Fake Gold Dealers

During a recent meeting, a prospective seller brought in a Canadian gold maple leaf coin. Given our familiarity with these coins, transactions like these are usually routine.

However, this instance took an unexpected turn when we realized we were facing fake gold coins or fake gold bars, the first Canadian gold maple leaf counterfeit we encountered.

Interestingly, counterfeit gold coins are more commonly found among Chinese gold pandas, $20 Liberty Head gold coins, and St. Gaudens gold coins.

Fortunately, our experience enabled us to promptly identify authentic gold coins from fake coins. We recognize that those less acquainted with gold coins, like the Canadian gold maple leaf, may struggle to authenticate them.

Thus, we wish to share several methods with our readers, shedding light on effective ways to verify the authenticity of gold coins.

Weight Check: An Essential Authentication Step

I’ve discovered that not all bullion coins share the same weight, even if their gold content matches. It’s vital to determine the correct weight for an authentic gold coin beforehand.

For instance, a 1-ounce 24k Canadian gold maple leaf should weigh 31.1 grams, while 22k coins like American gold eagles and South African gold krugerrands weigh 33.93 grams. $20 Liberty Head and St. Gaudens gold coins tip the scales at 33.43 grams.

A dependable portable scale, like the American Weigh digital pocket scale, is indispensable for gold coin appointments. Priced under $10, it’s a worthy investment.

However, while accurate weight is a crucial starting point, it doesn’t guarantee coin authenticity.  Watch out for fake gold dealers.

Diameter & Thickness: A Closer Look at Authenticity

As counterfeiters grow more sophisticated, they’ve honed their skills to match the weight of real coins, making scrutiny imperative.

Yet, they often neglect the crucial aspect of matching the correct metal composition, leading to discrepancies in diameter and thickness of counterfeit items compared to authentic counterparts.

How to Secure

To safeguard against this, my suggestion is to acquire a caliper, which ensures the diameter and thickness align with the manufacturer’s specifications.

The Tekton caliper, akin to the one we utilize, is a suitable choice. Remember to assess both thickness and diameter, as counterfeiters may replicate weight and diameter but alter thickness using a distinct metal.

Also Read:  How do gold dealers make money?

Sigma Metalytics: Pioneering Precious Metals Authentication

The Sigma Metalytics Tester revolutionizes verification by analyzing the inherent metal composition of bars or coins, promptly indicating their purity.

Employing penetrating electromagnetic waves, the device disregards surface attributes and plating, concentrating solely on the core metal.

Remarkably, its scanning prowess remains unhampered by plastic casings, eliminating the need to extract numismatic coins from their protective covers.

This evaluation is non-intrusive, leaving the product intact and unscathed. In under a second, the scanner delivers results without any chemical involvement or physical harm.

Sigma Metalytics verifiers are procurable from the manufacturer or via a third-party source, ensuring seamless accessibility.

Navigating with Fisch Gold Coin Tester: My Authenticity Solution

Exploring Fisch: The Option for Comprehensive Authentication

Should you seek an all-encompassing authentication tool to determine real gold, you might find the Fisch Gold Coin Tester an enticing option.

This kit, contained within a wallet, boasts a fake gold coin and fake gold bar detectors for various denomination gold coins in a series.

While pricier than obtaining a scale and caliper, a Fisch fake gold coin tester is a lasting investment for your gold coin journey.

Triple Authentication Approach: Putting Fisch to the Test

This tool conducts three pivotal tests to verify coin accuracy. It ensures the coin’s weight aligns correctly and assesses whether its specifications, encompassing diameter and thickness, adhere to designated standards. For investors focused on one or two gold coin types, this investment could prove invaluable.

A Matter of Choices: Tailoring to Your Investment Spectrum

For those delving into a diverse range of gold coins, amassing multiple wallets can escalate costs. Personally, my association is limited to owning a few wallets, without any affiliations to the company.

Exploring Verification Alternatives: My Personal Insights

Delving into Choices: A Multitude of Authentication Paths

Numerous avenues exist for individuals aiming to authenticate their coins, encompassing both affordable and pricier alternatives.

Among the cost-effective options, one effective approach involves comparing the coin in question with a known authentic counterpart you possess.

This visual and physical examination, encompassing stacking, measuring, and weighing, aids in confirming the specifications’ similarity.

Another budget-friendly tactic involves utilizing a rare earth magnet—a potent tool capable of identifying magnetic metals, and exposing counterfeits.

Unmasking Counterfeits: The Magnetic Revelation

A rare earth magnet’s formidable strength draws in magnetic metals, even in minute quantities. By hovering the magnet over or directly applying it to the coin, one can swiftly ascertain its magnetic properties.

Identifying magnetism indicates a counterfeit, serving as a clear signal to discontinue further consideration.

Elevating Reliability: Pricier yet Trustworthy Approaches

For those seeking enhanced reliability, pricier options such as a precious metals assay machine, exemplified by Olympus, offer advanced metal content verification.

Judicious Allocations

With costs likely surpassing $1,000, other allocations may prove more judicious. Alternatively, methods like density or specific gravity testing, reliant on distinctive metal densities and properties, offer varying levels of knowledge and expenditure.

To Sum Up

To sum up, as someone who is engaged in gold coin transactions, working with reputable dealers or a reputable seller generally alleviates authenticity concerns.

Yet, when it comes to private deals or lesser-known dealers, a cautious approach is wise. Though extensive authentication measures exist, opting for a rare earth magnet, a reliable scale, and a caliper is a practical choice for those who want to buy gold., effectively removing 99% of potential counterfeit coins from consideration.

Tim Schmidt

About 

Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He started IRA Investing to share his expertise in using his Self-Directed IRA for alternative investments. His views on retirement investing have been highlighted in USA Today, Business Insider, Tech Times, and more. He invested with Goldco.