They both have copper added to them, which gives them a unique reddish hue. 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. If the ink doesn’t change colors at different angles, odds are it’s fake. The Importance of Owning Physical Gold (Animated Video), How to Invest in Physical Gold and Silver. Although basic, many of these methods worked, simply because counterfeiting methods were just as basic. First and foremost, rarity comes into play when you are talking about pre-1933 US gold coins. However, fake gold coin detectors gave testers a huge advantage in the war against fakes and for many years they had the edge. The world of American rare gold coin buying is quite full of details, and some of those details may be counterfeit. Without further ado, here are the most commonly forged US gold coins (in descending order): There are similarities and differences in the reasoning behind the counterfeiting of all these coins, particularly the US gold quarter eagle coins. You may need a magnifying glass to see this, but you should be looking for a mark that displays either the fineness of the product (such as “.999”) or the amount of karats that it contains (such as “24k”). Counterfeit Gold Coins Flooding Global Markets. having a date of 1906, before the silver eagles were first minted). Of course, when possible, it’s always worth consulting the experts. Page 1 of 2 1 2 Next > JCro57 Making Errors Great Again. Navigation. 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. 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. Even though pre-1933 US gold coins had .900 gold content, the lack of availability and historic designs featured on these products makes them a popular choice among modern collectors in particular. Some of the Rarest Coins. Fortunately, buyers are becoming more aware and these dealers don’t stay active for long, but unfortunately, many of the fake coins they sell end up back on the auction site, sold by users who are either oblivious to the legitimacy of the product, or are hoping to make some easy money. Magnetic Test. If you’re buying gold in large quantities, you should always purchase from an LBMA accredited refiner and dealer, and you should also trust in reputable dealers and refiners when buying in small quantities. Although platinum is denser than gold, by alloying it with an appropriate amount of copper, it can be brought to the correct density. Today however, the incuse design of the quarter eagles is popular with numismatists who view it as an essential part of the renaissance in American coin design that occurred in the early 20th century. The frightening thing about this story is that the bars had real serial numbers and they came with official papers. As an investor, it’s important to know what you’re buying and to get exactly what you pay for, because nothing wipes out your investment like discovering that your gold is not as legitimate as you thought it was and that the eBay trader who sold it to you didn’t have your best interests at heart after all. Everything is usually cheaper on eBay, but that is not the case with bullion, as the fees charged by eBay and PayPal mean that dealers have to attach signifiant premiums on top of the spot price. Most pieces of real gold, including coins, bars and jewelry, should have a stamp that shows the purity of the gold. Hundreds of thousands of fake coins are being sold in […] Prior to this, people would run rudimentary checks to determine whether a coin contained real gold or a cheap base metal. s. Saint Gaudens "America's Most Bueatiful Coin" Twenty Dollar Gold Coin. 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. As I wrote here, China is flooding the markets with counterfeit gold coins. For as long as gold has been considered a valuable metal, there have been counterfeiters trying to exploit it, to con and scam their way to an easy fortune. Fortunately, there are ways you can make sure this never happens to you, and ways that you can check to see whether or not the gold you have is real or fake. Consider the 1904 $20 Gold Double Eagle. Biting aside, there are other ways that you can test to determine whether what you have is real gold or not: You can also send your gold to an expert. 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. If a bullion coin or bar sticks to a magnet you can easily throw this one out. How to Detect Altered & Counterfiet Coins The 1942/1 Mercury Dime . This is why Olympians jokingly bite their gold medals. Top 25 Most Commonly Counterfeited World Coins. It is much easier to forge a historic US gold coin than a modern coin with micro-laser engravings and precise markings. Almost all are underweight, or thicker than a real coin. All Rights Reserved. Similar practices were employed in the middle ages, but counterfeit coins didn’t become widespread until modern times. 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. Gold Coins/Bars There are quite a few gold coins, and some gold bars, that have been counterfeited. For example, the Royal Canadian Mint introduced radial lines and micro-laser engraved Maple Leaf designs with a year-of-issue mark on its popular Canadian Maple Leaf bullion coins in 2014, rolling it out with all coins a year later. The rarity and accessibility of certain coins wasn’t the sole reason for the higher number of counterfeit coins in these particular programs. At GoldBroker, we only work with LBMA certified refiners. This means the only way one is able to detect a counterfeit is through careful examination. Altered and Doctored Coins The cheapest and quickest way to make money by deceiving a coin collector is to take an ordinary coin and modify it to look like an expensive and rare coin. A buyer purchased several 10 ounce bars worth $18,000 each and, for whatever reason, he decided to drill into them. So, they were hoping the metal would not indent, and not the other way around. The 1856 Flying Eagle Cent How to detect altered and conterfeit coins. There are a number of reasons that counterfeiters are targeting historic US coins. Hardest to counterfeit? However, these gradings are not cheap, and they are therefore not viable if you’re fairly sure that what you have is fake, or if the piece is small, common and otherwise inexpensive. I recently had a chat with Mark O’Byrne, research director at GoldCore.com. “The survey results are not surprising to us,” said Beth Deisher, the Industry Council for Tangible Assets (ICTA) director of anti-counterfeiting. With the help of the Secret Service their money was returned. 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. There are some counterfeit U.S. Silver Eagles, but most are very crude (e.g. We’re not going to tell you to avoid using eBay altogether. If you see a deal that seems too good to be true, it probably is. If discoloration does appear, then your item may only be gold plated. In 2015, an elderly man spent $84,000 on counterfeit 1 ounce American Eagle Gold Coins, and a doctor spent $750,000 on counterfeit gold coins. The Benjamins are printed using a color shifting ink with metallic flakes, which shifts the ink color from black to green when holding the bill at different angles. You should also look for discoloration. This process obviously required some technical skill, and there is evidence that forgers were experimenting with methods that would later be used for more legitimate purposes. What are the Most Common Counterfeit US Coins. Coin Talk. Of course, one of the main reasons for the high level of forgeries among historic US gold coins is technological. 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. These coins were replaced on 15 October 2017 with new, harder to counterfeit, 12-sided bi-metallic coins. 1853 Gold Dollar The 1853 Gold Dollar is the first coin from the series on our list for most-seen counterfeits at NGC. The weight is prety... Log in or Sign up . Enter your email address and we will send you a link to reset your password. Here’s the harvest Sunday on the portal. 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 just need to make sure that you use one of these dealers. Pre-1933 Gold counterfeits can be deceptive to the untrained eye. One ounce 24k gold coins, such as Canadian gold maple leaf coins, should weigh 31.1 grams. There are even reports of fake gold coins existing as far back as 600 BC, when the edges of a real gold coin were shaved off and then used to cover base metal coins. The incuse design introduced on these coins in 1908 was new at the time, and not well received by the public. 1. The coin could then be struck between the dies. Joined: Jan 17, 2012 Messages: 33 Likes Received: 0 Trophy Points: 0. The main issue with eBay, however, is the fact that counterfeit gold products are rife. These bars are universally recognized as the de facto standard for gold bars. GoldBroker moves its headquarters to London (UK) : more informations. Why Store Precious Metals Outside of the Banking System? The trickiest coin in this group is the 1911 quarter eagle. Note that these are not coins by the normal legal definition as they have no relation to any government, no face value, and are not legal tender. 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. We always find counterfeit coins. They may be called bullion coins. In recent years sovereign mints have taken additional steps to counteract the trend in counterfeit precious metals. The US Mint struck 1911 quarter eagle coins at both the Philadelphia Mint and Denver Mint, but the Philadelphia coins had no mint mark, while the Denver coins had the “D” mint mark. The transfer method is most commonly used to counterfeit gold coins. JM Bullion carries a wide selection of pre-1933 US Gold Coins, as well as verified Mercury Dimes. (Most of these tests can also be applied to gold as well). What Percentage of My Investment Portfolio Should I Allocate to Gold? That same incuse design is one of the primary reasons the quarter eagle is so commonly discovered as a counterfeit. … Discussion in 'Gold' started by togetherwe, Jan 17, 2012. togetherwe New Member Silver Stacker. King of the Counterfeit Gold Coin Series by Mike Sargent. This is because more often than not, they have the correct weight and purity. This made it an attractive proposition to machine a “D” onto a Philadelphia coin to pass it off as one of the rarest coins in the US gold quarter eagle program. While many fakes can easily pass this test, silver as well as gold bullion for that matter are both non-magnetic. These refiners have all met the minimum standards set by the LBMA, allowing them to appear in their Good Delivery list. How are Gold and Silver Prices Determined ? Three Legged Buffalo How To Detect Counterfeit & Altered Coins. Interestingly, while entire date sets of counterfeit Indian Head quarter eagles, half eagles, and eagles have been seen, relatively few pre-1840 gold counterfeits exist. The single most counterfeited series of U.S. gold coins is the Indian Head Quarter Eagle. Many Chinese counterfeit coins are magnetic, and it’s a dead giveaway if a silver-looking coin is attracted to a magnet. But you can protect yourself. Many counterfeiters will add them to fakes to make them appear more genuine. 13. If I were to buy some back I would not need to do any chemical testing to verify that one is real. Counterfeit Silver: How to Spot Fake Silver? There are a lot of strict protocols and procedures in place to ensure that reputable bullion dealers only sell the real deal. 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