I contacted Property Room and was told via email, that the time had passed the 30 day mark for returns. They tell an interesting story about as clearly as "real" coins. Caveat emptor. Nevertheless, I contacted the company via email and they said to send the coin back. Surrender the note or coin only to a properly identified police officer or a U.S. Secret Service special agent. 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. (We have done that several times, and each time with Proxibid sellers, and one eBay seller, we got refunds.). Measure the Diameter of the Coin. 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! There is no easy way to detect a counterfeit coin. 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. 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. It was through a large coin wholesale group that sells through numerous outlets. However, I am not persuaded that there is little a person like you can do. 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. What can you recommend to do or not do? Fake silver dies in the photo include fake numismatic Greek Drachmas and British Crown coins as well as US coins. So I’m with you. Bought a coin via eBay, seller had good feedback. Those who counterfeit gold coins or gold bars can get up to 15 years in prison. A counterfeit or fake coin doesn’t have any numismatic value though it’s gold or silver can be extracted by assay. Red flags should have slapped me in the face whenever I realized the packaging said “MADE IN CHINA”. I’d purchased the 29th one back in June 2019. The name seemed legit. 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. Now, I found $45,000 of my collection is fake bought from baldwin auctions. 3) If you suspect you are in possession of a counterfeit or altered coin, return it to the person you got it from. Surrender the note or coin only to a properly identified police officer or a U.S. Secret Service special agent. It’s been made clear that I will not recover any of my money from PR. Three to four months later I was individually going through my coins and came across the coin I had won at auction. Also purchase a digital caliper to measure the diameter of a coin accurately. Although there are laws that prohibit counterfeit coins from being shipped to the United States, these unscrupulous coin dealers ignore them. Some will go for 10 times the cost or more of not being “certified”. 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). It does take more than 30 days to send in and get back a PCGS or NGC designation on a coin. Counterfeit currency: What to do if you receive counterfeit notes or coins and where to report. 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. 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. Carefully place it in a protective covering, such as an envelope. They deposited and spent said “money”. This would mean that there are £44 million pounds (yes, that’s 44 million pound coins) in circulation. 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 … Carefully place it in a protective covering, such as an envelope. Determine If the Coin Is Magnetic. How harsh the sentence is actually depends on the amount of money that was counterfeited. If you were–at room temperature–to place an ice cube on top of either a coin made out of silver or gold, the ice cube should melt very quickly because the transfer of heat would be quite rapid. I never intended to sale this coin or other items but I also did not intend to need too! The sentence varies depending on the specifics of the crime. 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. 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. Nearly 99% of those reviews are 1 (one) star out of a possible 5 (five). You can read about the process on the NAA Ethics Code page here. Every week, someone calls our offices with an accumulatio… Now, I can detect fake coins and fake coin holders, but I don’t want it to be a $45,000 lesson though. The blockchain dictates which addresses contain which 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 have contacted them NUMEROUS times when obvious fakes are being auctioned..But have NEVER received a reply or seen an auction stopped. Also says you should 'hand it in'. The host coin is used as a model to create the cast. I’d sold my previous Morgans to him. Yet, in some cases, there is a numismatically romantic allure to certain counterfeit coins. In fact, some bloggers routinely post about fakes being sold on eBay. 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. For the past 10 years PCGS and NGC have been being faked. (We have done that several times, and each time … If the ice cube melts as if it normally would at room temperature, it might be a sign that you have a fake coin. However, some simple ways may be of help. Most of these are made of gold, but the metal content is … The right thing to do is to hand the counterfeit coin over to your local police station. But on the other hand, not many places will examine pound coins when you spend them - shops seem more concerned with notes. Before it arrived he gave me notice it was fake, apologized and refunded me. Do you have an story to share about buying a fake on Proxibid, eBay or another Internet source? (Their default defense is to protect the consignor–more on that momentarily.) Now, I’m trying to figure out a way to get my money back…$50.00 each. Big mistake on my part. I have taken on at least a dozen auctioneers who refused initially to return funds, and I have won every case by explaining what I intended to do if they did not comply with the law. Just look at it from it Chinese made casing and be fooled that all is ok. Evidently that’s not true I have bought several coins that were fake and I am a collector not a expert!! Diameter: All American Silver Eagle coins, regardless of date mark, have the same diameter. Yet, you can spot dozens on eBay, especially California Gold. Spark erosion counterfeits are created by submerging a genuine coin in an electrolytic bath with the coin placed close to the die. Many Proxibid auctioneers (as well as eBay mega-sellers and auction houses) are members of the National Auctioneers Association. Both strive to be in compliance with NAA’s code as well as the Hobby Protection Act. The above paragraphs deal with the counterfeit rare coins that have been lingering about the rare coin market for years. Members owe the buyer (from now on referred to as the Customer) the duties of honesty, integrity and fair dealing at all times. EBay had invested over $20 million annually in combating counterfeits on its portal, bolstered by notices warning sellers offering counterfeits with a quick “take-down” notice. Nor will trolls. How is a Credit Union Different than a Bank? 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. 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 you’re also correct about caveat emptor. Magnetic Test. To make a longer story shorter, I contacted The Bradford and was told the coins I bought are long past the one year warrantee. What if you buy a counterfeit in a private coin dealer auction online? 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. I hear you concerning eBay. No matter how appealing the coin looks, no matter how great a deal you think you are getting, no matter how good the sales pitch is, do not buy any coins from China or Hong Kong based sellers. After holding that coin in his hand, in the plastic casing, he told me that it’s “not real silver”. This coin should sale for $500 easily, and I won it for half that, now I find out its not even worth a penny. I heard that the feds are really tough on “big” time conterfeiters. 0 shares. If so, you may open a formal complaint. The security measures employed by the bitbills' manufacturer have nothing to do … You would think an english company would have ethics. This is being brought to you by an experienced dummy. Ebay is also rife with counterfeit guitars. Tsk - criminal offence to use counterfeit coins, as it says on the BBC site. As viewers of Coingrader Capsule know, I buy on Proxibid as well as eBay. Since I won it and other items at auction on there website my circumstances have changed finance wise. Ebay does not care about fake coins. For years, these coins have trickled into the United States marketplace. Are conterfeited coins viewed differently by the feds? The best ones I stick them in a flip, and mark them as counterfeit, and put them in my books. Creating the mold is fairly simple and straightforward. We cook them in a light white wine sauce and serve them over steamed broccolli. I have known people that conterfieted paper money on really good copy machines. A favorite practice of counterfeit coin sellers is to … I have sent them an email regarding the fake coins and we will see what they will do. Over a 29 month period, I purchased a total of 29 Morgan Silver Dollars, from The Bradford Exchange Mint. 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. How harsh the sentence is actually depends on the amount of money that was counterfeited. You get a silver coin that you can’t do a ring test, or a gold coin can’t use a Fisch on. Counterfeiters like this method … 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. Counterfeit coin guide – how to spot a fake. This is the right message, RW. The sentence varies depending on the specifics of the crime. The NAA Ethics code also speaks about violations of law. 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. All of the counterfeit coins/holders seen so far are coming out of China. I lost my job as a result of cuts due to the pandemic. In recent days, counterfeit coins in counterfeit PCGS slabs have begun to appear on eBay, the online auction site. The laws made to protect us are now out their to protect the BUSINESSES or CORPS instead. Does anyone have any working knowledge of their precious metal verifier ? Continuing on with magnets, another test you can to spot counterfeit silver is using a magnetic... 3. I utilize pictures from hertage auction and stacksbowers auction sites to look for tiny details. How to Detect Counterfeit Coins. Magnetic Slide Test. Since these are police auctions….Is there any thing I can do? This is one of the most serious you can encounter buying coins online. Today again I was told by a coin broker that the coin was a counterfeit and not real gold. Since I’d previously purchased over two dozen Morgans from other sources, and resold them as legal tender, I figured The Bradford was a good source. 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). Fake Silver Coins: 14 Ways to Spot Counterfeits 1. 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. The opposite case exists too. I saw a video of it online and was interested. Are most coins from China conterfeit? Look for the seam; Counterfeit coins typically have casting seams, which can be very apparent to the naked eye. Blog / 08-07-2019. My heart sunk. Limit the handling of the note. Does anyone know if the electronic tester put out by Sigma Metalytics works well ? Simple. Always weigh a suspect coin to see if its weight falls within acceptable parameters of the use mint. After a few days, when the received the coin I was refunded my whole amount. You can read about how eBay won a recent case about contributory liability by clicking here. Counterfeit Detection. Credit Union & Bank Interest Rate Comparison, Rights for Servicemembers & their Dependents, Aging & Financial Decline: Early Warning Signs, Understanding the Security Features of Money, What to Do if You Receive Counterfeit Money, Facts About United States Coins & Currency, Money Notes - Facts about U.S. 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. Counterfeit Penny is an unlockable trinket. 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. Don’t they usually send people to Federal prison for passing fake money?? 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)! He could tell by just the weight. Filed Under: Auctions, Coingrader Capsule, Columns, Featured Articles, US Coins. How were you treated? When that is not an option we usually save the coin for future reference and comparison. In any case, this is why bidders should cite Proxibid’s Unified User Agreement and eBay’s anti-counterfeiting service terms. 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. This happens often when the coin is cast from an original. Could save a lot of money by actually paying attention when they are alerted. Don't Fall for Stories and Always Get a Guarantee. 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. While many fakes can easily pass this test, silver as well as gold bullion for that matter are both... 2. You can read a blog post about that by clicking here. 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. 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 legal matter concerning contributory liability is still being decided abroad. I purchased a coin from Property Room auctions a few months ago. Your email address will not be published. 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. Alert members of the PCGS Message Boards were the first to notify PCGS of the counterfeit coins/holders. Clearly the number one option is to return it to the dealer we bought it from. 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. Before they post service terms, they might want to read their Ethics Code, particularly this: ARTICLE 2. September 15, 2014 By Michael Bugeja 19 Comments. 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