupid prizes"

 

If you get a counterfeit slab it most likely means a counterfeit coin too. The point of counterfeiting a slab is to make it seem that the coin is real and there is no need to worry about the coin. It also could be a problem coin that someone is covering up with a fake slab.

 

It means the coin is counterfeit OR the coin is way overgraded. So a fake slab houses an AU-58 coin but it's graded MS-65.

 

A counterfeit slab with an edge-view gasket? That's new. And it shouldn't be surprising as it's the next logical step for counterfeiters.

The coin is certainly counterfeit, too. It's a "spitting liberty" (note the lump by Liberty's mouth) and the mint mark is completely wrong.

This coin is also in violation of the Hobby Protection Act as amended by the Collectible Coin Protection Act as it is certainly of new manufacture, and as such needs to be marked with "COPY" per FTC specifications.

Now, the most common fake PCGS slabs use the smooth gaskets so this would be, to me, a discovery piece as far as the holder goes.

May I take these images and make a profile for it up on The Black Cabinet? Word needs to get out about this.

 

Unfamiliar with that and not sure where it is on the pics, can you elaborate, Steve ?

BTW, great website !!!

 

Absolutely, I plan to get better photos first of the week for documentation. All these were taken on the fly on a busy day. I will be glad to send those also.

 

@GoldFinger1969 - Note how the part around the coin has "cutouts" that actually hold the edge, rather than a smooth circle all the way around? That's faking PCGS' "edge view" holders (see this thread). Virtually 100% of fake PCGS holders presently on the market have smooth gaskets without "fingers" or whatever one would call them.

Also, thanks!

 

Please do! For now I'm going to set up a temporary profile as this is distinct enough that it'll be easy to spot.

It might also be time to get in contact with your local Secret Service branch if you can trace the source.

 

The slab's profile is now up here: CS-S$1-1889CC-PCGS-25046920-0001

And the coin's profile is here: CF-S$1-1889CC-0001

 

I always appreciate good, honest sellers/dealers. I wish there were more sellers like this out there!

 

Awesome site, thanks for sharing.

 

If he bought it over the phone, there is a chance he was scammed by a telemarketer pretending to be a legitimate company. (Unless he called the company) And if it was a scam company cold calling him, they have his credit card number now as well.

 

The coin looks fake too, the date does not look right to me. And the "CC" looks a little too round