Posted on December 20, 2016
Counterfeit, or “fake”, coins are virtually inevitable in the world of coin collecting, but there are several tips suggested by the Numismatic Guaranty Corporation (NGC) and Professional Coin Grading Services (PCGS).
- look for seam
Counterfeit coins usually have molded seams, which can be very visible to the naked eye. Fake coins often have a hole mark. Additionally, many coins have intricate designs or textures that are associated with that particular coin and its series. If anything seems inconsistent, it is best to inquire elsewhere.
- Pay close attention to signs
Many times, counterfeit coins do not have all the same mint marks as a certified authentic coin. In such a case, be sure to do as much research as possible about common markings and designs that correspond to the piece you are considering purchasing. When inspecting a gold or silver coin you are about to purchase, if certain markings do not add up, ask if the seller has paperwork to support his claim that said coin is genuine.
- get relief
Counterfeiters have difficulty getting the correct value of a coin. Usually they are too high or too low. A potential buyer can test the authenticity of a coin by comparing it with coins of the same series. If the stack falls, you have a reason to be more cautious in transactions.
- opposites attract
Magnets are not attracted to elements like gold and silver. So, if a magnet is being attached to the latest addition to your coin collection, it is probably a fraud.
- I’m melting!!
Silver is a good conductor of heat and thus, will continue to emit enough thermal energy to begin melting the ice cube immediately without any assistance. If you place a piece of ice on your new “authentic” silver coin and it does not immediately begin the melting process, chances are you have a counterfeit coin on your hands.
The NGC and PCGS also recommend purchasing from reputable sellers and purchasing coins that have already been certified through their organizations.
If you liked this article, you may enjoy other articles in our collection, like 5 Must Have Books for All Coin Collectors
Liberty Coin & Currency specializes in rare coins and currency. We are a family owned business based in Portland and Vancouver. We are also Gold, Silver, Diamond, Currency and Jewelery buyers. Meet with us first for a free assessment.
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