GREENFIELD — Coin Experts Sound the Alarm About Influx of Fakes Manufactured in China

Chinese-made counterfeits of collector and circulating coins are more rampant than ever, according to the American Numismatic Association

Counterfeit coins are on the rise again, and they’re coming from China.

According to the American Numismatic Association, Chinese-made counterfeits of collector and circulating coins are more common than ever, having greatly improved in their deceptive quality since the 1970s. Still, many are relatively easy for a trained eye to detect and having a piece evaluated by an knowledgeable businessperson or graded by a professional company is the best way to avoid getting shortchanged.

Gary Konvelski, owner of Gary’s Coins and Antiques in Turners Falls, said he has been in the business since 1993 and has owned his shop at 56 Avenue A for 15 years. He offers free appraisals.

“Well, I think [buyers] need to go to a reputable dealer,” Konvelski said. “I just can’t believe the government lets [scam artists] get away with this stuff. They should be right on it.”

Konvelski said there is an undeniable recent uptick in the number of fake bullion coins, or coins made from precious metal and kept for their value or as an investment instead of everyday spending. This increase, he said, is due to record-high silver and gold prices. Konvelski said older people seem particularly vulnerable to being scammed on fake bullion coins.

“It’s just going to happen more and more,” he said.

The business owner said an older man recently visited his shop and sold a complete set of American Silver Eagle bullion coins ranging from 1986 to this year only to have to come back and return the money because, unbeknownst to him, the coins were fake.

Konvelski said the coins were in holders issued by the Numismatic Guaranty Company — a respected coin-grading and certification service — but they did not weigh the ounce they were marked as weighing.

“It’s supposed to weigh 26.73 grams,” he said, walking a Morgan, or silver dollar to a coin scale, which revealed the true weight to be 21.9 grams. “They’re selling these on eBay, too, from China. You know, the normal person is not going to be able to tell the difference.”

Konvelski said he also has seen a lot of counterfeit 10-cent coins, particularly the 1916-D mercury dime. This piece is highly coveted because so few were minted.

According to the Professional Coin Grading Service, another highly regarded coin-grading company, this is one of the most counterfeited of all U.S. rare coins and PCGS sees an average of five to 10 fakes per week.

But, Konvelski warned, online scammers even fake the slabs (the holders used to encapsulate coins) and the labels on them.

“It’s so hard [to tell],” he said.

He has in his possession, but will not sell, a fake PCGS-encapsulated Republic of China $1 coin with military and political leader Li Yuan-hung’s likeness. If it was real, Konvelski said, it would be worth $8,000.

Charles Hertan, of Charles Hertan Numismatics in Northampton, said he sees fake bullion coins in his line of work but the bigger problem is with rare U.S. coins.

“The Chinese are actually making three different tiers of fakes,” he said. “One tier is a basic fake, like a souvenir, and the top tier is designed to be deceptive enough to fool even a coin dealer. The takeaway from that is, don’t buy any expensive coins online unless you’re an expert.”

He said collectors, especially novices, should buy only from reputable dealers or from sellers with high ratings from eBay, Google or the Better Business Bureau.

“That’s going to tell you a lot, because reputation is everything in this business,” he said, “and we’re not going to risk our reputation.”

Hertan, who started collecting coins as a child and became a professional in 1990, said any reputable dealer offers a lifetime guarantee of authenticity.

He mentioned individual Chinese scammers have always counterfeited American coins, but they have stepped up their game in the past 15 to 20 years. A common fake, he said, is the Morgan dollar, even though it is not particularly rare. Hertan and Konvelski also advise people to steer clear of coins being peddled by telemarketers and TV commercials.

“The whole key is to deal with the right person, and value that relationship,” Hertan said. “The average person knows nothing about coins — the same way the average person knows about about plumbing or how to fix their car.”

Athol resident J.R. Greene said he recently turned down a fake 1955 double-die penny he was offered.

A double-die coin

The above is the detailed content of GREENFIELD — Coin Experts Sound the Alarm About Influx of Fakes Manufactured in China. For more information, please follow other related articles on the PHP Chinese website!