Ever Buy a Fake Coin? What to Do If You Discover You Just Bought a Counterfeit Coin

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Ever Buy a Fake Coin? What to Do If You Discover You Just Bought a Counterfeit Coin

Postby EzineArticles » 07 October 2016

Since there is no profile for a counterfeit coin, I check every raw coin I purchase. I've encountered counterfeit: old worn coins, new mint coins, cheap bullion coins, and expensive rare coins.


There aren't a lot of fake coins, but checking them is so easy that I make it a practice to check every raw coin I get. I continue to be relieved when they pass. I hate finding counterfeits and wish they didn't exist.

If I receive the coin in the mail, I check the coin by giving it the "ring" test that I've mentioned in other articles. If the coin rings and looks right, I rarely pursue further tests.

I even do the ring test in the coin store before I buy. I usually get strange looks from the counter person, but I decided that if there is an issue with the merchandise, I want to bring it up right in front of the dealer. I don't want them to say I walked out of the store, switched coins and demanded a replacement.

I try to only buy coins from sellers who guarantee the authenticity of their product. Even at that, claiming that someone just sold you a fake coin is a great responsibility. I have to be certain that the coin truly isn't what it was represented to be, before I go after someone for it.

In my hundreds of coin purchases, I've only gone back to two sellers for selling counterfeits. I felt like I needed such a strong case, that there was no doubt about the authenticity of the coin.

When I find a fake coin, I'm suddenly thrown into the quandary of what do I do about this. As in any situation, there are several options to choose from.

1. Do nothing.
2. Call the police. This is similar to option #1.
3. Contact the seller. This can be similar to #1, or more exasperating.
4. Call the counterfeit coin "Hotline" and report it.

I've found two types of coin sellers. The first is very concerned that they passed along a fake coin and didn't know it. The other seems unconcerned about the event, as if they expected a certain percentage of the fakes to be discovered. Both gave refunds however. I like dealing with the first type better.

When contacting a seller about an alleged fake coin, I show overwhelming evidence for my position. Most retailers want the merchandise returned in sellable condition. Unfortunately, if I cut the coin in half to look at the base metal, it won't be re-sellable (and I don't want it to be).

Counterfeiting is illegal, but is so difficult to trace that the police are largely unconcerned with the activity. Collectors have to be their own police. And, I have to admit I haven't found the phone number for the Counterfeit Hotline, yet.
In the end however, if you discover a counterfeit coin, it becomes your word against the seller's. It is pretty difficult to prove that you didn't exchange their "authentic" coin for a fake one in order to get a free coin out of them.

I have a special "cull" section of my collection for fakes. They are coins I couldn't return because I discovered them too late to pursue it, or didn't return them because I didn't want them resold.

To learn more about coins: collecting issues, purchasing, investing and the coin market, I invite you to visit http://www.heritagecoingallery.com for videos and free tips on buying coins at the best prices.

Article Source: http://EzineArticles.com/expert/Paul_St._Julien/1279376

Article Source: http://EzineArticles.com/7370472

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Re: Ever Buy a Fake Coin? What to Do If You Discover You Just Bought a Counterfeit Coin

Postby Thornside » 16 January 2017

China has been screwing up coin collecting for the past who knows how many years. China..... unfortunately is a country where we will always will have to deal with corruption. The Chinese will even counterfiet a baby rattler. 

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