(Santa Ana, California) – Professional Coin Grading Service (PCGS) is advising its authorized dealers of the existing terms and policies regarding submission of so-called “doctored” coins, and is reinforcing the application of those policies.

“We’re seeing more and more coin doctoring than we’ve ever seen, and the methods used to alter the coins are more and more sophisticated,” said Ron Guth, President of PCGS, a division of Collectors Universe, Inc. (NASDAQ: CLCT).

“We are constantly trying to keep up with new and sophisticated techniques, such as micro surgery with lasers and various chemical treatments to alter the surfaces of coins. You name it, and the coin doctors are trying it. We’re giving public notice to those who alter coins that we’re clamping down on them.”

Guth said PCGS graders are frequently updated on what to watch for when analyzing coins submitted for certification. He compares the continuing education to combat coin doctoring and counterfeiting to anti-virus software makers who are on constant vigil against computer hackers and new viruses. (more…)

DES Browne yesterday rejected attempts to get Scottish banknotes designated legal tender in England. The Liberal Democrats had appealed to the Scottish Secretary to change the law and reclassify Scottish notes, which are currently not officially legal tender anywhere in the United Kingdom.

They are accepted generally as payment but do not have the legal backing that Bank of England ones enjoy. The term legal tender is only used in contract law and provides protection in limited cases where debtors have paid debts using “legal tender”.

In every other way, the legal tender of a banknote does not affect its use. But the Lib Dems say there have been instances when traders in England have refused Scottish notes, claiming they were not “legal tender” and this could not happen if the notes were given the same legal backing as Bank of England ones. Read Full Story

Court summonses were served to Barry Stuppler, president of the American Numismatic Association, and Gary Adkins, president of the Professional Numismatists Guild, Jan. 10 on the floor of the Florida United Numismatists convention in Orlando.

The summonses spring from a lawsuit filed by National Numismatic Certification LLC; ASA Accugrade, Inc.; PCI Coin Grading, Inc.; Sovereign Entities Grading Service, Inc.; Treasure Gallery, Inc., and Centsles, Inc., against the two numismatic groups and against eBay claiming defamation and interfering with business.

The suit was filed in United States District Court for the Middle District of Florida. Read Full Story

A Canadian oceanographer who discovered what may be the richest shipwreck treasure in history [The Black Swan] has agreed to pay US$216,355 in an insider-trading settlement with U.S. government regulators.

The Securities and Exchange Commission announced a civil settlement Thursday with Ernesto Tapanes, an oceanographic consultant after accusing him of illegally profiting from his find.

In March, he discovered a wreck, code-named Black Swan, for Odyssey Marine Exploration Inc. as he surveyed off the coast of Gibraltar. The company revealed the Atlantic Ocean discovery of 500,000 colonial-era silver coins, estimated to be worth up to $500 million May 18.

In a civil suit, the SEC alleged in the weeks before the announcement, Tapanes used his inside knowledge of the find when he bought buy 42,000 shares of company stock. Odyssey Marine shares soared nearly 81 per cent on May 18 to $8.32 apiece. Tapanes then sold the stock, reaping a profit of $107,102. Read Full Story

DAHLONEGA - It has been reported by AccessNorthGa.com that the Lumpkin County Sheriff’s Office has thwarted a possible conspiracy to steal gold coins from the Dahlonega Gold Museum in Dahlonega Georgia.

The article stated that an anonymous caller alerted the museum on Christmas Eve of the potential conspiracy. Based on that tip, Officials reportedly contacted one of the alleged co-conspirators, who had recently visited the museum and was researching the value of the coins.

“We put them on notice that we knew about the conspiracy and none of the coins would be stolen,” Lumpkin County Sheriff Mark McClure said. And, “We would be definitely looking to charge individuals if that did occur.”

The alleged thief, who is beleived to be from Florida, denied having any involvement in the scheme. The man was not identified by the Sheriffs office (more…)