Our current military, political and resource uncertainties aside, the US also receives from China another major product …something pointedly bad and getting worse. Counterfeits. From fake luxury designer clothing and accessories to high-end watches and computers, China is the source. Collectors too have become the victims of China’s ever-growing faux stock-in-trade.
It may seem like I am picking on China. I have nothing personal against them but, yes, I am picking on this, for good reason. China is responsible for making and exporting fully 45 percent of the world’s fake products.
Few know this better than some unfortunate and/or uneducated coin collectors. Years ago, master craftsmen in China turned their attention to vintage US gold, silver and colonial coin fakes. Focusing primarily on coins with rare dates or mintmarks, Chinese counterfeiters have created replicas good enough to fool most collectors and even some experienced dealers. Unknowing coin collectors and investors were the first to fall victim to their ridiculously affordable come-ons. Some fake coins were advertised at just 10 percent of actual value. If it’s too good to be true…
To thwart the early-days in fake coins, beginning in the 1970s, companies such as the American Numismatic Association Certification Service (ANACS), Professional Coin Grading Service (PCGS) and Numismatic Guaranty Corporation (NGC) were created. Having coins verified by such agencies assured collectors of authenticity. In recent years, due to the subsequent increasing flood of fakes, these organizations have become indispensable.
Such certification might lead one to hope the Chinese would get a clue and focus their attention and fabricating efforts elsewhere. Not a chance. It’s been the opposite. With the advent of online retail portals such as China-based mega-seller Alibaba, counterfeiting is worse than ever.
There’s one more bit of potentially frustrating news. When coins are submitted to an expertizing service, they are adjudicated and then sonically sealed in a plastic “slab” holder. That holder also contains information about the coin, it’s grade, authenticity and certification number.
Sadly, the newest Chinese counterfeit fakes are those plastic slabs. Inside the convincing-looking sealed holders are the coin and printed certificates. They appear convincing but are patently fake. Fortunately, each legitimately graded and certified coin from a legitimate company has a unique number assigned to it. Each of the companies posts online records and photos of every graded and slabbed coin. That information and photo is readily available to the public. It’s simply a matter of calling it up online and matching the coin and picture to the slabbed coin.
Happily, Chinese counterfeiters haven’t found a way around this confirmation option. For coins of any real value, when buying from an unknown source, it’s necessary step and solution.
With the shrinking number of brick-and-mortar coin and/or hobby shops, the online approach to coin buying, as well as a host of other collectibles has become the go-to portal for many. That may be okay when done correctly. Yet, it underscores the old maxim, “If you don’t know your collectible coin, stamp or currency, know your dealer.”
Particularly during this semiquincentennial year in the US, many a souvenir shop in New England and elsewhere will be offering convincing reproductions of early American colonial coins. Usually sold in plastic pouches at gift shops, the “coins” are meant to be fun reproductions of some of our early coinage and/or paper currency notes. Most of those will contain the word “COPY” or the letter “C” stamped onto them to alert people that they are fakes.
Alternately, high quality copper and silver colonial Chinese counterfeits are sure to appear in abundance on sites such as eBay. Their discounted prices will lure eager buyers hoping to snap up a rare collectible at an absurdly low price. As has wisely been said, “The twin killers of success are impatience and greed.” With today’s technology, there’s never been a more vital time for collectors or investors to take their time and confirm any prospective purchases.
For more information on counterfeits, a good place to start is the American Numismatic Association at www.Money.org. Just type in “Counterfeit Coins” in their search bar for access to plenty of helpful info and videos.
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