Laura Sperber On Coin Doctoring - Will We Ever Win?

Let me give you a view from the outside.

I don't collect U.S. coins, mainly medals and tokens but I can see U.S. numismatics falling down a huge hole if you don't listen to Laura Sperber, or someone like her.
As collectors you live in a very large country where our pastime is relatively popular. Naturally you are also the largest market in the world for U.S. coinage. So when a dealer the size of Legend says that something's rotten, it's a fair bet they know what they're talking about.
It's true that many of us in other countries cannot understand your reliance on TPGs, or your over complicated grading system, but the fact remains that the US is not only one of the driving forces in numismatics; it also sets trends in prices.
If you lose confidence in the reliability of your dealers and their business ethics then the rest of the collecting community will feel it soon enough.
30-40 years ago I collected high grade/high value coins. I'd be very wary of doing the same today.

The ANA may or may not be a "good ol' boy" network. The PNG obviously is....& I haven't seen much in the way of sanctions against the PNG by the ANA.

Repairing damage may not be unacceptable in many hobbies but repaired items are valued much less than original. An original low mileage 1955 Chevy is worth many times what a rebuilt wreck is. I see no difference between that & a doctored coin. The same could be said for antiques, artwork, musical instruments, etc.

Also, as a side note.... antiques, artwork, and musical instruments actually achieve higher prices when professionally restored. There are many historical pieces of art and classic paintings by the Masters being restored as I write.

It's a fairly common practice to restore/repair items in many fields. I agree that professional restoration can add value to a damaged piece. That doesn't mean that a repaired/restored piece is equal in value to an umolested original in the same condition.

I buy & sell antiques in a small way. We have the same problem with "antique doctors" that the coin community does with coin doctors. There is always someone who will try to "improve" the condition of an item & pass it off as original to increase profit.

The following is a follow up commentary from Laura Sperber of Legend Numismatics

KABOOM! AN UPDATE ABOUT LAST WEEKS ARTICLE

LAST WEEKS HOT TOPICS

I can say it definitely was well read. Unfortunately, it was not so well received by a small vocal group. Too bad! As far as I am concerned, the coin docs can rot away!

THE PNG

First, my fave group-the PNG wasn't too happy with me. I am a big girl, and when I make a mistake I admit it. Regarding the PNG I wrote something incorrect (it sounded incorrect anyway).

I had NOT filed ANY complaint with the PNG or was stonewalled by them. THEY DID NOTHING WRONG in this regard. I got stonewalled by technicalities that had NOTHING to do with the PNG. So in this case I apologize to them. BUT, I still feel the same about their in ability to do any thing for the consumer unless prompted-grrr.

AHHH, THE COIN DOCS

My goodness, SEVERAL of them crawled out of their dungeons and accused me of talking about them. My, my these guys care about their consciences all of the sudden? NOT! What really blew me away was how they justify being cheats to themselves. They really do NOT think they are wrong.

One guy even had the gall to call me at 2 AM and "try to make my miserable". Well it backfired on him terribly. Originally, I had NEVER written about him. NOW I AM. HE IS AN INSTRUCTOR AT THE ANA SUMMER SEMINAR.

Yes, this guy is a coin retoner at the VERY least. He is famous for his blue rims that for so long fooled the grading services. He has damaged some really superb type to make a buck.

So he goes to teach ANA classes probably seeking mental redemption. In my book, he does not deserve to be teaching and deserves NO redemption-even if he claims he quit being a coin doc. Now, if he started a campaign against docs (I am talking about helping get his pals turned in, not just education), and was aggressively buying back his coins-then maybe. But you can't shoot someone, say your sorry, leave them with a scar for life (which is what he did), and then say love me?

Once I am on the ANA board, I promise he will NEVER be able to teach there again. In fact, I plan on discussing this issue with the ANA at the upcoming Philadelphia Show. If you see a coin doc holding a DO NOT VOTE for Laura sign, guess who he is!

We can't let these guys get away with what they have done. I believe they need to punished. I will NOT tolerate ANYONE trying to bully me either.

THE SUPER PUTTIED $10

You'll notice its not on our site anymore. Kudos to PCGS for making that issue go away. However, I jumped the gun and took the image down because apparently it connected to the Ebayers auctions-and he did not like that. Stupid me! That link had only been on a site prior (PCGS) where 100,000+ people could have seen it. I am amused he was mad at me. Pick on the big guy next time.

Let me figure his reasoning then for even having the coin for sale:

It wasn't his (then he is a mule for a doc)

It hadn't turned when he first got it (dog ate my homework)

He didn't know (oh really? all coins have putty so thick it oozes?)

Or maybe it he has very high ethics? (yeah right)!

What a bunch of losers these guys are. There is NO excuse to make about a coin that HORRIBLE. IF YOU DID NOT KNOW IT WAS THAT BAD, THEN YOU HAVE NO RIGHT TO SELLING COINS TO THE PUBLIC-IMHO! I do not know who the vendor was, or if he was a doc, or if he rescues small furry animals, in the end I was shocked that he put a coin that bad up for sale. Really!

LAST-THE COUP DE GRACE

On the PCGS chatroom this past week, there was a thread about who your numismatic idols are. One collector hit the mother load! He listed 5 people-4 are some of the biggest KNOWN current coin doctors that exist! One will try to argue they make coins better-but he is still a coin doctor. Just wait until this collectors coins turn black in a few years-bet he will have those guys on a different list then! I'd say coin docs are mentioned on 20% of the responses so far. Thats VERY sad state for the hobby. Just because someone is a "name" does not mean they do not use chemistry set to make a living.

The public has to demand tougher grading, tougher penalties when these guys get caught, and MAKE THEM get caught! I promise I am working on a few cases that WILL make it to the PNG for trial.

WHY I AM ON A TEAR RIGHT NOW

Because to me coin doctors are the lowest form of garbage in this hobby. I just missed out on buying $1 million dollars worth of expensive coins for my customers in an auction. ALL OF THE COINS WERE MESSED WITH. One-an expensive dollar-had a spot removed (which isn't horrible), but then they wiped the area around it and tried to cover up the work. That was a $200G coin that is now damaged and will NEVER CAC. It is a danger to any buyer regardless of price. Granted the coin sold for much less then $200G, but someone could still end up injured if an unscrupulous dealer buys and offers it for what it should worth if it were the proper unmessed with grade. That's just ONE example of how coin doctoring hurts ALL of us. These docs just have no respect for money or the collector. Since it affects MY livelihood and it just robed a collector of a great coin, I am not going to sit back and take it. Turning my back and walking away from a bad coin like so many dealers do is NOT the answer, I am NOT a coward.

IF YOU NOTICE ONE PARTY DID NOT RAISE ITS HEAD

The ANA was the ONLY party I did not hear from about my Hot Topics. I am deeply disappointed. It just shows me how clueless they are. This is a VERY serious issue. These are wolves in sheep clothing who are teaching there (with an exception or two), none of them are elite. I think the ANA should be totally embarrassed by this and needs to revamp their ANA seminar program (which does happen to be excellent).


ANY COMMENTS OR QUESTIONS PLEASE EMAIL ME: lsperber1@hotmail.com

I will be at the PCGS Invite this week. Responses may be slow.

Good for Laura! Collector awareness of the problem needs to brought to the forefront.