One longtime dealer simply will not accept any gold coins from Iran, for example, knowing that most of their gold coins 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. The counterfeit gold U.S. coins in fake holders with stated grades included: 1929 $5 Indian Head half eagle, PCGS-MS-62 1902-S $10 Liberty Head eagle, NGC MS-63 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”). You're a thief, and you've managed to break into the vault of an ancient bank filled with 100 sacks of coins. We’re not going to tell you to avoid using eBay altogether. These refiners have all met the minimum standards set by the LBMA, allowing them to appear in their Good Delivery list. These coins were replaced on 15 October 2017 with new, harder to counterfeit, 12-sided bi-metallic coins. The transfer method is most commonly used to counterfeit gold coins. There are a lot of strict protocols and procedures in place to ensure that reputable bullion dealers only sell the real deal. One look at the list below and it quickly becomes clear that counterfeiters have a favorite coin they love to target. 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. Some of the reasons behind the counterfeiting of these specific years have to do with mintage levels. 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. 1. Many counterfeiters will add them to fakes to make them appear more genuine. 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. All bars on this list have been created to a strict minimum purity under exacting assaying conditions. First and foremost, rarity comes into play when you are talking about pre-1933 US gold coins. The counterfeiters had purchased real gold bars, before hollowing them out, siphoning off a large percentage of the gold and then leaving something that looked real, official and valuable, but was most certainly not. But if you do use it, you should remember that most reputable dealers and users will charge higher premiums to offset eBay fees, and if you spot a low price that looks too good to be true, then it probably is. 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 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. This is because more often than not, they have the correct weight and purity. These were melted down into gold bars and used to shore up national reserves. A 1911-D is extremely rare, but the 1911 Philadelphia coins had the largest mintage in program history. The main issue with eBay, however, is the fact that counterfeit gold products are rife. This year saw the highest mintage for the entire series with some 4,076,051 pieces struck. He discovered that these bars had tungsten cores and contained just $3,600 worth of real gold. These were apparently made to order for a North American, the coins being mainly destined for use in South America. What Percentage of My Investment Portfolio Should I Allocate to Gold? They may be called bullion coins. A genuine one-ounce American Eagle gold coin is on the left. While many fakes can easily pass this test, silver as well as gold bullion for that matter are both non-magnetic. What are High Relief and Ultra High Relief Coins? At GoldBroker, we only work with LBMA certified refiners. Fortunately, while fakes are perhaps more common than they have ever been, it’s easy to avoid them. The incuse design introduced on these coins in 1908 was new at the time, and not well received by the public. Counterfeiting of these coins occurred both prior to 1933 and in the decades following, including in the modern era. 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. In particular, US gold coins have been the target of intense counterfeiting efforts designed to take advantage of high gold prices and consumer demand for rare gold coins. Counterfeit products exist in almost all industries, and precious metals are no exception. The 1856 Flying Eagle Cent How to detect altered and conterfeit coins. As such, counterfeiters can then turn around and sell fake coins with a lower premium over the spot price of gold to buyers who are more eager to own a historic US gold coin than they are diligent enough to spot the well-crafted counterfeits. JM Bullion carries a wide selection of pre-1933 US Gold Coins, as well as verified Mercury Dimes. 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. 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. There is much less work for counterfeiters to put into creating a good fake because, quite frankly, the technology in use at the time was limited. Discussion in 'Gold' started by togetherwe, Jan 17, 2012. togetherwe New Member Silver Stacker. In fact, the PCGS noted that US gold quarter eagles coins have “the largest ratio of design element-to-field, making it more difficult for proper authentication.” With more design elements, there is more room on the coin to hide depressions or tooling marks. If the ink doesn’t change colors at different angles, odds are it’s fake. Page 1 of 2 1 2 Next > JCro57 Making Errors Great Again. It didn’t take long for the counterfeiters to turn the tables though, and history is littered with stories of counterfeit gold. The single most counterfeited series of U.S. gold coins is the Indian Head Quarter Eagle. So, they were hoping the metal would not indent, and not the other way around. Hundreds of thousands of fake coins are being sold in […] Home. Consider the 1904 $20 Gold Double Eagle. 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. GoldBank.ie is a leading online dealer of silver bullion and gold bullion online in Ireland.. We stock a wide range of gold and silver bullion, enabling investors to buy gold coins, gold bars, silver bars and silver coins at competitive prices.. We offer low premiums and quick trade execution for large and small investors to suit their investment needs. Between the 1860's and about 1881, platinum was used, in Spain, to counterfeit gold coins including sovereigns. Much like changing a mint mark, changing the type of seven used in the date, or making a similar change can create a counterfeit coin out of what was once a true product of the United States Mint. Cast counterfeit coins are the most easily detective counterfeit coins of all. 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. The 1912 had a larger mintage, but the NGC notes that it is rarer in higher grades. 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. Three Legged Buffalo How To Detect Counterfeit & Altered Coins. Also, these days Olympic gold medals contain at least 92.5% silver and only a fractional amount of gold, so they might be disappointed to learn that their medal is (technically) fake after all. 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. Although platinum is denser than gold, by alloying it with an appropriate amount of copper, it can be brought to the correct density. They both have copper added to them, which gives them a unique reddish hue. As I wrote here, China is flooding the markets with counterfeit gold coins. However, there are many safeguards to protect yourself from buying fake gold. A few years ago, it was reported that fake gold was being sold in Manhattan, New York. If a bullion coin or bar sticks to a magnet you can easily throw this one out. Pre-1933 Gold Counterfeit Coins. A few silver counterfeits also have been made this way, as have some fake copper coins. Joined: Jan 17, 2012 Messages: 33 Likes Received: 0 Trophy Points: 0. All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice. GoldBroker moves its headquarters to London (UK) : more informations. I recently had a chat with Mark O’Byrne, research director at GoldCore.com. According to Submissions to Numismatic Guaranty Corporation (NGC) 1. In 1853, Gideon B. Smith patented the first fake gold coin detector, which became an essential piece of equipment. The weight is prety... Log in or Sign up . 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. 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. This is why Olympians jokingly bite their gold medals. 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. Yet this was billed as a California gold coin. 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. All United States silver and gold coins are not attracted to a magnet. Although basic, many of these methods worked, simply because counterfeiting methods were just as basic. 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. 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. Subscribe to the JM Bullion newsletter to receive timely market updates and information on product sales and giveaways. 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. 22k gold coins, such as American gold eagles and South African gold krugerrands, weigh 33.93 grams. Gold Coins: How to Detect Altered & Counterfiet Coins. They will check and grade it for you and in the case of gold coins, this grading may even improve its value. Home Forums > Coin Forums > Coin Chat > Counterfeit $2.5 Gold: Weighs the Same as Real. Ancient alchemists tried to turn base metals into pure gold, making a fortune from cheap, worthless elements, and while they never figured out the formula, the counterfeiters did. A strong Alnico magnet (see the figure) works well for counterfeit detection and can be purchased online for a few dollars. Pre-1933 Gold counterfeits can be deceptive to the untrained eye. According to several respected coin and bullion dealers, many of the counterfeit gold coins are being produced in China, among other places. By creating an account, you are agreeing to the Terms of Service and the Privacy Policy. Other frequently encountered fake gold bullion coins include the South African gold Krugerrand at 30.4 per cent and the Mexican gold 50 pesos at 20.1 per cent. This series accounts for approximately 40% of all counterfeit gold coins received by PCGS. However, fake gold coin detectors gave testers a huge advantage in the war against fakes and for many years they had the edge. All Rights Reserved. Similar practices were employed in the middle ages, but counterfeit coins didn’t become widespread until modern times. Naturally, this created rarity going forward as few coins survived those collection efforts. 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. Many Chinese counterfeit coins are magnetic, and it’s a dead giveaway if a silver-looking coin is attracted to a magnet. However, do not assume that just because your piece has these marks it is genuine. “The survey results are not surprising to us,” said Beth Deisher, the Industry Council for Tangible Assets (ICTA) director of anti-counterfeiting. 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. Of course, one of the main reasons for the high level of forgeries among historic US gold coins is technological. With the help of the Secret Service their money was returned. Most pieces of real gold, including coins, bars and jewelry, should have a stamp that shows the purity of the gold. The Facts & Numbers Of 2020, The Golden Future Of 2021, Zero Interest Rates: How the Government Traps the Saver. © Copyright 2021 JM Bullion. Fake California Gold continues to be the most frequently found counterfeit on Proxibid. Counterfeit Silver: How to Spot Fake Silver? The trickiest coin in this group is the 1911 quarter eagle. In 2014, it was estimated that 3.04% of all UK £1 coins in circulation are counterfeit. The high mintage means that this coin is often not inspected closely, making it easier for counterfeiters to pass their fakes. having a date of 1906, before the silver eagles were first minted). This video covers testing, weighing & measuring smaller denomination counterfeit pre-1965 silver coins in circulation. You just need to make sure that you use one of these dealers. It is much easier to forge a historic US gold coin than a modern coin with micro-laser engravings and precise markings. The 1914 quarter eagle is commonly counterfeited because it had the second-lowest mintage in the program’s history (1908-1929). The frightening thing about this story is that the bars had real serial numbers and they came with official papers. We also store all of our gold in a secure system and ensure that the gold our clients buy and store has never left this system. A buyer purchased several 10 ounce bars worth $18,000 each and, for whatever reason, he decided to drill into them. One ounce 24k gold coins, such as Canadian gold maple leaf coins, should weigh 31.1 grams. Why Store Precious Metals Outside of the Banking System? The rarity and accessibility of certain coins wasn’t the sole reason for the higher number of counterfeit coins in these particular programs. I'm a complete newbie and considering purchasing some gold. While mints take action to guard against counterfeit productions of popular bullion and proof coins from the modern era, thieves are looking back at history to capitalize on the growing interest in historic coins. 13. Here’s the harvest Sunday on the portal. But you can protect yourself. One of the fallacies surrounding gold is that it is so soft you can bite it and leave an indent. 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. This series accounts for approximately 40% of all counterfeit gold coins received by PCGS. Sitemap. 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 only other series of counterfeits that could compare in quantity to the $2½ "Indians" would be $1 gold coins (if all three types are added together), followed closely by $3 gold pieces and $5 "Indians." Counterfeit Gold Coins Are Sometimes Created By Altering The Script Of A Coin. The mercury was evaporated and the gold was bonded to the surface. 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. Gold Coins/Bars There are quite a few gold coins, and some gold bars, that have been counterfeited. Of course, when possible, it’s always worth consulting the experts. s. Saint Gaudens "America's Most Bueatiful Coin" Twenty Dollar Gold Coin. I believe these are among the hardest to counterfeit bullion coins in the world. This means the only way one is able to detect a counterfeit is through careful examination. Prior to this, people would run rudimentary checks to determine whether a coin contained real gold or a cheap base metal. These days there is a trend for investors to purchase on eBay, where the variety is often better, but everything else is not. Discussion in 'Coin Chat' started by JCro57, Sep 30, 2018. The world of American rare gold coin buying is quite full of details, and some of those details may be counterfeit. If you see a deal that seems too good to be true, it probably is. These bars are universally recognized as the de facto standard for gold bars. (Most of these tests can also be applied to gold as well). 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. 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. Common sense is one weapon. In recent years sovereign mints have taken additional steps to counteract the trend in counterfeit precious metals. 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. Here are two from different auctions. Top 25 Most Commonly Counterfeited World Coins. King of the Counterfeit Gold Coin Series by Mike Sargent. In reaction to the Great Depression and its intensely negative impact on the American economy, and the banking sector in particular, the United States government seized all US gold coins in 1933. … Almost all are underweight, or thicker than a real coin. Magnetic Test. How to Detect Altered & Counterfiet Coins The 1942/1 Mercury Dime . Navigation. 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. The Importance of Owning Physical Gold (Animated Video), How to Invest in Physical Gold and Silver. My first thought was to start collecting Perth Mint 1oz coins and suffer the premium over spot with the hope of being able to pass it … This is especially true with jewelry, in which case you should look near the clasp, which will have been handled more. 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. 1853 Gold Dollar The 1853 Gold Dollar is the first coin from the series on our list for most-seen counterfeits at NGC. If I were to buy some back I would not need to do any chemical testing to verify that one is real. Coin Talk. That same incuse design is one of the primary reasons the quarter eagle is so commonly discovered as a counterfeit. The $20 bill is the most commonly duplicated bill in the U.S., but criminals abroad prefer to duplicate those $100 bills. How are Gold and Silver Prices Determined ? 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. I am considering paying melt value for the counterfeit piece, but need to know if it is gold (not gold-plated) and if it is 90%. There are a number of reasons that counterfeiters are targeting historic US 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. 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. Some of the Rarest Coins. 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. The manufacture of this counterfeit is so bad that the base metal shows under the plating. In a moment we will look at ways that you can test your gold to determine if it is real, but you can also simply look at it, searching for specific marks and stamps. The ones that concern us the most are coins made to intentionally deceive a coin collector out of his money. If discoloration does appear, then your item may only be gold plated. Hardest to counterfeit? The coin could then be struck between the dies. You should also look for discoloration. What are the Most Common Counterfeit US Coins. Before the introduction of paper money, the most prevalent method of counterfeiting involved mixing base metals with pure gold or silver. There are some counterfeit U.S. Silver Eagles, but most are very crude (e.g. Enter your email address and we will send you a link to reset your password. Counterfeit Gold Coins Flooding Global Markets. 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. We always find counterfeit coins. Rudimentary checks to determine whether a coin contained real gold as few coins survived those collection efforts simply counterfeiting... Make them appear more genuine Log in or Sign up one-ounce American Eagle gold than! If discoloration does appear, then your item may only be gold plated 1912 had a larger,! Silver Stacker some of those details may be counterfeit minimum standards set by the,... Closely, making it easier for counterfeiters to turn the tables though, and not well received by the.! 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