Silver Rush and the Rush on Fakes
The recent panic buying of silver bullion earlier this year 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 AntiCounterfeiting 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 dollar 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 (0.77345 oz) 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 of 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.
U.S. COIN DESIGNER SIGNS PCGS LABELS FOR 2021 SILVER COINS
Professional Coin Grading Service (www.PCGS.com) is pairing exclusive
and current member of the United States Mint’s Artistic Infusion Program. She has multiple United States coin design credits to her name, including the 2021 Christa McAuliffe commemorative silver dollar and forthcoming new reverse on the American Silver Eagle. “Emily Damstra is one of the leading numismatic artists of our day, and we are proud to offer hand-signed signature labels that honor her work,” says PCGS president Brett Charville. “Damstra’s art captures the world around us, telling a captivating story that teaches and inspires.”
“Being able to share my passion for visual storytelling with a wider audience is a tremendous privilege,” Damstra reflects. She notes that working on the reverse for the American Silver Eagle was a unique opportunity to leave a lasting impression on a beloved coin. “It was with great care and consideration that I undertook the assignment to design the reverse side of the American Eagle one-ounce silver coin, aware that many coin collectors revere the classic Walking Liberty design by Adolph A. Weinman on the obverse. I knew that it would be a challenge to follow the lead of John Mercanti, the United States Mint sculptor and engraver (and later United States Mint chief engraver) who created the original reverse design — a superb rendering of a heraldic eagle.”
Damstra has designed many United States coins and medals, including the 2018 Breast Cancer Awareness commemorative coins, 2020 Tallgrass Prairie (Kansas) America The Beautiful Quarter reverse, and the new American Silver Eagle reverse debuting in 2021. In addition to designing coins for the United States Mint, Damstra has artistic credits with the Royal Canadian Mint.
Two of her coin designs have won Coin of the Year (COTY) awards: the 2017 United States Boys Town Commemorative silver dollar and 2014 Canadian $20 Silver Maple Canopy – Autumn Allure. Damstra’s artistic touch graces not only many corners of the numismatic world but also can be found in illustrations for various books and publications as well as in zoos, museums, and parks. For more information about PCGS products and services, including how to submit your coins for authentication and grading, please visit www.PCGS.com or call PCGS Customer Service at (800) 447-8848.
NEW NGC LABELS CELEBRATE CENTENNIAL OF 1921 MORGAN AND PEACE DOLLARS
Numismatic Guaranty Corporation (NCG) is celebrating the 100th anniversary of the 1921 transition from the Morgan Dollar to the Peace Dollar with two new special labels: the NGC Morgan Dollar Centennial Label and the NGC Peace Dollar Centennial Label. These attractive labels are available for bulk submissions of 1921 Morgan and Peace dollars and will be offered for the highly anticipated 2021 Morgan and Peace dollars being released later in the year.
Minted from 1878 to 1904 and again in 1921, the Morgan dollar is among the most prominent American coin series. Dubbed the “King of 19th-Century Coins,” the fact that the Morgan dollar was produced again 20 years into the 20th century is a fascinating twist of numismatic fate. The same year, however, there was a call for a new silver dollar that celebrated the end of the war and America’s victory. A competition was held to create a coin design emblematic of peace, and the new representation of Liberty — serene and modern-looking compared to the classic Greek profile of the Morgan dollar — was produced from 1921 to 1928 and again from 1934 to 1935.
The Morgan Dollar and Peace dollar both represent American progress; the Morgan dollar evokes the westward expansion of the 19th century, while the Peace dollar is a symbol of the push toward modernism in the 20th century. Both series are also longtime favorites of collectors. The NGC Morgan dollar and Peace dollar centennial labels complement the coins by conveying the industry and optimism of the American spirit. They are available for all bulk submissions of 1921 Morgan dollars and Peace dollars. An oversize version is available for multi-coin sets.
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.