There’s an old saying that can help buyers avoid problems: If you don’t know coins, you better know your dealer,” In summary, while there’s very little to be concerned about if purchasing gold coins from a reputable coin dealer, we recommend that you take appropriate steps when entering into a private transaction or conducting business with a coin dealer that doesn’t have an established track record. 2. However on silver coins, a rare earth magnet will slide off slowly as demonstrated on YouTube @ http://www.youtube.com/watch?v=ZWLKp2dYMf4 Depending on the item, its composition may consist of 14K .585 solid gold, or copper exquisitely layered in 24K gold. Nearly 25 per cent of U.S. coin dealer survey respondents reported customers seeking to sell them counterfeit GMLs compared to 43.3 per cent […] Counterfeit 2012 Gold Eagle $50 coins, for instance, exhibit recessed horizontal lines across Liberty’s legs, which is a telltale sign that the coin was struck with insufficient pressure. 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. One ounce 24k gold coins, such as Canadian gold maple leaf coins, should weigh 31.1 grams. For those who do not know how to perform a specific gravity test, please refer to the procedure as described by swamperbob posted on 02/17/2008 at 10:48 pm @ Save my name, email, and website in this browser for the next time I comment. Watch The Ringer demonstration by Fisch @ https://www.youtube.com/watch?v=boB4yyS-fDk . 1. http://www.coincommunity.com/forum/topic.asp?ARCHIVE=true&TOPIC_ID=24689#201659 Weight testing for lighter base metals (i.e. Model Number: SXD-K121. By the way, I’m a regular reader of your articles and always learn a lot. https://coinweek.com/counterfeits/avoid-becoming-victim-fake-gold-coin Font: Small variations in font design can give a counterfeit American Eagle away. A rare earth magnet will not stick to coins that have no silver in them. *** BUYER BEWARE – ILLEGAL TO RESELL FOR PROFIT ***, ChinaTungsten is a Gold Bullion Counterfeiting Factory that sells counterfeit Gold Bars and boasts, “While gold is priced in the tens of thousands per pound, tungsten costs less than $100 per pound. Counterfeit 1913 Great Britain Sovereign No. The Chinese claim that in 1995, during the Clinton administration (Robert Rubin, Alan Greenspan and Lawrence Summers), between 1.3 and 1.5 million 400-ounce tungsten blanks were manufactured by a sophisticated refiner in the United States – over 16,000 metric tons. Usually seen when an old collection from the 1960s or ’70s is sold. This proves that the flaws are in the dies used to strike the coins. More commonly counterfeited gold coins are Chinese gold pandas, and $20 Liberty Head and St. Gaudens gold coins. Gold coins are still being counterfeited, according to of industry studies. 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. How do you find reputable dealers? John Matarese shows why you could be wasting a lot of money. The coin was quickly panned by experts as a fake and was withdrawn from the auction sale. Prior to 2012, all non-destructive Gold testing methods (i.e. Not all gold coins weigh the same, even if they contain the same gold content, so it’s important to know in advance how much an authentic gold coin should weigh. It’s an exciting time for gold investors. I am worried there are more of those out there, and no one knows”. Canadian gold maple leafs are among the most common coins that we purchase, so we didn’t expect this transaction to be much different than any other. Tungsten coins make a dull thud sound instead of the ping ringing sound indicative of a genuine gold coin. These are pictured to allow you to see if you could tell the differences, and also to bring to your attention the fact that forgeries do exist in sovereigns, as with almost all coins. At the end of the day, it’s really just a matter of personal preference, but in my opinion, verifying the dimensions of the coin cannot be overlooked. Watch the entire series at https://www.pcgs.com/education. The same counterfeiter also counterfeited other US gold coins, including a large quantity of $3 gold pieces, dated 1874, 1878 and 1882, with the 1882 being the most prevalent. To help collectors and dealers identify counterfeit coins, NGC has prepared lists of the most commonly counterfeited US, Chinese and world coins with diagnostic information and images from NGC’s extensive database, as well as commentary from the NGC coin grading team. The Chinese further claim the remaining 400-ounce fakes were eventually gold-plated and sold into international markets. As you know, in this industry, you can never become complacent. It’s also a perilous time. On YouTube there is a demonstration on how to perform a specific gravity test using a sensitive weigh scale and a small cup of pure water @ http://www.youtube.com/watch?v=xYdSEAm-7uI 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. Learn how your comment data is processed. “It is clear there is an increase in the types of fakes sold by unscrupulous dealers. Markups aren't the only way to lose big by buying coins, he adds. This is the first that I have read of fake Canadian Gold Maple Leaf coins. More expensive and reliable methods that can be used to verify the metal content of the coin that you’re purchasing include investing in a precious metals assay machine, such as one of the following from Niton and Olympus. THE OFFICIAL 2021 MEGA RED BOOK DELUXE EDITION, LIGHTHOUSE INTERCEPT SHIELD DOUBLE ROW SLAB BOX, PROFESSIONAL LARGE TABLE TOP SCALE (4000 X .1 G), LIGHTHOUSE HIGH PERFORMANCE DIGITAL MICROSCOPE, BCW TOPLOAD HOLDERS -- LARGE CURRENCY -- PACK OF 25, Collector's Assistant - World , Ancient, US and Paper, HEAVY DUTY DOUBLE ROW SLAB/CROWN BOX (10 INCH), PLEASURE AND PROFIT: 100 LESSONS FOR BUILDING AND SELLING A COLLECTION OF RARE COINS, LIGHTHOUSE COIN CLEANING FLUID FOR ALL COINS. For those who are not aware, the audit conducted by the U.S. Treasury on September 13, 2012 on the gold stored in the New York Federal Reserve can be read @ http://www.globalresearch.ca/us-gold-reserve-audit-show/5326810. Synopsis. A resonate pinging sound indicates a genuine gold coin whereas no ringing sound or a dull thud indicates a gold plated tungsten filled counterfeit. Here are the best ways to spot fake gold or silver. However, we were surprised when we were presented with a counterfeit gold coin. If the seller is members of all three, that is especially good. Counterfeit Coin Bulletin/Bulletin on Counterfeits Periodical about U.S., world, and ancient counterfeit coins that most recently was published jointly by the American Numismatic Association (ANA) and the International Association of Professional Numismatists (IAPN). [NBC News: Glitters, but Not Gold], Counterfeit 24k Gold Bar Sold by Royal Bank of Canada branch. It’s unknown, and impossible to estimate, how many people worldwide bought fake gold coins – totally unaware of their worthless possessions. Altered Dates And Added Mintmarks. Be sure to check the thickness as well as the diameter of the coin, as it’s possible to produce a counterfeit coin using a different metal that has the same weight and diameter, but a different thickness than the original. However, if you invest in many types of gold coins, purchasing many wallets can become quite expensive. The rarity and accessibility of certain coins wasn’t the sole reason for the higher number of counterfeit coins in these particular programs. A Gold Eagle did not ring even a little bit, no matter how many times we tried it, even though other coins rang like a bell, proving we were using ringer correctly. Counterfeit coins and free appraisals. The ones that concern us the most are coins made to intentionally deceive a coin collector out of his money. Who is going to make sure those are real? We produce all our replica gold coins from the finest materials. First, they must match the cost of the gold content of the coin. You simply apply the magnet to the coin or hold it slightly above the coin to confirm if it’s magnetic. The scale can currently be purchased for less than $10 on Amazon, which is a great investment, even if you only plan on purchasing one or two coins. Other options that include various levels of knowledge and expense include conducting a density or specific gravity test to confirm the density of the metal, as all metals have distinct densities and properties that make them impossible to replicate. The news article from June 10, 2014 of the arrest of two criminals selling fake of American Gold Eagle 1 oz. This allows us to determine the gold’s purity from surface to core and detect a gold plated base metal (i.e. A strong Alnico magnet (see the figure) works well for counterfeit detection and can be purchased online for a few dollars. If you only invest in one or two types of gold coins, this is probably a worthwhile investment. Counterfeit Gold Bar with Tungsten Core Gold plated tungsten is extremely difficult to detect because its density (1204.41 lbs/cubic ft) is nearly identical to gold (1206.83 lbs/cubic ft), so its weight difference (-0.2%) is within common tolerance limits. The security feature consists of an intricately micro-engraved design produced with laser technology. Posted on December 20, 2016 Counterfeit, or “fake”, coins are pesky inevitables in the world of coin collecting but there are a number of tips suggested by the Numismatic Guaranty Corporation (NGC) and Professional Coin Grading Services (PCGS). Glad you found the article to be informative. The high mintage means that this coin is often not inspected closely, making it easier for counterfeiters to pass their fakes. - A recent email . Learn common diagnostics of counterfeit gold coins from PCGS in this short video course. coins can be read @ http://www.timesunion.com/local/article/Two-men-charged-with-selling-counterfeit-gold-5542193.php. Since 1986 when the United States Mint first introduced silver and gold American Eagle bullion coins, they have been top sellers in the United States as well as around the world. If so, then walk away, as you’re dealing with a counterfeit coin. [The Fort Knox Conundrum], In 2012, at least 10 counterfeit Gold Bars made of tungsten were sold by a well known Russian salesman to unsuspecting dealers in Manhattan’s Diamond District. Tony, We returned the coin to the dealer." This year saw the highest mintage for the entire series with some 4,076,051 pieces struck. As your Gold Agent, you never have to worry because we guarantee the gold we buy and sell on your behalf is real. A few months ago, a non-numismatic auction house in Atlanta announced the discovery of a previously unknown 1870-S Three Dollar Gold. Our Gold Coin Replicas Deliver Unsurpassed Quality. Usually, fake gold coins are somewhat larger or thicker, so they are heavier and less detectable as fakes. Unfortunately, I have found that sellers that only tout their fresh BBB rating are not to be trusted. You’re welcome, Patrick. Counterfeit Gold Coins. Consumers can be fleeced by dealers selling counterfeit coins that contain only a fraction of gold or silver content, for example, or by dealers who simply take buyers' money and don't deliver the coins. Watch the discoveries on YouTube @ https://www.youtube.com/watch?v=2P1h6uXDACY&index=3&list=UUS0-Hrh-r90e6vs309wJ0zw & https://www.youtube.com/watch?v=2P1h6uXDACY&index=3&list=UUS0-Hrh-r90e6vs309wJ0zw . Thank you for your article. It was my first experience with a fake Canadian gold coin and have a feeling that it won’t be my last. In 2010, tungsten cost $25 per pound and sold for $18,000 in fake gold – making it the Gold standard of counterfeits. There is absolutely NO need for destructive testing. Charging the real gold price for tungsten gold leads to a huge profit”, but neglect to say, “and Secret Service or Interpol arrest and fine or imprisonment up to 15 years, or both.” [18 U.S. Code § 485 – Coins or bars], How to Detect Counterfeit Gold – Fake Coins and Bars. Detecting counterfeit coins or fake gold bars can be as easy as using a magnet or spotting obvious errors, but Chinese fakes are getting better as criminals based there acquire sophisticated equipment such as 3D scanners and CNC mills. High-Quality Counterfeit Gold Bars Revealed. – Historical Reference Collection, United States Mint. Gold American Eagle Coin for sale on the Internet at wholesale price Counterfeits with a significant gold content. All News, Articles, Commentary and Opinions are contributed by the author(s), with or without compensation, who are solely responsible for the content, and do not represent CoinWeek Management. Be sure to bring a reliable portable scale with you to any gold coin buying appointment. According to http://news.coinupdate.com/royal-canadian-mint-adds-security-feature-to-gold-maple-leaf-1686/ since last year 2013, The Royal Canadian Mint has now included a new security feature onto their Gold Maple Leaf coins. The website is @ http://sxd-badge.en.alibaba.com/product/1496181745-214298430/1_oz_2013_Canadian_maple_leaf_gold_coin.html Fake American Gold Eagles are also available @ http://sxd-badge.en.alibaba.com/product/1313259076-214298430/Tungsten_gold_1oz_33_93g_Eagle_coin.html Fake Gold Krugerrands are also available @ http://sxd-badge.en.alibaba.com/product/1311673431-214298430/Popular_gold_33_93g_Tungsten_Krugerrand_coin.html. Many Chinese counterfeit coins are magnetic, and it’s a dead giveaway if a silver-looking coin is attracted to a magnet. However, if the same metal used to produce the authentic gold coin isn’t used in the production of the counterfeit coin, then the diameter and/or thickness of the coin is unlikely to match the specifications of the authentic coin. In 2009, China reportedly received 6,000 Gold Bars 400 oz. [Canadian certified gold bar exposed as fake: how many more are out there? If the coin is too large or too thick, it’s almost certain the coin is a fake gold product. Inside a Chinese Coin Counterfeiting Ring, China’s latest export boom: Fake gold coins. $20 Liberty Head and St. Gaudens gold coins weigh 33.43 grams. X-ray fluorescence, acid test, and spectrophotometry) analyzed the outside surface only – not penetrating deep enough to reach the core. By Tony Davis – Atlanta Gold & Coin Buyers ……. 2020 © DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. I have recently obtained 3 tungsten based counterfeit gold coins, a Krugerrand, an American Eagle and a Maple Leaf. Fakes look like real one-ounce coins. In addition to the areas of rust and weak strike issues, there are other imperfections evident. DESIGN & SEO:  EXPERIENCED.CM, NewsMax: Counterfeit Gold a Growing Problem. In regards to use of steel calipers, this is another excellent recommendation. FIVE WAYS TO SPOT A FAKE COIN. -Dana Samuelson, President Order) A genuine one-ounce American Eagle gold coin is on the left. As far as low cost options go, one of the best ways to determine if the coin you wish to purchase is authentic or not is to compare it to a similar coin you own that you know is authentic. Nothing is perfect but if you buy from dealers who are members of the American Numismatic Association, Industry Council for Tangible Assets, or Professional Numismatists Guild, that is better than if they are not. An ordinary magnet will stick to cheap ferrous alloys if they are present in coins. The transfer method is most commonly used to counterfeit gold coins. This allows you to stack the coins, measure and weigh them to confirm that the specifications are similar. Canadian certified gold bar exposed as fake: how many more are out there? These sales of counterfeit coins are potentially a multi-million dollar problem for the public. Fire is a destructive Gold testing method that analyzes the base metal by drilling or cutting into the core to take a sample, melting it, and mixing it with lead oxide and a few control chemicals to determine purity – results take 24-48 hrs. Although fake gold coins made from gold covered tungsten are able to pass the weight, diameter and thickness tests, they fail to pass the ping ringing sound test. Fisch now sells The Ringer which is essentially a plastic coin clamp with an attached spring actuated plastic clapper. This, in fact, is the first fake Canadian gold maple leaf coin that we’ve seen. The jeweler underscored the significance of this find, “since the counterfeit gold was sealed in [Royal Canadian] mint packaging, why would an investor have any reason to doubt its provenance and actually open it up to check? We have used the American Weigh digital pocket scale for years, which we have found to be very reliable. The audit procedure did require minor partial destructive testing by drilling holes into some of the gold bars to extract test samples for assay. While we were able to immediately identify the Canadian gold maple leaf as a counterfeit, as we have a good bit of familiarity with these coins, individuals that don’t have as much experience with these coins, or gold coins, in general, may not know the proper way to authenticate gold coins, so we thought we’d take this opportunity to share with our readers several ways that you can authenticate gold coins. 1862 Counterfeit Liberty Coin. Similarly a rare earth magnet pendulum apparatus is demonstrated on YouTube @ http://www.youtube.com/watch?v=HlzLXKFW-Tg. that originated in the United States and were stored in Fort Knox for years (their serial numbers provided tracking). We illustrate on this page a number of counterfeit gold sovereigns. This site uses Akismet to reduce spam. Counterfeit Detection. Thanks for posting this article. Types of counterfeit gold coins. Counterfeit 1 oz. [NewsMax: Counterfeit Gold a Growing Problem], In 2016, it was reported that counterfeit gold coins were flooding the market at an astonishing rate. Second, they have to replicate the labor it takes to make the counterfeit. While more expensive than investing in a scale and caliper, a Fisch fake gold coin tester should last during your entire gold coin investing lifetime. Excerpt from Annual Report of the Director of the Mint to the Secretary of the Treasury Fiscal Year Ended June 30, 1878 Washington: Government Printing Office, 1878, Page 9-10. Calipers from Tekton are similar to the caliper that we use. During 2012 there was the notorious scam in which tungsten was discovered to be sophistically imbedded into fake gold bullion bars. Since tungsten has a specific gravity almost exactly the same as gold, the weigh test, the outside measurement test and the specific gravity test would not work to detect fake gold objects with imbedded tungsten. These instruments are generally sold in a wallet and include fake gold coin detectors for each denomination gold coin in a series. If you prefer to invest in an all-in-one authentication tool, you might want to consider purchasing a fake gold coin detector from Fisch. I have seen examples of the very rare 1927–D Double Eagle offered that turned out to be fake as well. Image courtesy: By Geni and Wikipedia.com. However, at a price tag likely in excess of $1,000, your money is probably better spent elsewhere. Fake American Gold Eagles @ http://www.alibaba.com/product-detail/American-Eagle-2003-One-Ounce-Gold_1061192485.html . Keep up the good work! CoinWeek Supplies Highlights _______________________________________________________________________. It was hermetically sealed in the Royal Canadian Mint’s tamper-proof packaging and bared the correct marks, stamps, and security features: micro-engraved laser maple leaf and line pattern on both sides – not to mention it was sold from the authorized inventory of a RBC branch. Tony can be reached at sales@atlantagoldandcoin.com or at 404-236-9744. For those who are unfamiliar with the infamous scam about gold bars filled with tungsten, the article can be read @ http://www.businessinsider.com/tungsten-filled-gold-bars-found-in-new-york-2012-9. In the past decade, a staggering amount of high quality counterfeit Gold Buillion Coins and Bars have been discovered with tungsten (aka wolfram) cores. As I wrote here, China is flooding the markets with counterfeit gold coins.But you can protect yourself. 22k gold coins, such as American gold eagles and South African gold krugerrands, weigh 33.93 grams. TENSOR LIGHT - used by many numismatists to examine and grade coins. By the time the BBB catches on, such sellers are often long gone. We met yesterday with an individual that was interested in selling a Canadian gold maple leaf coin. On a small area of the reverse of the coin, a textured maple leaf is present with the number “13” at the center, which is only visible under magnification. Hundreds of thousands of fake coins are being sold in […] Another good low cost option involves investing in a rare earth magnet. Professional Numismatists Guild (PNG). The number “13” denotes the year and will change annually to feature the last two digits of the corresponding year of issue. Better-date coins are a perpetual target of counterfeiters. The fakes are getting better and better, so it’s up to us to stay on top of the trends and make sure that we’re only offering high quality genuine product to our customers. As you can see, the second coin has the same defects as the first. Several other options are available to individuals that wish to confirm the authenticity of their coins, including some expensive and not so expensive options. Sometimes, crafty individuals will choose an extreme rarity and attempt to commit fraud by counterfeiting the coin. I had not yet heard of or seen counterfeit gold Maple Leafs. Typical features: • Gold content close to the original, typically between 450/1000 and 930/1000 • Deviation in the minting quality especially of the edge lettering • Deviation in the number of mills High demand for Investment Grade Gold offers huge financial incentives to forgers. 10, 2014 of the very rare 1927–D Double Eagle offered that out! To attract nearly any metal that is magnetic, and have a that... Mintage means that this coin is often not inspected closely, making it easier for counterfeiters pass... Good to be fake as well spectrophotometry ) analyzed the outside surface –... 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