After all, if you have a proof gold coin, for example, biting it, drilling into it, carving a piece out of it to examine, or otherwise removing it from its original plastic slab to test would devalue the coin. A third century A.D. clay mold for counterfeiting an early Roman coin. This means the only way one is able to detect a counterfeit is through careful examination. Beware of suspicious or conspicuous marks near the key design features of a rare coin. All the tests are done with no harm to the coin and usually in their original packaging. But this really only checks the surface of the coin and entails damaging the coin’s surface. (This is often done with Morgan Dollars to pass them off as rare “CC” mintmark coins from the defunct Carson City Mint.) 17 Wealth-Building Strategies to Implement Today, The Best Way to Play Silver: The Metal That Is Outpacing Gold, Investing in Gold? So how do you determine if your gold coin is a counterfeit or not? For that reason, a thin layer of pure gold over tungsten is the ideal combination for counterfeiters because the overall weight is very close. “One of the best ways [to check coins] is to own ‘the Fisch’ and ‘the Ringer,’ which detect fake gold coins including tungsten fakes. But what about the rest? In point of fact, anyone who deals with rare coins will develop a basic understanding of how to detect counterfeits, whether out of interest or necessity. However, there are many fakes present in the market. Gold coins are still being counterfeited, according to of industry studies. There are, in my opinion, 4 books so essential to collectors and experts alike that they provide the cornerstones of coin collecting knowledge. Many Chinese counterfeit coins are magnetic, and it’s a dead giveaway if a silver-looking coin is attracted to a magnet. While detecting counterfeits is getting easier in the age of electronics, counterfeiting is still a game of numbers. This includes any and all marks, scratches or other issues on the surface of the genuine coin. If you can see any glue marks, you’ll … Another important feature to look for are “tool marks.” Counterfeiters frequently leave behind characteristic abrasions when they try to hide an imperfection or try to alter a mintmark to make a common coin appear to be a rare issue. The common method for making counterfeit coins has changed little over the centuries. Once a counterfeit is verified, the coin is usually confiscated and destroyed with no recourse for the collector. However, there are many safeguards to protect yourself from buying fake gold. Some of the Rarest Coins. For example, fake gold coins tend to be slightly off-color. This is the exact item you will receive. Then use the debased coin, or fourrée (French for “stuffed”), at face value in regular commercial transactions. But you can protect yourself. Detecting Counterfeit Gold Coins Book 2, by John Devine under the name Lonesome John. Posts tagged "detecting counterfeits" Home Tag detecting counterfeits. So how do you determine if your gold coin is a counterfeit or not? In addition, you may want to check out my new report, “The Savvy Investor’s Guide to Gold.” Available now in the Investment U Bookstore, it contains three of my favorite gold investments… as well as the ones I think you should avoid. Check that the date is consistent with official production records along with its official weight, diameter and thickness. “When buying from clients or the secondary market, we seek proof of purchase or origins of the coins,” Mr. O’Byrne told me. Gold coins have been counterfeited at a much higher rate because of it's rarity in the numismatic world and the high value placed on these rarties. An example of a counterfeit silver clad Roman coin for Emperor Domitian over a copper alloy, called a fourrée, French for ‘stuffed.’ Image courtesy: Wikipedia.com. The most likely explanation for the rise of fake coins coming from China is simply the growing incentive. They have found a particular alloy that replicates a similar density of gold as an alloy in the center. Easy guide in how to detect counterfeit gold coins. As was the case with a few of the gold coins higher on this list, these fakes were often made in order to deceive collectors. They weighed from 17.2 grams (0.55 troy ounces) to as little as 0.2 grams (.006 troy ounces). … Bk 1& 2 John Devine. Many of … Magnetic Test. *The views and opinions expressed in this article are those of the author and do not necessarily reflect the official position of Wall Street analysts. I hope you found this expert insight as useful as I did. Fake coins frequently have a more hollow thud or dull sound akin to the sound when you drop today’s base metal coins (euro, dollar, sterling, etc.) I have seen only one counterfeit Mexican 50 Peso gold coin, and it was very obviously bad. With a mintage of a mere 100,000 coins, this coin is worth well into the five figures at every grade of AU 50 or higher. Pre-1933 Gold counterfeits can be deceptive to the untrained eye. Coins & Paper Money > Publications & Supplies > Publications > World. The detail on this counterfeit 1877 $2.50 Liberty gold coin (left) shows limited sharpness throughout. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.) Image courtesy: By Peterlewis and Wikipedia.com. “We have technology to check coins and make sure they are authentic – both in our offices and with our vault providers internationally.”. Paperback books are in very good used condition. Another U.S.-based seller, Gainesville Coins, uses different technology. At Gainesville Coins, we mostly use a new device called a Precious Metals Verifier (PMV) made by Sigma Metalytics to check for counterfeits. Weight testing for lighter base metals (i.e. This begs the question: How many others did they miss? While counterfeiting can be successful, the penalties for being caught were rather extreme. That’s a website that sells and buys gold coins, serving an international clientele. Image courtesy Affiliated Auctions, GovernmentAuction and LiveAuctioneers.com. We’ve ranked them from the least to the most effective methods in detecting counterfeits. Every metal and alloy has its own specific gravity (hence the name). counterfeit coins detecting counterfeit slide Prior art date 1857-01-13 Legal status (The legal status is an assumption and is not a legal conclusion. You could weigh it, but if the scale isn’t properly balanced or doesn’t weigh past two decimal places, it would be hard to detect if an alloy such as tungsten is being used. We’ve been seeing fake coins come from China for some time. If the scratch is black or grey, it’s not real gold. That was something early gold miners might have done to distinguish the soft gold from the hard pyrite, but otherwise has no relevance as a reliable test. I find it a great insider look at how reputable coin dealers protect themselves and clients. Additionally, tool marks can be seen at 6 o’clock on the obverse and 12 o’clock on the reverse. As the market for gold coins and other rare coins continues to rise, the financial rewards for passing off such forgeries go up, too. coins minted in 1926. I recently had a chat with Mark O’Byrne, research director at GoldCore.com. Ask a respected local coin or bullion dealer for assistance. Pure silver coins were reserved for higher denominations. A few silver counterfeits also have been made this way, as have some fake copper coins. Because only 484,000 of these particular Lincoln cents were minted at the San Francisco mint compared to over 27 million from the Philadelphia mint, coins marked with the S (indicating the San Francisco mint) are more valuable. (Most of these tests can also be applied to gold as well). This is obviously one advantage that experienced dealers have in avoiding such scams, but even average consumers should read the collector’s guide books and study pictures of the coins they’re interested in. A resonate pinging sound indicates a genuine gold coin whereas no ringing sound or a dull thud indicates a gold plated tungsten filled counterfeit. I have recently obtained 3 tungsten based counterfeit gold coins, a Krugerrand, an American Eagle and a Maple Leaf. Old Types Of Counterfeit Gold Coins. It had photo diagnostics of dozens of fake gold coins. “Also, by owning coins inside the ‘chain of integrity’ with long-standing, established bullion storage providers – GoldCore works with Loomis and Brinks – you are protecting yourself from the risk of fake coins.”. As I wrote here, China is flooding the markets with counterfeit gold coins. For gold coins it’s getting more difficult to know for sure. Sitemap. Bk 2 268 pages. Easy to understand. There are also forged gold coins that look inevitably fake because they are poorly made imitations. One of the ways to quickly determine a counterfeit is by its details, such as this obviously unskilled attempt to replicate the detail along the rim of a coin. It’s also a perilous time. A genuine coin is used to create a die that is an exact mirror image of the coin. Using a specific gravity test – which involves some simple calculations of a metal’s weight in the open air and when suspended in water – yields a fairly precise result. Please see photos. Of course, when possible, it’s always worth consulting the experts. After all, if you have a proof gold coin, for example, biting it, drilling into it, carving a piece out of it to examine, or otherwise removing it from its original plastic slab to test would devalue the coin. This is because more often than not, they have the correct weight and purity. 1 PCGS Guide to Grading and Counterfeit Detection. Since 1980. GoldCore buys the majority of its coins from government mints, which cuts out a lot of the risk. No writing or highlighting. The other, less intrusive way is to examine the coin details. All United States silver and gold coins are not attracted to a magnet. The coins typically showed a picture of a lion or bull on the face and a punch mark or seal on the other side. NEW YORK – Ever since the first gold coins were produced in Lydia, in present day western Turkey, in the sixth century B.C., counterfeiters have been at work in what has been called the world’s second oldest profession. In 1897, a small amount of 29 gold Vreneli coins were minted from gold mined at Gondo. As a Grand Rapids coin dealer, we at Mullen Coins have an especially strong interest in the detection of counterfeit and altered coins. Pre-1933 Gold Counterfeit Coins. Learn about detecting forged gold coins in this coin collecting article guide. DETECTING COUNTERFEIT COINS & GOLD COINS - Do It Yourself Counterfeit Protection. Biting it won’t work. While many fakes can easily pass this test, silver as well as gold bullion for that matter are both non-magnetic. non-destructive tests first, saving the more complicated and … An original 1877 $2.50 Liberty gold coin is pictured on the right and can sell for twice that amount. If the scratch is gold, then it is genuine. Gold and tungsten are close in density. Gold Coins: How to Detect Altered & Counterfiet Coins. Home. 1. Navigation. Many coins submitted to us for authentication were in that book; yet within a few months, we never used it again. Checking the dimensions – diameter and thickness – against the known dimensions of the genuine coin is a dead giveaway. Finally, look carefully at the coin with a high-powered magnifying glass or stereo microscope. Bear in mind that this technique may damage your gold. Gold jewelry and coins can be melted down to extract the metal from the piece. If you like to buy gold coins, then forewarned is forearmed. Apr 8, 2011. The transfer method is most commonly used to counterfeit gold coins. Beyond these “eye tests,” there are at least three more scientific tests that can be conducted to verify if a coin is at least made of the metal it is purported to be: With all that said, it’s worth repeating that your best bet for avoiding counterfeit coins is to buy from a trusted dealer. The first gold coins were made from electrum, a natural alloy of gold and silver found in the region’s rivers. The credibility hit we would take for selling even one counterfeit product would be devastating; moreover, we wouldn’t last in this business for very long if we carelessly accepted fake bullion and had to eat the cost! The 1856 Flying Eagle Cent How to detect altered and conterfeit coins. How to Detect Counterfeit Gold – Fake Coins and Bars. (As an aside, a few Chinese companies are even under investigation for defrauding the U.S. Mint’s Mutilated Coin Redemption program by submitting fake mutilated coins for their value as scrap metal!). A simple jeweler’s scratch test with special acids can tell you if a fake gold coin is merely brass or gold-plated. Biting it won’t work. Although there are some sophisticated fakes out there, there will generally be something inconsistent about the appearance of a counterfeit coin compared to a real one. Cover, binding, spine, and pages, all very good condition. If you are told that the melt value exceeds the weight of the item, you should be wary of the purchase because it may be a gold plated or counterfeit piece. With a massive mintage of over 6 million coins, this Philadelphia-issue is, according to NGC, one of … NGC graders look for these repeating depressions as well as overall weak details to identify fakes … There are fake gold coins that can pass for genuine ones. These measurements are published in every guide book of coins; government mints are very careful to adhere to these dimensions because it’s the easiest way to protect against counterfeit currency. Improvements in refining soon led to the distinct minting of gold coins. Early silver ingots were also counterfeited the same way. Dennis with Center Street Gold and Silver gives you a few methods to detect counterfeit gold. and sometimes synthetic coins.”. It’s an exciting time for gold investors. Three Legged Buffalo How To Detect Counterfeit & Altered Coins. Being that gold coins have not been the common currency of the United States now for quite some time, detecting counterfeit gold coins is becoming a much less common ability. If playback doesn't begin shortly, try restarting your device. Even the British Museum has a large collection of ancient and modern counterfeits in its official inventory. These appear as small spikes emerging from beneath the denticles and are often seen on counterfeit coins. I believe it was published in Europe around 1964 as a counterfeit detector for major banks. If you see a deal that seems too good to be true, it probably is. The Fisch checks the weight, diameter, thickness and shape of a gold coin. A strong Alnico magnet (see the figure) works well for counterfeit detection and can be purchased online for a few dollars. There will always be someone out there attempting to commit fraud when you’re dealing with collectibles and precious metals, but the incentive to do so is higher the hotter the coin market gets. We certify that all of our precious metal products are genuine. The surest way to avoid counterfeits is to be knowledgeable about how the coins themselves are supposed to look. 1893-S Morgan Dollar. There was a guide to detecting counterfeit gold coins by Alfred Dieffenbacher in our library. To paraphrase Forrest Gump, cautious is as cautious does. “The Fisch checks four key things – the diameter, thickness, weight and shape of a gold coin. Counterfeit products exist in almost all industries, and precious metals are no exception. And that’s a concern for collectors. 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