U.S. Coin Information With An Emphasis On Coin Scams & Fraud

We are hosting a contest on our forum with a chance to win a 1826 Swiss 5 Batzen World Coin. To enter the contest you must join our free forum, then post your story on why you collect coins and how you got started. The story must be 150 words long, and the contest ends July 11, 2009. Click the link to join and post, membership is free! So don’t miss out on this oppurtunity to win a nice coin.  Coin Contest!

Also, we now have a World Coin site for collectors, and material will be added daily. World Coin Universe

As we all are familiar by now, counterfeiting has become a major problem in the world of Numismatics. Another problem is alterations of a genuine coin to make it appear to be a rare or valuable date, which can be complicated, but, well worth the extra work, because of how much more a collector is willing to pay for these minor types.

The varieties, although popular, have not been widely altered, nor counterfeited, with the exception of major varieties such as the 1922 “No D’ cent, the 1955 double die cent, and the 1972 double die cent. It is generally considered a safe series to collect, and, often not meriting authentication, as verification of the variety and the grade assigned professionally is seen as more important by many.

That being said, they do indeed exist. I found this on eBay.  The sellers claims it’s the ultra-rare inverted mint mark variety, but, if you look at the filed surrounding the “Mint mark”, you’ll see that it is a rather crude alteration attempt. The mint mark is not like that used in 1928. It is a circa 1964 quarter dollar mint mark that was added to the coin. Also, notice the triangular field around the coin, which automatically condemns this coin as an altered mint mark. It just goes to show that these scam artists are more complex than ever before, and, always looking for new ways to scam the trusting public. It is proof that we can not just assume that a coin that is a variety are authentic anymore. We must now have our variety coins authenticated, as, it not only ensures value, and grade, but, authenticity. I am lucky enough to own a genuine example of this rare variety, and, I can gleefully confirm that the mint marks are not even similar to what they should be for a 1928-S quarter dollar.

That is a good opportunity to bring up an excellent manner of authentication for all coins. Always have an unquestionably genuine coin on hand of that year (Or a photograph of one), and compare it to the suspect coin. It is foolproof.  We must be on our guard now, and this is the purpose of this article. Take this information. May it serve you well.

The photograph below is of the altered coin. Notice the discrepancies noted above.

Please feel free to copy this information in full or part for any purposes, but, please give credit to COINAUCTIONSHELP, DANIEL MALONE, and ISAIAH BARRETT.

There can be much discussion on U.S. Colonial Coin’s first origins, but most consider the British New World Issues of Sommer Islands (Bermuda) as the starting point for New World Coinage. I’m sure there is much more to be discovered when it comes to Colonial Issues, on what coins actually circulated, and if all have been properly listed and discovered, and what actually circulated in the Colonies. But for our guide we will continue the legacy of those before us, and list the positively known Colonial Coinage, their facts and in the order in which experts have placed them.

So, begins the introduction of our own Colonial Coin guide with facts, detailed pictures, and values. I hope you will visit our guide pages and learn about the origins and fascinating history of the beginning of coinage in America. Colonial Coin Guide

If you have ever tried to buy Deep Mirror Proof Like Morgan Dollar at ebay,  or would like to, this is a must read article that covers all the bases on DMPL, Proof Like, Semi-Proof like Morgan Dollar identification and diagnostics. You can view many pictures examples and what the difference between a DMPL, Proof, and Proof Like Morgan Dollar is. You must read this before purchasing another proof like Morgan off ebay! DMPL Morgan Guide

I hear so many ebay members complaining about ebay, the fees, the scamming coin sellers, paypal fees, etc, etc. But isn’t it time to stop complaining and do something about it? We can’t just blame ebay and rely on them to take care of us, that a socialist environment, and we don’t live in a socialist society.

Ebay does have a responsibility to their buyers and sellers to help make it a safe place for trade, but ebay can’t do it all. It’s up to the sellers and buyers to take some responsibility and help make ebay a safer environment for buying and selling coins. Although ebay can make the policies, and has made several policies, none have been perfect or ever will be, and none will please everyone.

A ebay members must do their part also. It took one person to start ebay and it only takes one person at a time to help make it safer for others. It can’t be fixed overnight, and with the lack of international laws, foreign offenders are free to con without prosecution. But that’s another matter out of our and ebay’s hands.

Ebay was started as an online auction venue so everyone could sell anything they no longer wanted from the convenience of their home, and for people who would like to start a business and make money. Since the inception of ebay, the market place for coins has changed. No longer do coin collectors have to rely on dealers to buy their coin collections at well below market values, and pay the high dealer premiums to add coins to their collection. With ebay the coin market is wide open with deals to be had everyday. If the buyer is properly informed and educated.

Unfortunately, ebay has also become a venue for con artist whom, fueled by greed,  prey on the ignorance of coin collectors. Slowly this aspect of ebay is changing. However, people still complain about ebay’s policies and feel that ebay still isn’t doing enough to prevent fraud. But in every policy there are loop holes. It’s a fact of policy and law making.

But all is not lost because most of these loop holes being used by con artist can be discovered and reported to ebay. Remember that I said earlier “cons artist… prey on the ignorance of coin collectors” and below is a list of suggestions that are available to help everyone make a difference and not get themselves caught up in the ever present scams on ebay. Knowledge is the key to preventing most of the scams and frauds on ebay.

If one doesn’t follow some or all of these steps below then they have no business bidding on ebay coin auctions, and have no right to bash ebay.

1. Learn as much about the the coin series you wish to collect. Ebay has guides, and the Internet is a virtual encyclopedia on U.S. and World coins with many informative websites, forums and other sites where you can ask a coin question and get a knowledgeable answer. Post the auction your have a concern about with a live link and forum members will be glad to give you advice.

The members might even know the seller, or the seller might be a member of the forum, or even better, they might have purchased from this ebay seller and can tell you their experience buying from them. Not only that, but many forums have a list of reputable ebay sellers, and they’re worth checking out. Recommended Coin Forum

2. Learn about grading services. There’s a reason ebay only allows PCGS, NGC, ICG and ANACS to be mentioned in the auction titles, they are the top grading services and are considered the most conservative and consistent companies in the business, by dealers, experts and collectors alike. Some people don’t like this fact, but coins in any other holder on ebay is a potential rip-off.

If you chose to bid on a coin in any other holder, then you do so at your own risk and are taking a chance at buying cleaned, counterfeited and/or over graded coins for a premium higher that the coin’s actual value. So don’t bid on lower tier or self  slabbed coins thinking your getting a deal on a good coin. It doesn’t work that way, and you’re better of paying a premium for a coin graded by a top tier grading service. You will gain more than you will lose this way. Grading Service Info

Here’s is another link to help identify fake and counterfeit coins click here

3. Learn to grade coins properly. Although no one is perfect at grading coins, and it’s difficult to grade coins from ebay pictures, you should purchase many of the available coin grading picture guides. You need a good idea of how to grade the coin series you collect to keep from getting burned.

Once you are familiar with how to grade a series, and you can’t ascertain the grade of a coin via an ebay seller’s pictures, DON’T BID! Some sellers purposely hide details of their coins so they appear a higher grade than they actually are. Again, you will lose and they will gain, it’s a no win situation for the buyer. This will help you get started Grading Coin by Photos

4. Ebay is loaded with unsearched rolls, collections and lottery coin auctions. Most of the unsearched lots contain common and problem coins, and the chances of getting a key date or decent coins is no different than buying a state lottery ticket. Many people are buying but very few are winning.

It’s just a fact. You don’t get good coins for nothing and if you where one of the lucky few. Great. But for every winner there are hundreds if not thousands who  have lost on these deals. (The author of this post has sold on ebay for years and has bought a few of the unsearched coins at ebay, and most where common or damaged coins.) How To Buy Unsearched Coins

Follow the four rules and you will save a lot of money and add quality coins to your collection with few hassles. We can’t make ebay perfect, but we can make it better. I don’t like ebay fees no more than anyone else, but I would rather pay ebay than a coin scammer anyday!

Have you been scammed or defrauded on ebay or do you know of a seller that is violating ebay listing policies? Click Here

Hello. I have discovered the following holder. It is a PCI holder. However, it would appear to be a counterfeit. The holder does not have the mintage on the holder, and is generally poor quality. We all want to alert our dear readers, as we hope that it may be able to help prevent you from purchasing a counterfeit. Please take note of all details. I would love to hear your thoughts on this, and, as usual, comments are welcome.

The 1922 “No D” Lincoln Cent is one of the most desirable dates in this series, and is one of the most counterfeited and mis-identified varieties in small cent collecting. First, a collector must learn why some 1922 cents don’t have a mint mark,  an important part of authentication.  The dies used by the Denver mint that resulted in “No D” and “Weak D” mint mark 1922 types where the use of overused dies. This resulted in some 1922-D Cents to have weaknesses in details of any of the design features and not just the the mint mark.

It’s this reason that helps the collector better identify authentic “No D’s” and “Weak D’s”. A fully struck 1922 without a mint mark is 99% of the time an altered 1922-D where the mint mark was removed. Almost every 1922 “No D” types will show weakness in strike on much of the details. An example is the picture below.

Many No D types will show a strong TRUST while the rest of the motto isn’t clear or as detailed. Also, a No D will have a strong second 2 in the date as shown in the picture below. It also must not have any trace of a mint mark, if it does, then it will always be authenticated as a 1922 Weak D.

Currently, experts recognize four die states for the 1922-D:

1922-D with full mint mark: A semi-key date that was struck with new dies.

1922 Weak D: The dies where overworked, but not as overused as the dies that create the No D.

1922 No D  Weak Reverse: The obverse and reverse where struck with overused dies.

1922 No D Strong Reverse: The obverse was struck with an overused die and the obverse with a new die.

Remember, the dies that created these coins where overused and overworked dies. So, a Weak D or No D 1922 Lincoln Cent will always show weakness of other features of the coin’s design. Always pay close attention to the area where the mint mark should be located, and look for any signs that the D has been artificially removed.

For more information visit Lincoln Cent Facts, Mintages, Values

I would like to introduce our new United States Mint Error Guide. We have several picture examples of each mint error, so if you ever need to know what type mint error you have have, or just want to see some dramatic mint error pictures, then I suggest visiting these links. Below is a list of mint errors you can view.

Mules

Wrong Planchet

Off-Center

Die Cracks

Broad Strike

Clipped Planchet

Repunched Mint Mark (RPM)

Die Clash

Lamination (Cracked) Error

Double Die

Cud (Extra Metal)

In Collar Strike

Multiple Strikes

Die Adjustment Strike

Filled Die

Over Date

Missing Clad Layer

Strike Through

Misaligned Dies

Brokage Strike

Split Planchet

Cracked Planchet

Defective Planchet

Fold-Over Strike

Capped Die

To visit the home page click here

Coin World now offers a free newsletter!

“Welcome to the inaugural issue of the Coin World Newsletter. Our goal is to have this monthly contain the same quality that has made Coin World the hobby’s leading news weekly for nearly 50 years.

The premiere issue of our newsletter is focused on some timely information for your safety – how to prevent the robbery and/or theft of your collection. However, if misfortune does strike, we have some sources you can turn to for help. For the history aficionado, there is a tale of a daring daytime robbery at a famous museum. Plus we reach back into our archive and spotlight some of the characters who have sought to rob the U.S. Mint of its treasure.

Finally, as more and more business is conducted online, we provide some insight on how to be successful when participating in online auctions.

If you enjoy this, please forward it to a friend. From all of us at Coin World, thank you!

Steve Roach
Associate Editor, Coin World ”

To see the premiere issue click here