Just recently the grading service PCGS announced that it created a new software technology capable of producing digital fingerprints of coins. Code named the “Coin Sniffer”, this remarkable technology will be able to detect “foreign materials and other enhancements to a coin’s surface”, such as putty, laser etching of coin surfaces, retooling details, or adding any foreign substance to make a coin appear better through chemical “enhancement”. Under the banner of PCGS Secure Plus the grading service unveiled this news at a press release the end of May.
In conjunction with this announcement, PCGS also revealed that it filed suit in Federal Court against several individuals, claiming that they engaged in “a pattern of racketeering activity, breach of contract, conspiracy, unfair competition and fraud” for allegedly over the years submitting these types of “doctored” coins for grading.
PCGS has always been on the forefront of the coin industry in trying to stop such malfeasants from occurring, and now finally will have a better set of tools at their disposal to deal with the problem. However, my question is this: Will this news affect the market in any way, i.e. prices, buyer confidence, or overall mood in the marketplace? Is publicizing the dirty laundry that coin “doctors” exist in the business, and have apparently thrived up to this point, a good thing to expose, or not? Thoughts?
Reference: Coin dealer Newsletter June 4th, 2010 edition Torrance, CA
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