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Creating A Register For Collectable Coins

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New Member

Australia
11 Posts
 Posted 07/24/2014  12:56 am Show Profile   Bookmark this topic Add The Coinery to your friends list Get a Link to this Message Number of Subscribers
As it appears that I may have recently been scammed when purchasing a coin (see my post in US Commemoratives) I am wondering if there is a way to ensure that any coins sold are not forgeries. For example could there be an official Register for all coins over a certain age. Under this new system, no coins would be allowed to be sold that have not been validated by this Register.

If some sort of governing body like this is not created then I think that it will reach a point where the coin marketplace will cease to be trusted.

What do others think?
Pillar of the Community
zxcccxz's Avatar
Canada
5417 Posts
 Posted 07/24/2014  01:18 am  Show Profile   Bookmark this reply Add zxcccxz to your friends list Get a Link to this Reply
It's a good idea in theory. But there are three big problems to this.

1) Coins change hands frequently, most often without an official receipt of sale of sale. How would anyone keep track of all this, even of it was law to record it there would still be a large amount of discrepancies.

2) Coins change over time. A coin changes over time in apperance. Coins wear, tone and are (unfortunately) tampered with. A coin made now will not look the same in 10 years unless it is kept in an airtite, dry environment.

3) The biggest problem, there are too many of them! The vast majority of people aren't collectors and don't know how to deal with a rare coin even if they had one. An undertaking would require a massive backing and even then, there will be issues.

No, the best way, is to either learn to properly identify a coin (Which I recommend despite whether you chose option 2 or not) and buy from reputable sellers. Or Option 2 which is to always buy graded coins (PCGS, NGC, ANACS, ICG).
New Member
Australia
11 Posts
 Posted 07/24/2014  01:51 am  Show Profile   Bookmark this reply Add The Coinery to your friends list Get a Link to this Reply
I think my point still stands that rampant forgery will ultimately damage the collectability of certain coins because people will cease to trust that they are authentic.

In Australia at the moment there is much turmoil in the art collecting market as, to quote one major newspaper,
"Up to 30 per cent of the artworks offered in the Australian art market could be forgeries."

http://www.smh.com.au/entertainment...1-zvdkz.html

http://www.smh.com.au/entertainment...4-16z8x.html
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