Spotting Fake Coins

As coin collecting becomes more popular and collectible coins become more valuable, unscrupulous individuals have found the manufacture and distribution of fake coins to be very lucrative. While fierce laws about counterfeiting make fake coins relatively rare in the marketplace, they do exist. New coin collectors are a prime target for those dealing fake coins. The best thing you can do to avoid being a target is to gather knowledge about the coin you think you’re buying before you buy any expensive collectible coin.

Your research of the coin you wish to purchase should begin with its value. This could include both price guide estimates of its value and recent transaction values for such a coin. Be sure to correlate the estimates and values to the conditions of the coins quoted. At this point you at least know what the fair price of the coin should be.

While you can be a bit more secure buying a coin from a reputable dealer or that has been graded by a professional grading service, you should still be cautious. Coin counterfeiters take advantage of technology to do much better work than they ever have in the past. If things don’t feel right, take a second look or think things over for a while.

One of the biggest giveaways of counterfeit coins is often the quality of the craftsmanship and materials used. This is particularly true of coins made of precious metals. Counterfeit coins are far more likely to have flaws. They often look like they were made using a mold or cast, while most authentic coins are pressed. Fake coins tend to feel softer because they are made of lower quality materials. In some cases they are made with the wrong metals altogether.

Some people use a sound test to check the authenticity of a coin. Fake coins usually make a funny sound when they hit another coin. The genuine coins tend to make solid, ringing sounds. But, of course, you don’t want to bang around valuable coins. So you would do better to have a very reputable dealer or grading service verify collectible coin authenticity, in addition to doing a thorough examination of it yourself. Such a dealer should have a guarantee of authenticity for coins sold or graded.

In summary, you need to take a variety of steps to ensure you aren’t buying any fake coins. Purchasing from reputable coin dealers with guarantees of authenticity increases your odds of getting the real thing. Also, be vigilant to know all you can about the coin you intend to purchase. Take some time to look over the coin for defects or abnormalities.

If you do all of these things, you probably don’t have to worry too much about buying fake coins. The reality is that fake coins are rare. They are most likely to be valuable coins, so you need to be more careful when buying valuable coins. Be wary of anyone who approaches you with a very good deal on a very valuable coin.