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Mike 's Blog

02 May 2022

Counterfeiting

Coins | Mike

Hi everyone. This will be my last blog for about two weeks. Surgery on cataracts. But it's very important. Just look at the add below. This showed up on the net and magazines. Yes its on the rise at an alarming rate. Why no silver. That's what they say. The truth is the government passed four statutes tying the mints hand from buying silver.

One the important one statues they shall not buy silver a certain price over spot. This was driven up by paper silver sold on wall street. The fact were 30 trillion in debt has a direct bearing on this. You can enlarge the article about the add. Enlarge it. That's why programs have been cancelled. The two Morgan's for this year gone.

There will be more. Now this has gone up because of the mints hands being tied. They are not allowed to buy silver a certain price over spot. This has gone up because of paper silver sold on Wall street. They will not relax this statue because we are30 trillion in debt. So for one action there is a reaction. Counterfeiting. It has gone up at an enormous rate. You can read part of the article if you blow it up.


The government has said they will not relax the statue because of our debt. See what a little research will find you. Sure there are ways you can be careful. Know who your buying from. Currency also have gone up. Buy from a reputable company. Know your seller on ebay. Always check his or her percentage in selling. Be careful in buying raw coins. Very important. Weigh them when you get them.

This problem seems like it will be here for a while the way they word it. There are four statues. So the future does not look good. Try buying some vintage coins. Buy sets proof sets silver proof sets and un circulated sets.
So silver shortage no. Statues tying the hands of the mint yes. So you also have your ideas how to buy very safe.Use them. Please look at that add. It has been taking down. There will be another to replace it. Please be careful in buying. I hate to see someone get hurt by these thieves. Take care be careful. Be safe. My next blog will have more information. Thanks. Mike.










Comments

AC coin$

Level 6

Thanks much for the information and the heads up on this matters. 'Hope your surgery goes excellent with faith and blessings.

Long Beard

Level 5

While the mint has a purchasing limit on the dollar amount, from what I've traced thus far was a supply issue. No not silver, but the planchets. According to Sunshine Mint, the U.S. Mint's primary silver supplier, they are having difficulties fulfilling orders as our mint is not their only customer. Several world mints also buy from them. From the press release Sunshine put out in early April, the ASE blanks for example are behind on shipment. This leaves me to wonder why the mint could not return to in house blank and planchet production even in the short term for instances such as this.

Kepi

Level 6

Great information! There are so many fake offers, coins, ads... The list goes on forever. Thanks Mike! Good luck with your surgery! ; )

coinsbygary

Level 5

Years ago, I took steps to keep myself from being burned. First, if I buy modern raw coins, they are purchased directly from the mint and a small handful of larger dealers I know to be the real deal. Next, when it comes to rare and expensive coins, I only buy certified ones. Furthermore, I do my homework on the certification label from PCGS or NGC to authenticate the coin to the holder. There are fake holders out there also. Finally, I go through the e-bay store of a potential seller. If I find ANY suspect coins in their listing, I don't buy ANY of their coins. If the pictures are not high quality, I don't take a chance. These are some of the little things I have learned and have done to protect myself from fraudulent sellers. I also limit my buys from foreign sellers and none from China.

"SUN"

Level 6

Nice information

Longstrider

Level 6

Yep! Counterfeiting is a BIG problem for sure. Finally we see that there is no silver shortage for anyone but the mint and the ridiculous laws that are forced on them. Thanks Mike and good luck.

It's Mokie

Level 6

Facebook is full of ads for obvious fake Morgan Dollars and American Silver Eagles. Most numismatists will recognize them as fake immediately but the general public is being fooled and that is the saddest part.

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