Coins: Discussions

I HAVE A 1932 NGC GRADED MS64 LINCOLN PENNY DOUBLE STRUCK ON THE OBVERSE IT HAS TWO OF EVERYTHING AND ON THE REVERSE IT HAS FOUR PERFECT WHEATS. THE HIGH GRADE MAKES IT THE MORE RARE. MAY CONSIDER OFFERS. JACK KING

The issue of counterfeit numismatic items produced in China and imported into the United States has become a "hot button" topic the past year.
Counterfeit U.S. coins, some housed in counterfeit Professional Coin Grading Service and Numismatic Guaranty Corp. holders, are now a numismatic fact of life. And the industry suddenly has a sense of urgency and outrage about the "problem." But I have a very strong opinion that this isn't all that it seems, and I know that coin buyers, both collectors and dealers, can easily avoid the issue altogether. It's really quite simple.
This commentary is not about PCGS. Yes, we conduct counterfeit detection seminars; we display an extensive group of counterfeits at all major shows. And with the 17 million coins we've graded and all of the information we provide for coin collectors on our website (most of it free), we are arguably the strongest consumer protection group in the coin market. But this is not a commercial for PCGS. This is about you and your coins – the ones you own and the ones you want to buy.
There's nothing I enjoy more than looking at a great collection of coins, and I have tremendous admiration and respect for people who invest the amount of time, energy, and money necessary to build a great collection.
I don't want you to buy counterfeit coins from China or anywhere else. And since I'm at the center of the coin market, especially the grading and authenticating part of the market, I have some advice for you. Follow it and you shouldn't have any problems with counterfeits.
First, to put it in perspective, counterfeiting of rare U.S. coins is not a new thing. I remember as a kid in the late 1950s and early 1960s seeing lots of 1932 quarters with added Mint marks, and 1916-D dimes, and 1909 V.D.B. cents, and 1914-D cents.
As a young dealer in the late 1960s and early 1970s, I had to learn about and avoid counterfeit U.S. gold coins made in Lebanon that were common at the fringes of the coin market. In 1988, an unscrupulous dealer put $1.8 million worth of coins in counterfeit PCGS holders (he got four years in jail and we took care of the problem for those who ended up with the coins).
I've seen a lot of counterfeiting of rare coins and it's not going to stop. It's a part of the coin market – the fringe of the market – but it's a part you can easily avoid.
Here are the Dos and Don'ts for avoiding counterfeit coins:
First and foremost, buy from known dealers. Thousands of reputable dealers are in this country. They may overstate the importance of their own coins, and their pricing may or may not be the best, but they don't knowingly sell counterfeit coins. And in the unlikely event that they do sell you a counterfeit, they'll take care of the problem for you. Both PCGS and NGC have authorized dealer networks. This is a good place to start. Buy from PCGS and/or NGC dealers.
Second, don't buy from unknown online dealers/auctions. And don't pay any attention to supposed "feedback" on online auction sites, as it can easily be faked. And absolutely don't buy coins from sellers in China. And forget about swap meets and pawn shops.
Look, you simply are not going to buy a counterfeit coin in a Heritage auction (or Bowers and Merena, or Stack's, or the Goldbergs, you know the names). And if a problem ever happens, it will be taken care of. But online auctions from unknown seller – I guarantee you'll get what you pay for and probably less.
This is just common sense. Buying a rare coin at a seemingly cheap price from an unknown source is like buying a Rolex watch or Gucci purse for $50 from a passerby in a big city. There's no chance the coin, watch or purse is real.
The ultimate solution to the Chinese counterfeits of coins and holders, or any counterfeit coins period, is simple. Know your dealer, know your auction source.
I deal with the problem of counterfeit coins every day. I hope you never deal with the counterfeit coin problem. And I hope you have fun with your coins!

Are these 2 postings the same coin?

386 got negative from buyer on Sept 19
801 is up for sale now.

Have you bought any good coins lately ??

I have an 1858 three dollar gold piece. It is in vf condition at best and was used in jewelry... there is a trace of gold soldier on the rim.
Question is;
is this coin gradable ?
what company will grade it and about how much?
Any input is greatly appreciated.

Here is a nice Proof Walker that I also picked up last week from Heritage .


http://s585.photobucket.com/albums/ss297/guitarman102357/?action=view&current=1940-walker-pf66-cac.jpg

I have a large heavy abraham lincoln coin 1809-1865 with 'we here highly resolve' on back with 1965 date, above date is 'ncs'.there isnt a coin value on it and a magnet doesnt stick. thanks marion