New Name for ANA Accolade

Sep 21, 2021 | ,

The Association’s Board of Governors votes to remove Farran Zerbe’s moniker from the organization’s highest honor

During an open session meeting on January 19, 2021, the ANA Board of Governors honored the wishes of nearly 20 past Farran Zerbe Memorial Award winners by voting to remove Zerbe’s name from the ANA’s highest honor after the 2021 presentation (its 70th year). According to the motion, the accolade will be called the Distinguished Service Award “until such time as the name of an exemplary, deceased ANA member be brought forward to the Board, after vetting by the Awards Committee, for consideration of formal approval with proper funding arrangements for such naming rights.”

A well-known figure in 20th-century numismatics, Joseph Farran Zerbe served as ANA president from 1907-1909. A retrospective look at Zerbe’s professional dealings uncovered accusations that he made deceptively inflated claims about the future value of the Louisiana Purchase Exposition gold dollars he sold; complaints of hucksterism and fraud for his creation and sale of coin-like 1904 gold-plated exposition souvenirs; allegations that he unscrupulously obtained personal ownership of The Numismatist in 1908 from relatives of the ANA’s late founder, Dr. George F. Heath (then ANA Vice President W.W.C. Wilson subsequently purchased the periodical and donated it to the Association in 1910); and claims of bribery involving the 1909 ANA election in which Zerbe’s friend John M. Henderson was named president.

Anatomy of Fraudulent Facebook Pop- Up Ads

Sep 20, 2021 |

“Facebook has become the predominant choice of fraudsters.”

(Temecula, California) September 20, 2021 — Online scams related to counterfeit coins and precious metals continue to escalate and a major tool used by fraudsters is the utilization of Facebook pop-up ads to scam unsuspecting victims, according to the non-profit Anti-Counterfeiting Educational Foundation (www.ACEFonline.org).

“ACEF and its working group, the Anti-Counterfeiting Task Force, have seen an increase in reports of fraudulent Facebook pop-up ads selling counterfeit coins and precious metals,” said Doug Davis, ACEF Director of Anti-Counterfeiting. “Although there are other social media and e-commerce platforms selling counterfeits, Facebook has become the predominant choice of fraudsters.”

Davis cautions: “Millions of dollars are being lost by victims who become easy targets for fraudsters who are using social media platforms to entice unsuspecting victims. Fraudsters are armed with a toolbox of sophisticated and realistic marketing techniques to develop deceptive and fraudulent social media platforms and websites. During the past 18 months the Anti-Counterfeiting Task Force has been monitoring numerous fraudulent websites selling counterfeit coins and precious metals. Based upon our investigation and analysis there are many red flags and commonalties used by these sites indicating hundreds are being created by a handful of large organizations.”

ACTF recently received a report involving the purchase of over $27,000 in counterfeit one-ounce silver eagles from a Facebook pop-up ad.

To help protect numismatists and the general buying public, ACTF dissects a fraudulent Facebook pop-up ad and identifies the many red flags:

  • When checking your FB page an ad pops up selling 2021 one-ounce U.S. Silver Eagles. You click on the ad, and it takes you to a different website showing a picture of a 2021 eagle with a background picture of a tube of eagles in a green top tube. The offer is “Buy 7 get 3 free for $48.99.” The ad also indicates that the offer is 50% off. If you would like to purchase just one the cost is $6.99. Warning! That price is well under the actual market value for genuine one-ounce silver Eagles and TOO GOOD TO BE TRUE.
  • The site utilizes a gallery of photos that have been swiped from legitimate sites to lure unsuspecting victims. The photos usually include real coins, U.S. mint tubes and large “monster” boxes to show that the coins came from the U.S. Mint. (Some fraudulent sites use a combination of real and counterfeit coins within the photo gallery. This is prevalent in sites selling Morgan dollars.)
  • Some sites will use videos which show the coin weighing correctly, the correct dimensions and will not adhere to a magnet as would a counterfeit made of a magnetic base metal. A recent site included a video of silver Eagle coins being inserted into a U.S. Mint tube, placed in a monster box, and then loaded on a pallet for delivery. (But unsuspecting buyers instead likely would receive counterfeits.)
  • Fraudulent sites often use photos and videos of genuine coins to support the authenticity of their counterfeit coins or spurious precious metals offerings.
  • Buy two or more items and get an additional deep discount on top of already impossible, low prices if the items offered were actually genuine.
  • When reading the description and highlights of the coin or precious metal for sale there are often grammatical, spelling, or other major mistakes in the text of the advertisement.
  • The site shows other coins and precious metals for sale at below market prices on other platforms.

In addition to the red flags listed above, a major clue in the authenticity of a counterfeits website is the “About Us” section. In most cases the contact information may be only an email. Very few fraudulent sites include a physical address or phone number. However, if provided the information is usually bogus.

The following tips can help you avoid the scams of online coin and precious metal counterfeiting:

  • Buy from a reputable dealer such as members of the Professional Numismatist Guild (www.PNGdealers.org), Accredited Precious Metals Dealers (www.ACEFdealers.org) and the American Numismatic Association, (www.money.org), or your local trusted dealer.
  • Buy from the company’s official website.
  • Do your homework when shopping on e-commerce platforms. Utilize the red flags described above to ensure the legitimacy of the seller.
  • Do not be influenced by below-market low prices.

The counterfeiting of coins and precious metals is a global problem. The Anti-Counterfeiting Educational Foundation is aggressively working with all levels of law enforcement to target, identify and prosecute criminal enterprises selling counterfeit coins and precious metals.

“The work of the Anti-Counterfeiting Task Force is supported entirely by donations made to the Anti-Counterfeiting Educational Foundation, a non-profit corporation,” emphasized ACEF Executive Director Robert Brueggeman. “The donations, large or small, are making a difference to help prevent collectors, dealers and the general public from becoming victims of fakes.”

Monetary contributions can be made online at www.ACEFonline.org/donate or by check mailed to ACEF, 28441 Rancho California Rd., Ste. 106, Temecula, CA 92590. For additional information about donating, contact ACEF Executive Director Brueggeman at info@ACEFonline.org.

Three Numismatic Groups Admonish Facebook About Ads Offering Counterfeits

Sep 20, 2021 | , ,

Social media giant has not responded to warnings that the “platform continues to be used to lure gullible buyers of counterfeits”

September 20, 2021 — Three major numismatic organizations that sent a letter to Facebook executives to complain that the social media platform “has become the predominant choice of some fraudsters” are disappointed with the lack of a response by Facebook and the continuing appearance of pop-up advertisements selling counterfeit coins. No response has been received in the month since the letter was sent.

The Anti-Counterfeiting Educational Foundation (www.ACEFonline.org), Numismatic Guaranty Company (www.NGCcoin.com) and the Professional Numismatists Guild (www.PNGdealers.org) sent their joint letter on August 19, 2021 to Mark Zuckerberg, Facebook’s founder, chairman & chief executive officer. Copies were also sent to Facebook chief operating officer Sheryl Kara Sandberg and chief revenue officer at the time David Fischer.

“We are disappointed and frustrated that Facebook, for whatever reason, has failed to even acknowledge our important letter while hundreds of pop-up ads selling counterfeits or touting inaccurately or misleadingly described replicas continue to appear on their platform,” said Bob Brueggeman, PNG executive director. “ACEF, NGC and PNG jointly offered to assist Facebook to detect and help prevent these kinds of fraudulent ads, but there’s been no response.”

Mark Salzberg, Numismatic Guaranty Company chairman, stated: “NGC was founded, in part, to combat counterfeit coins in the marketplace. The coin collecting hobby is safer now than ever before, but we unfortunately face a new and serious threat from counterfeiters who are using social media to take advantage of unsuspecting buyers. NGC hopes to have the opportunity to work with Facebook to help banish these unscrupulous sellers from its platform.”

Doug Davis, ACEF Director of Anti-Counterfeiting and a former Texas police chief, stated: “The Anti-Counterfeiting Task Force has identified Facebook as a major platform utilized by counterfeiters and criminal organizations to sell counterfeit coins and precious metals. It is critical that Facebook executives recognize the criminal abuse of their platform by crooks who are preying on unsuspecting and uneducated victims who have lost hundreds of thousands of dollars. But most importantly, the misuse of the Facebook platform undermines the integrity of the U.S. monetary system.”

Here is the full text of the joint letter signed by Davis, Salzberg and Brueggeman.

Facebook Joint Letter

Legend Rare Coin Auctions Renews Sponsorship of PCGS Members Only Shows

Sep 19, 2021 | ,

The New Jersey boutique coin auction firm will continue sponsoring the exclusive coin shows held by Professional Coin Grading Service

Santa Ana, California – September 18, 2021) – The longstanding partnership between Professional Coin Grading Service (www.PCGS.com) and Legend Rare Coin Auctions continues as the New Jersey boutique coin firm renews its sponsorship of the PCGS Members Only Coin Shows. The PCGS Members Only Shows, usually held six times per year, have long been headlined by Legend Rare Coin Auctions, which serves as the show’s official auction company.

“We are excited to continue working with Legend Rare Coin Auctions,” says PCGS Interim President Stephanie Sabin. “Our relationship with Legend goes back decades, and they have been such wonderful promoters not only of PCGS Members Only Shows but also of the hobby in general. Their auctions shine a light on some of the hobby’s most extraordinary coins, including storied seven-figure rarities such as the 1894-S Barber Dime, which they recently handled.”

“Legend Auctions has enjoyed a successful relationship with PCGS being the official auctioneer of the Members Only Shows,” remarks Legend Rare Coin Auctions Owner and President Laura Sperber. “We see sustained strong growth with PCGS’ worldwide audience. That’s exactly what we are seeking to expand the scope and eventually the size of our sales – the more action, the better coins we receive for sale.”

Sperber says it’s a “win-win” for both Legend Rare Coin Auctions and PCGS. “Plus, we love the PCGS Members Only Shows. Our boutique size is perfect for them. Attendance and the business transacted can rival major shows. We’ve met so many new people and picked up some lasting great customers. Attend one of these shows, its worthy of your time!”

PCGS Members Only Shows are typically held six times per year, with the primary location in Las Vegas with a rotation of additional cities across the United States. For more information about PCGS Members Only Shows, please visit https://www.pcgs.com/shows.

About Professional Coin Grading Service

Professional Coin Grading Service (PCGS) is a third-party coin and banknote grading company that was launched in 1986. Over 35 years, PCGS has examined and certified more than 47 million U.S. and world coins, medals, and tokens with a combined value of over $46 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.

Skinner’s September Coins and Currency Sale Will Present an 1812 $5 “Capped Bust” half-eagle—estimated at $18,000-$20,000

Sep 16, 2021 | ,

The sale features a diverse selection of American, foreign and ancient coins as well ascoins from rare mints, including Carson City, Charlotte, New Orleans.

MARLBOROUGH, MA – Skinner Auctioneers will host an auction of Coins and Currency with online bidding open from September 14-21, 2021. The sale will feature a diverse selection of American, foreign and ancient coins, with the majority of the sale representing U.S. coins from the 19th and early 20th centuries, particularly early denomination gold. The sale is notable for its representation of type coinage as well as a range of domestic coins from rare mints, including Carson City, Charlotte and New Orleans.

The centerpiece of the sale is an 1812 $5 “Capped Bust” half-eagle, estimated at $18,000-$20,000, and minted just in advance of the War of 1812. Given that much of the early 19th-century gold has been melted and many coins were shipped overseas during this period, this coin is considered extremely rare. Its authenticity was certified by a third party in the 1980s and it has stayed in protective plating since then.

Also represented is a 1905 U.S. Liberty Head Quarter Eagle proof, estimated at $12,000-$14,000. This limited-series coin is in choice condition, and only 144 proofs of this version were originally struck. The remaining U.S. coins represented in this auction range from 1798 to 2011, with the exception of a 1652 Pine Tree shilling—estimated at $800- $1,200—the first coin minted in the United States during colonial times. Because only the king had the power to issue coins, the colonies were held hostage to very low circulation of hard currency during the early years, with all trade dependent on England. Massachusetts took advantage of a crisis of succession in 1652 – after Charles I was beheaded and before King James had been crowned – to begin minting currency for domestic circulation, an act of rebellion. This coin remains a powerful symbol of early American independence and audacity.

The sale will also highlight coins from Rome, Greece and ancient India. The most famous of these coins is the Athenian Owl tetradrachm, estimated at $600-$800, which remains among the most recognizable coins of the ancient world.

About Skinner

Skinner attracts top consignments and commands record-breaking prices in the international auction marketplace. With renowned expertise and extraordinary service, Skinner is the place for buyers, sellers and the passionately curious. Skinner appraisers are familiar faces on PBS’s 19-time Emmy Award-nominated ANTIQUES ROADSHOW. Visit us in Boston, Marlborough, New York, Maine, Florida, or online at https://www.skinnerinc.com.

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