Fake slabs-PCGS update

[longnine009]

http://www.pcgs.com/articles/article_view.chtml?artid=5286&universeid=313

[Snooba]

Thanks for the link, longnine009 - it's pretty damn scary!!!     

[Humpybong]

That just makes one more reason I do not like slabs!

[scottishmoney]

Ebay will not likely do much if anything about sellers in China.  The real problem is not Chinese sellers, but idiots that buy this crap and keep them in business.  I have bought stuff numerous times from reputable Chinese sellers and don't want to toss them out in the wash with the scum.

[longnine009]

I don't think ebay will do anything about china either. That's the trouble with public corporations, they only see the next quarter and not the next 3-5 years.

A huge part, possibly the biggest part, of the American coin collecting is slabs. And yet all TPGs are really selling is convenience and peace of mind. If either of those two deteriorate, IMO, coin collecting will deterioate and then so too will listings on ebay. 

With this stuff from china, peace of mind is probably deteriorating right now. And what little convenience  is left after waiting 60 days to get a coin slabbed or even better "buy the coin and not slab" is going to deteriorate even more with:  "buy the coin and not the slab and oh yeah buy the slab too but make sure it's not fake."

IMO, they got a really big problem with this and they better find a way to stop it fast. Without faith,  TPGs have  got nothing to sell.

[scottishmoney]

Let me qualify, I buy only Chinese coins, modern ones, and paper money from reputable sellers in such material.  Ebay could in all probability, restrict listings from China going into the USA categories, but come on, really they are looking out for their immediate bottom line, and not long term customer satisfaction.  They give some placation to farces like the new slab selling rules, but reality is they are more concerned about profit, keeping stockholders immediately happy than longterm goodwill.

But take into account, in all likelihood this describes many many American corporations, not just eBay.  Compare them to say Japanese and Chinese companies that have 5-10 year plans, some Japanese firms have 100 year plans for sustainable growth.  American companies plan as far out as the next stockholder meeting and dividend payout.

[Paint Your Wagon]

American companies plan as far out as the next stockholder meeting and dividend payout.

Now you are really boasting american firms acumen
If their plans exist and are unchanged for three months that is really long term planning at work
After all Bear Sterns went from rich to broke in 14 days

[longnine009]

Ultimatly,  banning china doesn't solve the problem, it just opens the door for another thief. Before china it was Italy and Lebonon--with coins, especially cast gold. After china it will just be someone else.  Black markets through out history have proven you can't stop supply if there is a demand for something. Maybe in another 100 years or so even the DEA will figure that out.

As I see it demand for fake coins and/or fake slabs from china can only stop when collectors are knowledgeable about forgeries and refuse to buy them.  Are U.S coin collectors going to become knowledgable in detecting forgeries? It's not an easy subject to learn even if people are willing to learn it and I don't believe they are.  What are the choices after that?

A) Collectors just say no to  slabs? 
B) Collectors keep buying fake slabs  convinced that they are not fake at all--just as wallstreet investors bought Structured Voodoo Investments convinced they really were investments?
C) Same as "B" but with the additional belief that Ben Bernanke will somehow fix it for us?
D) Collectors migrate towards lower value material deemed not worth the trouble of forgers?
E) Go fishing?
F) A little of of all the above? 

[Muckeye]

Great thread, goes straight to my heart.
Who'd buy a stamp covered in plastic??
regards,

[longnine009]

I'm afraid John Gault beat them to it long long ago.  Although it's not plastic but clear mica. You'll have to scroll down about a third of the way to see it.

I think it would be pretty neat to have one of them. 

http://images.google.com/imgres?imgurl=http://www.us-coin-values-advisor.com/images/Encased-Postage-Stamp.jpg&imgrefurl=http://www.us-coin-values-advisor.com/civil-war-coins.html&h=282&w=282&sz=52&hl=en&start=1&tbnid=Y0YmS_y_H2Kn0M:&tbnh=114&tbnw=114&prev=/images%3Fq%3Dencased%2Bpostage%2Bstamp%2B%26gbv%3D2%26hl%3Den%26client%3Dfirefox-a%26rls%3Dorg.mozilla:en-US:official%26sa%3DG

[longnine009]

Not a pretty sight.
http://coins.about.com/od/worldcoins/ig/Chinese-Counterfeiting-Ring/index.01.htm