How to Spot Real or Fake Gold Coins or Bars A Guide in Not Getting Scammed
How can you tell if gold coins are real or fake? You have recently bought a gold coin and you want to figure out if it’s real or fake - your curiosity is killing you. How do you know for sure it’s real?
Obviously, knowing if the coins you purchased are real or fake is very important, particularly if purchased online. If you buy a gold coin or bar and it turns out to be a fake there is virtually no chance of returning it and getting a refund.
Here are some important points to keep in mind when you purchase gold coins. These points will assist you in reducing the chance of purchasing fake coins, and help you to identify those that may be fake, especially when buying online.
- Only buy from a reputable precious metals firm. Avoid sellers you do not know or who will not provide all the information you seek. Ensure they also have a proper address and contact phone numbers. A ‘hotmail’ email address is insufficient.
- Do not buy from sellers who have a no-return policy, especially sellers claiming to sell from an ‘estate’. The ‘Caveat Emptor’ (buyer beware) policy applies very much in this field. Know your seller, period.
- Don’t buy antique or rare coins until and unless you are a specialist. Although modern coins can be faked, most of the fakes are usually in the antique or rare coin arena.
Fake gold coins sold on auction sites can be a huge problem. One has only pictures of the coins for sale and, unless one is an expert, it is nearly impossible to establish the authenticity of the coin being sold. There are some guiding principles one can follow to reduce the chances of buying a fake gold coin on an auction site, but for the sake of time, we won’t cover those in this piece - just be VERY careful if you want to purchase from an auction site.
Despite the aforementioned, the incidence of fake or counterfeit gold coins is not too large. Provided one takes sensible precautions one can usually safely purchase one's favorite gold coins from a reputable precious metals firm online.
Remember - "take care of your money and your money will take care of you."
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