NwPlaza Antique Coin Buyers FOR IMMEDIATE RELEASE: 11/16/2014
1413 C Street Vancouver WA 98663
Counterfeit coins on the rise
An influx of bogus coins showing up in Clark County, WA.
Vancouver, WA: Josh, a regular customer at NwPlaza Coins in downtown Vancouver recently came in to the coin shop with a mahogany box of 30 Chinese painted “silver” Panda bullion coins to sell. Each coin was labeled .999 silver 1 ounce. These coins were presented nicely in the box but that’s where the appeal stopped and NwPlaza’s owner had to break the news to his customer that these coins were counterfeit. Although, the coins passed an initial non-invasive metal test performed in-store, none of the coins weighed correctly. According to NwPlaza’s owner, counterfeiters have difficulty matching the exact weight of silver using inferior metals in the coins. The story has a happy ending for Josh. He was able to track down the seller of the coins and get a full refund.
NwPlaza has seen an increase in counterfeit coins this year. “The counterfeiters are getting better and as coin buyers, we have to
stay on top of the latest detecting methods to ensure the integrity of the coins we sell to our customers and those we add to our own collections.” the owner says. Last month out of 1500 coins purchased, NwPlaza handed back an 1878 Trade Dollar, 1921 Morgan Dollar and a 1907 $2.5 gold dollar each with questionable composition.
An important tip from NwPlaza’s owner is to buy from a reputable source. “Our shop does the legwork. We advise our customers against buying and selling coins using online classified ads. The concern isn’t just if the coins are legitimate but it may not be a safe transaction.” He adds, “You wouldn’t buy stocks, bonds or other financial investments in a parking lot from a stranger.”
A good starting point whether an avid collector or someone who has recently acquired coins is a free valuation. Anyone who wants to check the authenticity or find out the value of their coins should take their collection to a reputable coin shop for a free review.
About NwPlaza Coins: According to the coin shop’s website at www.nwplaza.com, the company is made up of a group of coin collectors who buy, sell and trade coins by appointment daily and open to the public on weekends. They pride themselves as having a reputation of making strong offers on coins you want to sell. With a fair market price guide and silver calculator, several resources to educate sellers are available on the website.