Jul 16, 2020 | ANA, Announcements, News
ANA Board of Governors Commits to Pittsburgh for 2023 Show
The American Numismatic Association (ANA) Board of Governors voted on July 14 to officially cancel the 2020 World’s Fair of Money®. The show was originally scheduled for August 4-8 in Pittsburgh, Pennsylvania; however, COVID-19 restrictions made continuing with the Pittsburgh event unfeasible, and the Board voted in mid-June to postpone the event while it considered alternate sites and dates. The July 14 vote effectively terminated any further research and planning for a replacement location for the 2020 show given the current coronavirus situation and the inability of the ANA to assure the safety of its members, dealers, staff and visitors.
The Board did commit to Pittsburgh as the site for the 2023 World’s Fair of Money, recognizing the outstanding planning developed by the local host committee in preparing for the cancelled 2020 show, provided that comparative contractual arrangements can be made.
“Although we share the disappointment of collectors and dealers in cancelling the 2020 World’s Fair of Money, it is the right decision given the wide range of uncertainties we currently face,” says ANA President Steve Ellsworth. “We’re appreciative of our partners, specifically official convention auctioneers Heritage Auctions and Stack’s Bowers Galleries, for their understanding and support of this decision. In the meantime, this action enables the ANA staff to refocus its maximum efforts and efficiencies towards the organization’s emergence and growth out of the pandemic crisis.”
The American Numismatic Association’s convention has only been cancelled twice before: in 1918 during the flu pandemic and again in 1945 because of World War II.
Although the show itself will not be held, collectors can still attend convention events online, including Money Talks and the Sundman Lecture Series. These presentations and lectures are free to attend but registration is required. ANA awards presentations that were scheduled at the 2020 World’s Fair of Money also will be held virtually.
“We look forward to welcoming collectors to the March 11-13 National Money Show® in Phoenix and to the 2021 World’s Fair of Money in Rosemont (Chicago), Illinois, August 10-14,” says Ellsworth.
The American Numismatic Association is a congressionally chartered, nonprofit educational organization dedicated to encouraging the study and collection of coins and related items. The ANA helps its 28,000 members and the public discover and explore the world of money through its vast array of educational and outreach programs, as well as its museum, library, publications and conventions. For more information, call (719) 632-2646 or visit money.org.
Jul 15, 2020 | ANA, News
The American Numismatic Association (ANA) has awarded 2020 college scholarships to Abigail Zechman from Clermont, Florida and Colin Feitl from Hebron, Kentucky. Each winner will receive a $1,000 scholarship to use toward tuition at an institution of their choice.
“The annual scholarship is an opportunity for the American Numismatic Association to expand on its core mission of education through higher learning,” said Rod Gillis, ANA education director. “There were many qualified candidates but the commitment of these two young people to numismatics is unparalleled. We are most proud of their accomplishments and are happy to help with their educational endeavors.” The recipients are eligible to receive the scholarship for up to four years.
After eight and a half years of collecting, Abby Zechman’s interest has narrowed on Large Cents and “Red Books.” “I am 12 books short of a full date set of Red Books, and I enjoy picking up raw Large Cents when I find one that catches my eye at a show,” said Zechman. “I am assembling a date set collection of Large Cents in nice condition, however I am always drawn to old beat up or counter stamped coppers – they have more of a story.”
Zechman has already earned half of her Associate of Arts degree at Lake Sumter State College where she plans to finish before transferring to University of Central Florida to complete her Bachelor’s degree in elementary education. Once complete, she intends to use her degree to work for the American Numismatic Association.
“I want to work in the education department teaching kids and others about numismatics,” she said. “I have always had a passion for teaching and the ANA has had a huge impact on my life. I want to be part of that for future collectors and help keep our hobby alive.”
The second college recipient, Colin Feitl, has been collecting since he was a toddler – picking up coins wherever he found them – the beach, parking lot, sidewalks and more. In sixth grade he went to his first coin show and formally started several collections from there.
He plans to use his scholarship money at Northern Kentucky University, where he plans to study media informatics and business. While in college, he plans to return to Summer Seminar, attend the World’s Fair of Money and remain active in his local club, the Cincinnati Numismatic Association.
“I also hope to get a decent job someday to allow me to grow my collections,” he said. Today, he enjoys collecting Morgan Dollars, Ancient Roman Empire coins and modern Asian coins.
“Thanks to all who made this scholarship possible,” Feitl said. ” Once I delved into learning about numismatics, I just kept finding how much more there is to learn. I know most people my age are interested in money to be able to spend it but none who are interested in numismatics. I feel passionate about keeping the interest in the hobby and history of numismatics alive for the next generation so that it is not forgotten.”
Applications for the 2021 ANA College Scholarship will be available in January. Recipients are selected based on academic scholarship, numismatic accomplishments and financial need. Applicants must be a senior in high school and a member of the ANA.
For additional information, contact Rod Gillis via email at gillis@money.org or call him at (719) 482-9845.
The American Numismatic Association is a congressionally chartered, nonprofit educational organization dedicated to encouraging the study and collection of coins and related items. The ANA helps its 28,000 members and the public discover and explore the world of money through its vast array of educational and outreach programs, as well as its museum, library, publications and conventions. For more information, call (719) 632-2646 or visit money.org.
Jul 15, 2020 | ACEF/ACTF, News
Seller is suspect in another counterfeits case
(Temecula, California) July 14, 2020 — Acting on a tip from the Anti-Counterfeiting Educational Foundation (www.ACEFonline.org), federal and local California law enforcement agents now are investigating the attempted sale of $400,000 of counterfeit coins including a fake example of the historic 1879 Coiled Hair gold $4 “Stella” that brought $300,000 at auction last year. The seller also is a suspect in an earlier case involving fakes, according to Doug Davis, Director of the ACEF Anti-Counterfeiting Task Force (ACTF).
The bogus Stella was housed in a counterfeit Numismatic Guaranty Corporation holder with a fake insert label printed with the same NGC PR63 grade and certification number as the genuine coin.
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The obverse of the counterfeit 1879 Coiled Hair $4 Stella that now is under investigation. (Image courtesy of Ryan Moretti.)
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The reverse of the counterfeit 1879 Coiled Hair $4 Stella that is jointly being investigated by the Anti-Counterfeiting Educational Foundation and federal and local California law enforcement agencies. (Image courtesy of Ryan Moretti.)
Davis, a former Texas Police Chief, has alerted the U.S. Treasury Department Office of Inspector General (OIG) and is assisting investigators in this case.
“The seller of these counterfeits is on our radar and we’re after him no matter how long it takes. In the meantime, these fakes are off the market. They were turned over as evidence and are now in the custody of detectives at the Irvine, California Police Department,” Davis stated.
“We were alerted to this case by Ryan Moretti of Orange County California who is the senior numismatist of Colorado-based American Rarities. He was contacted by an individual offering to sell several expensive coins allegedly in NGC holders, including the 1879 Coiled Hair $4 Stella of which only about dozen genuine examples are known,” said Davis.
The other counterfeit coins offered by the seller were a 1793 AMERICA Chain cent, NGC VF20; an 1800 Draped Bust dollar, NGC AU58; and an 1871-CC Seated Liberty dollar, NGC AU55.
When he received the coins, Moretti suspected based on his years of experience as a professional numismatist that they and the NGC holders were counterfeit. The suspicions were confirmed after inspection by other numismatic experts including NGC representatives.
“When we entered the suspect’s name into the ACTF crime and intelligence database it linked him to another case in which he reportedly attempted to sell counterfeit coins to a Minnesota dealer in December 2019. ACTF alerted agents with the Minnesota Department of Commerce and U.S. Treasury OIG. Those coins were seized and a joint investigation is currently continuing,” explained Davis.
Federal and local investigators are reviewing both the Minnesota and California cases to determine appropriate jurisdiction to initiate prosecution against the suspect for possession and distribution of counterfeits with the intent to defraud.
“Well-made fakes are flooding the U.S. marketplace and the integrity of the numismatic community is under attack. These recent cases spotlight the significant technological advancements of counterfeiters and their agents as well as the all-too-easy availability for the sale of fake coins and precious metals housed in counterfeit third-party authentication and grading holders,” Davis cautioned.
“The Anti-Counterfeiting Educational Foundation and it’s Anti-Counterfeiting Task Force will continue its vigorous commitment to protecting the numismatic profession and collectors from adversaries who manufacture and sell counterfeit coins and precious metals. And, we’ll continue to educate the public to encourage them to only work with reputable dealers,” said Davis.
The ACEF and the task force are supported entirely by donations. The ACEF is a 501(c)(3) corporation and all donations to ACEF are tax deductible.”
For additional information or to make a donation, contact the Anti-Counterfeiting Educational Foundation at 28441 Rancho California Road, Suite 106, Temecula, CA 92590. The phone number is 951-587-8300. Or visit the web site at www.acefonline.org.
Jul 9, 2020 | Auctions, News
The 1890 $1,000 Grand Watermelon was the first banknote to cross the million-dollar threshold at auction
anta Ana, California, July 9, 2020) – The finest-known example of the ultra-rare 1890 $1,000 “Grand Watermelon” Treasury Note, which in 2005 became the first banknote to bring $1 million at auction, has been certified and graded by PCGS Banknote (www.PCGS.com/banknote). Issued in $100 as well as $1,000 denominations and originally redeemable in gold or silver coin, they were dubbed “Watermelon” notes because of the color and design of the large zeroes on the reverse of the note.
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The $1,000 note, commonly referred to as a “Grand Watermelon,” is extremely rare and given the large face value of this 1890-vintage note – $1,000, roughly equivalent to $29,000 today – it was scarcely seen outside of interbank commerce. This rarity, cataloged by banknote experts Arthur L. and Ira S. Friedberg as Fr.379a, saw a tiny printing of only 16,000 and just two are known today and available in private hands. The piece PCGS Banknote recently graded is featured on the cover of 100 Greatest American Currency Notes by Q. David Bowers and David M. Sundman (Whitman Publishing, 2005).
“I am very excited to have this iconic and historic note certified and encapsulated by PCGS Banknote,” says Stack’s Bowers Galleries Director of Currency Peter A. Treglia. “I believe it continues to solidify its importance to the numismatic community.”
“Year after year, PCGS-graded coins top the list for highest auction prices realized,” says PCGS President Brett Charville. “When we relaunched our banknote grading service, we knew we would attract the best of the best. Not only does this piece represent one of the most important rarities in our hobby, but to have it come through our grading room just six months after resuming our banknote grading services domestically also highlights the trust and confidence the industry has in PCGS and underscores that our holders offer the maximum in value, security, and liquidity.”
About Professional Coin Grading Service
Professional Coin Grading Service (PCGS) is the premier third-party coin and banknote grading company that was launched in 1986. Over nearly 35 years, PCGS has examined and certified some 44 million U.S. and world coins, banknotes, medals, and tokens with a combined value of more than $38.8 billion. For more information about PCGS products and services, including how to submit your coins for authentication and grading, please visit www.PCGS.com or call PCGS Customer Service at (800) 447-8848.
Jul 6, 2020 | News, PNG
Auction houses set records with over $167 million in winning bids during the first six months of 2020
(Temecula, CA) July 6, 2020 – The market for high-quality, rare United States coins remained active during the first six months of 2020 despite pandemic-related closures of many retail locations and cancelation of dozens of coin shows and numismatic conventions around the country, according to the Professional Numismatists Guild (www.PNGdealers.org). The PNG is a nonprofit organization composed of many of the country’s top rare coin and paper money experts.
“Even with economic uncertainty and the lack of face-to-face transactions and in-person floor bidding, major auction firms reported selling more than $167 million of U.S. rare coins in online public auctions during the first half of the year. Dozens of record prices were established for coins selling for five, six and even seven figures,” said PNG President Richard Weaver.
One of the many examples of superb quality rare coins commanding record prices was the $101,251 winning bid for the finest known 1905 Barber design silver quarter-dollar graded PCGS MS68 CAC offered by GreatCollections Coin Auctions. It sold for four times its price guide value.
Over a half dozen coins brought $1 million or more. The two most valuable U.S. coins sold at auction so far in 2020 were a record $2,160,000 for a 1927-D Saint-Gaudens gold $20 (Double Eagle) graded PCGS Mint State 65+ CAC sold by Heritage Auctions, and $1,920,000 for an 1854-S gold $5 (Half Eagle) graded PCGS About Uncirculated 58 CAC sold by Stack’s Bowers Galleries.
With a winning bid of $2,160,000, this 1927-D Saint-Gaudens Double Eagle was the most valuable U.S. rare coin sold at auction during the first half of 2020. (Image courtesy of Professional Coin Grading Service www.PCGS.com.)
In addition to the reported auction results, PNG conservatively estimates that least another $150 million of U.S. coins were sold by these auction firms in private transactions in the first half of the year.
“Sales of precious metal bullion coins, such as gold and silver American Eagles, also have been active and premiums over their intrinsic value have risen as supplies dwindled due to pandemic-related interruptions of coin production at the United States Mint,” said Weaver.
“As always, to avoid counterfeits we recommend that buyers of rare coins or bullion coins should only purchase from reputable, knowledgeable dealers, such as members of the Professional Numismatists Guild and its Accredited Precious Metals Dealer program (www.APMDdealers.org),” he emphasized.
Auction firms responding to a PNG request for information were Bonhams (www.bonhams.com): Ira & Larry Goldberg Auctioneers (www.GoldbergCoins.com): GreatCollections Coin Auctions (www.GreatCollections.com); Heritage Auctions (www.HA.com): Kagin’s (www.Kagins.com): David Lawrence Rare Coins (www.DavidLawrence.com): Scotsman Coin & Jewelry (www.scoins.com): and Stack’s Bowers Galleries (www.StacksBowers.com).
Additional information also was obtained through online auction archives at Christie’s (www.Christies.com); Legend Rare Coin Auctions (www.LegendAuctions.com); Sotheby’s (www.Sothebys.com); and Spink (www.Spink.com).
Professional Numismatists Guild members must adhere to a strict code of ethics in the buying and selling of numismatic merchandise. For additional information, visit www.PNGdealers.org or contact the PNG by phone at 951-587-8300 or email at info@pngdealers.org.
Jul 2, 2020 | News, U.S. Mint
WASHINGTON – The United States Mint (Mint) today officially announced the designs for the 2020 American Innovation™ $1 Coin Program. The new designs will appear on the reverses (tails) of $1 coins honoring innovations and/or innovators from Connecticut, Massachusetts, Maryland, and South Carolina.
Mint Chief Engraver Joseph Menna created and sculpted the Maryland American Innovation $1 Coin design. Mint Artistic Infusion Program artists created the designs for the remaining 2020 American Innovation $1 Coins, which Mint Medallic Artists sculpted. Here’s what the public can expect to see:
American Innovation – Connecticut
Designer: Richard Masters
Sculptor-Engraver: Renata Gordon
The Connecticut $1 Coin recognizes the Gerber Variable Scale. The design depicts the scale being used to increase a geometric shape by 200 percent, a shape that resembles the state of Connecticut. Inscriptions are “UNITED STATES OF AMERICA,” “GERBER VARIABLE SCALE,” and “CONNECTICUT.”
American Innovation – Massachusetts
Designer: Emily Damstra
Sculptor-Engraver: Eric David Custer
The Massachusetts $1 Coin recognizes the invention of the telephone. The design depicts the dial of an early rotary telephone. Inscriptions are “MASSACHUSETTS,” “TELE-PHONE,” and “UNITED STATES OF AMERICA.”
American Innovation – Maryland
Designer: Joseph Menna
Sculptor-Engraver: Joseph Menna
The Maryland $1 Coin pays homage to the Hubble Space Telescope. The design depicts the telescope orbiting the earth surrounded by a field of stars. Inscriptions are “UNITED STATES OF AMERICA,” “THE HUBBLE SPACE TELESCOPE,” and “MARYLAND.”
American Innovation – South Carolina
Designer: Justin Kunz
Sculptor-Engraver: Phebe Hemphill
The South Carolina $1 Coin recognizes educator and civil rights activist Septima Poinsette Clark. The design depicts Ms. Clark marching with three young African American students who carry books and an American flag, representing that education and literacy among oppressed people are necessary for empowerment and enjoyment of civil rights. Inscriptions are “UNITED STATES OF AMERICA,” “SEPTIMA CLARK,” and “SOUTH CAROLINA.”
American Innovation $1 Coins feature a common obverse (heads) design depicting a dramatic representation of the Statue of Liberty and the required inscriptions “$1” and “IN GOD WE TRUST.”
On-sale dates for products containing the 2020 American Innovation $1 Coins will be published on the Mint’s Product Schedule here. When available, the Mint will accept orders at catalog.usmint.gov/. Information about shipping options is available at catalog.usmint.gov/customer-service/shipping.html.
The American Innovation $1 Coin Program is a multi-year series featuring distinctive reverse designs that pay homage to America’s ingenuity and celebrate the pioneering efforts of individuals or groups from all 50 states, the District of Columbia, and the U.S. territories.
Jul 2, 2020 | News
First major variety discovery of that
Early Half Dollar date in nearly a century
(June 30, 2020; Santa Ana, California) – Professional Coin Grading Service (www.PCGS.com) has confirmed a new die marriage for the 1795 Flowing Hair Half Dollar. The coin was struck with a previously unknown obverse die and is now recognized as the new Overton 133 variety.
It is the first new major die variety to be discovered on a 1795 Flowing Hair Half Dollar in more than 90 years, according to PCGS.
The recently discovered Overton variety 133 1795 Flowing Hair Half Dollar has been confirmed and certified by PCGS. (Images courtesy of Professional Coin Grading Service
www.PCGS.com.)
“The new die marriage was discovered by an advanced Early and Capped Bust Half Dollar collector who wishes to remain anonymous at this time,” explains Colorado coin dealer W. David Perkins. He submitted the discovery coin to PCGS and will be offering the 1795 O-133 Flowing Hair Half Dollar for sale.
“This newly identified die marriage is significant as there has been only one other 1795 Flowing Hair Half Dollar die marriage discovered since the Haseltine Type Table Sale in 1881! And that new marriage, 1795 O-132, was discovered prior to the 1929 Beistle half dollar book being published,” explains Perkins.
The coin has been graded PCGS F15 Overton 133 and has the “Discovery Coin” designation on the label.
“The discovery of this variety, struck from a new and previously unknown die mated to a known and previously used reverse die, was previously sold as an unattributed piece, which highlights why having the experts at PCGS attribute your coins can be so important,” says PCGS President Brett Charville.
“We at PCGS love stories like this, and we are also proud to have had the opportunity to grade and certify this piece as a discovery coin. With the 1795 O-133 Flowing Hair Half Dollar properly attributed and graded in our holder, it will ensure maximum security, value, and liquidity for the next collector who owns this outstanding rarity,” states Charville.
About Professional Coin Grading Service
Professional Coin Grading Service (PCGS) is the premier third-party coin and banknote grading company that was launched in 1986. Over nearly 35 years, PCGS has examined and certified some 43.9 million U.S. and world coins, medals, and tokens with a combined value of more than $38.8 billion. For more information about PCGS products and services, including how to submit your coins for authentication and grading, please visit www.PCGS.com or call PCGS Customer Service at (800) 447-8848.
Jun 5, 2020 | News
When gold and silver prices rise, many bullion buyers eventually also begin purchasing rare gold coins, advises award-winning writer Michael Fuljenz
(Beaumont, Texas) June 2, 2020 – The fundamentals for gold continue strong as it reaches new highs worldwide and near an eight-year high in the United States, and that is helping to boost increased demand for some rare gold coins, according to award-winning writer Michael Fuljenz, President of Universal Coin & Bullion (www.UniversalCoin.com).
“One reason for the demand for popular rare coins is that when gold and silver prices rise, many bullion buyers eventually also begin purchasing rare gold coins. So, I’m advising clients to take advantage of the market now,” explained Fuljenz.
“We have found that quality gold coins with a low population (known available quantity) are being snapped up at higher prices than six months ago,” he stated.
Recent large-quantity melting of vintage U.S. $10 and $20 denomination gold coins struck in the late 19th and early 20th centuries created a shortage in supply and premiums are rising due to higher demand. The United States Mint also is producing a larger quantity of gold and silver American Eagle bullion coins than last year because of greatly increased customer demand, Fuljenz noted.
“Major hedge fund luminaries and large asset managers are bullish on gold bullion as one of the most undervalued investable assets today, and for good reasons. Day after day, we are continuing to see moves in Washington for unprecedented federal debt and deficits. The Congressional Budget Office now foresees a $3.7 trillion budget annual deficit for the fiscal year 2020. Remember this advice from Bank of America: (the) ‘Fed can’t print gold,’” said Fuljenz.
Recently, there’s been higher demand for late 19th and early 20th century U.S. $10 and $20 denomination gold coins. (Photo credit: Donn Pearlman.)
“Another reason to buy now is gold’s inverse relationship with real interest rates. When interest rates are low, adjusted for inflation, the opportunity cost of holding gold is low and real rates are negative now,” he stated.
But before you respond to slick print, online or television ads selling gold or silver bullion or rare coins, Fuljenz cautions that you must know your dealer.
“Check their credentials. Just because a coin dealer advertises widely on TV, in magazines or newspapers does not mean they are financially stable or have products in hand. Make sure they have been established for many years, are part of several numismatic industry boards, have won awards from industry organizations, and are accredited by the Better Business Bureau, the Professional Numismatists Guild (PNG), or the PNG Accredited Precious Metals Dealer program.
Founded in 1994, Universal Coin & Bullion, Ltd. of Beaumont, Texas is a national leader in gold, rare coins, and numismatic education. UCB President Michael Fuljenz is a nationally-known rare coins and precious metals expert whose advice has been used by the Federal Trade Commission, United States Postal Service, United States Mint, the Numismatic Crime Information Center, and the Texas Attorney General. Fuljenz has received more than 60 national and regional awards and honors for his consumer education and protection work in rare coins and precious metals and received an Honorary Doctorate in Humane Letters from McNeese State University.
For additional information, contact Universal Coin & Bullion at (800) 459-2646 or visit online at www.UniversalCoin.com.
May 31, 2020 | News
(Santa Ana, California, May 30, 2020) – The Professional Coin Grading Service (www.PCGS.com) Coin Quest 2020 has come to an exciting end with the recognition of two winners! The quest, which kicked off early in the year, challenged collectors to find circulating examples of 2020 Philadelphia and Denver Cents, Nickels, and Dimes and to be among the first to submit them to PCGS for a coveted PCGS Early Find label.
Collectors were then tasked with completing the six-coin set in the PCGS Set Registry for a chance to win up to $2,500. The official deadline was May 15, 2020 and two skilled collectors were notified of their victories.
PCGS Coin Quest 2020 had two available prizes: $2,500 to the collector with the top-ranked set and another $2,000 to a lucky random collector who completed the set before the deadline. The two winners wished to stay anonymous but shared the story of their journeys in coin collecting.
The winner of the highest-ranking complete set was an anonymous Northern California resident who has been a collector for about 55 years. The collector, known as Branzo99 on the PCGS Set Registry, started their adventure when their aunt, who is an avid collector, taught them about silver coinage.
“She thought they would be valuable in the future and was, obviously, quite right,” Bronzo99 shared. “I inherited our joint collection and have expanded it over the years. My interest in graded coins has been piqued recently when trying to collect additional coins of interest… Since rarity and condition are such inherent contributors to value, I figured I could search for how rare certain coins were, but buying them ‘sight unseen,’ or with poor photographs, would be very risky financially. In addition, I found some unusual coins in my own collection and wanted to have them verified. Thus, my recent increase in interest in numismatics came through this combination of factors.” The most incredible part about Branzo99’s winning set is that all of the coins entered their hands by way of coin roll hunting!
The second winner of the PCGS Coin Quest 2020 competition, a Set Registry member who asked to be identified as Kamcoins, has been a collector for 28 years and was inspired by their great grandmother. “In 1992, my great grandmother was searching for pennies that had rotated dies, which she claimed were worth lots of money. I tried to find information about the occurrence of die rotation from a local coin dealer and was directed to ‘The Red Book’ [A Guide Book of United States Coins], where I discovered there were other varieties to search for, like the 1955 and 1972 [Lincoln Cent] doubled dies. Shortly after, my other grandmother noticed I was reading my coin book all the time and decided to give me a collection of coins she had received from her father. One coin in that collection, a beautiful XF example of a 1798 Large Cent, sparked my interest [in] numismatics.”
While PCGS Coin Quest 2020 has come to a close, the PCGS 2020 Quarter Quest is in full swing with two of the five 2020-W America the Beautiful Quarters already in circulation and another to be released in early June. Collectors looking to participate can find more information on our website at www.pcgs.com/2020quarterquest.
About Professional Coin Grading Service
Professional Coin Grading Service (PCGS) is the premier third-party coin and banknote grading company that was launched in 1986. Over nearly 35 years, PCGS has examined and certified some 43.7 million U.S. and world coins, medals, and tokens with a combined value of more than $38.5 billion. For more information about PCGS products and services, including how to submit your coins for authentication and grading, please visit www.PCGS.com or call PCGS Customer Service at (800) 447-8848.
May 26, 2020 | ACEF/ACTF, News
Anti-Counterfeiting Educational Foundation is working with fraud victims and federal law enforcement agencies
(Fallbrook, California) May 26, 2020 – A fraudulent advertisement for bullion coins on Facebook, fake encapsulation holders and requests for expert help from federal agencies kept the nonprofit Anti-Counterfeiting Educational Foundation (www.ACEFonline.org) busy during May 2020.
“Among the cases we’re investigating is the sale of ten fake one-ounce silver American Eagles. They were unsuspectingly purchased by someone who responded to an advertisement that popped up while he was checking his Facebook account. All ten coins he received in response to his order were counterfeit,” said Doug Davis, Director of the ACEF Anti-Counterfeiting Task Force.
“The victim provided us pictures showing one coin being cut in half to reveal it was composed of base metal, not silver. We have provided information about the seller and the potential manufacturer to the U.S. Treasury Office of Inspector General, Customs and Border Protection (CBP) and to the Secret Service,” explained Davis, a former Texas police chief.
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One of the ten fake silver American Eagles sold to an unsuspecting victim who responded to an unsolicited advertisement on Facebook. (Image courtesy of fraud victim.)
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Cutting in half one of the ten counterfeit silver American Eagles revealed it was composed of base metal. (Image courtesy of fraud victim.)
Another case ACEF officials received in May involved counterfeit coins housed in fake Numismatic Guaranty Corporation (www.NGCcoin.com) and Professional Coin Grading Service (www.PCGS.com) encapsulation holders. The victim spent $8,000 responding to an offer made on Mercari, an e-commerce platform. ACEF contacted NGC and PCGS to verify the holders were not genuine, and the information has been provided to federal law enforcement.
ACEF, which operates solely on donations from the public, cautions that the number of websites offering counterfeits for sale continues to grow.
“Analysis indicates that many of the websites are staying operational for only a few days and then shutting down, making it difficult to trace. However, we have been able to determine they just turn around and open a new website under a different name. We have also been able to identify other third party platforms that are being used to distribute counterfeit coins,” said Davis.
“We have been requested by CBP to send a list of websites selling counterfeit coins and precious metals so their investigators can use this intelligence information to identify manufacturers and importers. CBP and Secret Service have several cases being worked in the Los Angeles/ Long Beach area, and volunteers from the ACEF Anti-Counterfeiting Task Force have provided expert assistance there,” he explained.
ACEF volunteers also are providing expert help to Secret Service agents in San Francisco who are working on counterfeiting cases there and to CBP agents investigating seized numismatic fakes in the El Paso, Texas area.
“Remember, if you don’t know precious metals, you’d better know a reputable seller, such as experts affiliated with the Accredited Precious Metals Dealer program (www.APMDdealers.org),” said Davis.
Collectors, dealers and the general public are encouraged to report any counterfeits or counterfeit fraud activity by email to Davis at the Anti-Counterfeiting Educational Foundation at Doug@ACEFonline.org.
The efforts of the nonprofit Anti-Counterfeiting Educational Foundation and its Anti-Counterfeiting Task Force are supported entirely by donations. Monetary contributions may be made online at www.ACEFonline.org/donate or by check made out to ACEF and mailed to ACEF, 28441 Rancho California Rd., Ste. 106, Temecula, CA 92590. For additional information about donating, contact ACEF Executive Director Bob Brueggeman at info@ACEFonline.org.
