How to Avoid Buying Fake Gold and Silver Coins

Many people buy rare coins in the hope that their value will increase. Since gold and silver coins tend to hold their value best, these are often the first choice for collectors. However, their very popularity makes them prime targets for scammers, and the market is awash with fake coins. Here are some ways to ensure you do not end up being scammed.

1. One of the best ways to avoid being conned is to buy rare coins only from reputable, established dealers. Dealers are experts in assessing coins. They are always on the lookout for fake coins, so you can be almost 100% certain that coins you buy from them are genuine. Many dealers use X-ray fluorescence analyzers to check the validity of coins. These machines are usually too expensive for a collector to buy.

2. Test for magnetism

Gold and silver are non-magnetic elements. Therefore, gold or silver coins should not be attracted to a magnet. Many fakes have gold or silver surfaces but are mostly made from other metals hidden beneath. If fakers use iron or alloys that include iron, the coins will be magnetic.

3. Check specifications

Dishonest people are intrinsically lazy. That is why they prefer to try scamming than working for their money. When they set about making fake coins, they are often too lazy to ensure the fakes have the same specifications as the originals. You can find accurate specifications online.

You can buy digital weighing scales that will let you check the weight of coins. Get a scale that can display at least three decimals places in grams. Check that the diameter and the thickness match specifications. Finally, if the coin has a reeded edge, count these to ensure the coin has the right number of reeds.

4. Comparison test

If you can, get a similar coin to the one you are evaluating that is definitely genuine. Use a loupe or magnifying glass to compare the real coin with the one you are testing. Look out for differences in text spacing, fonts and graphical features.

There are other methods that you may be tempted to try, but be aware that some of them can damage coins. These include acid tests and ping tests. The latter involves tapping the coin with another, but that goes against the rules for handling valuable coins properly. As mentioned at the outset, it is best to stick to buying rare coins from reputable dealers. That way, you do not risk damaging a genuine coin.