Counterfeit collector coins from China show up in Port Angeles

[madfranks]

Link to Article (http://www.peninsuladailynews.com/article/20110210/news/302109985/counterfeit-collector-coins-from-china-show-up-in-port-angeles)

By Rob Ollikainen
Peninsula Daily News

http://www.peninsuladailynews.com/apps/pbcsi.dll/bilde?Site=PT&Date=20110210&Category=news&ArtNo=302109985&Ref=AR&maxw=350

PORT ANGELES -- Authorities are warning businesses and individuals who want to buy and collect old coins to be on the lookout for counterfeit U.S. coins.

On Feb. 3, a Port Angeles business paid a person about $20 each for more than 20 counterfeit U.S. Morgan silver dollars that were supposedly from a century ago.

Port Angeles police would not identify the business or provide more details because of the ongoing investigation.

Police Officer Duane Benedict said "it's absolutely amazing" how easy it is to buy similar coins on the Internet.

"China is making these things by the thousands," Benedict said.

"We want to make sure that the public is aware that these things are available on the Internet."

Several of the fake coins that were sold to the Port Angeles business would have been worth more than $1,500 had they been real, Benedict said.

All were in good condition, he added.

Port Angeles police advise the public to be suspicious if someone has a large quantity of valuable-looking coins.

Police said the counterfeits look very real and, if not checked properly, can easily pass as legal tender.

A strong magnet will detect small amounts of iron in counterfeit U.S. coins.

"If the coin has even a little bit of attraction to the magnet, then it is a fake," Benedict said.

Canada uses steel coins, so the magnet test won't work on them, he said.

"Use caution if someone brings in a lot of coins to buy something, and look them over carefully," Benedict said in a statement.

"There are many different types of coins out there that are collectable for whatever reason, and they have to be represented as a replica or a representative of some event.

"They cannot be used or represented as legal tender."

[chad]

canada uses steel in their collector silver coins, huh? :oo-->

[Twisted Titan]

I need to purchase a large order of these.

I want to have a dummy stash laying around.


T

[JDRock]

SHOCK! ...you mean to tell us the yellow bastards would counterfeit?? :sarc:

[MAGNES]

China Makes Fake Rice from Plastic? Vietnam Reacts
http://veryvietnam.com/2011-01-22/china-makes-fake-rice-from-plastic-vietnam-reacts/

[Ponce]

All that you have to do is to look at the bottom in the back where it says "Made In China".

[Cobalt]

about $20 each for more than 20 counterfeit U.S. Morgan silver dollars

would have been worth more than $1,500 had they been real,


I guess that old saying "If it sounds too good too be true" still works

[Eyebone]

I bet there is more than fake coins coming into Port Angeles Washington from China.

Small town, perhaps easily bribed officials.

Probably container loads of the Chinese themselves.

[madfranks]

A local news station interviewed the guy who bought the fakes:

http://www.komonews.com/news/local/115789384.html?tab=video

All I could think of after seeing this is what a complete idiot that guy is! He shelled out $400 for the coins, but he failed to look at the coins closely, he failed to weigh them, and he failed to do the ring test! And he's a "professional" coin buyer! Hell, every member of GSUS could do a better job identifying a fake Morgan than that guy!

[Ponce]

About fake coins: Back in 1971 I was working pumping gas and I had five trick coins with a double head in them (front and back).....when ever a rich customer came in I pretended to find the coin while giving them their change and four out of five time they would try to buy it from me......I sold the first bach in two days and from then on I was making more money from selling this "mint error" than from pumping gas....... one guy did come back a week later and told me that the night before he sold, at a bar, the coin that I sold him for $25.00 for $200.00..........my price for the coins? $2.50 each.

[chad]

About fake coins: Back in 1971 I was working pumping gas and I had five trick coins with a double head in them (front and back).....when ever a rich customer came in I pretended to find the coin while giving them their change and four out of five time they would try to buy it from me......I sold the first bach in two days and from then on I was making more money from selling this "mint error" than from pumping gas....... one guy did come back a week later and told me that the night before he sold, at a bar, the coin that I sold him for $25.00 for $200.00..........my price for the coins? $2.50 each.


they're $25 each on ebay now. fake coin inflation.

[General of Darkness]

If they're an ounce of silver, wouldn't they be at least be worth $30?

[midnight rambler]

If they're an ounce of silver, wouldn't they be at least be worth $30?

The silver content in a Morgan or Peace dollar is 0.7734 troy oz. And they generally sell over spot depending upon condition and mint mark.

[General of Darkness]

If they're an ounce of silver, wouldn't they be at least be worth $30?

The silver content in a Morgan or Peace dollar is 0.7734 troy oz. And they generally sell over spot depending upon condition and mint mark.


Ok, then if the silver is 99.9% it would still be worth $23.20 at $30 an ounce.

[madfranks]

If they're an ounce of silver, wouldn't they be at least be worth $30?


The Morgans in question did not weigh the correct weight, nor did they sound like silver when he dropped them on the table. They were most likely some base metal alloy.

[General of Darkness]

If they're an ounce of silver, wouldn't they be at least be worth $30?


The Morgans in question did not weigh the correct weight, nor did they sound like silver when he dropped them on the table. They were most likely some base metal alloy.


So they're not even silver? I wonder if it's made up of all the tungston the slant eyed jews bought?

[1970 silver art]

If they're an ounce of silver, wouldn't they be at least be worth $30?


The Morgans in question did not weigh the correct weight, nor did they sound like silver when he dropped them on the table. They were most likely some base metal alloy.


I making a wild guess here but I suspect that the base metal was copper. The reason that I am saying this because some of the fake 1-oz silver Chinese Pandas that I heard about were silver-plated copper.

[steyr_m]

canada uses steel in their collector silver coins, huh? :oo-->


Why do they allow idiots like this to speak? Canada has used steel in the pennies since 2002 (...or so, they were zinc for awhile. The last copper pennies were in '96) and will be soon in the $ 1-2 coins. Prior to '68 it was all copper or silver like the US.

Hey, passed 500 posts!

[Ponce]

Wowwwwwwww Chad twenty five bucks?........I used to buy them from a seller in Popular Mechanic in a magic trick store.

[vacuum]

If they're an ounce of silver, wouldn't they be at least be worth $30?


The Morgans in question did not weigh the correct weight, nor did they sound like silver when he dropped them on the table. They were most likely some base metal alloy.


So they're not even silver? I wonder if it's made up of all the tungston the slant eyed jews bought?

Tungsten is used to make fake gold stuff, not silver....

[Twisted Titan]

Hey Ponce

Do you have any more info on when they are suppose to be changing the composition of US Nickle???


T

[Spectrism]

You read it here first.

http://gold-silver.us/forum/gold-silver-precious-metals/counterfeit-coins-fake-silver/

[chad]

canada uses steel in their collector silver coins, huh? :oo-->


Why do they allow idiots like this to speak? Canada has used steel in the pennies since 2002 (...or so, they were zinc for awhile. The last copper pennies were in '96) and will be soon in the $ 1-2 coins. Prior to '68 it was all copper or silver like the US.

Hey, passed 500 posts!


are you calling me an idiot, or the person in the article? because if you were referring to me, i made that statement because the article was about silver dollars, and steel isn't in canadian silver dollars.