We came across the following article from Zerohedge.com regarding fake gold coins, and thought that our customer base may be interested to know that fake gold coins are being produced in China. This is something that has been rumored to have been taking place for years, but this is the first time that I’ve seen advertised fake gold coins (composed of tungsten) for sale.
What does this mean as a potential customer of gold coins? It’s more important than ever to do business with knowledge and reputable gold coin dealers; otherwise, you may find that the gold coin you thought that you purchased is in actuality a tungsten coin only worth a few dollars.
We recommend that you do your due diligence on the coin dealer with whom you’re considering doing business. How long have they been in business? Do they have a reputation of selling less than high quality items? Have they had any complaints, criminal or civil proceedings levied against them? Are they able to thoroughly explain how they authenticate gold coins that they buy and sell?
Individuals that purchase gold coins from other sources, such as pawn brokers, jewelry stores, “we buy gold” stores, or through responding to classified ads are especially susceptible to purchasing high quality counterfeit coins. We have heard on more than one occasion that fake gold and silver coins and bars have been circulating in the classified ads market, so unless you’re a coin expert, it’s best to stay away from these type of transactions.
For those individuals that are interested, we’re going to be addressing shortly ways that you can validate the authenticity of gold coins, which should help to reduce the possibility of fake gold coins ending up in your hands. Be sure to “Like” us on Facebook or follow us on Twitter to receive future articles to help you to be more successful with your gold purchase endeavors.
We appreciate you taking the time to read our article on fake gold coins being produced in China, and want to encourage everyone to only conduct business with reputable coin dealers to increase your chances of success.