Demand for silver bars and coins is growing. We have written numerous articles on why you should strongly consider investing in silver as a long term investment for your portfolio. However, with the demand of silver surging, buyers must beware of getting scammed into purchasing fake or faux silver or other precious metals. (Our silver coins and bars are true silver; we are a BBB accredited gold and silver dealer, and your purchase is always secure).
Silver eagles in particular are selling at a record setting pace in recent months. In each of the first three months of 2013, sales have grown month over month, and a new record was set each month for the amount of silver eagles sold from the U.S. Mint. Counterfeit, or fake, silver eagles are also making the rounds, trying to lure in buyers with reduced prices.
The counterfeit coins are tungsten or some other type of alloy. They are also slightly thicker and smaller than the real American silver eagle coins, and weigh approximately one gram less than real silver eagles (they weigh about 30.1 grams).
The specific counterfeit coins that have been reported are dated for the year 2000. While the orientation is quite similar to the real deal, the date (2000) is written slightly smaller in size than the original.
There are two other ways to verify if your coin is real. Real silver eagles are magnetic, and the reported fake ones are not. Also, if you are able to x-ray the coins, keep in mind that the x-ray of a real coin appears to be all white (it cannot be x-rayed), while the x-ray of the fake shows the coin’s imagery and words.
The fake coins were reported in early April of 2013, and were purchased on eBay. The seller had apparently sold over 80 of the fake silver eagles, and was also selling counterfeit Pan AM 1 ounce and 5 ounce bars.
Buyers who get scammed into purchasing fake coins and bars on eBay or other auction or discount sites will tell you first hand that the risk is not worth the savings. Even if you are able to prove the coin is a fake and get your money back, the process is time consuming or frustrating. Instead, purchase your silver coins from trusted, secure dealers, like Gold And Silver Online. Rest easy knowing you are investing in authentic precious metals from a BBB accredited and authorized seller.