Weekly World Numismatic News for July 3, 2022
As I returned from two weeks off, I noticed that the Anti-Counterfeiting Educational Foundation (ACEF) warned about Chinese counterfeits using the example of a gentleman in Texas who was scammed by buying counterfeits.
According to the report, “Oliver” paid $1,000 for counterfeit coins. As part of the order, Oliver paid $499 for an American Gold Eagle that the U.S. Mint sold for $1,950. He paid $499 for 50 alleged American Silver Eagles that would have been worth $40 each and received fakes.
Some of the counterfeit coins were received by a Texas investor.
If Oliver had done a little due diligence, he would not have been scammed out of $1,000. Sure, he will work with his credit card company to recover his money, but that may be $1,000 that the credit card company has to absorb. The credit card company will try to recover the money from the scammer, but the process will cost money.
Remember, credit card companies do not absorb these losses. They will raise service charges and interest rates to compensate for the losses. Oliver might be made whole, but we will all pay for his lapse of judgment.
Before you purchase these alleged “good deals,” please remember my rules:
- NO LEGITIMATE DEALER IS SELLING BULLION COINS FOR BELOW THE SPOT PRICE!
- IF THE DEAL IS TOO GOOD TO BE TRUE, IT LIKELY IS NOT A GOOD DEAL!
- IF THE DEALER DOES NOT IDENTIFY THEMSELVES ON THEIR WEBSITE, THEY ARE LIKELY HIDING SOMETHING!
Check the “About” or “Contact” page. If there is no address, then they are hiding. If the address is in China or the Middle East, they will sell you counterfeit merchandise. If there is an address, go to Google Maps and see what is really at the address. - IF THERE ARE ANY QUESTIONS, THEN DO NOT PURCHASE THE COINS!
There is no harm in asking for help. Talk to a dealer. If you do not know a dealer, reach out to an expert affiliated with the Accredited Precious Metals Dealer program (www.APMDdealers.org) or the Professional Numismatists Guild (www.PNGdealers.org). Or ask me! Using my background as a (now retired) information security specialist, I can tell you if I think a scammer created the website.
Please! Please! Please! Do not give these scammers your credit card information. You will be ripped off, and they will likely steal your credit card information, leading to other problems.
And now the news…
June 29, 2022
→ Read more at therecord.com
June 30, 2022 → Read more at bbc.com
July 1, 2022 → Read more at afterdawn.com
Weekly World Numismatic News for December 26, 2021
It has been a rough few years, so it is good to highlight a good story.
A news story from KXAS, the NBC-owned station in the Dallas-Fort Worth area, reported that a coin dealer opened a new storefront three years after being robbed.
According to the report, Christian Lyche was robbed of 75-percent of his inventory in April 2019. Although the police caught the robber, Lyche did not recover any merchandise or compensation.
Lyche said that the numismatic community helped him set up online, and he was back in business. After rebuilding his business, Lyche opened Dallas Gold and Gun last weekend. He reported having a good opening weekend.
Congratulations to Christian Lyche for recovering, following your dreams, and maintaining a positive presence in the hobby.
And now the news…
December 21, 2021 → Read more at deseret.com
December 22, 2021 → Read more at nbcdfw.com
December 22, 2021 → Read more at timesofisrael.com
December 23, 2021 → Read more at news.sky.com
HAPPY HOLIDAYS
As we celebrate the holidays and the new year, I hope we can remember those less fortunate who might need our help. Helping a neighbor is the best gift we can give and a sign of love beyond measure.-
- Reverse of the 2009 Latvia 1 Lat coin with the Christmas Tree on the reverse (Image courtesy of Latvijas Banka via Numista)
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- Reverse of the 2012 Latvia 1 Lat coin with the Christmas Bells on the reverse
Weekly World Numismatic News for December 19, 2021
It is the time of year for retrospectives, looking back on the good and bad of the past year. But there is still time left in the year, and there is still news to cover.
Breaking late in the week, a Royal Proclamation passed to create a 50 pence coin to celebrate the 100th Anniversary of the British Broadcasting Company. The BBC was founded and made its first broadcast in 1922 on the recommendation of the General Post Office, which had problems managing broadcast licenses.
Gold has been hovering between $1760 and $1810 for the last two months. Although the gold spot price is close to the $1900 that some have predicted for the year-end price of gold, the $28 prediction of silver will fall short.
Silver has been on a steady fall since hitting $30 in February. Earlier in the year, the pandemic caused the closing of mines and processing facilities. The advancement of COVID-19 vaccines allows facilities to ramp up processing, and the increased supply allows prices to fall.
There are two weeks left in 2021 and time for more news.
And now the news…
December 16, 2021 → Read more at deccanherald.com
December 16, 2021 → Read more at rappler.com
Don’t Buy Fake Morgans for the Holidays
Advertisement for fake Morgan Dollars from Facebook
Within the hour, I found ads for three different scammers trying to sell 2021 (CC) Morgan Dollars with images in a PCGS slab for $19.95.
First, you cannot trust any of the pictures. All of the pictures were copied from around the Internet, including the PCGS sample slab. These pictures appear in many places when performing an image search. Some of the images are edited versions from the U.S. Mint’s website.
When I entered the serial number on the image of the slab on the PCGS website verification form, they reported it as an invalid number.
No legitimate merchant will sell a newly released coin below the introduction and spot prices. The U.S. Mint sold the coin for $85 each, and the spot price closed at $22.13 today. Anyone selling a highly desirable coin for $19.95 is trying to scam you.
Within an hour, Facebook sent a report saying that they reviewed my reports from the ads. Facebook removed all of the ads. But I know this is a case of whack-a-mole, and more ads will appear soon. I encourage anyone using Facebook to report these ads when they appear on your timeline. If we work together, we can limit the impact of these scammers on the hobby.
A Token Mystery
As I have been searching for hometown numismatics, I have been coming across merchant tokens that advertises deed to land for what seems to be a low price. All of the tokens have a Manhattan address, and all say that the business is open until 9 P.M.
None of the tokens have dates, but all have the same address. One side of the token describes what is being offered:
The reverse says that the token has to be returned within 96 hours to the Advertising Department, Room 1274, in the Longacre Building at the corner of 42nd Street and Broadway.
According to public data available online, the Longacre Building was a 12-floor building in Times Square that opened in 1912. Before 1904, Times Square was known as Longacre Square, and the area was renamed when the New York Times opened its headquarters on the property of the old Pabst Hotel.
Some websites documenting old New York City buildings identify the same address as the Longacre Hotel from 1917 through 1932. It is possible that the building was turned into an inexpensive hotel, and the advertiser rented a room at the hotel.
Documentation suggests that the city demolished the building during the Great Depression using New Deal funding.
As I was looking for answers, a friend that is a professor in one of the city’s many colleges speculates that a Florida government issued the token. Early in the 20th century, Florida governments came to New York to entice New Yorkers to move to areas north of Miami or purchase land for second homes.
The condition of the sale or deed transfers is not known.
Many of New York City’s historical records are held at the main New York Public Library, not far from the Longacre Building once stood. Some day, I will go to the library to research the old records to find the story behind these tokens. Maybe it is an excellent excuse to go home in time for NYINC.
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