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Counterfeit 1/4 Pandas reported in Florida

CaptHenwayCaptHenway Posts: 32,115 ✭✭✭✭✭
in Precious Metals
The following report ran on my old dealer network this morning:

"Beware of some struck 1/4 ounce gold pandas that are counterfeit!!!!!!!!!!!
The ones I saw are dated 1984 and 1986
They weigh right
They however are thicker than normal
They have white metal inside and dont test as gold
Some are in hard panda plastics so take them out and check thickness
They are struck and look good as the real ones
The ones I saw (5) came out of Palm Beach County"
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.

Comments

  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    Wonder if the Chinese mint made these, ha!
  • derrybderryb Posts: 36,790 ✭✭✭✭✭
    gonna get worse, certified PM coins are best

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭
    Thanks for sharing !!!
    Timbuk3
  • percybpercyb Posts: 3,324 ✭✭✭✭


    << <i>Thanks for sharing !!! >>


    ditto
    "Poets are the unacknowledged legislators of the world." PBShelley
  • johnny9434johnny9434 Posts: 28,303 ✭✭✭✭✭


    << <i>gonna get worse, certified PM coins are best >>

    fake chinese pandas in fake slabs, wtg
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    Its known that the chinese already fake silver pandas so I'm not surprised they are doing it on the gold ones
    Successful Buying and Selling transactions with:

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  • rickoricko Posts: 98,724 ✭✭✭✭✭
    This will continue...and, if the economic situation continues to decline, it will become rampant. Cheers, RickO
  • OnlyGoldIsMoneyOnlyGoldIsMoney Posts: 3,358 ✭✭✭✭✭
    I wonder if the authorities in China will deal with such counterfeiters harshly. In this instance it is the credibility of their Mint's products at stake.
    NO END IN SIGHT LIB $2.50'S CAC ONLY
    https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
  • Yukoncornelius1Yukoncornelius1 Posts: 654 ✭
    This is already a serious problem but if the Chinese continue to perfect their counterfeit's it will make trading in PM's very risky even for the seasoned investor and dealer.
  • CaptHenwayCaptHenway Posts: 32,115 ✭✭✭✭✭
    Best to buy from an established retail outlet.
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • MilesWaitsMilesWaits Posts: 5,346 ✭✭✭✭✭


    << <i>Best to buy from an established retail outlet. >>



    That advice, El Capitan, holds true for most if not all of my PM transactions!
    Now riding the swell in PM's and surf.
  • jimbagmanjimbagman Posts: 6
    Nothing personal but not all coin dealers can tell gold counterfeits and not all coin dealers are honest.

    Having said that it is best to use a coin dealer versus buying through the mail-get to know your local dealers

    Re counterfeits. Most counterfeits coming out of China have been for years come out of Shanghai area. Most silver counterfeits are easy to spot and the dollar size coins weigh 3-5 grams less than real ones. They are made of pot metals and clunk instead of ring when lightly dropped on wood table. They have been around for years and are mainly sold at flea market type settings. They are sold for 4-8 dollars and come in sets of 8 or coin flips. The silver counterfeits will 9 out of 10 times stick to a magnet and as the saying goes...if the price is too good to be true...

    Gold counterfeit coins have been around for 2 thousand years. Most coins are not struck but caste. Most coins that are counterfeit are gold but a less carat. You name the gold coin and it has been counterfeited either in Asia or the middle east in most instances.

    These Chinese coins mentioned were STRUCK and not by the China mint
  • derrybderryb Posts: 36,790 ✭✭✭✭✭
    Anyone used one of these? A bit pricey!

    Looks like where weight is concerned it will only detect an underweight coin.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • TheBigBTheBigB Posts: 942 ✭


    << <i>Anyone used one of these? A bit pricey!

    Looks like where weight is concerned it will only detect an underweight coin. >>



    I have some of these detectors purchased in the prior gold metal bull market. The Fisch also gauges the coin for proper width and diameter.

    I assume that an overweight coin will fail one of these tests. In practice I use use my digital scale and caliper these days.
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