Fake/Counterfeit Coins Vs Grading Services

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Author	Replies: 8 / Views: 1,340
Hnry Valued Member United States 106 Posts	Posted 02/05/2016 12:42 am Question Folks: Have any of the major grading services ever been fooled by a really good counterfeit coin? (and if so, how was the fake found out? (Please move this as appropriate -thanks) Report this Post to the Staff

Conder101 Bedrock of the Community United States 17884 Posts	Posted 02/05/2016 09:42 am Yes a group of good counterfeits came out last Nov that got past all four of the top services. How were they found out? Two ways, specialists in the various series noting discrepancies, and the same variety being seen in different holders all with the exact same repeating contact marks. Report this Post to the Staff
TJsCoins Pillar of the Community United States 3229 Posts	Posted 02/05/2016 10:25 am A key date "MS" counterfeit morgan walks into local coin shop (LCS). Sent it in to PCGS. It graded lower than the desired so the shop broke it out. While breaking it out the coin fell to shop owners desk. The unintentional ring test was a resounding thud. The coin was beautiful yes and weighed correct...but it was magnetic and a fake. That coin made it past the eye an experienced shop owner, his employees (also veteran collectors), and PCGS! The shop owner was out over a thousand dollars! Dang, thats gotta hurt. The shop owner now checks coins with a magnet. Not sure if PCGS normally checks coins with magnets but they obviously did not check that one. Report this Post to the Staff
CSOTUS Pillar of the Community 1153 Posts	Posted 02/05/2016 4:42 pm it took a loss of 1,000$ for the shop owner to use a magnet to test for fakes? I thought that was the first thing to check for before checking weight? Report this Post to the Staff
Hnry Valued Member United States 106 Posts	Posted 02/06/2016 02:32 am wow! That is scary to think 4 major services were fooled.....and another fooled again and only an accidental ring/magnetic test saved the day... Must have been some really skillful thieves...to bad that talent was expended in treachery....a waste..... Report this Post to the Staff
edweather Pillar of the Community United States 7375 Posts	Posted 02/06/2016 3:42 pm Funny the thread just surfaced. https://goccf.com/t/247897 Report this Post to the Staff
Hnry Valued Member United States 106 Posts	Posted 02/07/2016 01:21 am Other than buying a good magnet, and something to perform the ring test, good data, good scales, good calipers, a known comparison coin and select chemicals, how do we protect ourselves? Report this Post to the Staff
sel_69l Bedrock of the Community Australia 21788 Posts	Posted 02/07/2016 02:29 am If you suspect it, take it to a specialist. For ordinary people like me, it is difficult to know when to suspect it. That's a worry. Accurate and detailed large scale pictures posted here in the CCF may help a collector who suspects. They would be much easier to examine outside the slab. That is probably why the fakers attempt to slab their most dangerous fakes. Report this Post to the Staff
GR58 Bedrock of the Community United States 11951 Posts	Posted 02/07/2016 08:06 am It is something to be concerned about. There are many fake coins that just don't look right. But the newer ones are scary. And if the TPG's are getting fooled, think about how many are sitting in collections, where the owner has no idea. We have a local man here .. In his 80's. He goes around town telling people he has a complete set of Morgan's. I have seen the set, it has, at least five fake coins. I told him so, and showed him why. But he still goes around telling people he has a complete set. I am starting to feel that many large collections could have a few fake coins in them. More so if the collector is not buying from good sources. If these high quality fakes keep coming to America ... What will it be like In the decades to come. Report this Post to the Staff
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