(Santa Ana, California) – Information provided to Northern California law enforcement authorities by Professional Coin Grading Service led to the arrest of a suspect who is now under investigation in connection with the sales of fraudulently altered Morgan dollars in tampered PCGS holders for nearly $300,000.

"Genuine, common date Morgan dollars were split into two pieces (front and back along the rim), then adhered to each other in combinations to create the illusion of rare date and mintmarks.  The coins then were placed in tampered PCGS holders to give the coin credibility in the marketplace and to hide the alterations," said Stephen Mayer, Chief Operating Officer of Collectors Universe, Inc. (NASDAQ: CLCT), parent company of Professional Coin Grading Service.

Among the fraudulent alterations were "1883-S," "1884-S" and "1903-S" that were deceitfully labeled as PCGS MS65, MS63 and MS64, respectively. Read the rest of this entry »

(Fallbrook, California) – Chinese-made counterfeit coins pose a significant financial threat to unsuspecting consumers, according to leaders of five of the country’s most influential rare coin organizations. They warn the public is spending millions of dollars on fake U.S. coins offered in online auctions and elsewhere, such as flea markets and swap meets.

This counterfeit 1916-D Winged Liberty Head dime was sold online. Photo credit: Numismatic Guaranty Corporation.

In a jointly-issued consumer advisory (below) the groups caution the public not to purchase any so-called "replica" coins because they may be in violation of federal law. They also urge consumers to only purchase genuine rare coins from reputable, professional dealers or face the risk of losing money on copies that are illegal to re-sell. Read the rest of this entry »

May 12: Four numismatic news or coin blog articles are referenced on CoinNews every Tuesday and Thursday. These articles are not authored by us, but we recommend coin collectors read them for their unusual or interesting content. Here are today’s coin articles:

Mint To Press Fewer Coins As Economy Slows
Jeff Brady | NPR

The Federal Reserve was busy last year pumping $700 billion into the U.S. economy — expanding the country’s money supply by nearly 10 percent. But that doesn’t mean there are a lot more dollar bills circulating. In fact production statistics at the Bureau of Engraving and Printing have remained stable. And coin production has dropped precipitously…

Go to story »

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The number of counterfeit £1 coins in circulation has doubled in the last five years, according to new figures released by the Royal Mint and reported by the BBC. Two percent or 1 in 50 pound coins are fake, and based on production, that would account for some 30 million counterfeit £1s circulating.

In its last Annual Report, the Royal Mint indicates it conducts two yearly surveys and collects a "representative sample base." They noted an upward trend in fake coins, which they "shared with the Police who have had some notable successes in closing down illegal operations during the year."

With the actual figures now made public through the BBC, concern has risen according to news reports. As one cited example, Robert Matthews, former Queen’s Assay Master, said:

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(Long Beach, California) – An exhibit by Professional Coin Grading Service of counterfeit coins and the latest in the Professional Numismatists Guild’s "Share the Knowledge" educational seminars are among the highlights of the next Long Beach Coin, Stamp & Collectibles Expo, September 18 - 20, 2008.  The show will be held in the Long Beach, California Convention Center, 100 S. Pine Ave.

"The PCGS display will showcase an assortment of fake Chinese coins and the dies used for making some of them that were sold on the Internet or offered at souvenir shops and street fairs in Hong Kong," said Ronald J. Gillio, Expo General Chairman.

"We’ll also have a half dozen various club meetings and educational programs that are open to the public.  Whether you’re a consignor or a bidder, you’ll want to attend the PNG seminar about numismatic auctions."

The program, "Everything You Always Wanted to Know About Rare Coin Auctions," will be presented by PNG member-dealer Greg Rohan, President of Heritage Auction Galleries of Dallas, Texas, at Noon on Thursday, September 18. 

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The Professional Coin Grading Service (PCGS) announced Monday the removal of a half dozen coin dies used to make counterfeit Chinese coins.

The company purchased the dies through an online auction with the purpose to stop their use in producing more counterfeit coins. They will also be used to help educate collectors, and will be displayed with fake coins at the Long Beach Coin, Stamp and Collectibles Expo held September 18 – 20, 2008.

In the announcement, PCGS indicated the dies and coins were purchased from a seller based in China. Ron Guth, President of PCGS, said:

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Experts at the Society of Private and Pioneer Numismatists (SPPN) meeting settle four decades of uncertainty

A panel of leading numismatists determined the questionable 1853 United States Assay Office of Gold $20 proof, prooflike, and similar coins to be forgeries produced from transfer dies.

The panel’s discussion was the main program at the annual meeting of the Society of Private and Pioneer Numismatists held in Baltimore, Maryland Saturday, August 2nd, 2008 as part of the American Numismatic Association’s World Fair of Money.

The Transfer Die Forgeries first appeared during the late 1950’s, "discovered" by Paul Franklin through a bank teller in Arizona. Franklin and John J. Ford Jr. sold hundreds of these pieces throughout the 1960’s as genuine pieces struck in San Francisco by the U.S. Assay Office in 1853.

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Five people were arrested in Southern California earlier this week for allegedly counterfeiting between $5 and $6 million in phony $20s and $100s over the past two years.

Laserjet printers were apparently used to make the money, and it all happened within a residential home in Lawndale, California.

According to an Associated Press article, those arrested in included:

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A news article today recounted how China’s leading online game operator, The9 Ltd., will begin suspending the accounts of players who steal and then resell virtual coins used within the extremely popular and worldwide online game, World of Warcraft®.

With a world subscription base of over 10 million players who each pay a monthly fee, the news is positive for that particular online community. But what about the real world where coins and their holders are counterfeited and then sold?

In recent months, two of the top coin certification companies have issued consumer advisories regarding counterfeit replica coin holders used to help sell fake or counterfeit coins through online auctions such as eBay®.

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Making dough is common place in a pizza shop kitchen. Making fake dough, as in counterfeited $50 bills, is not so common.

Police arrested Frank Donato back in October of 2007. At the time, Fox News reported the owner of a Dobbs Ferry, N.Y., pizzeria was cooking up more than pizza.

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