Coins
News and Show Reports
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6/1/2010
PCGS has recently announced that they are filing suit against coin doctors. You can download the legal filing here.
From PCGS:
May 28, 2010 (Santa Ana, California) - Professional Coin Grading Service (PCGS) today revealed additional steps it is taking to improve its ability to detect altered coins. PCGS announced that it has a process in development which will detect any foreign substance on a coins surface, and also announced a major lawsuit filed against alleged coin doctors.
According to PCGS officials, in conjunction with the development of coin recognition technology launched in March of this year, PCGS has been developing a process to detect foreign materials and other enhancements to a coins surfaces. Using energy dispersive X-ray spectrometry (EDX), Fournier Transform Infra-Red Spectral analysis (FT-IR), Raman Spectroscopy and other similar analytical techniques, this detection process (code-named by PCGS the PCGS Coin Sniffer™) will analyze the surfaces of a coin in a matter of seconds to detect foreign substances and provide quantitative information about the coin.
"Coin doctors" often apply numerous materials to the surfaces of coins to conceal problems with the coin, and/or alter the surfaces to improve its appearance in an attempt to artificially increase its value. The simultaneous alloy determination will further aid in the detection of counterfeits as an additional benefit.
David Hall, cofounder of PCGS and President of its parent company Collectors Universe, Inc. said, "when we launched PCGS Secure Plus featuring coin recognition technology we stated that it was just a first step in improving grading and battling coin doctoring. The PCGS Coin Sniffer™ is the next significant development in our ongoing efforts."
"This new process is somewhat similar to what we often see as we are going through security at an airport" said Don Willis, PCGS President. "We have already filed a patent which covers the methodology and unique techniques we are using for processing coins."
Additionally, Collectors Universe, Inc. (NASDAQ: CLCT), the parent company of the PCGS, has filed a Federal Court suit in United States District Court, Central District of California, against several individuals claiming they engaged in a pattern of racketeering activity, breach of contract, conspiracy, unfair competition and fraud.
The suit claims the dealers violated federal laws, including the Lanham Act involving interstate commerce and RICO racketeering statutes, and also alleges unlawful, unfair and fraudulent business practices for submitting coins that were deceptively altered in an attempt to increase their value.
As many as 10 other defendants could be added to the Complaint. Collectors Universe is suing for triple damages as well as all profits made through these deceptive submissions.
"Every owner of a PCGS coin should be confident in the fact that PCGS stands behind its product guarantee 100%," said David Hall.
"We firmly believe coin doctoring to alter a coins appearance is clearly illegal under the law," Hall continued, "and we will not be finished until we eliminate this unsavory practice once and for all."
Coin Blog
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6/2/2010
Jhon is about to go on a 45–60 day road trip across the country with his family. This is an annual event that will not affect the business activities of Jhon E. Cash, Currency, Coins, and Collectibles website. I am still here for you to contact so you can be sure your experience with us will not be affected. I am also creating a road trip blog for Jhon to post pictures and his daily blog during their trip. You will be able to follow him around the country. It will be something I am sure you will enjoy.
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6/2/2010
I am currently working on a cool new toy for the site. If you like trivia, get ready for some fun and education. I am compiling a list of trivia questions that cover Numismatics, Sports, American History, and a touch of Pop-Culture. I have the script ready to go and as soon as I have 100 trivia questions written out, I will post it live. If you have a Jhon E. Cash account, you can even track your progress.