These were apparently made to order for a North American, the coins being mainly destined for use in South America. That same incuse design is one of the primary reasons the quarter eagle is so commonly discovered as a counterfeit. Almost all are underweight, or thicker than a real coin. Most pieces of real gold, including coins, bars and jewelry, should have a stamp that shows the purity of the gold. According to several respected coin and bullion dealers, many of the counterfeit gold coins are being produced in China, among other places. The truth is that people did used to bite gold in order to test it, but only because lead was commonly used to counterfeit gold and lead is even softer than gold. GoldBroker moves its headquarters to London (UK) : more informations. Joined: Jan 17, 2012 Messages: 33 Likes Received: 0 Trophy Points: 0. This made it an attractive proposition to machine a “D” onto a Philadelphia coin to pass it off as one of the rarest coins in the US gold quarter eagle program. Gold Coins: How to Detect Altered & Counterfiet Coins. How to Detect Altered & Counterfiet Coins The 1942/1 Mercury Dime . In fact, the PCGS noted that US gold quarter eagles coins have “the largest ratio of design element-to-field, making it more difficult for proper authentication.” With more design elements, there is more room on the coin to hide depressions or tooling marks. The ones that concern us the most are coins made to intentionally deceive a coin collector out of his money. What are High Relief and Ultra High Relief Coins? … having a date of 1906, before the silver eagles were first minted). Many counterfeiters will add them to fakes to make them appear more genuine. This series accounts for approximately 40% of all counterfeit gold coins received by PCGS. The rarity and accessibility of certain coins wasn’t the sole reason for the higher number of counterfeit coins in these particular programs. So, they were hoping the metal would not indent, and not the other way around. Page 1 of 2 1 2 Next > JCro57 Making Errors Great Again. Naturally, this created rarity going forward as few coins survived those collection efforts. The world of American rare gold coin buying is quite full of details, and some of those details may be counterfeit. Discussion in 'Coin Chat' started by JCro57, Sep 30, 2018. One look at the list below and it quickly becomes clear that counterfeiters have a favorite coin they love to target. They will check and grade it for you and in the case of gold coins, this grading may even improve its value. All United States silver and gold coins are not attracted to a magnet. Note that these are not coins by the normal legal definition as they have no relation to any government, no face value, and are not legal tender. Between the 1860's and about 1881, platinum was used, in Spain, to counterfeit gold coins including sovereigns. Biting aside, there are other ways that you can test to determine whether what you have is real gold or not: You can also send your gold to an expert. Although basic, many of these methods worked, simply because counterfeiting methods were just as basic. Pre-1933 Gold counterfeits can be deceptive to the untrained eye. As I wrote here, China is flooding the markets with counterfeit gold coins. Subscribe to the JM Bullion newsletter to receive timely market updates and information on product sales and giveaways. Enter your email address and we will send you a link to reset your password. In more recent times, fake gold coins have been used in warfare, with countries attempting to destabilize their enemy’s economy, and the famous 1907 Double Eagle coins, minted by the US Mint, created an uproar when it was discovered that they were being counterfeited on a grand scale. Here are two from different auctions. Everything is usually cheaper on eBay, but that is not the case with bullion, as the fees charged by eBay and PayPal mean that dealers have to attach signifiant premiums on top of the spot price. These days there is a trend for investors to purchase on eBay, where the variety is often better, but everything else is not. The 1856 Flying Eagle Cent How to detect altered and conterfeit coins. This included spitting on the coin and then rubbing it against an abrasive surface, hoping that the gold-colored surface would rub off and that the base metal would show through. What are the Most Common Counterfeit US Coins. I recently had a chat with Mark O’Byrne, research director at GoldCore.com. The US Mint struck 1911 quarter eagle coins at both the Philadelphia Mint and Denver Mint, but the Philadelphia coins had no mint mark, while the Denver coins had the “D” mint mark. Even though pre-1933 US gold coins had .900 gold content, the lack of availability and historic designs featured on these products makes them a popular choice among modern collectors in particular. The high mintage means that this coin is often not inspected closely, making it easier for counterfeiters to pass their fakes. Incuse design fields are more difficult to authenticate, and not all coin dealers turn to the likes of the Numismatic Guaranty Corporation or Professional Coin Grading Service for assistance. These coins were replaced on 15 October 2017 with new, harder to counterfeit, 12-sided bi-metallic coins. US gold quarter eagle coins were small coins compared to modern bullion and proof products, which means that counterfeiters don’t need a lot of gold to make fake copies of these coins. You should also look for discoloration. King of the Counterfeit Gold Coin Series by Mike Sargent. A buyer purchased several 10 ounce bars worth $18,000 each and, for whatever reason, he decided to drill into them. The single most counterfeited series of U.S. gold coins is the Indian Head Quarter Eagle. You may need a magnifying glass to see this, but you should be looking for a mark that displays either the fineness of the product (such as “.999”) or the amount of karats that it contains (such as “24k”). Pre-1933 Gold Counterfeit Coins. Counterfeiting of these coins occurred both prior to 1933 and in the decades following, including in the modern era. Of course, one of the main reasons for the high level of forgeries among historic US gold coins is technological. JM Bullion carries a wide selection of pre-1933 US Gold Coins, as well as verified Mercury Dimes. The 1912 had a larger mintage, but the NGC notes that it is rarer in higher grades. A 1911-D is extremely rare, but the 1911 Philadelphia coins had the largest mintage in program history. Interestingly, while entire date sets of counterfeit Indian Head quarter eagles, half eagles, and eagles have been seen, relatively few pre-1840 gold counterfeits exist. First and foremost, rarity comes into play when you are talking about pre-1933 US gold coins. 1853 Gold Dollar The 1853 Gold Dollar is the first coin from the series on our list for most-seen counterfeits at NGC. Much like changing a mint mark, changing the type of seven used in the date, or making a similar change can create a counterfeit coin out of what was once a true product of the United States Mint. This year saw the highest mintage for the entire series with some 4,076,051 pieces struck. Although platinum is denser than gold, by alloying it with an appropriate amount of copper, it can be brought to the correct density. Ancient alchemists tried to turn base metals into pure gold, making a fortune from cheap, worthless elements, and while they never figured out the formula, the counterfeiters did. It didn’t take long for the counterfeiters to turn the tables though, and history is littered with stories of counterfeit gold. If you see a deal that seems too good to be true, it probably is. Gold Coins/Bars There are quite a few gold coins, and some gold bars, that have been counterfeited. However, there are many safeguards to protect yourself from buying fake gold. The Benjamins are printed using a color shifting ink with metallic flakes, which shifts the ink color from black to green when holding the bill at different angles. One longtime dealer simply will not accept any gold coins from Iran, for example, knowing that most of their gold coins may be counterfeit. In particular, US gold coins have been the target of intense counterfeiting efforts designed to take advantage of high gold prices and consumer demand for rare gold coins. What Percentage of My Investment Portfolio Should I Allocate to Gold? 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