However, do not assume that just because your piece has these marks it is genuine. The frightening thing about this story is that the bars had real serial numbers and they came with official papers. Joined: Jan 17, 2012 Messages: 33 Likes Received: 0 Trophy Points: 0. As I wrote here, China is flooding the markets with counterfeit gold coins. The only other series of counterfeits that could compare in quantity to the $2½ "Indians" would be $1 gold coins (if all three types are added together), followed closely by $3 gold pieces and $5 "Indians." Many Chinese counterfeit coins are magnetic, and it’s a dead giveaway if a silver-looking coin is attracted to a magnet. King of the Counterfeit Gold Coin Series by Mike Sargent. However, fake gold coin detectors gave testers a huge advantage in the war against fakes and for many years they had the edge. “The survey results are not surprising to us,” said Beth Deisher, the Industry Council for Tangible Assets (ICTA) director of anti-counterfeiting. If I were to buy some back I would not need to do any chemical testing to verify that one is real. So, they were hoping the metal would not indent, and not the other way around. These were melted down into gold bars and used to shore up national reserves. Hardest to counterfeit? Gold Coins/Bars There are quite a few gold coins, and some gold bars, that have been counterfeited. There are many factories in China that sell “gold-like” coins for next to nothing, and unscrupulous dealers buy these in bulk, claim they are the real deal and then sell them on for a significant profit. Much like changing a mint mark, changing the type of seven used in the date, or making a similar change can create a counterfeit coin out of what was once a true product of the United States Mint. having a date of 1906, before the silver eagles were first minted). Why Store Precious Metals Outside of the Banking System? 13. This series accounts for approximately 40% of all counterfeit gold coins received by PCGS. Counterfeit Silver: How to Spot Fake Silver? The 1912 had a larger mintage, but the NGC notes that it is rarer in higher grades. The main issue with eBay, however, is the fact that counterfeit gold products are rife. US gold quarter eagle coins were small coins compared to modern bullion and proof products, which means that counterfeiters don’t need a lot of gold to make fake copies of these coins. In 1853, Gideon B. Smith patented the first fake gold coin detector, which became an essential piece of equipment. Subscribe to the JM Bullion newsletter to receive timely market updates and information on product sales and giveaways. Fortunately, while fakes are perhaps more common than they have ever been, it’s easy to avoid them. The world of American rare gold coin buying is quite full of details, and some of those details may be counterfeit. This move has been made necessary by the rising prices of gold and silver, and the matching increase in demand for and production of bullion products. Counterfeit products exist in almost all industries, and precious metals are no exception. A buyer purchased several 10 ounce bars worth $18,000 each and, for whatever reason, he decided to drill into them. We’re not going to tell you to avoid using eBay altogether. © Copyright 2021 JM Bullion. In more recent times, fake gold coins have been used in warfare, with countries attempting to destabilize their enemy’s economy, and the famous 1907 Double Eagle coins, minted by the US Mint, created an uproar when it was discovered that they were being counterfeited on a grand scale. You just need to make sure that you use one of these dealers. A strong Alnico magnet (see the figure) works well for counterfeit detection and can be purchased online for a few dollars. They may be called bullion coins. Although platinum is denser than gold, by alloying it with an appropriate amount of copper, it can be brought to the correct density. I am considering paying melt value for the counterfeit piece, but need to know if it is gold (not gold-plated) and if it is 90%. All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice. This may be hard to spot in a piece that is brand new, but if it is old, if it has experienced a significant amount of wear, then you should be able to see noticeable discoloration. The color of the gold itself may also be an indicator, although you need to remember that some gold coins, including the Gold Sovereign and the Gold Krugerrand, are not 100% pure. These were apparently made to order for a North American, the coins being mainly destined for use in South America. Of course, when possible, it’s always worth consulting the experts. One look at the list below and it quickly becomes clear that counterfeiters have a favorite coin they love to target. Hundreds of thousands of fake coins are being sold in […] The manufacture of this counterfeit is so bad that the base metal shows under the plating. The 1856 Flying Eagle Cent How to detect altered and conterfeit coins. Incuse design fields are more difficult to authenticate, and not all coin dealers turn to the likes of the Numismatic Guaranty Corporation or Professional Coin Grading Service for assistance. However, there are many safeguards to protect yourself from buying fake gold. All United States silver and gold coins are not attracted to a magnet. If a bullion coin or bar sticks to a magnet you can easily throw this one out. Of course, one of the main reasons for the high level of forgeries among historic US gold coins is technological. I'm a complete newbie and considering purchasing some gold. The truth is that people did used to bite gold in order to test it, but only because lead was commonly used to counterfeit gold and lead is even softer than gold. This included spitting on the coin and then rubbing it against an abrasive surface, hoping that the gold-colored surface would rub off and that the base metal would show through. Home. (Most of these tests can also be applied to gold as well). In more recent times, fake gold coins have been used in warfare, with countries attempting to destabilize their enemy’s economy, and the famous 1907 Double Eagle coins, minted by the US Mint, created an uproar when it was discovered that they were being counterfeited on a grand scale. When you shop with an authorized dealer such as JM Bullion, working closely with the Numismatic Guaranty Corporation and Professional Coin Grading Service, you can nab some of the most historically significant US gold coins of all time without worrying about the authenticity of your piece. You're a thief, and you've managed to break into the vault of an ancient bank filled with 100 sacks of coins. Fake 1875-S U.S. Trade Dollar Fake Coins,Counterfeit Coins,& Altered Coins Fake 1943-S Copper Lincoln Wheat Cent Counterfeit coins are created for a variety of reasons.

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