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:
"The seller offered a coin album with 80 fake coins that are confusingly referred to as ‘Chinese Ackey.’ An ackey is a silver coin minted in England in the late 18th and early 19th centuries and intended for use in parts of Africa, thus the use of the term here indicates a different application, possibly indicative of the coins’ illegitimate status."
Guth noted seeing many “Appreciation on Chinese Ackey” counterfeit coin sets during a recent trip to Hong Kong.
“In general, the quality of the counterfeits offered to the general public was poor, unlike the higher-quality, individual coins we sometimes see in grading submissions coming out of Asia,” said Guth.
Coin collectors may see the dies and coins during the expo at PCGS booth #807. For more information, visit the PCGS website.
PCGS is the world’s largest rare coin authentication company and a division of Collectors Universe, Inc. (NASDAQ: CLCT). Additional information is available from Professional Coin Grading Service at (800) 447-8848. E-mail: info@PCGS.com Website: www.pcgs.com.
ABOUT COLLECTORS UNIVERSE
Collectors Universe, Inc. is a leading provider of value added services to the high-value collectibles and diamond and colored gemstones markets. The Company authenticates and grades collectible coins, sports cards, autographs, stamps, currency, diamonds and colored gemstones. The Company also compiles and publishes authoritative information about United States and world coins, collectible sports cards and sports memorabilia, collectible stamps, diamonds and colored gemstones. This information is accessible to collectors and dealers at the Company’s web site, http://www.collectors.com, and is also published in print.
attn: ron guth, billions of silver coins were minted for china and other countries. this required an ongoing system of test strikes to ensure that the dies were working properly and that adjustments could be made on a continual basis. the test strikes were done using nickel coins which were much cheaper than silver yet suitable for the tests- therefore there was no need to remelt and restrike silves coins. nickel is magnetic and is often a by-product of silver mining. there was a long period when foreign buyers of chinese goods were required to convert their paper into silver… Read more »