Counterfit Coin safeguards and the large wholesale dealers.

[SDMANN]

I have been reading on line about counterfit coin operations, it seems they have become very sophisticated, do the large online wholesale dealers have safeguards in place to protect against that, such as when buyers buy specific silver coins or junk silver bags?

If it were a problem I would think I would have heard more chatter about it on line. I have bought a bit of junk silver from a few of the on line dealers but always check them out against the on line Better Business Bureau, and have only done business with A rated dealers that have been in business for years.

I would hate to have to check each coin such as mercury dimes for example in a $100 junk bag with silver solution, that would take alot of time and I don't know what you could do anyway if you did find counterfit coins within a specific bag.

Maybe its not a problem to worry about. Any input would be appreciated! Thanks in advance for any thoughts. SDMANN

[Glass]

I think the large guys are going to have those safe guards in place. Most of the counterfeit stuff is coming out of asia and via e-bay. I was going to say that the big guys have a chain of supply they can follow back the Mint but it's not really relevant for junk silver.

It's a good question though. Anyone detected a fake 90% 'er in their orders?

[TomD]

I'd bet that the big dealers have intensive anti-fake programs in place; it wouldn't take too many fakes slipping through to just totally blow their reputation. It one thing to buy only from the producers but a number of big dealers also buy from individual sellers.

[madfranks]

First off, most counterfeiters are going to be dealing in what will give them the biggest return, that's why there are lots of fake silver dollars and fake numismatics (rare dates, etc). Most of the junk silver you buy isn't being counterfeited because it's not worth it. But, it's really easy for you to tell if your coins are real or not based on their weight and diameter. Any number of coin books (like the Red Book) will give you the weights and diameters of your silver coins, so all you have to do is compare them. For example, if you're concerned that you have a fake junk silver quarter, the metal will not weigh the same as silver, so it will be underweight or overweight. Or the diameter will be wrong, i.e. too big or too small. Of course, depending on how worn your coins are it will weigh less than an uncirculated full weight coin. So you have to get a feeling for how the coins should weigh and look. Over time and with practice you'll be able to tell a real from a fake just by feeling it. For example, I bought a known and disclosed fake 1799 silver dollar on ebay, and when I got it, just by holding it in my hand I could tell it was fake, because it was so light.

[TomD]

To make a point though I'm sure almost all here already know it. Fakes and counterfeits are different. A fake coin will be of a different metal than the original whereas a counterfeit will be of the same or very nearly same alloy. Thus a counterfeit Krugerrand would make no sense at all because it would be 22 kt gold and would contain 1 oz of gold, likewise virtually all bullion products. Who would care? Counterfeits will be of coins where a significant portion of the value is from numismatic value. Fakes are fake all the way.

[solid]

I've never heard of any fake 90% junk silver, but like others have stated, there is fake and counterfit numismatic silver coins. If buying 90%, I'd be more concerned about some clad coins getting mixed in the bag by accident, or on purpose. I believe it's been established that it's not cost effective to fake 90% old beatup junk coins.

Regarding the larger high rated online sellers, I'm sure they have safe-guards in place. I once asked my local guy about fake coins, and he got very serious all of a sudden. He guaranteed me, that no fakes or counterfits would get passed him. He told me that all it takes is one fake coin to completely ruin his 40 year reputation he worked hard at establishing for himself.

I'm sure the major online deals are just as concerned about their reputation. There's lots of silver/gold forums and sites on the internet, and one fake could ruin a reputation if it got spread on the nets.