Some people have been scammed into buying fake gold bullion and coins online. If you are looking to invest in gold coins and bullion, you should be careful before making the purchase. Moreover, you can also verify your gold bullion and coins for authenticity.
Salient Features Of Fake Gold Bullion and Coins
- Fake gold coins do not feel, look or sound like real gold
- Physical differences also exist between fake and real gold
Verifying Your Gold For Authenticity
- Properly measure your gold assets. Since gold bullions and coins are made to fit particular size specifications, even a small millimeter off than the actual specification means the metal is fake. For example, the 1 pz. Gold American Eagle measures 32mm in diameter whereas the size of UK Sovereign is 22mm in diameter.
- Get the weight chart of gold coins/bullions and measure your gold against those specifications. Even a slight deviation from the actual weight means the metal is fake.
- Fake gold coins are either extremely shiny or dull. Therefore, it is important to check the surface of the gold you have at your disposal, whether it be coins or bullion. Moreover, fake coins or bullions lack detail. Whenever you are checking for authenticity, compare the fake ones with real ones to ensure you have your hands on an authentic piece.
- Real gold coins make authentic sounds when dropped. In order to conduct a legitimacy test, drop the gold coin or bullion hard on the surface and check its sound. Compare the sound with that of a real gold coin or bullion. A real gold coin is said to produce a ringing sound whereas the fake one make a loud thud. However, the sound test is not recommended in most cases as it ends up damaging the quality of the metal
- You can also check the feel of the metal to find out whether it is fake or real. Fake coins are slippery or are sometimes too smooth. Certain coins also have sharp edges. Check the coin by holding it in your hand; close your eyes and check its feel. Place a real one in one hand and the fake one in the other to determine the differences between the two.
However, if you are not sure about the authenticity of your gold coin or bullion, you should seek immediate help from a gold expert as some of the fake gold coins are not easily distinguishable.
While I personally don’t do any gold coin investing, I do believe in retirement investing backed by precious metals like gold, silver, and platinum.