WHERE ARE THE LEADING NUMISMATIC ORGANIZATIONS IN THE FIGHT AGAINST COIN DOCTORING?

Yes, its been a little bit since I’ve written a HOT TOPICS. The delay was for no other reason than I have been really busy the past two months.

My pet project is and will always be to end coin doctoring. Until the last coin doctor is gone, I’ll keep on pushing this topic to #1 where ever and when ever I can. I am not doing this for any glory-I think it’s sick the destruction that these low lives are getting away with. Even with more pressure added in the past year, all the coin doctors have done is cut back submissions-not stopped working on coins. We still see plenty of glow in the dark colored Nickels, Indian Copper that has new color, resurfaced PR Gold, and grease on Morgan Dollar cheeks (this is the stuff that turns long after a coin is graded). Every coin they work on, becomes damaged-period.

The grading services have been fighting them as hard as they can. It is my opinion, they have been making some headway-but the fact these guys are still at it is bad enough. It’s going to take a serious and unified effort from dealers and collectors to stop them.

Recently, there was a beautiful fresh group of GEM copper coins in a major auction. One dealer overheard another (PNG member too) say: “I can work on them and get them in higher holders.” Fortunately, I helped make sure that person bought nothing out of that sale! This had me fuming for days-and I am still angered at the fact these guys are so brazen and think they can just destroy coins for their personal gains whenever they want. More clearly needs to be done. The message MUST be louder and clearer too. The big numismatic organizations need to start making their voices and powers felt about this subject.

Here is what I suggest:

It’s time for the two biggest and most powerful organizations to take a stand-a real stand. I am talking about ANA and PNG. They need to come squarely out and firmly denounce coin doctoring and anyone who aids in the sale of bad product, or finances a coin doctor. They MUST join with the grading services to stop the destruction of fresh original coins. I have not seen either of them mention this issue anywhere at anytime.

THE PNG

Legend has NOT been a member of the PNG because we do not like the fact they seem to be in their own world about matters like this (and we don’t like their air of elitist arrogance towards non members). The PNG claims in their advertising they are the ultimate consumer protection group involving dealers. To be true, in my opinion, they MUST adopt a bylaw that clearly states : NO MEMBER SHALL KNOWINGLY DEAL IN OR DOCTOR COINS. Sure, the BS will be: define coin doctoring, or it’s in a holder and we didn’t know, yada, yada. Apparently, the reason the PNG can’t or won’t adopt this (I tried to get some ex board members to write it while they were in office) is because there seem to be a few coin doctors within the organization (and several members who finance them as well)-an UNDISPUTABLE FACT. Just look at how many members do nothing but “crackouts”. While doing “crackouts” does not mean they are coin doctors, dig deeper and look at the quality of the coins they have. Be a detective and trace where your puttied Morgan or messed with Early Gold piece came from (you can always ask the grading service-they won’t tell you a name, but they probably would confirm if the submitter was a PNG member). Then you’ll know which ones are doctors and which ones are not. And even worse, are the dealers (like the retailer from the Washington DC/VA area) who not only financially partners with them, but sells most of their garbage. You really want to buy from a dealer like this? It is time for the PNG to quit worrying about how the organization looks and take a real stand to tell these guys STOP! Sure, there are NON PNG dealers who doctor coins, but this is a major organization that prides itself on consumer advocacy and making sure its membership is worthy.

If the PNG can’t agree to punish those who destroy coins-for whatever pathetic excuse they have, then they are very bit as much of the problem. It is a mystery to me why it was never in their by laws in the first place.

THE ANA

The ANA I believe is simply behind the ball on this topic. They have been busy fighting off rouge 3rd party grading services and corrupt telemarketers (both world class problems). I commend out going President Barry Stuppler for all the heat he took over the years on these issues. Now it’s time to move into the area of stopping the coin doctors. The ANA too must come out with a bylaw that says: NO MEMBER SHALL KNOWINGLY DEAL IN OR DOCTOR COINS. They should also educate the public on immediate signs a slabbed coin has been altered. I happen to also know of several collectors who are coin doctors. They need to be told NO too and know they can be punished. The ANA has a long reach and can do a lot in terms of shutting these guys down. It would definitely hurt any retailer known to finance, sell, or even doctor coins if the ANA were to take a serious position about this. It’s time the consumer protection committee of the ANA enters this fight-they can make a difference.

If the PNG and ANA got on board and really took up this issue, the coin doctors would have a hard time performing their craft. These guys would be able to be outed much faster and in a very public way once caught. This is definitely a consumer protection issue that should not just be thrust on the grading services.

THE ANA AND PNG CAN REGULATE COIN AUCTIONS

How many of you have ever bought a bad coin from an auction? BOTH the PNG and the ANA can regulate (to a degree) the amount of doctored coins the auction houses offer to the public. They can both make rules that to be a member auction house, they MUST reject all coins found to be doctored. Or, they can impose rules where the auction house MUST clearly identify a doctored coin in the description and estimated value and then notify the grading service. The ANA can especially enforce the rules since each year a major auction company pays for the rights to hold the ANA Summer and Winter sales. Having ALL the auction houses co-operate would probably be the biggest shut down (or slow down) of a sales method for coin doctors. Some consignors may not be happy, the auction houses will lose some revenue, and the grading services will not be happy when they get the garbage back, but it will lead to a far healthier market down the road. This is part of why CAC is so successful. You will rarely ever see a doctored coin in a CAC holder-and look at how much more those coins bring in auctions or how easy they are to sell. The point is, shut down the market where coins doctors sell. Auctions are probably the biggest avenue by far that the coin doctors sell through. I would think if the auction companies disagree, they are as guilty as the docs themselves.

In the old days, most dealers would simply turn a blind eye and have the attitude: just pass on the coin, or it will sell for what it is worth at auction. That’s insane and those lousy and lethargic attitudes that have allowed the coin doctors to prosper! These jokers are ruining thousands of great coins for their own personal profit. When they deface and ruin a coin, it should be considered an outright crime. The stamp guys got nailed for doing that this year, it’s time the coin doctors get theirs. You can’t tell me that destruction of coins isn’t one of the worst crimes committed in our hobby.

As collectors, you can write the ANA and even the PNG and demand action. Keep this topic alive and loud. As a group, we can beat the small fraction who thinks coin doctoring is ok. Coins are a treasure, not items to be recolored, lasered, or retooled. I am tired of hearing about what coin doctors dream they can do when a fresh original group of coins comes to the market. And don’t even ask me about what i think every time I see a ruined coin…..Does your dealer care? Ask them to be involved in this fight too. I’d be wondering an awful lot about them if they shy away.

MY DEFINITION OF COIN DOCTORING:

Any alteration of metal other than removing a light topical coating (simple dipping is NOT doctoring). Adding color, adding grease, smoke, or any substance that enhances the coins appearance.

This article solely represents the opinion of the author, Laura Sperber. Any questions or comments please send to: lsperber1@hotmail.com