It’s also a perilous time. [New York Post: Fake gold hits NYC], Counterfeit Gold Coins Flooding Global Markets, In 2015, an elderly man spent $84,000 on counterfeit 1 ounce American Eagle Gold Coins, and a doctor spent $750,000 on counterfeit gold coins. A resonate pinging sound indicates a genuine gold coin whereas no ringing sound or a dull thud indicates a gold plated tungsten filled counterfeit. According to http://news.coinupdate.com/royal-canadian-mint-adds-security-feature-to-gold-maple-leaf-1686/ since last year 2013, The Royal Canadian Mint has now included a new security feature onto their Gold Maple Leaf coins. In 2010, tungsten cost $25 per pound and sold for $18,000 in fake gold – making it the Gold standard of counterfeits. There is absolutely NO need for destructive testing. 2. We returned the coin to the dealer." High demand for Investment Grade Gold offers huge financial incentives to forgers. Usually seen when an old collection from the 1960s or ’70s is sold. [The Fort Knox Conundrum], In 2012, at least 10 counterfeit Gold Bars made of tungsten were sold by a well known Russian salesman to unsuspecting dealers in Manhattan’s Diamond District. CoinWeek Supplies Highlights _______________________________________________________________________. There’s an old saying that can help buyers avoid problems: If you don’t know coins, you better know your dealer,” You’re welcome. This, in fact, is the first fake Canadian gold maple leaf coin that we’ve seen. In regards to use of a weigh scale, this is an excellent recommendation. Be sure to check the thickness as well as the diameter of the coin, as it’s possible to produce a counterfeit coin using a different metal that has the same weight and diameter, but a different thickness than the original. I am worried there are more of those out there, and no one knows”. The scale can currently be purchased for less than $10 on Amazon, which is a great investment, even if you only plan on purchasing one or two coins. The jeweler underscored the significance of this find, “since the counterfeit gold was sealed in [Royal Canadian] mint packaging, why would an investor have any reason to doubt its provenance and actually open it up to check? Tungsten coins make a dull thud sound instead of the ping ringing sound indicative of a genuine gold coin. The fakes are getting better and better, so it’s up to us to stay on top of the trends and make sure that we’re only offering high quality genuine product to our customers. To help collectors and dealers identify counterfeit coins, NGC has prepared lists of the most commonly counterfeited US, Chinese and world coins with diagnostic information and images from NGC’s extensive database, as well as commentary from the NGC coin grading team. Watch the discoveries on YouTube @ https://www.youtube.com/watch?v=2P1h6uXDACY&index=3&list=UUS0-Hrh-r90e6vs309wJ0zw & https://www.youtube.com/watch?v=2P1h6uXDACY&index=3&list=UUS0-Hrh-r90e6vs309wJ0zw . Usually, fake gold coins are somewhat larger or thicker, so they are heavier and less detectable as fakes. Learn common diagnostics of counterfeit gold coins from PCGS in this short video course. The number “13” denotes the year and will change annually to feature the last two digits of the corresponding year of issue. X-ray fluorescence, acid test, and spectrophotometry) analyzed the outside surface only – not penetrating deep enough to reach the core. Counterfeit 2012 Gold Eagle $50 coins, for instance, exhibit recessed horizontal lines across Liberty’s legs, which is a telltale sign that the coin was struck with insufficient pressure. Most of these are made of gold, but the metal content is uncertain. We met yesterday with an individual that was interested in selling a Canadian gold maple leaf coin. Synopsis. It was my first experience with a fake Canadian gold coin and have a feeling that it won’t be my last. An ordinary magnet will stick to cheap ferrous alloys if they are present in coins. DESIGN & SEO:  EXPERIENCED.CM, NewsMax: Counterfeit Gold a Growing Problem. These sales of counterfeit coins are potentially a multi-million dollar problem for the public. And that’s a concern for collectors. that originated in the United States and were stored in Fort Knox for years (their serial numbers provided tracking). If you only invest in one or two types of gold coins, this is probably a worthwhile investment. This site uses Akismet to reduce spam. © 2021 Gold Buying Agent – All Rights Reserved In the past decade, a staggering amount of high quality counterfeit Gold Buillion Coins and Bars have been discovered with tungsten (aka wolfram) cores. [Inside a Chinese Coin Counterfeiting Ring and China’s latest export boom: Fake gold coins]. I had not yet heard of or seen counterfeit gold Maple Leafs. We personally own a few wallets, and have no affiliation with this company. The ones that concern us the most are coins made to intentionally deceive a coin collector out of his money. All are 1oz. 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. While confirming that the weight of the coin is accurate is the first step you should take, it doesn’t necessary guarantee that you have an authentic coin. Although fake gold coins made from gold covered tungsten are able to pass the weight, diameter and thickness tests, they fail to pass the ping ringing sound test. 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