Modern fakes as they relate to bullion

Weiss

Most of us visit Coinflation and read the articles they post. There was an article posted recently that might not have appeared to have much to do with precious metals and you might have missed it. I think it's very relevant to our interests--particularly those of us who buy PMs in part or in whole for SHTF scenarios.

The article is about how some of our trading partners are being overrun with counterfeit high-value coinage (British pounds, for example). The article points out that familiarity with the genuine issue is one of the biggest stumbling blocks counterfeiters have, and how our own dollar coins are sitting ducks because the vast array of recent dollar coins the mint has released keep the average person from becoming even the tiniest bit familiar with them. Recent legislation designed to remove our low dollar paper currency doesn't take this into account, and the result could be devastating.

But more importantly: If you're worried about fake Au or Ag, the arguments in this article should be applied to any bullion piece you own or may own in the future.

Can you recognize a fake Chester A. Arthur $1 coin?

Thoughts?

JamesMurray

Ive been saying the same thing since i got off the plane in 07 , the dollar coins are ripe for counterfeiting.In the UK there's so many fake pound coins they circulate as if real , nobody cares anymore.Its at the point where even terrible copies are exchanged and people like my old grey haired Ma can spot them and does regular.They still spend , thats the state of affairs in the UK and why i am a fan of keeping the greenback.

Kip

I never see them hence I never worry
Regards
Kip

TheBigB

Thanks, that was an interesting piece on contemporary counterfeiting. It's sad that the US Mint can't even get the counterfeiters interested in the $1 coins.

JamesMurray

It could be part of the reason so many are locked up in warehouses , that and the thought a lot of people simply don't like them. I don't like the idea of turning the mighty dollar into pocket change myself anymore than i did when the pound was replaced by a coin.Its worth noting Scotland did NOT stop their pound note and told England where to put the idea.English pound coins do circulate with scottish reverses and are legal tender throughout the UK but Scotland retained the paper money where England did not.