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 Replies: 11 / Views: 1,618 |
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Pillar of the Community
United States
4233 Posts |
https://www.NGCcoin.com/news/articl...on-resource/I got this in an email blurb. I haven't checked it out yet but was impressed by this: Quote:
NGC's graders have identified more than 100,000 counterfeit and altered coins since 1987. That's more than a dozen a day on average for 30 years. Yikes. *** Moved by Staff to a more appropriate forum. ***
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Valued Member
United States
406 Posts |
That is pretty interesting! It is good that many counterfeit coins have been (hopefully) removed from the market. Another thing is that you have to think about how many authentic coins are graded a day, and that number is probably in the thousands.
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Rest in Peace
10197 Posts |
Then consider that one mint in China is cranking out close to just 100,000 coiunterfeit coins A MONTH and has been in operation since 2006 I belief it was, and these are some of the coins winding up in plastic TPG coffins right now. How many have slipped through the cracks? That is what is downright scary! |
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Pillar of the Community
 United States
4233 Posts |
Yes, one of the interesting (to me) aspects is that so many got to the level of somebody paying to have them professionally graded. It's really the tip of the iceberg when you think about how many are just sitting in somebody's collection who thinks they're legit.
Well, this has been discussed ad nauseam on here; I was just impressed by the 100k number.
Edit: Just scrolled through the "top 50" list - 21 are Indian gold coins. I never would have guessed that.
Edited by kbbpll
10/05/2017 6:54 pm
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Pillar of the Community
United States
7509 Posts |
An average of 7700 coins a month  , and at an average of $25.00 per coin=$2.5M not bad for NGC, but yes scary for us collectors. |
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Rest in Peace
United States
17900 Posts |
Nearly every day someone asks about authenticity for one coin type or another on this forum. More times than not, they are asking about a coin that is counterfeit.
Fortunately, the vast majority are easily recognisable as fakes. With some experience or specific knowledge about a series the majority of seasoned collectors could name these coins as bad with a brief glance.
We've also heard the long elaborate explanations as to why the coin must be good. Found on the Gettysburg battle areas by the great great grandfather, or discovered while digging in the garden, or in an old house that was being torn down.
All of which may have been true.
Counterfeit coins have been around since two days after the first coins were struck.
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Pillar of the Community
Canada
3733 Posts |
and the big thing to remember is just because it didn't get into a slab, by no means is it out of the market.
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Bedrock of the Community
United States
94367 Posts |
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Bedrock of the Community
United States
17884 Posts |
Quote:
That's more than a dozen a day on average for 30 years. Yikes. How many do we see on average here on the forums? At least one or two a week and we don't see the tens of thousands of coins a day like they do. Quote:
Edit: Just scrolled through the "top 50" list - 21 are Indian gold coins. I never would have guessed that. Doesn't surprise me at all. |
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Moderator
 United States
187914 Posts |
Interesting article. I think anything that anyone can do will help us in the long run.
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Pillar of the Community
United States
3468 Posts |
I'm betting the CCF experts catch far more counterfeit/fake coins than all of the TPGs combined. The number of suspect coins caught before submission has to have saved collector many thousands of dollars over the years.
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Pillar of the Community
Norway
1358 Posts |
Interesting read. Also nice to get some more info about the types of counterfeits.
Anyway, the number of 100.000 may seem high, but I'd like to know more about how many coins they have graded and what their condition is for an 'altered' coin, just to put things a bit in context here. I'm also interested to see their error margin here (wrongly slabbed or wrongly discarded coins). And if we're putting things in context... it's also interesting to see who are in the audience here: how many 'average Joes' send in coins, and how many are (self-declared) experts?
And furthermore I think I'll just take my Indian to another coin dealer than where I bought it and ask for his opinion, just to be sure...
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Replies: 11 / Views: 1,618 |
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Posted 10/05/2017 6:07 pm
