Counterfeit Slabs... man, this is getting scary!

[JJSingleton]

A prominent dealer who posts on this forum recently wrote "man, this is getting scary!" concerning how good these counterfeit slabs have become and the frequency they showing up in the marketplace. It is clear that these slabs are getting better and better and only those who have the best eyes and knowledge can recognize them as fakes.

 

So how many are actually out there and what's being done by the TPGs to combat this problem. The silence is deafening IMO. After all, the only thing the TPGs have to sell is credibility. As far as I can tell, nothing is more detrimental to their credibility than a flood of counterfeit slabs in the marketplace. This makes coins doctors seem nearly harmless in comparison.

 

 

[physics-fan3.14]

NGC has been very proactive in combatting counterfeit slabs. Their newest slab is full of anti-piracy features. PCGS.... not so much. But NGC has been doing quite a bit about the problem, from what I've seen.

[$ilverHawk]

OK, but what about the counterfeiting of older holders that would not have the newest anti-piracy features? Could you share or provide a link regarding what NGC is doing to counter the introduction of all types of counterfeit holders.

 

$ilverHawk

[MarkFeld]

Nothing will prevent counterfeiting, or those buyers looking for bargains, from getting taken. But, I think the best (at least somewhat practical) defense is excellent on-line images that can be easily accessed by the public for verification.

 

I strongly recommend that non-expert/most buyers deal with knowledgeable, well known sellers who have earned good reputations. Such sellers are far less likely to end up selling counterfeits, and, on the off chance that they do, are far more likely to make good on it.

 

I also see a future with affordable, hand-held scanners which can read codes embedded inside the slabs. And I might add, man, this is getting scary!

 

Edited to add: Here are a couple of pertinent threads on the topic from across the street....

 

Three or four 1942/1 Dimes with the same PCGS ID number

 

One or more other counterfeits

[tejas1836]

Mark, I did read some of those posts and they definitely scared me. When experienced collectors and dealers are scared, it makes me want to step back a bit.

[DC Dawg]

Nothing will prevent counterfeiting, or those buyers looking for bargains, from getting taken.

"A fool and his money are lucky enough to get together in the first place."

 

While "nothing will prevent counterfeiting," you can make it very difficult for someone to counterfeit the item. Look at what the BEP is doing with the $100 note.

 

I also see a future with affordable, hand-held scanners which can read codes embedded inside the slabs. And I might add, man, this is getting scary!

The future is not that far away. If the TPGs wanted to, they can create smart phone apps that will use the available camera on the phone to read the barcodes and verify the serial number in their databases. Both the iPhone and Android-based phones can be programmed in this manner. I have two apps on my iPhone that will read various barcodes to identify the product. One will compare prices based on the UPC it reads!

 

Scott

[WoodenJefferson]

My interpretation of the 1916-D Mercury dime was incorrect. I said it was more than likely legit but my main concern for the OP's friend was the fact that they would purchase a 10.5K coin via e-bay.

 

Now I find out after a brief meeting, the e-bay seller purchased the PCGS slabbed coin from Craig's List for cash no less.

 

I don't know what to think anymore.

 

 

[HiHoAudio]

 

I'm glad I bought most of my coins raw and sent them in to NGC to be graded. At least that way I can be sure they aren't counterfeit.

 

[cpm9ball]

I also see a future with affordable, hand-held scanners which can read codes embedded inside the slabs. And I might add, man, this is getting scary!

 

This is something I think should have been done years ago. Now, with the advances that have been made in cell phone technology, I don't see why an infrared scanner can't be incorporated into it. The scanner could be built into the edge of the cell phone.

 

Chris

[James_OldeTowne]

Thanks to eBay and their stupid, short-sighted policy several years ago requiring an image of a full slab, including serial number, the Chinese scammers have a database just crammed with legitimate serial numbers to aid in the duping of collectors.

 

Of course, Heritage displays serial numbers as well, as does TeleTrade. Some years ago, I had a discussion with someone at TT about this policy, and they mentioned that several other collectors had voiced concerns about images of serial numbers in their auctions.

[James_OldeTowne]

By the way, to reiterate what others have said here and elsewhere, counterfeit slabs are a far more serious problem than "coin doctors".

[comicdonna]

I agree!

[Mark T]

Thanks to eBay and their stupid, short-sighted policy several years ago requiring an image of a full slab, including serial number, the Chinese scammers have a database just crammed with legitimate serial numbers to aid in the duping of collectors.

 

Of course, Heritage displays serial numbers as well, as does TeleTrade. Some years ago, I had a discussion with someone at TT about this policy, and they mentioned that several other collectors had voiced concerns about images of serial numbers in their auctions.

 

 

The Heritage database can also help you avoid a counterfeit slab .

Just check the coin listed on Heritage to the one you are buying.

Scammers would still be able to get serial numbers regardless even if EBAY and Heritage did not show the serial . You would have more fraud on EBAY if sellers did not show a serial number.

 

[James_OldeTowne]

You would have more fraud on EBAY if sellers did not show a serial number.

Unfortunately, websites with policies like eBay's promote rapid dissemination of massive amounts of data to scammers as well as legitimate users. It's a two-edged sword, and a sign of the times we live in.