Not good for CRHers who spend their rolled dumps....

[legend76]

Not good for CRH'ers who spend their rolled dumps....

http://www.peninsuladailynews.com/a...ctor-coins-from-china-show-up-in-port-angeles

You can read the entire article if you want to, but here's an excerpt
"Benedict warns businesses to be suspicious if someone uses only coins to pay for merchandise.
"Use caution if someone brings in a lot of coins to buy something, and look them over carefully," he said.

HH,
Legend

 

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Re: Not good for CRH'ers who spend their rolled dumps....

I really don't think it applies much to CRHing dumps but is just yet another case of fake Morgans from China that a clueless pawn shop owner didn't take the time to make sure they weren't fake.

 

[SFBayArea]

Re: Not good for CRH'ers who spend their rolled dumps....

They're not going to waste time to mint a bunch of clad quarters or halves. The Chinese have been counterfeiting U.S. goods for a long time. There's a problem with counterfeits on Feebay from China. They've even put counterfeit coins in fake PCGS slabs. The issue is that they want to go after the big money. It doesn't make sense to make a bunch of fake low budget common circulation coins since they also have to ship them here. I don't think you need to worry about it.

 

[jim4silver]

Re: Not good for CRH'ers who spend their rolled dumps....

This news story has nothing to do with clad coinage. It refers to counterfeit Chinese fake silver dollars and other collectibles coming from there.

From what I have heard most of the counterfeit coins are more rare years and mintages. If a person wants to be safe buying Morgans, they should buy common years and weigh them, and see if they pass the ring test. The fake Morgans sold to the pawn shop did not pass the ring test from the video news story I saw yesterday.

As silver goes up there will be a problem with counterfeit bars too I am afraid. Unlike gold, silver is easier to counterfeit in both coin and bar form. Gold coins are very hard to counterfeit without the weight being off or the size being off. Tungsten filled gold bars can happen, but I only buy gold coins and not bars so I don't worry about them.

Jim

 

[65gt350]

Re: Not good for CRH'ers who spend their rolled dumps....

I would only be concerned about these fakes if I was lucky enough to find a bank that took them in as a deposit. If one of my banks has $20 in Morgan and Peace dollars I would be suspicious and would want to do a ring test on them before I buy them. I may even ask the teller to hold them until I could come back with a scale.

Fakes have been around a while and they have gotten much better lately by using a press instead of casting like the early ones from China.

HH,
65GT350

 

[Moneypenny]

Re: Not good for CRH'ers who spend their rolled dumps....

I agree that these fake Morgans don't have anything to do with us spending clad coins in stores, but the OP's point was that a police officer in this article is "warning" businesses about people spending fake coins. I saw this article on Coinflation and was also disturbed by that quote. I guess it's just a local news piece, but the more stories about fake coins, the more businesses and banks are going to be wary of us bringing in large amounts of coin, which already is seen as a little strange.