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e-Letters: April 26, 2022

From the April 1 Numismatic News E-Newsletter

What is your best tactic for avoiding counterfeit coins in the marketplace?

I have never had a problem with counterfeit coins. My mottoes are:

• Always buy from respectable coin dealers, and

• Any coins over $200 in value will be graded by Professional Coin Grading Service, (PCGS), Numismatic Guaranty Company (NGC) or American Numismatic Association Certification Service (ANACS)

Steve Cheaney
Address withheld

Don’t buy on eBay. I have had two bad experiences with them and refuse to even look at coins there. There are lots of other reputable websites with honest sellers.

J. Hollingsworth
Address withheld

Check, check and double-check.

Then get two opinions from appraisers.

William A Johnston
San Antonio, Texas

I buy only certified coins by NGC and PCGS. Also, I buy currency certified by Paper Money Guaranty (PMG) and PCGS.

Allan Parker
Hartsdale, N.Y.

Thank God the pandemic has eased its grip on us. I purchase my coins from friends, known dealers at the shows (that are now on again) and coin club auctions.

Gary
Address withheld

My collection consists of 95 percent verified and certified coins by NGC and PCGS, the balance being raw coins from reputable dealers and sellers I’ve grown to trust. This isn’t a tactic but moreover an intelligent way of avoiding being duped.

Steve McGowan
Algonac, Mich.

The question implies only on tactic. In today’s numismatics, unlike a few decades back, any active coin hobbyist needs several tactics:

1: As mentioned in an earlier Friday Poll Question, join and be involved with one, or even better, two or more, local coin clubs, listening and learning from others and asking questions.

2: Assemble references, plus refer to and read these.

3: Purchase from dealers that you have developed trust and who have the experience. For me, buying in-hand/in-sight/in-view is the only way, over online offerings.

4: If you do get burned, then share that with other hobbyists, showing exactly what the counterfeit is and why.

Work hard, play fair and give back!

Michael S. Turrini
Vallejo, Calif.

I use third-party grading services and/or a small group of fellow collectors, and I usually buy from either Heritage Auctions, GreatCollections, Stack’s Bowers, David Lawrence or Leland Little Auctions.

However, [someone in the hobby] is informing me that even [a large coin firm] has sold counterfeits, graded by a third-party grading service. That is another reason I stick mainly to silver coins versus the bigger risk of buying gold coins, ancients, etc. Exceptions have been early U.S. coins.

I also buy direct from mints: Perth Mint or Royal Mint, Royal Canadian Mint or Pobjoy Mint. Discounted only.

Continual education and vigilance is required.

Joy Kassas
Seven Springs, N.C.

I always buy certified coins from PCGS or NGC since they are guaranteed to be genuine.

Frank Calmes
Address withheld