It’s a tragedy when someone unknowingly invests in a coin thinking it’s the real deal, but it turns out to be fake. However, any trading that involves valuable monetary assets will include fakes, frauds, and counterfeits. If you have purchased silver or gold coins and can’t get rid of that little voice in your head that keeps telling you the coins may not be genuine, then in this article, we have listed the top points you can use to identify counterfeits. When you’re looking to purchase rare coins, always look for reliable companies like Universal Coin and Bullion.
Many fakes get through this test easily; silver and gold bullions are non-magnetic. If a bullion coin or bar sticks to a magnet, then it’s a fake and must be discarded. Fakes that are produced with iron and steel content in them will provide a magnetic attraction and identify itself as fake. This test will not detect metals that have a core that consists of zinc, copper, lead or other non-magnetic metal. The stronger the magnets you use for this test, the better; a neodymium magnet that has a grade of N52 is preferable and should be able to detect any iron or steel-based metal. These magnets are quite strong, and you need to be careful; if it sticks, then it should do the trick.
Magnetic Slide Test:
Let’s stay on the magnet theme. Another test you can conduct to spot a fake is using a magnetic slide. Simple and easy to build, this is a great way to spot fakes without any tedious and complicated testing instantly.
How does it work?
Silver is non-magnetic, and it has a property that is known as diamagnetism. This causes the silver to repel when in contact with a magnetic field. Hence, real silver moves down slower than fake silver. A fake will not have any resistance and will move down with speed.
The Ice Test:
This test is cheap and easy, all you have to do is get some ice from the freezer. In a simple way to test silver coins and bars for authenticity, you need to place the ice on the silver and observe. The ice will begin to melt immediately because silver is a good conductor of heat for all metals. Silver is the topmost conductor, even above copper, which is the most popular metal to use.
This test only applies to bullion coins from government mints. The most popular is the American Silver Eagle, some of its notable specs include:
- Content- .999 silver, .001 copper
- Weight- 1 Troy Oz = 31.103 grams
- Diameter- 40.6 mm = 1.598 in.
- Thickness – 2.98 mm = .1193 in
- Years Minted- 1986- present
The best way to gain benefit from this is using a digital electronic scale. You will want a scale that measures a minimum of 2 decimal points in grams. Silver Eagles have a minted weight of 1 Troy oz. – 31.103 grams. Another easy way to give into the diameter of the coin is that they should be pretty exact to 40.6 mm.