A warning against counterfeit coins has been issued by the Professional Numismatists Guild.
Unsuspecting buyers have submitted counterfeit modern bullion coins to Numismatic Guaranty Corporation for authentication and grading, PNG said.
NGC, the official grading service of PNG, earlier reported submissions of counterfeit 2012-dated gold American Eagle $50 denomination coins.
Those particular counterfeits exhibit poorly defined details around Liberty’s face and hair, different fonts for lettering and the date compared to genuine coins and the color is different because the fakes are not composed of gold, according to Max Spiegel, a vice president of Certified Collectibles Group, NGC’s parent company.
Sales of counterfeit coins are potentially a multi-million dollar problem for the public, said Professional Numismatists Guild President Dana Samuelson.
“Professional dealers who look at classic U.S. coins and bullion items all day long are usually not fooled by these spurious items, but to the untrained eye they often look like the real thing,” he said.
“We conducted an informal inquiry of PNG members and PNG Accredited Precious Metals Dealers about what they’re encountering now in the marketplace. They have seen everything from counterfeits of vintage rare coins to modern precious metal items. These include fakes of popular century-old U.S. Morgan and Peace design silver dollars to current gold and silver American Eagles, gold U.S. Buffalo coins, silver and gold Chinese Pandas, and Canadian silver and gold Maple Leaf coins. We’re also seeing spurious gold and silver ingots,” said Samuelson.
If you don’t know coins, you better know your dealer, Samuelson said.
Visit www.PNGdealers.org for a list of member dealers.