Silver Rush Creates Silver Scams
Anti-Counterfeiting Educational Foundation warns of surge in fake “silver” coins offered online
(Temecula, California) February 11, 2021 — The recent panic buying of silver bullion has sparked a significant increase in fraudulent or misleading online advertising to lure unsuspecting retail buyers to purchase counterfeit United States silver dollars, according to officials of the Anti-Counterfeiting Educational Foundation (www.ACEFonline.org).
“The Chinese are blowing up the web selling fake silver dollars. We’ve seen suspicious ads posted on many platforms, including Amazon and Facebook,” cautioned Doug Davis, ACEF Anti-Counterfeiting Director.
“During the past couple of weeks, we received an increase in reports of counterfeits due to silver’s volatility and especially the ongoing interest in the Morgan silver dollars market. The Chinese are heavily marketing fake silver dollars via Facebook,” said Davis, a former Texas Police Chief.
“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),” advised Davis.
Popular with collectors and investors, genuine Morgan silver dollars, such as this one, were produced by the United States Mint between 1878 and 1921 but beware of counterfeits in the marketplace. (Photo courtesy of Numismatic Guaranty Corporation.)
“The crush of retail customers has slowed down a bit, but we’ve definitely seen ‘panic buying’ of silver the past couple of weeks. Unfortunately, some unsuspecting buyers are becoming victims of online scams by unscrupulous sellers,” said Richard Weaver, President of the Professional Numismatists Guild (www.PNGdealers.org).
“Supplies of genuine, century-old Morgan silver dollars are extremely tight, but one suspicious seller on Facebook is offering to sell 28 ‘genuine’ Morgan dollars for only $199. If they actually were genuine coins, the price would be closer to $900. Even the certification holders housing their fakes appear to be counterfeits,” explained Weaver.
The Anti-Counterfeiting Educational Foundation is alerting the Secret Service about the fakes as part of the foundation’s ongoing assistance to federal, state, and local law enforcement as well as prosecutors to fight counterfeiting and the sales of counterfeit coins.
Numismatic Guaranty Corporation (www.NGCcoin.com) is the official authentication service for the foundation and its Anti-Counterfeiting Task Force. NGC is the world’s largest third-party grading service for coins, tokens and medals, and is also the official grading service for the American Numismatic Association (www.money.org) and the Professional Numismatists Guild.
“The important work of the foundation and the Anti-Counterfeiting Task Force is supported entirely by donations,” explained ACEF Executive Director Robert Brueggeman. “The ACEF is a 501(c)(3) corporation and all donations are tax deductible.”
For additional information, contact the Anti-Counterfeiting Educational Foundation by phone at 817-723-7231, by email info@ACEFonline.org or visit the web site at www.ACEFonline.org.
Washington State Coin Dealer Dan Duncan Receives Service Award
The 2020 Diane Piret Memorial Outstanding Service Award recipient Dan Duncan.
Duncan and other local dealers, particularly Karen Feldman (Tacoma Mall Blvd Coin & Stamp), Ryan Hoolihan (Bellevue Rare Coins), and Todd Hughes (Pacific Northwest Numismatic Association), have recently stopped three separate attempts to repeal the sales-tax exemption. The Association of Washington Businesses also helped tremendously in these efforts.
“I cannot say enough about what this means to me after such a tough year. I am both honored and humbled to get this recognition,” said Duncan. “I feel a bit undeserving, as our work here is a combined effort. We are a team, and without everyone’s help, our companies would more than likely be facing increased business taxes, and collectors and investors across the state would be paying sales tax on their coins and bullion.”
In the latest attempt to repeal the exemption, the bill died in committee when they took no action before the legislature’s session adjourned sine die, though there could always be another attempt to repeal in a future session. Duncan, Feldman, Hoolihan, Hughes, and others remain vigilant in monitoring any new efforts.
“We thank Dan Duncan for his perseverance over the years, and the tremendous support of everyone who helps him in these campaigns,” said ICTA executive director, David Crenshaw.
“The ICTA partnership, our team, and many others are invaluable to the success of our efforts,” said Duncan.
The Diane Piret Memorial Outstanding Service Award is normally presented at the ICTA membership dinner and update during the Florida United Numismatist Convention, which was cancelled due to the ongoing COVID-19 pandemic. The award commemorates the 25-year career of ICTA’s former industry affairs director, who died in 2015.
2021 United States Mint Congratulations Set Available February 11
WASHINGTON – The 2021 United States Mint (Mint) Congratulations Set (product code 21RF) will be available for purchase beginning on February 11, 2021, at noon EST. The set is priced at $75.
Designed to celebrate any special occasion or milestone, this set contains one American Eagle Proof Silver Dollar struck in 99.9% silver at the West Point Mint. The coin’s obverse (heads) displays renowned sculptor Adolph A. Weinman’s classic design featuring the full-length figure of Liberty in full stride, enveloped in folds of the flag, with her right hand extended and branches of laurel and oak in her left. Inscriptions are “LIBERTY,” “IN GOD WE TRUST,” and “2021.”
The coin’s reverse (tails) displays former Mint Chief Engraver John Mercanti’s rendition of a heraldic eagle with shield, an olive branch in the right talon and arrows in the left. Inscriptions are “UNITED STATES OF AMERICA” and “1 OZ. FINE SILVER – ONE DOLLAR.”
The coin is encapsulated in an attractive presentation folder that allows visibility of both sides of the coin. The Certificate of Authenticity is printed on the folder, and the coin specifications are printed on the back of the coordinating sleeve.
This is the last year that the American Eagle One Ounce Silver Proof Coin reverse will feature Mercanti’s “Heraldic Eagle” design. Beginning in mid-2021, the reverse of American Eagle Silver Coins will feature a new design.
To set up a REMIND ME alert for the 2021 United States Mint Congratulations Set (product code 21RF), visit https://catalog.usmint.gov/congratulations-set-2021-21RF.html?cgid=2021-product-schedule.
To reduce the risk of employee exposure to COVID-19 in the workplace, the Mint’s sales centers are closed until further notice. Additionally, due to operational adjustments in response to COVID-19, our customer service representatives are available to assist with any questions you may have, but are unable to accept credit card information or place your order over the phone. Please use our website for all order placements at this time.
About the United States Mint
Congress created the United States Mint in 1792, and the Mint became part of the Department of the Treasury in 1873. As the Nation’s sole manufacturer of legal tender coinage, the Mint is responsible for producing circulating coinage for the Nation to conduct its trade and commerce. The Mint also produces numismatic products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; silver and bronze medals; and silver and gold bullion coins. Its numismatic programs are self-sustaining and operate at no cost to taxpayers.
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 Feb. 11, 2021, at noon EST.
United States Mint Releases 2021 American Eagle Silver Proof Coin with ‘Heraldic Eagle’ Reverse on February 11
WASHINGTON– The United States Mint (Mint) will accept orders for the 2021 American Eagle One Ounce Silver Proof Coin beginning on February 11, at noon EST. The production limit for this product is 327,440.
Struck in 99.9% silver at the West Point Mint, the coin’s obverse (heads) features sculptor Adolph A. Weinman’s iconic full-length figure of Liberty in full stride, enveloped in folds of the flag, with her right hand extended and branches of laurel and oak in her left. Inscriptions are “LIBERTY,” “IN GOD WE TRUST,” and “2021.”
The coin’s reverse (tails) displays former Chief Engraver John Mercanti’s rendition of a heraldic eagle with shield, an olive branch in the right talon and arrows in the left. Inscriptions are “UNITED STATES OF AMERICA” and “1 OZ. FINE SILVER – ONE DOLLAR.”
Each coin is encapsulated and packaged in a blue velvet, satin-lined presentation case accompanied by a Certificate of Authenticity. The coin is priced at $73. To sign up for REMIND ME alerts, visit https://catalog.usmint.gov/american-eagle-2021-one-ounce-silver-proof-coin-21EA.html (product code 21EA). Orders will be limited to 99 per household for the first 24 hours of sales.
To mark the 35th Anniversary of the American Eagle Coin Program, the Mint will release American Eagle Silver Coins featuring an exciting new reverse design in mid-2021.
Check the 2021 Product Schedule at https://catalog.usmint.gov/product-schedule/2021 for the on-sale date when available.
To reduce the risk of employee exposure to COVID-19 in the workplace, the Mint’s sales centers are closed until further notice. Additionally, due to operational adjustments in response to COVID-19, our customer service representatives are available to assist with any questions you may have, but are unable to accept credit card information or place your order over the phone. Please use our website for all order placements at this time.
About the United States Mint
Congress created the United States Mint in 1792, and the Mint became part of the Department of the Treasury in 1873. As the Nation’s sole manufacturer of legal tender coinage, the Mint is responsible for producing circulating coinage for the Nation to conduct its trade and commerce. The Mint also produces numismatic products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; silver and bronze medals; and silver and gold bullion coins. Its numismatic programs are self-sustaining and operate at no cost to taxpayers.
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 Feb. 11, 2021, at noon EST.
United States Mint 2021 Native American $1 Coin Products on Sale February 16
WASHINGTON – The United States Mint (Mint) will accept orders for product options containing 2021 Native American $1 Coins beginning on February 16 at noon EST.
Launched in 2009, the Native American $1 Coins are distinguished by their golden color and rotating reverse (tails) designs with annual themes that honor the important contributions made by Indian tribes and individual Native Americans in United States history.
The theme for the 2021 coin is Native Americans in the U.S. Military. Its reverse design depicts eagle feathers, which were traditionally earned in battle or by performing a brave deed. Eagle feathers are revered, worthy of the utmost care and handling, and are to be displayed proudly in homes. Stars representing five branches of the U.S. Military are in the foreground, while a circle represents additional significance to Native Americans. Inscriptions are “NATIVE AMERICANS – DISTINGUISHED MILITARY SERVICE SINCE 1775,” “$1,” and “UNITED STATES OF AMERICA.”
United States Mint Artist Infusion Program Designer Donna Weaver created the 2021 reverse design, which Chief Engraver Joseph Menna sculpted.
The obverse (heads) design continues to feature Sacagawea carrying her infant son, Jean Baptiste, by sculptor Glenna Goodacre. Inscriptions are “LIBERTY” and “IN GOD WE TRUST.” The year, mint mark, and “E PLURIBUS UNUM” are incused on the edge of the coin.
Available product options include rolls, bags, and boxes, all containing circulating finish Native American $1 Coins that have never been placed into circulation. Pricing is below.
| PRODUCT CODE | PRODUCT OPTION | PRICE |
|---|---|---|
| 21NA | 25-Coin Roll – “P” | $34.50 |
| 21NB | 25-Coin Roll – “D” | $34.50 |
| 21NC | 250-Coin Box – “P” | $289.75 |
| 21ND | 250-Coin Box – “D” | $289.75 |
| 21NE | 100-Coin Bag – “P” | $117.50 |
| 21NF | 100-Coin Bag – “D” | $117.50 |
To set up REMIND ME alerts for these product options, visit https://catalog.usmint.gov/native-american-1-coin-2021-rolls-bags-and-boxes-MASTER_NA2021RBB.html.
To view additional products containing the Native American $1 Coin, visit https://catalog.usmint.gov/coins/coin-programs/native-american-dollar-coins/.
Native American $1 Coins can also be purchased through the Mint’s Product Enrollment Program. Visit: https://catalog.usmint.gov/shop/enrollments/ to learn more.
About the United States Mint
Congress created the United States Mint in 1792, and the Mint became part of the Department of the Treasury in 1873. As the Nation’s sole manufacturer of legal tender coinage, the Mint is responsible for producing circulating coinage for the Nation to conduct its trade and commerce. The Mint also produces numismatic products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; silver and bronze medals; and silver and gold bullion coins. Its numismatic programs are self-sustaining and operate at no cost to taxpayers.
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 Feb. 16, 2021, at noon EST.
To reduce the risk of employee exposure to COVID-19 in the workplace, the Mint’s sales centers are closed until further notice. Additionally, due to operational adjustments in response to COVID-19, our customer service representatives are available to assist with any questions you may have, but are unable to accept credit card information or place your order over the phone. Please use our website for all order placements at this time.
Support the Coin Collectors Blog
Buy me a coffee
Thank you for your support!
Recent Blog Posts
- POLL: Are you ready for the World’s Fair of Money August 8, 2022
- Weekly World Numismatic News for August 7, 2022 August 7, 2022
- 2024 Commemorative Coin Programs are Set August 6, 2022
- Do you believe that Congress is actually doing something! August 1, 2022
- Weekly World Numismatic News for July 31, 2022 August 1, 2022