Login

Donn Pearlman's Blog

12 Feb 2021

Silver Rush Creates Silver Scams

| Donn Pearlman

The news release below was issued by the Anti-Counterfeiting Educational Foundation.-donn------------------------

Silver Rush Creates Silver Scams

Anti-Counterfeiting Educational Foundation

warns of surge in fake “silver” coins offered online



Photo caption information: Popular with collectors and investors, genuine Morgan silver dollars, such as this one, were produced by the United States Mint between 1878 and 1921 but beware of counterfeits in the marketplace. (Photo courtesy of Numismatic Guaranty Corporation.)

(Temecula, California) February 11, 2021 -- The recent panic buying of silver bullion has sparked a significant increase in fraudulent or misleading online advertising to lure unsuspecting retail buyers to purchase counterfeit United States silver dollars, according to officials of the Anti-Counterfeiting Educational Foundation (www.ACEFonline.org).

“The Chinese are blowing up the web selling fake silver dollars. We’ve seen suspicious ads posted on many platforms, including Amazon and Facebook,” cautioned Doug Davis, ACEF Anti-Counterfeiting Director.

“During the past couple of weeks, we received an increase in reports of counterfeits due to silver’s volatility and especially the ongoing interest in the Morgan silver dollars market. The Chinese are heavily marketing fake silver dollars via Facebook,” said Davis, a former Texas Police Chief.

“Remember, if you don’t know precious metals, you’d better know a reputable seller, such as experts affiliated with the Accredited Precious Metals Dealer program (www.APMDdealers.org),” advised Davis.

Morgan dollars are named after their designer, George T. Morgan, and were struck by the United States Mint from 1878 to 1904 and again in 1921. Popular with collectors and investors, each coin contains about three-fourths of an ounce of silver.

“The crush of retail customers has slowed down a bit, but we’ve definitely seen ‘panic buying’ of silver the past couple of weeks. Unfortunately, some unsuspecting buyers are becoming victims of online scams by unscrupulous sellers,” said Richard Weaver, President of the Professional Numismatists Guild (www.PNGdealers.org).

“Supplies of genuine, century-old Morgan silver dollars are extremely tight, but one suspicious seller on Facebook is offering to sell 28 ‘genuine’ Morgan dollars for only $199. If they actually were genuine coins, the price would be closer to $900. Even the certification holders housing their fakes appear to be counterfeits,” explained Weaver.

The Anti-Counterfeiting Educational Foundation is alerting the Secret Service about the fakes as part of the foundation’s ongoing assistance to federal, state, and local law enforcement as well as prosecutors to fight counterfeiting and the sales of counterfeit coins.

Numismatic Guaranty Corporation (www.NGCcoin.com) is the official authentication service for the foundation and its Anti-Counterfeiting Task Force. NGC is the world's largest third-party grading service for coins, tokens and medals, and is also the official grading service for the American Numismatic Association (www.money.org) and the Professional Numismatists Guild.

“The important work of the foundation and the Anti-Counterfeiting Task Force is supported entirely by donations,” explained ACEF Executive Director Robert Brueggeman. “The ACEF is a 501(c)(3) corporation and all donations are tax deductible.”

For additional information, contact the Anti-Counterfeiting Educational Foundation by phone at 817-723-7231, by email info@ACEFonline.org or visit the web site at www.ACEFonline.org.


Comments

TheNumisMaster

Level 5

As centsearcher said it!! I am glad I am a natural skeptic about buying online.

CentSearcher

Level 5

NumisMaster actually stumbled upon one of those listings. It was something like two dozen morgan dollars for $200. Definitely a scam, thanks for letting us know!

Kepi

Level 6

That's crazy! Thanks for sharing this information! ; )

A.J.

Level 4

honestly, why hasn't the PRC banned the production of counterfeit coins? it could be that its a source of revenue, but this is just insane. or is it the fact their counterfeiting laws only apply to fake chineese coinage and silver/gold pandas?

Mokie

Level 6

Excellent information, I have seen ads on Facebook for extremely cheap Morgans. I know those prices are impossibly cheap but millions don't. It is about time we do something very proactive to shut down the Chinese export of fakes of every kind.

Longstrider

Level 6

Stay informed and learn the "tells" for the series you are interested in. Fakes are everywhere now. I have signed up for the alerts from these guys. Makes one afraid to buy or send a coin through the post..Crazy.

I. R. Bama

Level 5

Thanks for an important community service report! I appreciate the time to share this with us

CoinHunter

Level 5

That is scary, thanks for the info!

Long Beard

Level 5

I frequent the ACF site regularly. Thanks for sharing this since it's a very real and serious threat to our hobby. If only we could target the press operations known which function daily in China churning out legitimate production totals of our own mint. Google that and it will blow your mind at the sophistication in that country, authorized by their own government none the less.

Golfer

Level 5

We've all seen the ads for coins at half melt value. I suppose they get enough to fall for it. It will never end because of the politics and money involved. When you see ads all over social sites its obvious no one cares. They can make pillow ads go away instantly.

Mike

Level 7

They have the same machines we have. There very talented . To stop it is easy . Don't buy any silver products from the Chinese. Every shipment that comes in gets serched. I know it's allot. But every seaport every airport any plans or ship gets serched. If the price is to good then the chances there came are good. We stopped the led paint . That's harder than coins!! I remember when a major grading company slabed counterfeit Morgans. That's how good they were.

Stumpy

Level 5

Yep, seen a few, definitely a "buyer beware" market right now. Thanks for the heads up.

Tags
    No tags are attached to this post.
We use cookies to provide users the best experience on our website. If you continue without changing your cookie settings, we'll assume that you agree to receive all cookies on money.org. You may disable cookies at any time using your internet browser configuration. By continuing to use this website, you agree to our privacy policy and terms of use. To learn more about how we use cookies and to review our privacy policy, click here.