Counterfeit coinage is nothing new. In fact, fake gold coins have been around just as long as authentic gold coins. Don’t believe me?
The ancient mathematician and scholar Archimedes suspected thousands of years ago that some gold coin minters were secretly using less than pure gold in the Greek coinage of the time. He developed a water displacement test that allowed him to determine if a certain coin was pure gold or not.
Fake gold and silver coins have evolved immensely over the years. Many centuries after Archimedes lived people in the Middle East, especially Lebanon, made counterfeit coinage. The Lebanese scammers used real gold to create fraudulent versions of well-known collector coins. Unfortunately, many people have been, and to this day still are, fooled into believing that the coins were authentic simply because they were real gold. In these instances, coins that were supposedly worth many thousands of dollars were in reality only worth their intrinsic gold content.
Most recently, China has been the world’s major producer of fake gold and silver coins. The usual scam involves coating tungsten or brass with a thin layer of real gold, and some fraudsters have even tried to replicate PCGS and NGC certified coins. This makes it vitally important to only do business with long-standing, reputable companies. Online auction sites and local dealers, especially ones that just opened up shop, could spell trouble for you down the road. For dealer recommendations and a free copy of The Insider’s Guide to Gold & Silver Investing: 2014 Edition, scroll down this page or call GoldSilver.org directly at 800-394-3337 today.