Although fake coins only represent a small percentage of the coin market in general, the risk of buying fake coin is a real danger for the unknowledgeable. The best way to protect yourself is to do research before you start buying valuable coins.
Researching the coins you are looking to purchase will help you with your purchase in several ways. Collectors will be able to find out the general value of a certain coin. You will be able to determine whether or not the price is fair. Also, follow the rules of common sense; “if it’s too good to be true, it probably is”. Don’t be naïve enough to believe that just because it’s in a major grading service holder that the coin must be safe. The holders themselves may have unexpectedly obtained a counterfeit coin. The best protection against buying fake coins is to buy from knowledgeable, reputable coin dealers.
Sometimes the difference between real gold or silver coins and fake gold or silver coins is obvious, especially when they are side by side. The quality of the coin is certainly an indication of its authenticity. Fake coins can sometimes looks not shiny or dull. Or, the coin could also look too shiny. Many times there are imperfections and the coin often looks like it has been cast rather than pressed. Making a valuable coin replica is done usually with a cast or a mold. Take into account the sound that the coin makes when it is dropped or hit against another coin. Does it have the same ring that a real coin has? Plus, fake coins are normally much softer then real coins. We all know that old cliché of biting into a coin to see if it is real. Although it is not recommended to do that unless you are a cartoon character, the principal is still the same. The most effective way to check if a coin is real or not is to take it to a reputable dealer and get them to check. Forgeries of coins with high value will usually be light in weight, too thick, or made of the wrong material such as lead. Because they are made of the wrong material is the reason they will usually look, feel and sound completely wrong.
But what if you have already bought a fake coin? First of all don’t buy the coin unless the dealer offers you a guarantee that the coin is genuine. Most likely it will come with a certificate of authenticity. There are also some famous fake coins that some people collect due to the possibly of the reputation attached to them. If someone took the time and effort to produce highly realistic fakes and invested in modern coining presses, they could produce extremely convincing copies. However, the average coin collector may never come into contact with fake rare coins. Most forgers tend to aim their unlawfulness mostly at the most valuable and rare items, which only a few of the wealthiest collectors can afford.
