Options
How much concern is there about counterfeit gold coins?
pendragon1998
Posts: 2,070 ✭✭✭
I haven't really dipped my toe into gold, but I have started thinking about it recently. I am in no hurry. I like the buffaloes and gold maple leaves. On youtube, I have seen a few videos talking about counterfeits, even slabbed fakes, and I admit it worries me a bit. I wouldn't be very concerned about buying from a reputable seller like apmex for example, but when the time comes to resell, would I be better off having something slabbed with an anticounterfeit chip vs something raw or slabbed without a chip? Buying slabbed obviously adds to the cost upfront, but will that be recouped if I want to move something?
0
Comments
Biggest problem with modern gold is the plated items coming out of China that can be easily bought online by US scammers. A knowledgeable eye and a sigma PM verifier or other non destructive testing provide pretty good protection. Ebay is good about covering a buyer who receives a counterfeit, but only if the buyer is aware he received a counterfeit.
Reputable coin and bullion dealers are a very safe source for any high dollar item.
Reselling?:
-raw is scary to some buyers
-slabbed increases buyer market and increases your cost which is normally recovered
-slabbed with chip enlarges the buyer pool and depending on the added cost, it is normally recovered.
Yes, while buying premium sees an increase if slabbed, it is usually recovered unless it is a very cheap coin. That said, initial investment will only be recovered if PM prices have not dropped since you bought.
Give Me Liberty or Give Me Debt
LOL I've seen plated coin after plated coin fool the sigma. I hope you are not relying on the sigma to weed out counterfeits.
The whole worlds off its rocker, buy Gold™.
Get rid of that Alibaba crap and spend the extra money for a real Sigma. And while you're out shopping get a life, they are on sale at troll.com.
Give Me Liberty or Give Me Debt
Coins are a good way to buy generic gold. For years the fisch method has worked for me and thousands of others. You don't even need a fisch, just a good scale and a set of calipers.
https://thefisch.com/counterfeitgold
maples do not have as good of a buyback price as eagles and buffs
I buy slabbed, certified PCGS or NGC gold. When I kick the bucket and my girls cash out, there won’t be any surprises.
there are fake holders, too.
Known, reputable sellers cure all counterfeit ills.
Give Me Liberty or Give Me Debt
I think what the OP is seeking is BEST case scenario not perfect.
It’s kind of like a MS70, Ha, huh?
I prefer graded and fortunately I have chosen Bullion from dealers I like and trust.
Graded Palladium Eagles at near or time Of issue, double play!
In the end, both my dealer and I prefer the Goldie buffaloes.
Pre 33 counterfeits are Rampant! Please be safe there... But from reputable and trusted sources
I bought a nice 1873-s closed 2.5$ gold coin... Nice but raw. I would say MS63/4. Money got tight and I sent photos and ultimately the coin to a dealer...a reputable dealer. He looked it over we discussed prices etc... Coin was sent to PCGS and boom came back counterfeit. I was shocked as was he. I still cannot believe it... It was good/nice.
Point but slabbed from reputable and learn learn learn.
J
Great information, thank you all for sharing !!!
If you have trouble telling a counterfit coin. So do I. Then you should only buy PGCS, NGC graded only. Or get the Whitman Guidebook: United States Gold Counterfeit Detection Guide by Bill Fivaz. Great Book.
It shows (PUPS) Pick Up Points to look for a counterfit coins. Lots of images to compare. OP should buy and read this book. Knowledge is POWER my friend.
Great book and a must read for anyone buying US gold coins but reading one book won't make you an authentication expert. Stick with buying gold coins that have been graded and authenticated by one of the major grading services.
Worry is the interest you pay on a debt you may not owe.
Buying raw gold on the open market is risky at best....If you buy from the Mint, you are OK, but pay a premium....best is to buy slabbed....just avoid the excessive premiums for high grades - those are for registry sets, not stackers. Cheers, RickO
Just had a small collection come in over the counter a few days ago. Found one obvious counterfeit. Near correct gold content, had just a hair of silver to the alloy on x-ray though. Pick up point for this coin was the dentils above Liberty. Had extra layer of stamped dentils in that area, also the overall color was just a bit off. This would have been made overseas in the middle east most likely in the 1950's-60's.
So far in my 9 years at the shop, no sale I've made has come back as a counterfeit. And we sell a lot of numis gold.
Unless you’re an expert why buy a raw coin when you can buy a slabbed one for almost the same price?
Manufactures of Fake slabs should carry extra punishment.
100% Positive BST transactions