U.S. Coin Price Guide

Coin Collecting

Buy Coin Supplies

PCGS Removes Fake Coins, Dies From Market

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.

 



© 1992-2018 DC2NET™, Inc. All Rights Reserved