Voice of the White House March 9, 2009
TBR News – March 9, 2009
“There is a growing concern being expressed in the circles of those who buy gold and silver American coins both as numismatic pieces and for investment. The news that our dear Chinese friends, who brought us poisoned pet food and toothpaste, lead paint coated children’s toys and tons of rip-off expensive purses, shoes, cameras, Rolex watches and now massive counterfeited coins. Not unexpectedly, the dealers in investment coins are not happy and are beginning to realize their danger. We are getting all kinds of outraged emails and anyone looking at coin dealer sites on the internet will see…
“To date, virtually all of the fake coins from China are obvious counterfeits, generally of low quality. I am not aware of ANY high quality fakes that have been detected, nor of any counterfeit gold coming from these sources that could in any way resemble the coins recovered from the SS New York” Coin Link
The predictable responses from those most involved in the selling, authenticating and profiting from the sale of gold and silver coins, many of which are being very skillfully copied by current Chinese forgers, are best capsulated here by the above published statement seen in Coin Link, an entity that has been very much in the forefront of the story about the fictive “huge horde of rare U.S. early gold coins discovered in the treasure ship, SS New York” that sunk in a hurricane in the Gulf of Mexico.
Unfortunately for the legend, there was no hurricane in the Gulf at the time reported and the Chinese laser cut their fake coin dies, making visual identification nearly impossible. The weights, however, give the fakes away but most collectors and investors do not bother to weigh their purchases.
They should do so and ought to immediately weigh other allegedly rare American coins, both gold and silver.
It is known, and widely known, that the $2.50, $5.00 and $10.00 Indian head gold coins are being faked and, to the eye, are perfect in every respect. Weighing them, on the other hand, shows their falseness.
The Chinese have, to a certainty, copied many valuable American coins, as well as more common ones.
· Specifically they have copied the 1844 O 45.00 gold coin and the 1845 D $2.50 gold coin.
We also learn that they have counterfeited the following $20 gold coins:
· The Liberty Head series: The 1879-O, the 1881, the 1882, and the 1885 have been copied.
· The St. Gaudens series one of the rarest dates copied has been the so-called 1907 High Relief. It is worth approximately $6000 in circulated grades. Other rare dates manufactured today include 1920-S, 1921, 1927-D, 1927-S, 1929 and 1933.
One of the warning signs for buyers are advertising blurbs about “rare gold (and silver) coins found hidden in a bank vault…” Most silver Morgan dollars were melted down as was the bulk of the circulating gold coinage in the early 1930s so stories about miraculous “bank vault” finds rank with sightings of the legendary Easter Bunny.
For more Voice of the White House see our Inside the White House archive:
A Complete Copy of the Voice of the White House from TBR News April 18, 2004- December 29, 2005
Last updated 13/03/2009