News Strikes
PCGS Announces Groundbreaking NFC Technology Included in all Holders
Professional Coin Grading Service began embedding Near Field Communication (NFC) technology in all its encapsulated coins, medals, tokens, and banknotes in October. This revolutionary advancement launched after an initial limited rollout earlier this year with coins graded in PCGS Gold Shield holders to test compatibility and user response, both of which were overwhelmingly positive.
“PCGS is the industry leader in fighting counterfeiting,” says PCGS President Brett Charville. “PCGS has always been ahead of the curve in the numismatic industry regarding technology, and the inclusion of NFC technology is just the latest way we can stay one step ahead of counterfeiters and ensure collectors and dealers that their PCGS coins and banknotes are exactly what the label promises.”
Adds Charville, “you collect, we protect.”
The data available through this technology ensure collectors, dealers, customers, and others that the coin or banknote stated on the label is the piece inside the holder. The NFC technology has become necessary in a day and age when counterfeit coins and banknotes are more sophisticated than ever before. To combat this,
PCGS partnered with HID Global to insert NFC technology in all holders, including PCGS Banknote holders, to provide peace of mind that collectibles within PCGS holders are 100% authentic and the grade or condition stated on the label.
NFC inserts require no new hardware or any software updates. They are solid-state and have no moving parts, do not contain any battery, and will be encased in the same industry-leading holder that keeps coins and banknotes safe. Therefore, PCGS explains that without the risk of exposure to the elements and damage, expect these inserts to last beyond the expected lifespan of 100,000+ scans and 40+ years.
“This technology, similar to the chip found in the credit cards in your wallet, is the single biggest leap forward for third-party grading since its inception. While it may affect our pocketbook down the line, I would hope that every other third-party grading service in the industry considers integrating similar technology into their product lines as well. It’s simply that important for the hobby as a whole,” urges Charville.
Those using an Android or iPhone XS (or newer) already have everything they need to benefit from this upgrade. All that users need to do is put their device close to the chip on the holder, open a web browser, and the PCGS Cert Verification will automatically load on phones that have that app installed; the app can be installed for free by visiting https://www.pcgs. com/apps. For more information about PCGS’s NFC technology, visit www.PCGS.com/security.
ENJOY 2020 “GOLD RUSH” PRUDENTLY, ADVISES ACCREDITED PRECIOUS METALS DEALERS
Buyers of physical gold and silver during the 2020 “Gold Rush” should be wary of potential counterfeits in the marketplace. Cases of plated “gold coins” being mistaken for real deal bullion, and people overpaying for any purchases are among the things to be wary of, warns the Accredited Precious Metals Dealers (APMD, www. APMDdealers.org) division of the nonprofit Professional Numismatists Guild (PNG, www.PNGdealers.org).
“Adding gold, silver, or platinum bullion coins or ingots to an investment portfolio can be a smart choice, but knowing your seller can be a crucial choice,” advises PNG-APMD President Richard Weaver. “If you don’t know gold, you’d better know your gold dealer.”
Buyers should be cautious of an increase in counterfeit gold coins offered in the marketplace by unscrupulous sellers and scam artists trying to lure investors with urgent claims too-good-to-be-true low prices and quick, guaranteed bullion market profits.
“Since the onset of the COVID-19 pandemic, the Anti-Counterfeiting Educational Foundation (ACEF, www.ACEFonline.org) has identified over 100 websites selling
counterfeit precious metals coins and ingots,” Weaver reports.
He went on to say, “Information about the suspected spurious sellers has been given to the U.S. Treasury Office of Inspector General, but buyers should always be prudent before making any purchases from unknown sellers.”
He also advises investors seeking bullion to be aware of base metal replicas in the marketplace, which are often advertised as “tribute coins.” These coins may be merely plated or layered with just a microscopically thin coating of gold — only about $1 worth of actual precious metal.
“They may have limited secondary market value and should not be confused with genuine, legal tender gold bullion coins, such as the popular American Eagle or Canadian Maple Leaf,” explains Weaver.
“To avoid potential scams, investors must know the credentials of the bullion dealer, not just what the dealer may tout in TV advertisements or on a fancy website,” added Weaver.
All members of the APMD program must adhere to a strict Code of
Ethics (https://APMDdealers.org/ apmd-code-of-ethics/) in the buying and selling of precious metals. A list of APMD member-dealers is posted at www.APMDddealers.org/ apmd-dealer or can be obtained by calling the PNG at 951-587-8300.
NO SIGNIFICANT “PANIC SELLING” OF GOLD, REPORTS ACCREDITED PRECIOUS METALS DEALERS
During the recent profit-taking and market correction, major retail sellers of physical gold and silver coins and ingots say they did not encounter significant panic selling by customers. Polled dealers report younger buyers have entered the market, and Baby Boomers continue buying gold and silver bullion coins, according to the
Accredited Precious Metals Dealer division (www.APMDdealers.org) of the nonprofit Professional Numismatists Guild (www.PNGdealers.org).
“Savvy investors know that every market has its ups and downs. Professional bullion dealers we’ve talked with the past week say one of their biggest problems is keeping up with gold and silver inventory to meet the demand for filling orders from retail customers. Some customers have sold a relatively small number of gold coins to take profits, but there have not been any reports of massive panic selling when prices recently fell,” said Richard Weaver, president of the PNG.
“We are currently seeing older bullion positions being liquidated because significant profits can now be made, especially among older investors who are getting their financial house in order. However, we’re also still seeing other senior citizens acquiring precious metal positions. And, for the first time in a long time, we are seeing buyers in their 20s and 30s entering the market for physical gold and silver,” explained Weaver.
“Know your dealer to avoid potential bullion scams,” advised Weaver.
The PNG recently heard of a case where an unsuspecting buyer responded to an unsolicited telemarketing call, spent $70,000 and all the gold coins he received were counterfeits, Weaver explained. All members of the APMD program must adhere to a strict Code of Ethics (https://APMDdealers.org/ apmd-code-of-ethics/) in the buying and selling of precious metals. A list of the 47 APMD member-dealers is online at www.APMDddealers.org/ apmd-dealers or call the Professional Numismatists Guild at 951-587-8300.
LEN AUGSBURGER AND JOEL OROSZ SELECTED AS 2020 NUMISMATIC LITERARY GUILD CLEMY WINNERS
Respected researchers and award-winning numismatic authors Len Augsburger and Joel Orosz have received yet another prestigious award. The two were selected as the joint 2020 recipients of The Clemy, the highest honor given by the Numismatic Literary Guild (www.NLGonline.org).
“The Clemy is a coveted, annual award presented in recognition of writing skill, dedication to numismatics, sense of humor, and dedication to the Numismatic Literary Guild,” explained NLG Executive Director Ron Guth.
Founded in 1968, the NLG is a nonprofit organization open to any editors, reporters, authors, writers, catalogers, webmasters, bloggers, or audio or video producers involving all forms of money, medals, tokens, and other numismatic collectibles. Information about applying for NLG membership is available online at www.NLGonline.org/membership.
This year’s award presentation was conducted virtually and produced by NLG member Charles Morgan of CoinWeek.com. The program can be viewed here, www.youtube.com/ watch?v=aDDxpw09zAI&t=154s.
Joshua McMorrow-Hernandez has won multiple Numismatic Literary Guild awards for his work as a journalist, editor, and author and enjoys writing about a variety of topics spanning the hobby he has loved since 1992. Joshua has been writing for COINage since 2014 and became a contributing editor in 2015.