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 Replies: 11 / Views: 1,878 |
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Valued Member
United States
191 Posts |
Due to illness and loss of job, I had to get rid of my collection a few years ago. It brought my family a little under $10,000 at the time and I hung up my collectors hat since. Fast forward to now and the state has disabled me out of the workforce and I find myself considering getting back into the game.
Unfortunately, it seems the amount and quality of the counterfeit coins out there has exploded. There were always counterfeit coins but it just seems things have gotten worse since my last purchase. Even low value common date coins aren't immune. I tell you, it really breaks my heart to see that and has me second guessing if I should get back in the game. What the heck has happened to our hobby?
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Bedrock of the Community
13014 Posts |
It's pretty much the same as before. The internet has just shed much more light on it and made it a lot more visible then it was before.
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Pillar of the Community
United States
4211 Posts |
Yes, it's really sad. And it has not stopped me from collecting and enjoying the hobby....
I just have changed what I collect. I encourage you to get back in.
I would miss it terribly and also have had to sell my entire collection of "nice" coins in the past.
I kept the junk stuff and started over in a different area 10 years later.
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Pillar of the Community
United States
4468 Posts |
I understand your feelings about counterfeit coins as I almost quit the hobby a couple of times because of the counterfeits. I changed the way that I buy coins on the internet as any coin $50 or more will be in a TPG holder. |
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New Member
United States
49 Posts |
When I sorted through a bunch of my old purchases a staggering number of them were fakes. I try not to let it get me down, in a way it adds to the fun. It keeps you on your feet!
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Pillar of the Community
 United States
1888 Posts |
I pretty much agree with what Debrajc said. However, much more than feeling sad, I am upset that those with the power to halt or at least to diminish the unchecked flow of -mostly- Chinese fakery are either ignoring the problem as low priority, or doing NOTHING AT ALL to stop it. I'm guessing few politicians collect coins unless they go directly into the re-election pot.  |
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Bedrock of the Community
United States
20753 Posts |
Nothing really new you know. Any and all items of interest will and always will bring out the counterfeiters. It happened with Beanie Babies, How Wheel Cars, Postage Stamps, Jewlery, even real sized cars have been remade. Clothing, shoes, women handbags and on and on and on. As long as there is an object that people like, want or collect, there are those that will make their own copies.
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Pillar of the Community
United States
6370 Posts |
The amount of counterfeits out there does not worry me as 99+% are easy to spot. What worries me is the remainder, which done well enough to get past the graders.
I collect ancient Chinese, and the counterfeiting problem is so bad that each piece has to be looked at with suspicion. I will refuse to buy some coins even if I am only 99% sure of authenticity, and some issues I refuse to buy completely. Too much is at stake.
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Pillar of the Community
Poland
3201 Posts |
I have said many times that this fact worries me immensely. At this point I'm not buying anything except common cheap junk silver as I cannot afford to lose 100% of my outlay on expensive but ultimately worthless fakes, Chinese or not. Though as you said, even very common coins can turn out to be fake  As for almost all fakes being easy to spot, it's not that simple. It may be true if you are a specialist - collected a certain area/series for years, know the details, features, varieties of the genuine coins. It's much different when you're an expert at nothing. Or want to start a new area of collecting or a worldwide type set...  Edited by DL20K
05/30/2017 07:22 am
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Valued Member
Canada
393 Posts |
I agree with much of what's already been said so far. Counterfeits are not the only thing hurting the hobby.
Nearly everything including modern mint products is being copied just to make a few bucks so one has to be extremely selective and careful with their purchases.
How do you convince people to stop buying this counterfeit crap? If there were no market for it the manufacturers and sellers, they would move on to something else but the products would continue to haunt us.
Perhaps even more of a concern is that most new collectors are not in the hobby for the long haul and likely will not spend the time, effort or money needed to complete an aspect of their collection such as putting together an entire set of large cents, silver dollars, etc. The sun has gone down on the glory days of affordability though that hasn't stopped many from continuing the pursuit.
The younger generation is also more likely to knowingly purchase a cheap copy as a place holder but if they unwittingly get burned by an expensive replica we'll probably lose them for good. The sheer exhilaration and enjoyment once common among collectors has been replaced with 'how much can I profit from this purchase?'
The older generation understandably have been the real caretakers of the hobby which also includes a vast amount of knowledge and expertise which is not being handed down.
Of course this is not for lack of trying with so many wonderful people still involved well past their retirement age, impressive libraries and easily accessible reliable resources.
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Pillar of the Community
Poland
3201 Posts |
Quote:
the products would continue to haunt us This crap will be around for a long time. Even if it's curtailed one day, there will be so many of them floating around they'll continue to be listed on and on - since virtually no collector actually wants to keep them (unless they specialize in modern fakes). But if someone finds out they bought fakes but understanding the problem and doesn't want to just forward the fake to someone else - what is he to do? It's not that they can just tear it up or burn it like a fake stamp, banknote, or a forged document. If they throw it in the trash, a chance that someone finds it and puts it back on the market still exists. A concerted effort to gather and destroy these counterfeit would help but I somehow can't see that happening. Edited by DL20K
05/30/2017 1:48 pm
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Bedrock of the Community
United States
17884 Posts |
Quote:
But if someone finds out they bought fakes but understanding the problem and doesn't want to just forward the fake to someone else - what is he to do?
It's not that they can just tear it up or burn it like a fake stamp, banknote, or a forged document. If they throw it in the trash, a chance that someone finds it and puts it back on the market still exists.
Pound it with a hammer, cut it up with hammer and cold chisel, slag it with an acetylene torch. There are ways |
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Replies: 11 / Views: 1,878 |
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Posted 05/26/2017 5:54 pm
