UPDATE: STOPPING COIN DOCTORS

[EVillageProwler]

From across the street, for those who can't post there (link to thread on bottom):

 

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I am pleased to announce that the group being formed will have many world calss ex PCGS/NGC graders and SEVERAL HUNDRED major dealers. The entire project is headed by John Albanese a founder of BOTH PCGS and NGC.

 

Their mission is to stop coin fraud. They orginally plan on going after the people who "move metal" and commit out right fraud by using mark ups of 2000% (like telemarketers do with lesser services coins).

 

A major web site is in the works to educate and assist the public with where they will be able to "submit" their coins (its planned you will be able to show your coins to the experts at shows). NOTE: John is swamped setting this service up (which is why I'm commenting for him). It should be operational in a matter of months. Besides his own personal monies, he already has the solid support of SEVERAL HUGE retail companies-each who could easily drain the resources of ANY coin doctor who tries to fight them. Plus, John also has access to some of the best legal people involved with the coin biz.

 

This group WILL cover ALL areas. And will expand into ALL kinds of coin doctoring (he wants to concentrate on the worst problems first). They are not just out for the big guys.

 

Also, this group plans on working closely with the grading services.

 

So don't try to be the police, a professional group of experts is on the way!

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THREAD

[EVillageProwler]

Better to start on page 4: PG 4 OF THREAD

[Hoot]

 

 

The thread is a fantastic voyage through the necrotizing arteries of the CU forums! (Ya gotta love it.)

 

BTW, interesting news about the coin posse. I'll wait for the outcome to have an opinion.

 

Hoot

[EVillageProwler]

I'll wait for the outcome to have an opinion.

 

One of the few reasonable responses on this issue.

 

EVP

[gmarguli]

Honestly, I doubt anything will come out of this. There is nothing illegal about doctoring coins. Selling coins for insane mark-ups isn't illegal either (unless you misrepresent the value of the coin).

 

Besides, some of the scummiest dealers in the industry are revered by other dealers and USED by other dealers - if you understand what I am saying.

[EVillageProwler]

Gereg,

 

I completely understand what you're saying. And, I agree that without knowing more of the implementation ideas that this whole effort seems quite a stretch.

 

Still, I would be pleased if even a little good comes of this.

 

But, until more details are forthcoming, I will simply trudge along on the path of life.

 

EVP

[Leothelion]

They orginally plan on going after the people who "move metal" and commit out right fraud by using mark ups of 2000% (like telemarketers do with lesser services coins).

 

This calls for a little celebration!

Leo

[Dry]

I just dont understand. Its not like you need a dragnet operation to find the doctors. Heck, some of them even advertise for crying out loud! I dont know what you mean by going after them either. Are they going to break their doors down like a swat team or is Matlock working the legal angle? And if education is the cure-all, why are we using grading companies anyway? Grading companies that slab doctored coins at that.