Counterfeit Gold and Silver Coins Are a Growing Problem
Welcome guest, is this your first visit?
Member
Discoveries
 
Results 1 to 10 of 10
Like Tree15Likes
  • 7 Post By DeepseekerADS
  • 1 Post By kcm
  • 1 Post By Goose-0
  • 1 Post By Jason in Enid
  • 1 Post By hobo finds
  • 4 Post By cyberdan

Thread: Counterfeit Gold and Silver Coins Are a Growing Problem

« Prev Thread | Next Thread »
  1. #1
    Charter Member
    us
    Mar 2013
    SW, VA - Bull Mountain
    CTX, Excal II, EQ800, Fisher 1260X, Tesoro Royal Sabre, Tejon, Garrett ADSIII, Carrot, Stealth 920iX, Keene A52
    13,455
    18442 times
    Digging in the dirt & scooping in the water!

    Counterfeit Gold and Silver Coins Are a Growing Problem

    Counterfeit Gold And Silver Coins Are A Growing Problem

    By Mike Fuljenz | Friday, 08 Apr 2016 01:13 AM

    Our industry leaders met in Dallas in early March to discuss the growing problem of counterfeit coins and counterfeit coin packaging.

    Then, one of the biggest stories in the coin world last week was the discovery of a series of fake gold bars professionally packaged in an apparently exact knockoff of the packaging design of a leading Swiss precious metals dealer.

    These are believed to originate out of China, which seems to be able to counterfeit anything these days. Not only was the “.9999 gold” a counterfeit, but so was the packaging. In recent months, we’ve also heard cases of counterfeit American Eagle bullion coins and phony one-ounce rounds.

    In previous years, we have also seen tungsten bars painted over with gold leaf or gold bars with tungsten filling. In an interview with NBC News about these tungsten-filled “gold” bars, I said, “The people who get hit are not the bigger dealers,” since they have the knowledge and the tools to detect counterfeits, but smaller dealers are often fooled.

    Whenever gold makes a positive move up, as it has done in the first quarter of 2016, we see ads from coin dealers sprouting up like weeds. Publications have little or no way to check-out advertisers. Their main criterion for reliability is whether their check for the ad’s payment clears the bank. Don’t be tricked by an ad on the Internet or on late-night TV.

    As my father always told me when I wanted to stay out late, “Son, nothing good ever happens after midnight.” Always check the industry credentials on any dealer you contact. Recently, the industry-respected Professional Numismatists Guild (PNG) launched the PNG Accredited Precious Metals Dealer (APMD) program to help protect consumers and investors in the buying and selling of precious metals. APMD is composed of many of the profession’s most highly-regarded dealers. I am proud to be a PNG Accredited Precious Metals Dealer.

    I have taught dozens of courses on numismatics, including advanced techniques for spotting counterfeits. I have been able to help wronged parties get their money back, including an elderly man who sent $84,000 to a counterfeiter last year as well as a doctor who spent $750,000 on counterfeit coins. Working with the Secret Service and law enforcement officials, I was able to get those investors’ the return of their money.

    When buying coins, it pays to deal with a reputable dealer who is not only honest in business practices but one who is skilled in numismatics, particularly the detection of counterfeits. You can get hurt by a good person who is not an expert, or by a fraud who poses as a numismatist but has never won an award, never worked with law enforcement agencies or helped anyone recover from a counterfeit coin scammer.

    When investigating suspected fraud, I have a lot of allies in law enforcement and numismatics. Over the years, I have worked with the Secret Service, the Numismatic Crime Information Center (NCIC), several state and local law enforcement officials and one very talented investigative reporter in southeast Texas. If you need help with a suspected counterfeit product, feel free to contact a PNG-APMD member (Professional Numismatists Guild | Find a PNG Dealer, Learn about or Join the PNG) and NCIC (NCIC).
    Republic of Vietnam 10/69 - 3/71, Cambodia April 27, 1970 on a mountain top with HUGE scorpions

    "'He jests at scars who never felt a wound'" c.s.lewis - 1940

    The Ten Commandments: http://www.godstenlaws.com/ten-comma.../#.UdAz65yynZg

    The Bill of Rights: http://billofrightsinstitute.org/fou...ill-of-rights/

    The Constitution: http://www.archives.gov/exhibits/cha...ranscript.html

  2. #2
    kcm
    kcm is offline
    us
    Feb 2016
    NW Minnesota
    Tesoro Silver uMax
    5,771
    7031 times
    Well, they're trying to duplicate people, so why not GOLD??!!

    Thanks for the read.
    Davers likes this.

  3. #3
    us
    Dec 2006
    Central Minnnesota
    White's DFX & VX3
    968
    271 times
    Most people try NOT to duplicate people......but they do.
    fistfulladirt likes this.

  4. #4
    us
    Old Tom Cat.

    Jan 2013
    N.of , I-285...GA
    Whites Spc xlt & Tesoro Tejon- Now back ...Fisher 1266-X. TRX Pointer. New .Teknetics G2 + . New AT Pro .
    7,604
    6442 times
    All Types Of Treasure Hunting
    Great Info Thanks.
    As I am finding , In life we begin having the Blissful happiness & the Wonder & innocence of a Child, then fall Quickly, then spend the rest of our lives trying to reach that point where we began ,through Pleasure , Fame, & Materials but Only 'Through true faith in Jesus , can we find Prefect Happiness or true Meaning in our Short lives on this Beautiful Earth filled with both the Light of Pure goodness & The Darkness of Pure Evil. D.

    That Said, I judge No Man.
    Davers

  5. #5
    us
    Oct 2009
    9,002
    8233 times
    All Types Of Treasure Hunting
    Thats why I only buy direct from the refinery/mint
    AARC likes this.

  6. #6
    fr
    Mar 2010
    276
    12 times
    A good site for fakes can be found here... https://www.fakebullion.com/ This problem is only getting worse
    DeepseekerADS likes this.

  7. #7
    us
    Aug 2012
    MA
    3,351
    690 times
    Metal Detecting
    Honorable Mentions (1)
    Great heads up. Prob a lot easier than counterfeiting modern currency. Bars / coins might need to start including holograms and other counter measures.

  8. #8
    us
    Dec 2006
    Very Northern Left Coast
    XLT & Bigfoot
    4,433
    2007 times
    All Types Of Treasure Hunting
    I went to a big swap meet a few years ago and one booth had a pile of Morgan dollars and Mexican Libertads. I picked up a perfect Morgan and was quoted a good price (around melt + a few dollars) but something felt funny around the rim, it had a sharpness to it. I always carry a small magnifying glass on a cord around my neck I have also hot glued a small powerful magnet to the handle. I looked closely and snuck the magnet end to the coin, IT STUCK! I picked up a couple other coins, libertads too. They all stuck.

    I collect counterfeits (my best coin is a 1909S VDB cent in mint) I told the seller I would buy a few for $1 each. He laughed at me, then I told him all his coins were fake and I showed him my magnet trick. We got into a small argument and I left. I went down a couple booths and looked back, he was closely looking at his coins.

    I believe he really thought they were genuine and paid a lot for them.
    lastleg, Goose-0, kcm and 1 others like this.
    When I did yard sales I was dollardan. No yard sales where I am now.

  9. #9

    Apr 2008
    3,620
    451 times
    Quote Originally Posted by cyberdan View Post
    I went to a big swap meet a few years ago and one booth had a pile of Morgan dollars and Mexican Libertads. I picked up a perfect Morgan and was quoted a good price (around melt + a few dollars) but something felt funny around the rim, it had a sharpness to it. I always carry a small magnifying glass on a cord around my neck I have also hot glued a small powerful magnet to the handle. I looked closely and snuck the magnet end to the coin, IT STUCK! I picked up a couple other coins, libertads too. They all stuck.

    I collect counterfeits (my best coin is a 1909S VDB cent in mint) I told the seller I would buy a few for $1 each. He laughed at me, then I told him all his coins were fake and I showed him my magnet trick. We got into a small argument and I left. I went down a couple booths and looked back, he was closely looking at his coins.

    I believe he really thought they were genuine and paid a lot for them.

    Anyone selling perfect looking Morgans for just a few bucks over melt is either a complete idiot (if the coins are real) or is pulling a scam (if selling fakes for cheap). I wasn't there with you so I can't really judge if the guy was up to no good, but I know here in my state the usual place to sell fake silver is at swap meets (called flea markets here). The crook sells the coins cheap enough so a buyer thinks he is getting a good deal and hopefully doesn't check out the coins very carefully (too good to be true deals usually are just that).

    You should have called the cops on the guy for selling counterfeit coins (if he was truly unknowing he would not have gotten in trouble). I imagine the guy unloaded them on to someone not as savvy as you after you left his booth.

    Just my opinion.

    Jim
    Last edited by jim4silver; Jan 06, 2017 at 12:43 PM.
    R.I.P. Rich Hartford

  10. #10
    Charter Member
    us
    Cat teaches man, not everything here serves him.

    Feb 2011
    S. Fl.
    Minelab Excal II, Garrett, Tesoro
    5,648
    7029 times
    All Types Of Treasure Hunting
    Honorable Mentions (1)
    If you're fortunate enough to live near a big city and/or have a jeweler who has a precious metal spectrometer analyzer, that will tell you all you need to know about your particular object.

    One of our Diamond Exchanges has one and pays 95% (if you know he does) I take anything of question and let him put it in his machine. It gives a list of all the metals of the object, with percentages. His is a big one, about the size of a bowling ball, sits on a tripod, (I couldn't find a pic of the one like his), usb into the computer.
    They have handheld models, less that 2k. Seen a few independent buyers locally, with some of them.

    Something to consider if you're a heavy buyer.
    Yesterday is history, tomorow a mystery. All we have is the here and now, it's a special gift. That's why we call it "The Present"

    Pity the poor agnostic dyslexic insomniac who lies awake at night wondering if there really is a Dog.

    https://www.etsy.com/shop/patharp?ref=si_shop

 

 

Home | Forum | Active Topics | What's New

Sponsored Links

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Similar Threads

  1. Special Report - How to Avoid Fake Silver & Counterfeit Gold Products
    By jeff of pa in forum Precious Metal Prices
    Replies: 8
    Last Post: Jul 01, 2013, 02:29 AM
  2. The US cures a growing problem....
    By Dano Sverige in forum Comedy Central
    Replies: 37
    Last Post: Mar 04, 2013, 06:05 AM
  3. Todays free bonus coins - 9/8/12 (my stash keeps growing)
    By The Jersey DEvil in forum Coin Roll Hunting
    Replies: 4
    Last Post: Sep 30, 2012, 01:07 AM
  4. Counterfeit Gold & Silver
    By JimDon in forum Today's Finds!
    Replies: 5
    Last Post: Jun 21, 2012, 08:41 AM
Powered by vBadvanced CMPS v4.3.0