BEWARE!!!!!!!!!Counterfeit or Altered PCGS Slabs

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BillSanders

BEWARE!!!!!!!!!Counterfeit or Altered PCGS Slabs

Post by BillSanders » Fri Jul 16, 2010 5:39 pm

Well guys I have a sad story about a rip off that I hope will help catch the people and get PCGS to tell us how we can check to confirm that their slabs are real.

Last month I went with a friend to look at 5 PCGS slabbed coins which someone in need of quick money was selling for cash. I went along as a witness and to voice my opinion as to the value of the coins with the understanding that I was held harmless.

When we first saw the coins, we were in doubt about the whole deal and took a close look at the coins. Three were peace dollars which looked way over graded. One a Morgan dollar MS63 which looked about right and the 5th was a MS65 1932-D Quarter.

After some negotiating, I checked the cert #‘s on the PCGS website, they all showed the correct grade for each coin & no alerts. A Bill of Sale was signed and the deal was done. We returned with the coins to my place to check the coins against known good PCGS slabs. I used verniers (or calipers) in order to see if the slabs were real (We noticed a rib on one looked damaged but the slab did not look cracked open). They all checked out against the real slabs. That night we took the coins over to two of my close friends (both with 40 years of collecting experience and very respectable collections of high grade coins). They both were interested in the 1932-D MS65 (as it would upgrade their collections). Both thought the coin might be slightly overgraded but could see how it might get into a MS65 holder.

The next day my friend stopped by a coin shop he knew and showed them the coins. They immediately thought they were “wrong” and pronounced them suspect. Their reasoning was the deal was to good to be true and the 1932-D slab looked tampered with and the peace dollars were not the grade on the slabs.

I suggested to my friend that we send them into PCGS for review. (I still did not think the 1932-D was lower than MS64.) He sent them in and PCGS called with bad news.

All altered slabs with replaced coins. It seems that the coins were removed from the slabs and replaced with lower grade or altered coins.

Beware. I’m a tool and die maker with 35 years in the trade plus I have an engineering degree. Fooled me- if I had the funds I would have bought the 1932-D.


ATTACHED IS A PICTURE OF THE PERSON SIGNING THE BILL OF SALE. IF ANYONE SEES HER PLEASE WRITE SO I CAN TIP OFF THE AUTHORITIES.
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