Hello, everyone!

The holidays are here and winter has arrived on the Central Coast. That means pleasant days with just enough crispness in the air to put you in the holiday spirit without needing to break out the mittens and boots!

Last month, I attended the Las Vegas Coin Show. It’s always a great opportunity to connect with other collectors and dealers and stay up to date with what’s happening in the industry. Plus, once again I was fortunate to find several things that customers are looking for.

If you have specific items that you’d like to add to your collection – whether coins, currency, or other collectibles – let me know! I keep a running list and you never know when I might find it for you.

That leads me to the importance of spotting fake coins and currency so you’re not caught buying worthless items. To the untrained eye, many of the new fake coins and paper currency look genuine. 

As the title of this newsletter alludes, all that glitters may – or may not – be genuine gold, silver, or currency. Read on for more details and tips, plus examples of common fakes. It's amazing how sophisticated many of them are.

Also in this issue: 

• new inventory of collectible coins
• a real-life story of counterfeiting
• and a few more things

When you think about counterfeit money, if you’re like me, you have the mental image of a dingy basement with no windows, where crooks are cranking out fake dollar bills on a printing press.

It might seem like counterfeit coins and currency are problems of the past, but fakes are a big concern in today’s world. In fact, the methods to create fakes have become quite sophisticated. Modern fakes (often produced in China) are well done and not easy to spot by the average consumer and even by some collectors.

Here are a few examples of fake coins and currency that I’ve come across lately. I want to share a few so you can see for yourself what to look for – and how authentic many fakes have become.

Be assured that, with this issue of the newsletter now complete, I’ll destroy all these fakes so that they can never deceive anyone in the future.

Shown in the image: 

Top: Fake Morgan Silver Dollars

Left (top): Altered Fake 1914-D Lincoln Cent

Left (bottom): Fake 1857 Gold US One Dollar Coins

Center: Fake Confederate Currency

Fake Morgan Silver Dollars

Shown are fakes dated 1883 and 1893, all with the Carson City Mint mark (cc). 

To the untrained eye, they don’t look fake and they pass several of the usual tests to spot a counterfeit:

• They don’t stick to a magnet. Genuine silver dollars don’t contain ferrous metals so a magnet will not stick to them.

• The 1883 coin weighs exactly 26.73 grams – the correct weight – very good for a fake.

I knew the coins were fake because they are too thick. This is how they got the correct weight.

If genuine, all these coins would be expensive, especially the 1893 coins, which would be worth $800 or more if they were real. 

Altered Fake 1914-D Lincoln Cent

This is a clever fake. Because it starts with a coin that is old, this coin would fool many new collectors.

Here, someone took a 1944-D cent and altered the first 4 to look like a 1, so the date now looks like 1914.

If genuine, this coin would be worth $150.

Fake 1857 Gold US One Dollar Coins

Again, at first look, these would fool many collectors visually. However, I knew they are fake because:

• The coin does not weigh correctly (it’s underweight)

• It’s not made of gold. Instead, it’s likely gold plated over brass.

If genuine, this could sell for $350.

Fake Confederate Currency

These are good fakes that would fool many.

The paper used on the paper money is very close, but it's not the same consistency as the original paper used. 

After many years in this industry, I've handled enough genuine bills so the fake ones become obvious. 

Fake Gold Coins Representing Very Rare Privately Minted Gold Coins

During the California Gold Rush, the state circulated several special gold coins.

These replicas were given to bank customers at Imperial Savings – perhaps as a way to encourage setting up new accounts or to commemorate a special event at the bank.

The problem is that they are not marked with the “copy” on them, which is the law. 

A Modern Threat

As you can see, these fakes are very realistic and can fool a lot of people. Because of that, they’re the biggest threat to our coin collecting hobby.

Most of these fakes are flooding over from China, and they’re showing up frequently at swap meets and online auctions or sales websites.

Remember a few common rules of thumb to help you evaluate your collections:

• A magnet will eliminate some (but not all) of the fake silver dollars.

• Real silver dollars in good condition should weigh close to 26.73 grams.

• Many of the fakes are underweight.

When in doubt, have an experienced collector or coin dealer check out your coins.

We have several types of unique collectible coins at the shop. What's most interesting to you? 

Image above: Spanish cobs from shipwrecks of Spanish galleons

These have a very interesting backstory.

In January 1784, the economy of Spain’s Louisiana colony was faltering. The King of Spain decided to send the warship El Cazador to Vera Cruz, Mexico, to be loaded with 450,000 pieces of silver to trade the worthless paper money and shore up the sagging economy.

The ship ran into a violent storm just 50 miles from its destination and sank. Spain never recovered its losses and eventually had to give the territory to France in 1800. Three years later, the French sold it to the United States – that was the Louisiana Purchase.

These historic coins lay at the bottom of the Gulf of Mexico for over 200 years until 1993, when a fisherman snagged his nets on something solid… perhaps some rocks. When he brought up his nets, it was not rocks that fell from his nets onto the dock. It was dozens of silver coins – coins from the El Cazador… the wreck that changed the world.

Image above: Colonial Spanish coins

These date from the 1700s and 1800s. They were minted in Mexico, and include ½, 1, 2, 4, and 8 Reales.

Image above: ancient Roman silver and bronze coins

Each features the profile of a Roman emperor. Imagine owning a coin that a Roman citizen used to purchase goods in the marketplace or other items… between 300 and 500 AD! It’s mind-boggling to consider how old these are. 

The coins I found are in great shape and were never buried. They’ve been in pockets and purses and desk drawers and who knows where else for thousands of years! And now, in 2022, we get to enjoy them and think about the first person who carried this coin.

Past Issues of Pismo Treasures 

If you’re interested in reading past issues of our newsletter, here are links.

Each issue has a feature about a collectible or coin, plus news and updates.

Hi, Ho, Silver! (08/2022) 

Shopping Secrets of a Coin Dealer (04/2022)

Why Should Silver Be on Your Wish List? (12/2021)

Gratitude and Grand Openings, Summertime and Smiles (8/2021)

Spring, Bling and Sinatra in Pismo Beach (3/2021)

Dig in! Pismo Treasures (12/2020)

As the year draws to a close, I want to say how much I appreciate you as customers and friends.

Your interest and curiosity in coin collecting fills my days with interesting conversations and enjoyable meetings as we talk about coins and collectibles.

Your trust in my knowledge and desire to help you evaluate, buy, or sell your collections means the world to me. Thank you.

I close with sharing my warmest wishes to you and yours for a safe, uplifting holiday season and for a bright new year. 

All the best,

John Zalesny

Proprietor

www.pismocoinsgallery.com

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P.S. A question for you.

As you wander around the shop, you may wonder about the stories or history behind a certain piece. Don’t be shy – ask!

I love sharing the background of items and what makes each one special.

Now a question for you. What would you like to read in this newsletter? Whether it’s what makes jewelry valuable, why certain coins are collectible, how old something needs to be before it’s called an antique, or any other question, let me know!

Just reply to this email with your question and I’ll cover it in a future issue.

P.P.S. Let’s Stay in Touch!

On my store’s website, you’ll find more information about the services and selections in the store, as well a bit about my background and how the store came to be.

Check out the shop on Facebook. 

You can also find the store on Google Maps.

While you’re online, I’d sure appreciate your review of my shop and your experience! And please share with your friends – your recommendation is the best way small businesses like mine can grow.