Investing in gold coins is a good idea as it can offer myriads of benefits. For one, gold coins don’t lose their sheen even after several years. What’s more, the market keeps on rising despite the coins’ age. Compared to other tangible assets that are subject to loss or deterioration, their demand and value increases over time. 

While there are economic ups and downs, know that gold coins stay strongly synonymous with stability, longevity, and security.

While real gold coins can offer a lot of benefits, keep in mind that there are people producing counterfeit coins to earn money and fool those who want to invest in gold coins. If you want to make sure that you won’t end up with a counterfeit item, then keep on reading. 

Whether you are looking for the best 1 oz gold coins or other options, here’s a checklist that can help you spot counterfeit gold coins from real ones. 

  • Measure And Weigh The Gold Coins

Gold coins, most especially the modern ones follow the strict rules and regulations that identify their weight and dimension. The difference between individual coins is actually small and almost unnoticeable unless they are measured with equipment such as karat meter. 

Experts dealing with gold coins are familiar with the tolerances as well as allowed inconsistencies amongst individual coins. But when someone uses a precise and professional piece of measuring equipment, it’s very simple to determine primary differences amongst individual coins on the condition that you know what you’re looking for. Bear in mind that a counterfeit gold coin has discrepancies or inconsistencies when it comes to weight and size. Be sure to always check this when investing in gold. 

  • Ping Test

Believe it or not, the ping test is one of the oldest ways to check whether gold coins are fake or not. Since the early periods, professionals have noted that these coins are capable of producing a certain, high-frequency ringing noise when struck against hard surfaces and even another gold coin. 

Unlike non-precious and regular metals, the ping of a gold coin lasts a bit longer. On the other hand, a counterfeit gold coin has cheap and other metals producing more dull and muted sounds when struck on hard surfaces. What’s more, the ringing is relatively short. 

  • Conduct A Magnet Test

A coin that has a high concentration of gold won’t respond most especially during magnet tests. It’s because being a precious metal, gold isn’t prone to a magnetic force. Most of the time, a counterfeit gold coin is made of cheap metals that can be magnetized. With that in mind, a simple magnet test is one of the easiest ways to save yourself from being scammed. 

  • Stack Test

If you’re not satisfied with the result of your ping test, you may also want to consider performing a stack test. A gold coin from registered and official mints undergoes many different inspections in order to ensure that they have the same shape, size, and even weight. 

One of the simplest tests you can do to assess discrepancies in such coins is the stack test. As the name implies, you’ll need to stack a handful of coins. Genuine gold coins are very easy to stack, creating a balanced and firm stack without aesthetic differences. In case the stack looks unstable or the gold coins appear to have slopes, bumps, or parts sticking out the flawless stack, it’s best that you assess them thoroughly or better yet seek help from professionals before making a purchase.

  • Check The Price

Like when buying other stuff, it is also important that you check the price of the gold coins you’re planning to get. If possible, do your homework at all times and compare the prices of coins to what the market is currently offering. 

Remember, anything with a major difference in cost is a red flag. It’s because there is no reason for a gold broker to sell gold coins at a very low cost given that they are making money through commissions. If the price looks too good to be true, consider getting it from other dealers, after all, there are lots of dealers offering gold coins. 

Final Say 

When buying gold coins as an investment it’s best that you buy from reputable and established gold dealers. This is very important especially if you want to make the most out of your money and want to have some savings for your retirement. But aside from working with such dealers, you should also take into account the information provided above. Hopefully, today’s post has helped you differentiate counterfeit gold coins from real ones.

 

 

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