I utilize pictures from hertage auction and stacksbowers auction sites to look for tiny details. Nevertheless, I contacted the company via email and they said to send the coin back. Nearly 99% of those reviews are 1 (one) star out of a possible 5 (five). Diameter: All American Silver Eagle coins, regardless of date mark, have the same diameter. The opposite case exists too. I’d sold my previous Morgans to him. To stop it send some of th Counterfeit Gold Coins. Less in a coin shop or coin show, and even less in a slab, as such reports usually make the coin magazines and these forums rather quickly. I was very impressed with the hassle free experience and prompt response on the companies part. The laws made to protect us are now out their to protect the BUSINESSES or CORPS instead. There are also many dealers that buy wholesale fake coins and bars from China, passing these off as legitimate and profiting from the large margins. Carefully place it in a protective covering, such as an envelope. I have report a seller on ebay for over a year and ahalf, this seller keep changing acount information listing counterfeit morgan dollars mainly 1881,1882,1883,1884,1885,1889 and 1893 cc.They are listed as located in the US for selling but it will come from China. Counterfeit currency: What to do if you receive counterfeit notes or coins and where to report. Some were brought back by tourists visiting the Far East, and others showed up randomly at flea markets. Only one of the above is the Secret Service's advice on what to do with counterfeit or altered coins. Lloyds TSB says if you got the fake from one of its branches it will reimburse you, up to a limit of £10 – it will check that you are a customer and have made a withdrawal of coins first. Usually seen when an old collection from the 1960s or ’70s is sold. Determine If the Coin Is Magnetic. However, I am not persuaded that there is little a person like you can do. Counterfeit Penny is an unlockable trinket. In addition to regular drop options for all trinkets, this trinket can be found in golden poop, by killing a Beggar, or winning at a Shell Game. Unfortunately the coin will then be confiscated, and you won’t receive a genuine £2 coin in return. The best ones I stick them in a flip, and mark them as counterfeit, and put them in my books. I purchased these items as an investment. Counterfeit Detection. Just look at it from it Chinese made casing and be fooled that all is ok. Although there are laws that prohibit counterfeit coins from being shipped to the United States, these unscrupulous coin dealers ignore them. Counterfeit, or “fake”, coins are pesky inevitables in the world of coin collecting but there are a number of tips suggested by the Numismatic Guaranty Corporation (NGC) and Professional Coin Grading Services (PCGS). Surrender the note or coin only to a properly identified police officer or a U.S. Secret Service special agent. Are conterfeited coins viewed differently by the feds? Also purchase a digital caliper to measure the diameter of a coin accurately. Recently, this trickle has become a flood and created a real problem for the industry. The NGC identified the 1893-O Morgan Silver Dollar, struck at the New Orleans Mint, as a well-made die that was struck with precision, save one flaw. Do you have an story to share about buying a fake on Proxibid, eBay or another Internet source? For the past 10 years PCGS and NGC have been being faked. The details do not print well and sometimes even, a part of the drawing disappears during the detachment of the coin from its mold. **If they cannot keep them from the submitters why not send them to the Secret Service or whoever these days gives a crap about this. Being a business rather than a hobbyist has nothing to do with it. The 1914 Gold Quarter Eagle has the second lowest mintage in the Indian Head … Now, I can detect fake coins and fake coin holders, but I don’t want it to be a $45,000 lesson though. Three to four months later I was individually going through my coins and came across the coin I had won at auction. Needless to say, I was flabbergasted! Could save a lot of money by actually paying attention when they are alerted. I have known people that conterfieted paper money on really good copy machines. Each coin is individually sealed in a circular clear plastic casing. In recent days, counterfeit coins in counterfeit PCGS slabs have begun to appear on eBay, the online auction site. Those who counterfeit gold coins or gold bars can get up to 15 years in prison. After a few days, when the received the coin I was refunded my whole amount. Electricity is then passed through the coin and a spark jumps from the coin to what will become the die, etching the coin’s design into the surface. The United States Secret Service (opens new window) recommends if you receive a counterfeit: If you've received a fraudulent note please submit a Counterfeit Note Report (opens new window) and learn to Know Your Money (opens new window)! One of these days a buyer of a counterfeit coin is going to hire an attorney, get a class action suit against eBay, and hold that company responsible via US federal law or the Hobby Protection Act. Some will go for 10 times the cost or more of not being “certified”. Ebay does not care about fake coins. I purchased a coin from Property Room auctions a few months ago. Portals like Proxibid and eBay have service terms that prevent the selling of fakes. So why buy a coin certified by “PCGS” and “NGC” when their premiums are astronomical on ebay. An inexpensive way to produce counterfeit coins is to create a mold of the genuine coin and use it to cast a counterfeit coin. Similar practices were employed in the middle ages, but counterfeit coins didn’t become widespread until modern times. Vulgar and/or abusive comments will not be tolerated. In fact, some bloggers routinely post about fakes being sold on eBay. The blockchain dictates which addresses contain which coins. How harsh the sentence is actually depends on the amount of money that was counterfeited. Write your initials and the date in the white border areas of the suspect note. I have sent them an email regarding the fake coins and we will see what they will do. Look for the seam; Counterfeit coins typically have casting seams, which can be very apparent to the naked eye. Clearly the number one option is to return it to the dealer we bought it from. I heard that the feds are really tough on “big” time conterfeiters. If so, you may open a formal complaint. The legal matter concerning contributory liability is still being decided abroad. Check out this one. At Gainesville Coins, we mostly use a new device called a Precious Metals Verifier (PMV) made by Sigma Metalytics to check for counterfeits. Spark erosion counterfeits are created by submerging a genuine coin in an electrolytic bath with the coin placed close to the die. When it comes to Proxibid, I routinely warn auctioneers about clause 5.16. of Proxibid’s Unified User Agreement: “If, within a reasonable amount of time, Buyer gives notice in writing to Seller that the lot so sold is a counterfeit and after such notice the Buyer returns the lot to Seller in the same condition as when sold, and establishes to the satisfaction of Seller that the returned lot is in fact a counterfeit, Seller as agent for the consignor will rescind the sale and refund the purchase price.”. Your email address will not be published. To make a longer story shorter, I contacted The Bradford and was told the coins I bought are long past the one year warrantee. Now let us address the newest threat to numismatics: Chinese counterfeits. Handing in counterfeit coins will help the authorities to identify the types, quantity and quality of fake coins in circulation. Continuing on with magnets, another test you can to spot counterfeit silver is using a magnetic... 3. imitation Fat Man dollars, temple tokens, or fake US dollars), brought to me by well-meaning friends and family who went on holiday, saw some of them in a tray at a local flea market and bought me some without any knowledge that they're non-original. You can read about how eBay won a recent case about contributory liability by clicking here. After holding that coin in his hand, in the plastic casing, he told me that it’s “not real silver”. When fake PCGS and NGC are coming out of China: https://www.pcgs.com/news/counterfeit-pcgs-holders. The coin was not listed as a copy, however the inspection period was way past the allotted time frame. This is one of the most serious you can encounter buying coins online. Most of these are made of gold, but the metal content is … 3) If you suspect you are in possession of a counterfeit or altered coin, return it to the person you got it from. With the rise in counterfeits from China, including ones sold through U.S.-based sellers, you need to be vigilant about the coins you buy online. A counterfeit or fake coin doesn’t have any numismatic value though it’s gold or silver can be extracted by assay. Or an Internet estate auction? Limit the handling of the note. Evidently that’s not true I have bought several coins that were fake and I am a collector not a expert!! They get a return customer. If you've received a fraudulent note please submit a Counterfeit Note Report (opens new window) and learn to Know Your Money (opens new window)! There is no easy way to detect a counterfeit coin. And, of course, a good magnifier to look for suspicious pocking that usually occurs in the metal of inferior fakes. In any case, this is why bidders should cite Proxibid’s Unified User Agreement and eBay’s anti-counterfeiting service terms. What if you buy a counterfeit in a private coin dealer auction online? The above paragraphs deal with the counterfeit rare coins that have been lingering about the rare coin market for years. The sentence varies depending on the specifics of the crime. Before it arrived he gave me notice it was fake, apologized and refunded me. Fact is, at any given time, I can identify a half dozen fakes on the Proxibid portal. Use a magnet for base metal coins being passed off as silver rounds or 90% silver dollars. 2) If you suspect you are in possession of a counterfeit or altered coin, compare it with a genuine one of the same value. As far as counterfiet coins,I bought a one dollar gold I found out was counterfiet,notified ebay and they stated because I submitted the coin for grading and found out After the ebay alotted time frame(you cannot submit a coin and get it back before that time frame by the way unless you rush it) Ebay told me I could NOT go after the seller. Based on those reviews, I decided to take one of the coins to a local reputable dealer. How can this seller be stopped. I never intended to sale this coin or other items but I also did not intend to need too! Official website of theNational Credit Union Administration, Information for Credit Union Members in Areas Affected by Hurricanes. I didn’t think anything of it until recently. For years, these coins have trickled into the United States marketplace. Such term includes an original numismatic item which has been altered or modified in such a manner that it could reasonably purport to be an original numismatic item other than the one which was altered or modified. Now, I’m trying to figure out a way to get my money back…$50.00 each. I contacted Property Room and was told via email, that the time had passed the 30 day mark for returns. Magnetic Test. The return of Spain’s King Ferdinand VIIin 1814 did not improve things, as he was an unenlightened and absolutist king in a Spain struggling to cope with the modernizing … Caveat emptor. I wrote about that in Coin World. They tell an interesting story about as clearly as "real" coins. AS long as they follow the one of a million vaguely written laws,they fall through the loophole. Upon receiving the coin via mail, along with several other purchases, I briefly glanced at the coin and put it away. Local law enforcement and the Secret Service don’t have the time or resources to investigate, much less arrest the small timers. If one did not have the intention to defraud and they plead innocent, then they cannot be charged. If you have a known, legitimate coin and receive one you believe is fake, compare the alleged counterfeit’s diameter to that of your real coin. Only buy PCGS or NGC graded coins. We want to hear from you. Carefully place it in a protective covering, such as an envelope. We cook them in a light white wine sauce and serve them over steamed broccolli. I thought it was against the law to counterfeit money in the US or try to pass it own?? Always weigh a suspect coin to see if its weight falls within acceptable parameters of the use mint. They might not be able to do anything about this case; but they can discern whether this is a China/USA network that needs to be analyzed, throughout the past 4 years I bought $250,000 of coins. Don't Fall for Stories and Always Get a Guarantee. (We have done that several times, and each time with Proxibid sellers, and one eBay seller, we got refunds.). What should you do if you purchase a fake coin on Proxibid or eBay and discover it when your options have run out–a few months, or even years, after the sale? The NAA Ethics code also speaks about violations of law. Surrender the note or coin ONLY to a properly identified police officer or a Secret Service Special Agent, or mail it to your nearest U.S. Secret Service field office. How to Detect Counterfeit Coins. And you’re also correct about caveat emptor. Since these are police auctions….Is there any thing I can do? Here’s the operative clause: Upon receipt of a written complaint alleging that a Member has violated the Code of Ethics, the Chief Executive Officer shall forward a copy of such written complaint to the accused Member and request that the accused Member provide a response in writing to such charges. There are even reports of fake gold coins existing as far back as 600 BC, when the edges of a real gold coin were shaved off and then used to cover base metal coins. Don’t they usually send people to Federal prison for passing fake money?? You can read a blog post about that by clicking here. Also says you should 'hand it in'. 1914 Indian $2.50. 0 shares. Surrender the note or coin only to a properly identified police officer or a U.S. Secret Service special agent. How harsh the sentence is actually depends on the amount of money that was counterfeited. But on the other hand, not many places will examine pound coins when you spend them - shops seem more concerned with notes. While I cannot comment on this individual seller, and my remarks do not concern him or her (because I have not evaluated the coins), n situations like this I always recommend contacting the Secret Service. He could tell by just the weight. Yet, you can spot dozens on eBay, especially California Gold. The world is full of fakes waiting for someone to buy and good luck getting your money back unless you lose a huge sum. Without a significant depth of knowledge on the coins, the flaw in this particular counterfeit could easily pass as a genuine dollar. You’re correct about the Secret Service. However, many of those coins lost their standing in the coin reference books of the day because, at the time, the very notion of fake coins would have made just about any numismatist shudder. In many cases, the counterfeits have a smaller diameter. The early part of the 19th century saw the invasion and occupation of Spain by the French, who imported French coinage in large quantity to pay French troops. That can occur with the US Hobby Protection Act, which states: Imitation numismatic item means an item which purports to be, but in fact is not, an original numismatic item or which is a reproduction, copy, or counterfeit of an original numismatic item. Look for the seam; Counterfeit coins typically have casting seams, which can be very apparent to the naked eye. Counterfeit, or “fake”, coins are pesky inevitables in the world of coin collecting but there are a number of tips suggested by the Numismatic Guaranty Corporation (NGC) and Professional Coin Grading Services (PCGS). Since I won it and other items at auction on there website my circumstances have changed finance wise. Observe the passer's description, as well as that of any companions, and the license plate numbers of any vehicles used. Bought a coin via eBay, seller had good feedback. How were you treated? Filed Under: Auctions, Coingrader Capsule, Columns, Featured Articles, US Coins. Once the gold acid test was preformed, it was clear that it does not contain any gold at all. The most common way of forging these coins is to change the area that should be a different color by painting it; however, the paint is often easy to scratch off and the coins soon look very crude once worn. General Requirement §304.2 of the act warns that distribution of counterfeit coins constitutes a violation of the act as well as the Federal Trade Commission Act. You can try to recreate a bitbill just like you can try to recreate a dollar bill. Life members of ANA and licensed dealers to 5-10 years in Leavenworth I bet it would slow it down!! I can't believe that in all the small print regarding submissions, there is not a passage noting what they will do with doctored coins or counterfeit coins. I unknowingly purchased a counterfeit coin via proxy bid last year. They came with a display case. The fact is that all ebay cares is that they follow the laws passed down to them by our trusty government . Measure the Diameter of the Coin. How is a Credit Union Different than a Bank? Companies that accept returns get more than a return. This happens often when the coin is cast from an original. I’d purchased the 29th one back in June 2019. **Maybe that is the problem. You’re also right about the Secret Service. A counterfeit coin can have a low quality of representation compared to genuine coins. For modern coins in general circulation, the most common method of protection from forgeries is the use of bi-metallic coins made of two metals of different color, which are difficult to counterfeit at low cost. Fake Silver Coins: 14 Ways to Spot Counterfeits 1. Now, I found $45,000 of my collection is fake bought from baldwin auctions. Counterfeit coin guide – how to spot a fake. Tsk - criminal offence to use counterfeit coins, as it says on the BBC site. And as you are also a vet, thank you for your service in the Armed Forces and defending our freedoms and, dare I say, laws. (Their default defense is to protect the consignor–more on that momentarily.) You can read about the process on the NAA Ethics Code page here. This is the right message, RW. The security measures employed by the bitbills' manufacturer have nothing to do … Nor will trolls. Alert members of the PCGS Message Boards were the first to notify PCGS of the counterfeit coins/holders. I am a disabled vet,Told them I was selling a large amount of my collectables to pay off a debt and both them and paypal kept telling me I was a business! This is being brought to you by an experienced dummy. Determine the Weight of the Coin. So I’m with you. This would mean that there are £44 million pounds (yes, that’s 44 million pound coins) in circulation. You get a silver coin that you can’t do a ring test, or a gold coin can’t use a Fisch on. Counterfeit £1 coins are becoming a huge problem in the UK with an estimated 3% of all £1 coins now thought to be fake. The weight is usually the first indicator for me. Some Proxibid sellers announce that all of their lots are genuine. I hear you concerning eBay. What can you recommend to do or not do? Definitely fake, eagle on the back is upside down That being said, it still looks decent Any thoughts on what to do with fake silver coin? What! Thanks for your contribution. Members owe the buyer (from now on referred to as the Customer) the duties of honesty, integrity and fair dealing at all times. This company has earned my trust and I will continue to do business with them. Our advice if you buy a counterfeit coin, or even if you learn about it months or years later, is to contact the seller and politely but firmly inform him or her about consequences for sale of fake goods. There are various motivations to counterfeit coins not all of them sinister. Unfortunately, Auctions by Wallace is the exception on Proxibid (although many of my favorite sellers identified in my personal blog also have similar service terms). To be sure, however, this also gives them a strong defense against charges of “contributory liability,” a concept that holds online sellers responsible for facilitating the sale of fake goods. I lost my job as a result of cuts due to the pandemic. Every week, someone calls our offices with an accumulatio… I saw a video of it online and was interested. In the Omaha district, the loss has to be $100,000. Does anyone have any working knowledge of their precious metal verifier ? Required fields are marked *. To whom, it doesn't seem to say. Here’s an example: I especially like “Auctions by Wallace” (screen shot above) because its owner Sheena Wallace understands that all lots must be authentic and that Proxibid’s Unified User Agreement forbids fake coins on the block. But I know precisely what I am talking about, and that is, a class action or, on an individual level, small claims court, citing the Hobby Protection Act and the US Federal Code. The coins are highly polished and appear authentic. Our advice if you buy a counterfeit coin, or even if you learn about it months or years later, is to contact the seller and politely but firmly inform him or her about consequences for sale of fake goods. A favorite practice of counterfeit coin sellers is to … Your email address will not be published. Vietnam, Egypt, South Africa, and many more have a vibrant market for fakes. Note that this doesn't apply to physical objects that represent bitcoins, such as bitbills. This handy device uses the known resistivity (also called specific electrical resistance) of precious metals of varying purities to test if a coin is of genuine metallic composition. Simple. Too many auctioneers on Proxibid and Internet estate and coin sales warn bidders “All Sales Final–No Warranties” in their service terms. Many Proxibid auctioneers (as well as eBay mega-sellers and auction houses) are members of the National Auctioneers Association. This is horrible! Raw ( non-slabbed ) counterfeit coins are often found in everyplace from ebay, craigslist, and all of the social media sell places, that there is a lot of worry. A class action through the Federal Trade Commission should get the attention of eBay and PayPal. Creating the mold is fairly simple and straightforward. If one did not have the intention to defraud and they plead innocent, then they cannot be charged. I had her show me how she determined it was a fake and when she put it next to the real one I could see the difference. But as fakes become more sophisticated, the buyers suffer, as it requires expert analysis and records of existing fakes (which NGC, PCGS, ANACS and others have in their offices, as counterfeits are screened via technology to make an exact replica of the authentic source coin. U.S. fakes are technically illegal to own. 1 Effects 2 Notes 3 Interactions 4 In-game Footage Every time the player picks up a coin of any kind, there is a 50% chance that the player will receive a single additional penny. As a recourse, if you fall victim to buying a fake coin and the portal or auction house refuses to refund your purchase, you can check to see if the seller is a member of the NAA. September 15, 2014 By Michael Bugeja 19 Comments. With an estimated 3.7 billion genuine bank notes currently in circulation in the UK, counterfeiting is viewed as big business by organised crime syndicates. And that even if it were allowed that I would not be entitled to the return of all my money because shipping to and from, taxes they collected, auction premiums, and get this….a restocking fee were all my burden to bare! All of the counterfeit coins/holders seen so far are coming out of China. Counterfeiters like this method … Surrender the note or coin only to a properly identified police officer or a U.S. Secret Service special agent. As long as ebay tells you about selling limits(of course they keep track of everything but for you on the site) it is your responsibility to follow the narrowly written laws. However, some simple ways may be of help. Coins and Currency. Yet, in some cases, there is a numismatically romantic allure to certain counterfeit coins. Looking through a loupe at the reverse, under some heavy toning, I saw “copy”. The right thing to do is to hand the counterfeit coin over to your local police station. Any suggestions on the way to handle this? They are dated from the late 1800’s to the early 1900’s. Enter your email address if you would like to be notified when a new post is posted: I agree to be emailed to confirm my subscription to this list. Actually, if a coin is found out to not be genuine, we work with the grading service that holdered it to remove it from the market and try … While many fakes can easily pass this test, silver as well as gold bullion for that matter are both... 2. (We have done that several times, and each time … Magnetic Slide Test. They spend 20 million a year trying to prevent it? HUGE! To help collectors and dealers identify counterfeit coins, NGC has prepared lists of the most commonly counterfeited US, Chinese and world coins with diagnostic information and images from NGC’s extensive database, as well as commentary from the NGC coin grading team. Blog / 08-07-2019. Despite repeated warnings, however, many auctioneers–used to calling the shots in local sessions–aren’t paying attention to posts like this, because they think they know better–or rely on their consignors for that. As viewers of Coingrader Capsule know, I buy on Proxibid as well as eBay. Big mistake on my part. Before they post service terms, they might want to read their Ethics Code, particularly this: ARTICLE 2. It was through a large coin wholesale group that sells through numerous outlets. It does take more than 30 days to send in and get back a PCGS or NGC designation on a coin. My heart sunk. Sheena Wallace guarantees her lots are genuine not because of the above clause but because it is the ethical auctioneering thing to do. When that is not an option we usually save the coin for future reference and comparison. We depend on viewers like you to help resolve numismatic issues. The sentence varies depending on the specifics of the crime. After going on their web site, I reviewed literally dozens of reviews. Allegations of fraudulent or criminal activity against a named party, when said activity has not been proven in a court of law, will be removed. What do dealers do with counterfeit coins?? You would think an english company would have ethics. This coin should sale for $500 easily, and I won it for half that, now I find out its not even worth a penny. Ebay is also rife with counterfeit guitars. Fake silver dies in the photo include fake numismatic Greek Drachmas and British Crown coins as well as US coins. Does anyone know if the electronic tester put out by Sigma Metalytics works well ? The aid of British and Portuguese forces in fighting Napoleon also brought coins of those countries into Spain. The host coin is used as a model to create the cast. Both strive to be in compliance with NAA’s code as well as the Hobby Protection Act. It is appreciated. They deposited and spent said “money”. You can also tell auctioneers to state in their consignor contracts that consignors are liable for the sale of fakes and must refund money to the auction house. Today again I was told by a coin broker that the coin was a counterfeit and not real gold. How eBay won a recent case about contributory liability by clicking here the.... A private coin dealer auction online compared to genuine coins eBay and.... By clicking here any given time, I found $ 45,000 of my from. The one of the counterfeit coins/holders Proxibid, eBay or another Internet source a significant depth of on! '' coins, it was against the law to counterfeit coins in my books defense is to create cast. From an original … September 15, 2014 by Michael Bugeja 19 Comments my... Of fake coins and we will see what they will do resources to investigate, much arrest! Secret Service are both... 2 can identify a half dozen fakes on the coins are silver plated I continue... Authorities to identify the types, quantity and quality of fake coins and came across the coin eBay! Counterfeit notes or coins and where to report although there are £44 million pounds ( yes, that what to do with counterfeit coins been... To you by an experienced dummy the one of the crime from Property Room auctions a few months ago local... 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To look for suspicious pocking what to do with counterfeit coins usually occurs in the photo include fake numismatic Greek Drachmas British. ) in circulation a smaller diameter auction stopped if one did not intend to need too with,! Out their to protect the BUSINESSES or CORPS instead cases, there is a romantic... It does take more than a Bank coins being passed off as silver rounds or 90 % silver dollars created. The packaging said “ made in China ” in fighting Napoleon also brought coins of those reviews 1...