Watch Out for Fake Bullion Coins

Watch Out for Fake Bullion Coins

Watch Out for Fake Bullion Coins

There are many scam artists trying to seize your money in return for phony gold coins, so it's necessary to be very cautious when you make coin purchases. A great many gold coins are purchased on eBay, which gives the buyer some amount of protection from fraud. As with anything else, where you buy and how much exposure you have when you do can make a big difference in your success.

Here are some pointers that might help you spot phony merchandise and not come up on the losing end of a sale.

1. TGTBT - Most of us want to have a deal where we come out way ahead of the person we are dealing with; it's simply human nature to want to win. Understand that if you know what the value of an item should be, the person selling the merchandise probably knows it, too. If something is "too good to be true," common sense dictates that it generally is.

More often than not, a buyer will purchase a questionable coin before having it appraised because of the fear the seller will up the price. That might work if the seller is going to be accessible after the sale and a refund is possible if the coin is a fake.

2. Buy from someone you trust - You may save a few dollars on some purchases you make with shady dealers, but it is much like gambling in a casino; the house is going to win the majority of the time. You will usually pay a little more for the comfort of trusting the person you do business with, but that's much better than losing big on a fake coin.

3. Carry a digital scale to coin shows - Recently, a purchaser at a coin show began to doubt what he had received when he bought some old coins. He took them to a dealer who told him they were probably fake because the weight was not what it should have been for those coins. The person who sold the coins was buying counterfeit copies from China, and he was nowhere to be found after the sale.

If you do your homework, you will know what the coins should weigh. While there is no guarantee that a fake will weigh a different amount than the real thing, gold and silver weigh differently than other metals.

Additionally, you may want to have something to measure the coin with, as the exact dimensions are published for all rare and precious coins.

4. Arm yourself with information - If you go to a new place to seek out coins, don't think twice about carrying a pocket sized reference book so you can be sure what attributes a coin has. It is not possible to remember everything about every coin no matter how intelligent you are. One piece of information can be the determining factor in making a mistake or walking away.

Don't get robbed. Make sure you know what you are getting, and always be prepared to have a coin appraised if there is any doubt about its authenticity.

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