Coin Collectors News

Attempt Made to Sell Fake $300,000 Gold Coin

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.

: The obverse of the counterfeit 1879 Coiled Hair $4 Stella that now is under investigation. (Image courtesy of Ryan Moretti.)

: 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.

United States Mint Opens Sales for Set of Salt River Bay National Historical Park and Ecological Preserve Coins on July 10

Jul 12, 2020 | Announcements, U.S. Mint

WASHINGTON – The United States Mint (Mint) will accept orders for the 2020 America the Beautiful Quarters Three-Coin Set™ honoring Salt River Bay National Historical Park and Ecological Preserve in the U.S. Virgin Islands beginning on July 10 at noon EDT.

Priced at $11.50, this three-coin set (product code 20AF) includes one uncirculated quarter from the Philadelphia Mint, one uncirculated quarter from the Denver Mint, and one proof quarter from the San Francisco Mint. All coins feature a reverse (tails) design depicting a Red Mangrove tree in an early stage of its life cycle as it evolves from a very small plant to an adult tree. The design brings awareness to the Park’s endangered mangrove forest and the unique and delicate nature of how the species reproduces in salt water. Inscriptions are “SALT RIVER BAY,” “U.S. VIRGIN ISLANDS,” “2020,” and “E PLURIBUS UNUM.”

The obverses (heads) of the coins depict the 1932 portrait of George Washington by John Flanagan, which has been restored to bring out subtle details and the beauty of the original model. Inscriptions are “UNITED STATES OF AMERICA,” “LIBERTY,” “IN GOD WE TRUST,” and “QUARTER DOLLAR.”

All coins in the set are held in a durable plastic card with an image of Salt River Bay National Historical Park and Ecological Preserve. The Certificate of Authenticity is printed on the back of the card.

Orders will be accepted at catalog.usmint.gov only. Information about shipping options is available at catalog.usmint.gov/customer-service/shipping.html.

The America the Beautiful Quarters Three-Coin Sets are also available for purchase through the Mint’s Product Enrollment Program. Visit catalog.usmint.gov/shop/enrollments/ for details.

Due to the impact of COVID-19, the Mint’s sales centers are closed until further notice. Click here for details.

Note: To ensure that all members of the public have fair and equal access to United States Mint products, the United States Mint will not accept and will not honor orders placed prior to the official on-sale date of July 10, 2020 at noon EDT.

September Long Beach Expo is Cancelled

Jul 9, 2020 | Announcements, Shows & Conventions

Hopes for Return in February 2021

It is with a heavy heart that we, in coordination with the Long Beach Convention Center, are announcing the cancellation of the September Long Beach Coin, Currency, Stamp and Sports Card Expo. We are still adhering to the guidelines set forth by Governor Gavin Newsom’s March 12th Executive Order to cancel all large gatherings due to the spread of COVID-19. This show was initially scheduled for September 17-19, 2020. Once again, it’s important to reiterate that there will be no business being conducted at the Long Beach Expo during the allotted showtimes in September.

If you are interested in participating in the September Long Beach Expo U.S. Coins, Currency, or World Paper Money Signature Auctions hosted by Heritage Auctions, they will be accepting online and phone bidding only. Links to the corresponding auction information and listings can be found here: U.S. Coins Auction, U.S. Currency Auction, World Paper Money Auction.

With the increased spread of coronavirus cases throughout Southern California, we need to stand by our policy of putting the health and safety of our attendees, our exhibitors, and our staff first. After seeing the collectibles industry as a whole band together and support one another over the past couple of months, we at the Long Beach Expo are honored to be a part of this wonderful hobby. We know that we’ll all get through this together.

For the Long Beach Expo, well, our focus immediately turns to February 4-6, 2021 in Hall C. We can all agree that 2020 has been a difficult year; however, we think 2021 will present great highs for all of us. After all, it’s the Long Beach Expo way to offer the best auctions, exhibits and dealers in the business. We hope to see you then.

Stay tuned to all future Long Beach announcements: www.LongBeachExpo.com.

For all information regarding COVID-19: https://www.cdc.gov/coronavirus/2019-ncov

We wish you all continued good health and safety.

-Long Beach Expo

PCGS Banknote Grades Ultra-Rare $1,000 Grand Watermelon Note

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.

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.   

U.S. Rare Coin Market Quite Active Despite Pandemic, Reports Professional Numismatists Guild

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.