PCGS Removes Counterfeit/Fake Coins, Dies From Market

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Author	Replies: 7 / Views: 7,635
CCFPress Press Manager United States 1420 Posts	Posted 08/20/2008 12:17 pm PCGS Removes Fake Coins, Dies From Market August 18, 2008 As part of its consumer protection measures, Professional Coin Grading Service (PCGS) has purchased a half dozen coinage dies used to produce counterfeit Chinese coins. The dies will be displayed by PCGS at the Long Beach, California Coin, Stamp and Collectibles Expo, September 18 - 20, 2008, along with numerous counterfeit Chinese coins. The dies and coins were purchased through an on-line auction from a seller based in China. "The dies are reasonably well-made but the counterfeit coins would be detected quickly as fakes by specialists in Chinese coinage. However, we wanted to remove these dies and coins from the market to protect unsuspecting or unwary collectors," said Ron Guth, President of PCGS, a division of Collectors Universe, Inc. (NASDAQ: CLCT). "Unfortunately, we suspect there are many more counterfeit coin dies out there." "The seller offered a coin album with 80 fake coins that are confusingly referred to as 'Chinese Ackey.' An ackey is a silver coin minted in England in the late 18th and early 19th centuries and intended for use in parts of Africa, thus the use of the term here indicates a different application, possibly indicative of the coins' illegitimate status." Guth said it appears the counterfeit dies are being used to strike coins until they wear out, after which the sale of the dies nets the counterfeiter even more money. On a recent trip to Hong Kong, Guth saw numerous 80-coin "Appreciation on Chinese Ackey" sets available for sale in several locations including souvenir shops and street fairs. The sets ranged in priced from US$50 to US$250, subject to negotiation. Individual counterfeit coins and other, pre-packaged sets of fake coins were available in quantity at the shops and fairs. "In general, the quality of the counterfeits offered to the general public was poor, unlike the higher-quality, individual coins we sometimes see in grading submissions coming out of Asia," said Guth. The counterfeit dies and coins will be displayed during the September Long Beach Expo at the PCGS booth, # 807. PCGS will also have an educational exhibit of selected items from the company's extensive Grading Set. That display will be in Room 101-B. For additional information, contact PCGS at (800) 447-8848. By e-mail at CustomerService@collectors.com. Online: www.PCGS.com. All Recent News Edited by CCFPress 08/20/2008 12:17 pm Report this Post to the Staff

Bonedigger Pillar of the Community United States 1267 Posts	Posted 08/20/2008 12:25 pm Sadly, just a drop in the bucket. I wonder how much they payed for them? Report this Post to the Staff
biokemist6 Bedrock of the Community United States 12437 Posts	Posted 08/20/2008 12:49 pm Pfffffttt, big deal- one set down, 20,000 to go nothing more than a publicity stunt IMO Report this Post to the Staff
shappa Valued Member United States 64 Posts	Posted 09/09/2008 04:02 am I think it would have made more of an impact if they had gotten some of the U.S. counterfiet dies. But it does get the info on Chinese counterfiet coins out there. Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 09/09/2008 2:37 pm PCGS took how many dies off the market? Six? Picture from last year, a PORTION of the dies from ONE Chinese counterfeiting ring. Report this Post to the Staff
Archraz Pillar of the Community United States 3499 Posts	Posted 10/03/2008 03:26 am Conder101- wow that is just nuts. It's surprising to see counterfeit dies of Canadian cents and other coins that wouldn't think would be counterfeited. Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 10/05/2008 06:13 am Have you priced MS Canadian cents from the mid-1920's? If you check out the foreign coins those dies represent you'll find they are worth hundreds or even thousands of dollars. They are well worth counterfeiting. Report this Post to the Staff
vermontensium Moderator United States 16679 Posts	Posted 10/13/2008 10:44 pm It's going to do nothing sadly. The counterfeiters will be up and running shortly. Don't mean to sound overly pessimistic, but facts are facts. swcoin.ecrater.com Report this Post to the Staff
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PCGS Removes Fake Coins, Dies From Market