Which One is Real? Counterfeit Gold Coins On The Rise
If you’ve bought or sold gold coins in the last year, there’s a chance they may not be the real thing.
Experts say more and more counterfeit gold coins are fooling even some of the best coin shop dealers.
Coin experts at Treasure Island in Fargo say they usually see counterfeits pop up every now and then, but say during the last year the trend has picked up significantly.
Which one is the real thing?
Chris Olson of Treasure Island says high quality fake gold coins and bars manufactured out of China are fooling coin dealers all around the nation.
“They’re counterfeiting anything from the bars itself to the tamper proof packaging, the case, and the certificate,” said Chris Olson, Owner of Treasure Island in Fargo.
Olson says scammers are buying counterfeits off Chinese websites or sites like eBay, and mixing them in with legitimate coins all to make a profit.
“The two or three gold coins that they just sold that were fake that’s how much extra money they’re able to make,” said Olson.
David Nerud Director of Security at Treasure Island says if a coin fails the initial inspection process, the establishment has some of the best technology to help weave out counterfeits.
“Absolutely, we’ll bring in the x-ray. The x-ray will tell us every single metal that’s inside there,” said Nerud.
Nerud says with using the updated technology, it doesn’t take them very long to identify a counterfeit.
“Within five minutes, we know absolutely, definitely, if a coin is real or if it’s fake,” said Nerud.
Both Olson and Nerud say counterfeits are usually lighter in color similar to the counterfeit in this photo, which is to the left.
They say if you plan on buying or selling, you should always do one thing.
“If you’re going to purchase gold that you get it from a reputable dealer, and make sure what you’re buying it in fact the real thing,” said Olson.
Olson says within the last year the store has seen counterfeit coins totaling anywhere from $5,000 to $10,000 in value.
