# Counterfeit coins flooding the market



## BillS (May 30, 2011)

Fake Silver and Gold Flood Global Markets; 100,000 Coins From A Single Counterfeiter!

Not only recent gold and silver coins but a number of olds coins as well are counterfeit.

Just another reason to buy junk silver coins.


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## TheAnt (Jun 7, 2011)

Well, to be fair we are buying these coins with dollars that arent worth anything either 

This is definitely a problem... Im sure I couldnt tell the difference!


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## tac803 (Nov 21, 2010)

One of the local jewelers got hit for 3500.00 in fake coinage. He didn't check them with a magnet! If he had, he would have found them to be *steel*. They looked great, and felt real in the hand. I was told that some of them were *MINTED* in china... go figure.


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## Magus (Dec 1, 2008)

300 series stainless steel will pass as silver until you look under a microscope.it'll even pass an acid test!


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## stand (Nov 15, 2011)

*I have a slotted "gauge" and a scale.*

if it passes the size and weight tests, it will also "pass" for me to sell it.  Stainless steel is non-magnetic, folks.


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## SMOKEYMOUNTAIN (Dec 5, 2011)

This is disturbing. Any other ways to quickly spot fakes besides the magnet and acid test?

This is why I don't mind paying a premium and S&H at APMEX.


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## BillS (May 30, 2011)

You need a precise scale to measure the weight of the coins. You also need something to measure the thickness and diameter. Lastly you need to know what the measurement for authentic coins should be.


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## BillM (Dec 29, 2010)

*I buy*

I only buy US and Canadian silver and or gold bullion coins.

That way I don't have to worry about assaying them .


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## BillS (May 30, 2011)

BillM said:


> I only buy US and Canadian silver and or gold bullion coins.
> 
> That way I don't have to worry about assaying them .


Those are being counterfeited too.


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## BillM (Dec 29, 2010)

*Thanks !*



BillS said:


> Those are being counterfeited too.


I buy from Monex and Blanchard I hope they are on the ball about this! :dunno:


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## BillS (May 30, 2011)

BillM said:


> I buy from Monex and Blanchard I hope they are on the ball about this! :dunno:


I would expect that any reputable dealer will be safe. On the other hand, what if someone working for them takes good coins and replaces them with counterfeits? That's unlikely to happen with a high volume business but could happen with a small dealer. I was a bookkeeper with an accounting service. One of the employees managed to steal $5000 from one of the clients by stealing some of their blank payroll checks, forging them, and cashing them. The boss was a CPA who knew better but he lazy and there weren't any internal controls. If someone like him was a small reputable coin dealer someone could steal from him too.


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