Important Counterfeit Alert
The country is facing some very serious challenges now. Many people are trying to purchase gold and silver as a protection position. Supplies are getting very thin and premiums have escalated. In many instances, alternative forms of bullion are being offered to clients. We are offering 40% silver, cull dollars, circ dollars, MS-63 & MS-64 Morgan dollars as examples.
Recently, I examined a large amount of circulated pre-1930 US gold coins that a customer had. We always offer free appraisals and testing on any bullion coins as a service to help anyone that needs it. This was a fair-sized amount of early US coins from the $1 gold to twenties. There were over 70 coins in total. Here’s my findings:
- The only $1 gold was counterfeit
- There were about 20 fake $2 ½ Indians
- 1 bad $5 Lib
- 35 counterfeit $5 Indians
- 2 fake $10 Indians
About 80% of the coins were bad. And these were not obvious counterfeits, they were of top quality! The $1 and $5 Lib were pretty obvious, but the Indian gold was not. Please stick with reputable long-established dealers. With many forms of bullion not available, there is nothing wrong with a diverse mix of alternatives. However, be mindful of the background and knowledge of the seller. As always, we are happy to examine and verify anything for no charge as a service and thank you to anyone who needs it.
A client recently came in to take advantage of our counterfeit checking service. He said that he acquired one coin from a Russian website that sold counterfeit coins. However, he was sure that what he bought was genuine! Unfortunately, it wasn’t. Again, the hand has been shown here. They deal in replicas and fakes. The find a bargain at all costs attitude can leave a long-disgruntled feeling that you may never get over. He also wanted us to verify that silver coins from varied foreign countries were genuine. There are many silver world coin issues that vary from 10% silver to 92.5%. Unfortunately, there’s only so much we can do.
Please be safe, diligent and aware not only in your coin purchases, but now more than ever in your life! If we can help with anything, let me know. Long time customer can call me for my cell number if we are ordered to shelter in place.
Thank you,
Warren