Smart Buying Guide: How to Safely Acquire New not-PCGS Counterfeits Without Getting Ripped Off

Introduction: Navigating the New Generation of Counterfeits

If you’re looking to add this to your collection, you need a strategy to get the best deal. The coin collecting world has recently been rocked by a disturbing trend: sophisticated counterfeits appearing in not-PCGS slabs that are becoming increasingly difficult to distinguish from genuine articles. These new fakes represent a significant evolution in counterfeiting technology, with improved die quality and convincing packaging that can fool even experienced collectors.

Understanding the Threat: What Makes These Fakes So Dangerous

The counterfeits in question appear to be based on genuine 1795 and 1796 Bust Dollars, utilizing sophisticated die pairs that replicate the original designs with alarming accuracy. What makes these particular fakes especially concerning is their appearance in slabs that mimic legitimate third-party grading holders, complete with barcodes that don’t actually scan when verified.

Forum members have noted that “the quality just keeps getting better and better,” highlighting the escalating sophistication of these counterfeits. The fake 1796 specimen discussed appears to use the same counterfeit die pair previously identified, though this version lacks the simulated wear and damage present on earlier examples that were unfortunately encapsulated in genuine PCGS slabs.

Where to Buy: Minimizing Your Risk

When acquiring coins, especially valuable early American silver dollars, your choice of seller is paramount. Reputable dealers with established track records should be your primary source. Look for members of professional organizations like the American Numismatic Association (ANA) or the Professional Numismatists Guild (PNG).

Major coin shows remain excellent venues for purchases, as they allow you to examine coins in person and deal directly with established dealers. The ability to handle coins and compare them side-by-side with known genuine examples provides invaluable protection against sophisticated counterfeits.

Online marketplaces require extra caution. While platforms like eBay have buyer protection policies, the speed at which these counterfeits can appear and disappear makes them particularly dangerous in auction environments. If purchasing online, stick to sellers with impeccable feedback histories and those who offer return policies.

Red Flags: Warning Signs of Counterfeits

Several warning signs should immediately raise suspicions when examining potential purchases:

• Non-scanning barcodes: As noted in the forum discussion, the barcodes on these counterfeit slabs are identical for multiple coins and fail verification scans. Always verify slab barcodes through the grading service’s official website.
• Unusual slab characteristics: Recent forum posts mention that legitimate slabs now feature more brittle plastic that “spiderweb fractures for no apparent reason soon after encapsulation.” While this security feature is genuine, counterfeiters may not replicate it accurately.
• “4 prong gasket” anomalies: One forum member specifically identified the “elusive 4 prong gasket” as a hallmark of fake PGCS slabs. Familiarize yourself with the specific characteristics of legitimate holders from all major grading services.
• Price points that seem too good to be true: Early American silver dollars in exceptional condition command significant premiums. Unusually low prices should trigger immediate skepticism.
• Inconsistent toning or wear patterns: Compare the coin’s surfaces to authenticated examples. Modern counterfeits often struggle to replicate the complex toning patterns that develop naturally over centuries.

Raw vs. Slabbed: Making the Right Choice

The debate between purchasing raw (ungraded) coins versus slabbed examples becomes particularly relevant when dealing with potential counterfeits. Each approach offers distinct advantages and risks.

Advantages of Slabbed Coins

Third-party authentication provides a significant layer of security, particularly for high-value coins. Reputable grading services employ multiple experts and utilize advanced technology to detect counterfeits. However, as demonstrated by the specimen that “accidentally” made it into a genuine PCGS slab, even the best systems can occasionally fail.

When purchasing slabbed coins, verify the slab’s authenticity through the grading service’s official verification system. Check that the coin’s details match the label information, and examine the holder for any signs of tampering or unusual characteristics.

Advantages of Raw Coins

Raw coins offer the opportunity to purchase at lower premiums and allow for direct examination without plastic interference. For experienced collectors, raw coins from reputable sources can represent excellent value. However, this approach requires substantial knowledge and confidence in your authentication abilities.

If pursuing raw coins, develop relationships with trusted dealers who will stand behind their inventory. Consider having significant purchases authenticated by a third party before completing transactions.

Negotiating Tips: Protecting Your Investment

When negotiating for early American silver dollars, knowledge is your greatest asset. Research recent auction results for comparable specimens to establish realistic price expectations. Be prepared to walk away if a deal seems questionable or if the seller is unwilling to address your concerns about authenticity.

For slabbed coins, don’t hesitate to request additional photographs or videos that show the coin from multiple angles. Legitimate sellers should be willing to provide this information. If purchasing in person, bring a loupe and basic testing equipment to examine the coin thoroughly.

Consider negotiating conditional terms that protect you if authentication reveals problems. Some collectors arrange for expert authentication as a condition of sale, with the right to return the coin if it proves to be counterfeit.

Authentication Strategies: Beyond the Surface

Effective authentication requires attention to multiple details:

• Die characteristics: Study the specific die pairs used for genuine specimens. The forum discussion references a family of fakes based on the 1795 obverse, suggesting that understanding genuine die characteristics is crucial for detection.
• Metal composition: Early American silver dollars should have specific silver content and weight. While destructive testing is generally inappropriate for slabbed coins, specific gravity tests can be performed on raw specimens.
• Edge details: The edge lettering and reeding on genuine early dollars have specific characteristics that are difficult for counterfeiters to replicate accurately.
• Surface texture: Genuine coins exhibit complex surface textures from the minting process and centuries of handling. Modern counterfeits often struggle to replicate these subtle details convincingly.

Community Resources: Leveraging Collective Knowledge

The numismatic community represents an invaluable resource for authentication. Forum discussions like the one referenced demonstrate how collectors sharing information about new counterfeit threats can protect the entire community. When considering significant purchases, don’t hesitate to seek opinions from multiple experienced collectors or dealers.

Many professional authenticators offer consultation services, though these typically come with fees. For high-value acquisitions, this expense is often justified by the protection it provides.

Conclusion: Building a Strategy for Safe Collecting

The emergence of these sophisticated not-PCGS counterfeits represents a significant challenge for collectors of early American silver dollars. However, by understanding the specific threats, knowing where to buy, recognizing red flags, and making informed decisions about raw versus slabbed coins, you can substantially reduce your risk.

Remember that successful collecting requires patience and diligence. The best protection against counterfeits is knowledge combined with careful purchasing practices. Build relationships with reputable dealers, leverage community resources, and never hesitate to walk away from questionable transactions. Your collection’s integrity depends on the decisions you make today.

As one forum member aptly noted, these counterfeits are “scary”—but with the right approach, you can navigate this challenging market successfully and build a collection you can enjoy with confidence for years to come.

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