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Counterfeit Gold and Silver coins

by Silver Coin Guy on November 13, 2011

With the rise in precious metal prices and the increasing demand for physical gold and silver coins it’s only natural that someone would try to cash in on the boom by producing fakes.

Silver Eagle Coins

This is another reason to go with junk silver coins as opposed to silver rounds, silver bars and even silver eagles.  The likelihood of someone counterfeiting pre-1965 silver coinage is slim, so you’re protected to a large degree.  I wouldn’t get too worked up over this issue, but as with all things you should take some simple precautions to protect yourself, and your wealth, from fake and counterfeit coins.

Protect yourself from Fake Coins

1)  Buy your coins from reputable dealers who have been in business for a reasonable period.

2) “Trust but Verify” – I love the concept of the statistical sample.  You don’t have to test all your silver and gold, just a representative sample.  You can do this yourself using one of the methods detailed in the videos below or you can take it to a coon dealer to have it evaluated.   One caveat – Have it tested by someone different than you bought it from.

3)  When it comes to silver buy junk silver coins.  If your buying on eBay, which I do and still recommend, this is perhaps the safest method.  When you purchase a large amount it’s still a good idea to test a couple, but when going with junk silver a visual inspection will usually suffice.  (Always do a visual inspection of any coin you buy as soon as you get it.)

4) Learn more about what you are buying. Know how it’s supposed to look, how large (or small) it’s supposed to be and how much it should weigh.  A really cool thing about collecting and owning precious metal coinage is that it’s as much a hobby as it is an investment program.  Go ahead and buy a small digital scale, like the one here, and make it a habit to weigh your coins as you inspect them.

5) Purchase your precious metals through a company like GoldMoney or Bullionvault.  Both these companies will store physical precious metals for you, ensuring you get actual metal and diversifying your holdings as well.

Video’s on fake silver coins

 

 

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