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We could use a wealthy anti-fraud collector like this

logger7logger7 Posts: 9,025 ✭✭✭✭✭
in U.S. Coin Forum

I'm not sure how many others here saw the "60 Minutes" feature on the wealthy guy who paid investigators to fight wine frauds.

Would a wealthy collector be able to get the same type of success interdicting coin frauds, counterfeits and other bogus operations?

https://www.cbsnews.com/news/billionaire-koch-brothers-crusade-against-counterfeit-wine/

Comments

  • BillJonesBillJones Posts: 34,796 ✭✭✭✭✭

    Yes, I saw that story and thought of coins immediately. The trouble is you can't slab vintage wine.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • jmlanzafjmlanzaf Posts: 36,527 ✭✭✭✭✭

    @BillJones said:
    Yes, I saw that story and thought of coins immediately. The trouble is you can't slab vintage wine.

    You can slab coins, but it's easier to counterfeit the slabs than the coins!

  • CoinstartledCoinstartled Posts: 10,135 ✭✭✭✭✭

    ...or drink 1794 half dollars.

  • jmlanzafjmlanzaf Posts: 36,527 ✭✭✭✭✭

    You shouldn't really need one, at least for U.S. coins. It's already highly illegal with a government bureau who is supposed to fight counterfeiting. World or ancient coins are a different matter. With wine, who is really looking that hard at it? If you are found to be committing fraud, they will arrest you, and the role played by Koch was largely privately investigating wine fraud. With U.S. coins, Treasury will investigate counterfeiting and a billionaire vigilante shouldn't be required.

  • BillJonesBillJones Posts: 34,796 ✭✭✭✭✭

    @jmlanzaf said:
    You shouldn't really need one, at least for U.S. coins. It's already highly illegal with a government bureau who is supposed to fight counterfeiting. World or ancient coins are a different matter. With wine, who is really looking that hard at it? If you are found to be committing fraud, they will arrest you, and the role played by Koch was largely privately investigating wine fraud. With U.S. coins, Treasury will investigate counterfeiting and a billionaire vigilante shouldn't be required.

    I wish the government would investigate counterfeits. The Chinese have been importing them for decades. To date I have only heard of a case or two against some distributors, and it has taken too long to get that far.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • cameonut2011cameonut2011 Posts: 10,181 ✭✭✭✭✭

    There is so much fraud in this hobby that permeates all levels. You would have no life if you filed lawsuits or otherwise pursued even a plurality of cases.

  • cameonut2011cameonut2011 Posts: 10,181 ✭✭✭✭✭

    @jmlanzaf said:
    You shouldn't really need one, at least for U.S. coins. It's already highly illegal with a government bureau who is supposed to fight counterfeiting. World or ancient coins are a different matter.

    The problem is that the government has limited resources and only pursues the most flagrant violators. Most of the resources are committed to paper currency.

  • gonzergonzer Posts: 3,052 ✭✭✭✭✭

    Another "rare and very valuable" collectible debunked due to......glue.

  • TreashuntTreashunt Posts: 6,747 ✭✭✭✭✭

    It was an interesting show

    Frank

    BHNC #203

  • ldhairldhair Posts: 7,350 ✭✭✭✭✭

    Coins are on the back burner with the government. They can't even put a dent in the problem. It would be cool if someone took on the task but the legal cost could get out of hand.

    Larry

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Only major coin issues, such as the '33 Saints, will be addressed by the government. If a '64D Peace shows up (and they are out there), they will jump on it. The major flow of Asian counterfeits will not be addressed... just not important to the government. Cheers, RickO

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