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AVOIDING COUNTERFEITS (FAKES)


Demand for silver is rising due to the falling confidence in the US Dollar, this causes silver prices to increase, thereby creating a higher probability of counterfeit (fake) silver coins and bars in circulation.


        Counterfeiting is currently much more common among Gold coins which are worth about 40x more than silver, but that will not stay the same.  Silver will continue to set records in the coming months and years as the demand continues to grow and supplies dwindle. (Click here to see inside a chinese counterfeiting operation.) Therefore, I would like to arm you with useful information and steps you may take to minimize the chance of getting a counterfeit coin. 


Silver Bars (10 ounces and up) carry the greatest risk of counterfeits since they bring a larger profit to the counterfeiter and are easier to duplicate since the finish on bars is typically rough with little detail.  It is also harder to inspect the bars since they need to be assayed to determine what metals are inside.


US Silver Dollar Coins (Morgan, Peace, & Eagle) have been spotted as counterfeits.  These coins have a high premium.  Silver Dollars should be tested by measurements and weight to match the mint specs, as well as other tests listed below.  For quickly testing Silver Dollars minted 1840 -1935, a unique instrument called The Fisch (Wallet #6) may be used.  For more on Diagnosing Fake Silver eagles click here.


“Junk Silver” coins are Pre-1965 US Silver Dimes, Quarters, & Half Dollars containing 90% Silver and 10% Copper.  Due to the small size of these coins counterfeiting risk is lower.  The Counterfeiters usually go for the big bars or coins with high premiums that contain larger  amounts of silver.  So Therefore, “Junk Silver” coins are one of the safest & cheapest ways to buy silver. 


If you are purchasing large amount of “Junk Silver” coins, make sure you open the bag and ensure that the coins are what you paid for.  There is no need to hold the bag sealed until the right day, the last thing you want it to find out that it’s not what you paid for.


1 oz Bars and Coins are generally seldom counterfeit, however, as Silver price reaches new highs, be prepared for counterfeits to flood market. Check these coins with the tests mentioned below.