Coin Adviser
Posted in Uncategorized on 05/23/2008 02:26 am by admin
Coin Adviser
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Chinese Counterfeit Coins Circulating In Usa
Although the recession continues, the most popular hobby within the USA – coin collecting, especially US coins - has a revenue of a staggering $5 billion, per year.
On the downside, not all that glitters is not what it seems. Buyer beware – counterfeits abound!
A warning to American coin buyers was issued recently by respected numismatic advisory groups, advising Chinese-made counterfeit US ‘rare' coins are being widely circulated throughout N America to unsuspecting consumers.
Millions of dollars are passing hands for fake U.S. old coins, mostly through online auctions like eBay, and even local via flea markets and swap meets.
In an effort to halt these activities and protect the public, top numismatic companies have been actively working to restrict the import of counterfeit coins, monitor and halt fraudulent sales via online auctions, and helping the government to set up legal actions against those who import and/or resell illegal coins.
US law requires replica coins made outside the country to have the word "copy" incised on the coin surface - none of the Chinese coins have this.
Unfortunately, on places like eBay, it is all too easy to trick potential buyers, by substituting pictures of different, legal coins.
It was reported that an individual counterfeiter in China boasted that he had already produced and sold more than one million coins in the US, though it is not known over how long a period of time...
Collectors have been advised to only buy genuine coins from reputable, professional dealers. As it is illegal to re-sell counterfeit copies, anyone doing so and getting caught risks losing their money, and possibly facing charges.
To help educate the public, a one-day seminar, "Introduction to Counterfeit Detection of United States Coins," will be held on April 22, 2010 at the Hyatt Regency, in Dearborn, Mich.
The best course of action is to only buy coins that have been certified by reputable coin authentication (or grading) companies who provide a guarantee of authenticity with all the coins they inspect. Commonly used are American Numismatic Association Certification Service (ANACS), Numismatic Guaranty Corporation (NGC), and Professional Coin Grading Service (PCGS).
Quality, certified coins – silver & gold, (US & other currencies) can also be purchased through a very reputable company, Numis Network. For details visit: http://shopnumis.com/jotibryant
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