Whether you’re an avid coin collector or recently took up the hobby, you want to ensure every coin entering your collection is the real thing. Even if you aren’t a collector but wish to sell gold and silver coins for cash, you need to know the pieces are authentic before spending time and gas, taking them to a specialty shop. Here, review signs indicating a coin is fake to streamline the buying and selling process.

5 Tips for Spotting Fake Coins

1. Perform a Magnet Test

Take a magnet from your refrigerator and place it on the gold or silver coin in question. Real silver and gold are not magnetic and will not affect the magnet. If the coin is fake, it will immediately attach itself to the magnet due to its steel or iron content. 

2. Look at the Relief & Markings

Compare the relief of a real gold or silver coin to a similar coin you think may be fake. Counterfeit pieces often feature relief that is too high or low, causing stacks of fakes to fall over, unlike stacks of real coins. Compare the markings on the potential fake to the real gold or silver piece as well, as it may be missing certain marks or feature them in the wrong place on the coin.

3. Research the Most Common Counterfeit Coins

Look up common counterfeit coins on the Numismatic Guaranty Corporation (NGC) website. The international coin certification service created a list of the 50 most commonly counterfeited pieces to help coin collectors avoid scams. Many pennies and Indian coins make the list.

4. Apply Ice

Use ice to determine if you’re working with real silver coins, as silver conducts heat and will cause the frozen water to melt immediately unless it’s a fake. Silver has a thermal conductivity rate of 247.87, the highest of any metal.

5. Check for Casting Seams

See if the coin features casting seams, a clear mark of counterfeiting. Particularly poor counterfeit coins have holes from casting work and may feel lighter than they should. Also, look for grooves or reeds around the edges—if none exist, it’s a fake, even if the casting seams are not noticeable. 

Embrace your inner coin collector at Collector’s Palace Coins & Jewelry, or sell silver and gold pieces in your possession. The unique shop has served Northeast Ohio since 1990, buying, trading, and selling an array of products. Call (330) 626-2464 today for answers to any coin collector questions or request an appointment online. Get more collecting and selling tips on Facebook.