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
"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
For additional information, contact PCGS at
(800) 447-8848. By e-mail at CustomerService@collectors.com.