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Police confiscate what may be rare coins on skid row
Michigan
Posts: 4,942 ✭
My guess is these are recent fakes from China.
Police confiscate what may be rare coins on skid row
Associated Press
LOS ANGELES - Police used to seeing peddlers on skid row hawking counterfeit DVDs, T-shirt rip-offs and other mundane items have been surprised to discover a new object for sale in the impoverished, drug-plagued district: rare coins.
Authorities have come across the small, shiny objects - some bearing dates that would make them nearly as old as Los Angeles itself - at least four times recently. The items have been confiscated and were being examined for their authenticity.
"These coins looked real and authentic," said police Capt. Andrew Smith, who saw two men on a downtown L.A. sidewalk selling for $20 each 24 silver dollars bearing dates from the 18th, 19th and early 20th centuries.
The LAPD said it hasn't received any reports of a stolen coin collection, so detectives are trying to work backward, hoping to trace the coins through the skid row denizens who possessed them.
Detectives also found several such coins in August inside the jacket lining of a suspected drug dealer arrested on skid row. In September, officers recovered more coins while searching a parolee in the area.
"They were in collector sleeves. There was 24 silver dollars dating back to 1794," Officer Stephen Nichols said.
Coin experts said the 18th-century coins would be the most valuable of the batch if they are authentic.
"It's possible that someone down and out wanting to get a few bucks wouldn't know what they had," said Charles I. Carmona, a gem and coin expert.
Other experts said they have seen counterfeit versions of the rarest silver dollar - the one produced in 1794. An authentic dollar coin from that year can go for $100,000 or more. It would be remarkable, experts say, if a genuine coin made its way to skid row.
Some of the other coins confiscated would be less valuable. The U.S. Mint produced about 72,000 of the 1796 dollars and 400,000 of the 1799 coins.
Smith said the coins were probably brought to skid row from someone desperate for drugs.
"People here trade whatever they can in the underground economy. They sometimes don't know the value," Smith said. "Merchandise that ends up being traded here can come from another city or even another state."
Police confiscate what may be rare coins on skid row
Associated Press
LOS ANGELES - Police used to seeing peddlers on skid row hawking counterfeit DVDs, T-shirt rip-offs and other mundane items have been surprised to discover a new object for sale in the impoverished, drug-plagued district: rare coins.
Authorities have come across the small, shiny objects - some bearing dates that would make them nearly as old as Los Angeles itself - at least four times recently. The items have been confiscated and were being examined for their authenticity.
"These coins looked real and authentic," said police Capt. Andrew Smith, who saw two men on a downtown L.A. sidewalk selling for $20 each 24 silver dollars bearing dates from the 18th, 19th and early 20th centuries.
The LAPD said it hasn't received any reports of a stolen coin collection, so detectives are trying to work backward, hoping to trace the coins through the skid row denizens who possessed them.
Detectives also found several such coins in August inside the jacket lining of a suspected drug dealer arrested on skid row. In September, officers recovered more coins while searching a parolee in the area.
"They were in collector sleeves. There was 24 silver dollars dating back to 1794," Officer Stephen Nichols said.
Coin experts said the 18th-century coins would be the most valuable of the batch if they are authentic.
"It's possible that someone down and out wanting to get a few bucks wouldn't know what they had," said Charles I. Carmona, a gem and coin expert.
Other experts said they have seen counterfeit versions of the rarest silver dollar - the one produced in 1794. An authentic dollar coin from that year can go for $100,000 or more. It would be remarkable, experts say, if a genuine coin made its way to skid row.
Some of the other coins confiscated would be less valuable. The U.S. Mint produced about 72,000 of the 1796 dollars and 400,000 of the 1799 coins.
Smith said the coins were probably brought to skid row from someone desperate for drugs.
"People here trade whatever they can in the underground economy. They sometimes don't know the value," Smith said. "Merchandise that ends up being traded here can come from another city or even another state."
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Comments
Los Angeles is in Calfornia.
<< <i>Some of the other coins confiscated would be less valuable. The U.S. Mint produced about 72,000 of the 1796 dollars and 400,000 of the 1799 coins.
>>
I poked around skidrow after I read this, but all they were selling were some crummy ol' 1799's... I didn't pull the trigger. I just don't like the mintage figures in comparison to the 1796.
<< <i>
<< <i>Some of the other coins confiscated would be less valuable. The U.S. Mint produced about 72,000 of the 1796 dollars and 400,000 of the 1799 coins.
>>
I poked around skidrow after I read this, but all they were selling were some crummy ol' 1799's... I didn't pull the trigger. I just don't like the mintage figures in comparison to the 1796. >>
I'd give you the world, just because...
Speak to me of loved ones, favorite places and things, loves lost and gained, tears shed for joy and sorrow, of when I see the sparkle in your eye ...
and the blackness when the dream dies, of lovers, fools, adventurers and kings while I sip my wine and contemplate the Chi.
<< <i>Wow, there's a surprise, someone selling counterfeit merchandise on the streets of NY. What is this world coming to. This was worth a news article? >>
Ummmm............
The article location was Los Angeles, though it's probably happening in New York as well.
Ray
<< <i>"These coins looked real and authentic," said police Capt. Andrew Smith, who saw two men on a downtown L.A. sidewalk selling for $20 each 24 silver dollars bearing dates from the 18th, 19th and early 20th centuries. >>
Both real and authentic? Does Capt. Smith frequent these boards as the numismatist he obviously is?
NSDR - Life Member
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Obvious fakes in the pictures, including an 1865 Washington!
-Amanda
I'm a YN working on a type set!
My Buffalo Nickel Website Home of the Quirky Buffaloes Collection!
Proud member of the CUFYNA
<< <i>LA Times Link >>
"Authorities said the coins appear to be genuine, but they planned to bring in an expert."
I hope these "authorities" don't spend a lot of time on eBay.
<< <i>LA Times Link
Obvious fakes in the pictures, including an 1865 Washington!
-Amanda >>
You mean the Kirk Douglas quarter?
NSDR - Life Member
SSDC - Life Member
ANA - Pay As I Go Member
<< <i>Authorities have come across the small, shiny objects - some bearing dates that would make them nearly as old as Los Angeles itself >>
In that case, they MUST be valuable!
coinage to the China Mint. Cheaper you know.
After all, N. Korea is already producing our 100 dollar bills.
Camelot
<< <i>
<< <i>LA Times Link >>
"Authorities said the coins appear to be genuine, but they planned to bring in an expert."
I hope these "authorities" don't spend a lot of time on eBay.
That's how they made the judgment that the coins appeared to be genuine - - they read it in an ebay ad!
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>Doesn't give me a lot of confidence in law enforcement. A five-minute stop into any coin dealer would resolve this long before they needed to call in the LA Times. >>
Mike Bolesta's Best Buy ordeal was proof enough of the incompetence of local law enforcement.
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SSDC - Life Member
ANA - Pay As I Go Member
Think I'll change beats.
<< <i>
Mike Bolesta's Best Buy ordeal was proof enough of the incompetence of local law enforcement. >>
That would make a great lawsuit against Best Buy. What a bunch of malicious nitwits.
Thanks for the link.
Now, see how easy that is, Michigan?
Russ, NCNE
That's where those who invested in high grade gold in 1989 ended up.
and there will probably be a follow-up article in the next few days.
He's also given my name to the Detective in the article, to verify
what others like myself have told the reporter.......
China.....not even close..........etc........
Fred
the L.A.P.D., who is handing the coins in the story.....
He will be here Monday morning, 10:30 am, to show
the coins to me, and have me explain "why" and "how"
they are counterfeits.
I told him they're actually closer to "Replica's", than
"Counterfeits" .......................
Will report back on late Monday morning, if he shows!
He was also contacted by Ron Guth, but he prefers to
drive to Encino, rather than to Orangle County, with
all of the L.A. Freeway traffic.....I don't blame him!
Fred