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(Washington, DC) - Executives of the Professional Coin Grading Service warn that the problems of Chinese-made counterfeits of rare coins are getting worse and could soon expand to include fakes of rare bank notes imported into the United States. In personal meetings and messages conveyed to influential members of Congress in Washington, DC on June 27, 2012, PCGS officials cautioned that imported counterfeit coins have increased in quantity and quality, sometimes making it difficult to distinguish fakes from genuine.
"PCGS has detected over 5,500 counterfeit coins submitted in the last 12 months, a higher number by far than in any previous 12-month period," said, Don Willis, President of PCGS, a division of Collectors Universe, Inc. (NASDAQ: CLCT).
"Chinese counterfeiting is the most serious challenge faced not only by the collectibles markets and brand name products, but also by the United States Treasury. Entire industries have sprung up in China to manufacture virtually anything made in American including U.S. Government issued coins. These factories and industries operate in the open and with the full support of the Chinese government. By its lack of action to stop the activities, the Chinese government endorses the counterfeiting of US coins," Willis stated.
PCGS Implores Congress to Fight Imports and Sales of Counterfeit Coins
"PCGS has detected over 5,500 counterfeit coins submitted in the last 12 months, a higher number by far than in any previous 12-month period," said, Don Willis, President of PCGS, a division of Collectors Universe, Inc. (NASDAQ: CLCT).
"Chinese counterfeiting is the most serious challenge faced not only by the collectibles markets and brand name products, but also by the United States Treasury. Entire industries have sprung up in China to manufacture virtually anything made in American including U.S. Government issued coins. These factories and industries operate in the open and with the full support of the Chinese government. By its lack of action to stop the activities, the Chinese government endorses the counterfeiting of US coins," Willis stated.
PCGS Implores Congress to Fight Imports and Sales of Counterfeit Coins
