Buyers beware. Counterfeit coins in counterfeit PCGS slabs are being sold on eBay.
?We?ve been made aware that Chinse counterfeiters are making counterfeit PCGS slabs,? said Professionaoal Coin Grading Service President Ron Guth.
Right now they?re putting counterfeit coins in the slabs, he said, but he suspects that sometime soon they will put genuine coins in the holders with inflated grades.
?Most of this is contained overseas,? Guth said. ?The only way that these coins are getting into the country are via eBay. Our caution to the consumer is to stay away from buying rare coins from a Chinese seller on eBay.?
PCGS has called for eBay to stop accepting listings of any rare coins from Chinese sellers. eBay recently pulled several auctions of counterfeit coins/holders at the urging of PCGS.
PCGS also has contacted U.S. governmental agencies, including the FBI, U.S. Customs, the Secret Service, and U.S. Postal authorities to enlist their assistance in pursuing enforcement or legal remedies against these counterfeiters.
?We?ve been very aggressive in trying to find out what our aoptions are to try and stop this in its tracks,? Guth said.
Right now, Guth doesn?t think many Americans are being affected by the counterfeits.
?The nice thing about the Pacific Ocean is it?s a nice firewall,? he said. ?It prevents the wholesale import of these counterfeits.?
But the firewall works the other way, too, he noted, preventing U.S. authorities from pursuing the counterfeiters overseas.
PCGS urges consumers not to purchase rare coins from Chinese sellers on eBay. While legitimate, authentic coins exist in China, PCGS notes, the plethora of fakes and fraudulent listings on eBay increase the likelihood that coins purchased from Chinese sellers will be counterfeit.
?If you are a collector and deal with a reputable dealer who stands by his product you shouldn?t have any problems whatsoever,? Guth said. ?We are recommending buyers start with PCGS-authorized dealers who have already been vetted by us and they know how to tell the difference between these fakes and genuine holders.?
To alert PCGS to any offerings of counterfeit PCGS holders, notify Guth at guthr@collectors.com. For more information, contact PCGS Customer Service at 800-447-8848.
