Fake Liberia 50 Dollar 2001 coins doing the rounds

[Cape Town Coins CBD 10]

Hi there

 

We recently acquired a Liberia 50 Dollar 2001 coin. These are large 10 cm diameter coins, made in silver and only 500 were minted. There current book value is $1100. A 10 Dollar coin was also made in copper (also 10 cm diameter), with a book value of about $200. The 10 Dollar coin is supposed to weigh 770g, and the 50 Dollar coin 907 grams.

 

Our coin has a few flaws:

1. No box or certificate of authenticity.

2. It weights 780 grams, rather than 907 grams.

3. The coin fragment embedded is supposed to be from the wreck of the ship Princess Louisa, which sank in 1743. Our coin fragment is from a South African penny 1936 to 1952.

4. There are small black burn marks on the underside of the glass window, on both sides.

 

I had our coin tested using an x-ray analyser, and it's copper-nickel. We have seen 7 of these coins in Cape Town in the last 6 months. You can find them on Gumtree, and at least 2 have sold on Bid or Buy since December 2013. One is currently for sale on Bid or Buy. I am in no way implying that either the ones sold on BoB or the one currently for sale are fakes - I have not seen them or tested them, so I cannot judge them. However, given that at least one coin has been confirmed as a fake, I would suggest buyers beware and sellers go out of their way to confirm authenticity.

 

Herewith some links:

 

Coin that sold 2 weeks ago for R3000: http://www.bidorbuy.co.za/item/136125751/2001_Liberia_Princess_Louisa_50_Dollar_RARE_COIN.html

 

Coin that sold for R7100 in December:

http://www.bidorbuy.co.za/item/123654348/CRAZY_START_R1_WILL_NEVER_BE_REPEATED_VERY_RARE_HEAVY_907G_COIN_ONLY_500_MINTED.html

 

Regards

Nicola

Cape Town Coins

[jwither 11]

I wouldn't recommend that anyone buy these coins at all, real or not. That is, unless they do not care about getting their money back.

 

You mention that the book value is $1100. By this, I presume the catalog value in Krause. The two sales on BoB are much cheaper but hardly ones that seem compelling given that the actual collector base for Liberia coins except for a few from the 19th century must be virtually non-existent. If this is correct as I am virtually certain that it is, the "low" mintage of 500 is hardly low at all. I mean, is there any reason to think the demand for this coin should be more than the 1950 Union proof set with the same mintage but a likely somewhat lower survival rate? At least the Union set is a real collector item. Modern Liberia coins like this one are better described as artifiically created collectibles (like those issued by the Franklin Mint in the 1970's) though this one differs from others I have seen.

[Cape Town Coins CBD 10]

I know that LIberia is notorious for minting "collectible" coins, especially with American imagery. At least in this case the coin should be about 1 kg of silver, so there is some value in the metal...

[jwither 11]

I wasn't aware of the wieght. So even at R7100, its a reasonable price for those who want a bullion substitute. But at that size, I still do not consider it a real coin.

 

And yes, you are correct. I was referring to the copying of prior US coin designs in Liberia coinage. The one that specifically comes to mind is a 2000 dated gold coin (I believe $250 FV) imitating US pattern J-1776, the unique1907 $20. The mintage of this "coin" is 250 I have no interest in it now but I would have bought it at the time IF I could have done so for a slight premium to bullion value. I believe the actual price at the time was in the vicinity of 3X when gold prices were about $500.

[elri383 10]

Hi, i am selling the above mention coin on BOB . I checked the coin to make sure it is silver. I am not an expert but it looks to be silver for sure . I bought this item in December from a seller of Bob that is based in capetown . I can't say for sure that it is a fake . I contact the seller to get his opinion and to hear if he got this from an reliable source . What do I stand to do ,I put it up for sale , close to the bullion value . If the coin is for real I suppose it is worth a lot more . I don't want to get into a legal thing with out facts . I bought quite a few items from him, never had a problem and I think he is an honest seller.What do I stand to do

Regards Elri383

[Pierre_Henri 23]

Hi there

 

We recently acquired a Liberia 50 Dollar 2001 coin. These are large 10 cm diameter coins, made in silver and only 500 were minted. There current book value is $1100. A 10 Dollar coin was also made in copper (also 10 cm diameter), with a book value of about $200. The 10 Dollar coin is supposed to weigh 770g, and the 50 Dollar coin 907 grams.

 

Our coin has a few flaws:

1. No box or certificate of authenticity.

2. It weights 780 grams, rather than 907 grams.

3. The coin fragment embedded is supposed to be from the wreck of the ship Princess Louisa, which sank in 1743. Our coin fragment is from a South African penny 1936 to 1952.

4. There are small black burn marks on the underside of the glass window, on both sides.

 

I had our coin tested using an x-ray analyser, and it's copper-nickel. We have seen 7 of these coins in Cape Town in the last 6 months. You can find them on Gumtree, and at least 2 have sold on Bid or Buy since December 2013. One is currently for sale on Bid or Buy. I am in no way implying that either the ones sold on BoB or the one currently for sale are fakes - I have not seen them or tested them, so I cannot judge them. However, given that at least one coin has been confirmed as a fake, I would suggest buyers beware and sellers go out of their way to confirm authenticity.

 

Herewith some links:

 

Coin that sold 2 weeks ago for R3000: Ancient & Shipwreck - 2001 Liberia Princess Louisa 50 Dollar RARE COIN was sold for R3,000.00 on 14 Feb at 00:46 by Stefan1975 in Cape Town (ID:136125751)

 

Coin that sold for R7100 in December:

Africa - CRAZY START R1 !!!! WILL NEVER BE REPEATED!!! VERY RARE!!! HEAVY 907G COIN ONLY 500 MINTED was sold for R7,100.00 on 18 Dec at 23:02 by igor12 in Cape Town (ID:123654348)

 

Regards

Nicola

Cape Town Coins

 

It must have been a stark naked lunatic who faked the coin and then put a partifact of a SA Union George VI Penny in the capsule.

 

To reproduce (fake) that coin must have cost a fortune - where did he/she get the press machinery to strike it?

 

Who did he think would buy it after all the trouble he went through - with it being an obvious fake and all that ?

 

Do you have a close up picture of the Union Penny inside it?

 

Pierre

[Cape Town Coins CBD 10]

Hi Pierre

Herewith the pics of the Union Penny.

[Pierre_Henri 23]

Hi Pierre

Herewith the pics of the Union Penny.

[ATTACH=CONFIG]5092[/ATTACH][ATTACH=CONFIG]5093[/ATTACH]

 

I am lost for words - why on earth would anyone go through a ton of trouble for this?

 

Maybe we have a local Numismatic Sherlock Homes who could investigate this strange whateverness for us?

 

Pierre