Is Your Bullion Coin Legit or a Counterfeit? Test the Authenticity Using These Methods at Home
Technological advancement has done a lot of good for society. Still, it’s also guilty for enabling counterfeiters to create fake gold and silver bullion coins that look incredibly pure and real.
According to research by the American Numismatic Association, fake bullions are flooding the precious metals market.
Counterfeits are created by using a large percentage of other alloys with minimal to no trace of the precious metal. They are painted and refined until they look deceivingly real to the buyers.
Even experienced precious metal investors may not be able to identify some counterfeit coins by just looking at them.
Investors are getting more concerned about their holdings of gold and silver because of the rising issues of counterfeits. If you are planning to invest in bullion coins, here are some techniques that you must check the authenticity before making the payment.
Check the Weight
Bullion coins—gold, silver, or platinum—are all engraved with their weight, size, and purity value. You should begin by checking the weight of the coin that you’re about to purchase.
It’s important to note that 1 troy ounce equals 31.1 gm, whereas 1 avoirdupois ounce equals 28.3 grams. Weigh the coin, and if there’s even a slight difference between the engraved value and actual weight, it may be a counterfeit.
Check the Dimensions
If the coin passes the weight test, move on to measuring the dimensions using a digital caliper. Gold and silver are incredibly dense precious metals, which implies that counterfeits that passed the weigh test may be too large to fit the digital caliper, either in thickness or diameter—or both.
You can find the accurate dimensions for bullion coins from the mint or the OEM’s website. You can then compare it with the dimensions of the coin in question. Any difference will be an indication of a fake.
Use the Ice Method
This test gives better results for silver bullion coins because silver is a better heat conductor than gold. Place your silver coin on top of an ice cube and watch when the ice begins to melt.
Pure silver will melt the ice quickly because of heat energy. If the ice cube doesn’t melt at all or melts very slowly, it is a sign that you’re dealing with a counterfeit.
We understand that a lower-priced deal can tempt you to engage in private transactions. However, it’s best to buy silver and gold bullion coins online from a trustworthy and accredited precious metals investment dealer, like Orion Metals Exchange.
Contact us today to learn more about our services.