5 Ways to Save Yourself from Fake Bullion Coins
When it comes to coin collecting and dealing in precious metals, it is an unscrupulous business with lots of fake coins and bad investments involved. This is known as counterfeit bullion trade- whereby an investor or collector is tricked into buying fake coins at high premiums.
According to the leading Piracy & Counterfeiting Consultants, counterfeit coins, bullions and currencies are an economic train wreck and can leave push even the most prudent investors to the verge of bankruptcy.
So whenever you decide to buy go coin shopping, here are 5 simple and effective ways to save yourself from investing in fake bullion coins:
Do the Bite Test
You might recall a prospector from Looney Tunes who would nibble on a coin just to check its worth. As odd as it may sound, this is one of the simplest ways to determine whether or not you’ve been sold a counterfeit. Biting a pure gold coin can leave some marks on the coin (since pure gold is soft), whilst biting silver can leave you with a hefty silver bill. Word of advice: if you have sensitive teeth or haven’t flossed for a while, do not try this method!
Check the Weight
A more accurate test for counterfeits involves weights. Like tungsten, platinum and iridium, gold has a high density. Therefore, a counterfeit gold coin would appear to be much lighter than a genuine one. The same rule applies to silver coins. Pure gold and silver bullion coins weight 1 troy ounce (or 31.1 grams to be precise). If your coins weight any lower or higher than this, there is definitely counterfeiting involved.
Know the Dimensions
Another aspect that separates genuine coins from fake ordeals involves the dimensions of the coin. A fake bullion coin has incorrect thickness and diameter. Counterfeiters tend to alter the dimensions of the coin to add weight (in an attempt to make it 1 troy ounce). It is best to consult an experienced coin dealer or a coin collecting supplies vendor about the size and dimensions of genuine and authentic gold and silver coins.
Observe the Details
Take a closer look at the coins you’ve just brought. Sometimes, fake coins can easily be identified based on their appearance. Counterfeit gold coins appear to be either too shiny or too dull. They may also look casted and not pressed. This leaves them with a grainy texture. Other fake coins have tool marks, misshaped edges and uneven rims. If your coin appears to be soldered, there’s a strong chance that it’s fake because such coins are often made in halves and welded together.
The Ring Test
All metals produce distinct sounds when clung together. Although this is not a true measure of authenticity, it does give an idea about the worth of a coin. Pure gold and silver ring in the air, once you flip them off your thumb. Counterfeit gold and silver coins, on the other hand, do not produce a ringing sound.
To learn more about the tips and tricks on spotting fake coins and getting the most out of your coins, please contact us at CS Supply Centraltoday!