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Americans warn of counterfeit coins as careless buyers ‘pay $27,000 for counterfeit coins’

COLLECTING MONEY can be a fun hobby for many people – but not so much if they happen to be duped by a fake.

Coin collectors are now being warned about counterfeit coins after a careless buyer allegedly paid $27,000 for counterfeit silver coins.

This is a fake Gold Eagle bullion coin, dated 2014

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This is a fake Gold Eagle bullion coin, dated 2014Credit: Professional Carnalists Association

According to Doug Davis, director of the Anti-Counterfeiting Education Foundation (ACEF), Doug Davis, a former Texas police chief, this happened recently with a “one-ounce silver coin.”

The purchase is said to have been made through a pop-up ad on Facebook.

The Dealers’ Professional Analysts’ Association (PNG) is now warning buyers to watch out for “counterfeit coins and fake gold … and overvalued genuine gold and silver coins”.

PNG President Richard Weaver stated that social media platforms have become the leading space for counterfeit money and billions.

He added: “In addition to outright counterfeits, some unscrupulous sellers offer illegal ‘copy’ of historic coins that are not marked ‘COPY’ as required by federal law. .”

Forecasts, unexpected victims lost millions of dollars in investments, according to ACEF.

How to avoid fakes online

One key thing you’ll want to look for when hunting for coins online is “too good to be true” prices.

This includes coins priced below market value.

Furthermore, ACEF has issued some warnings that you will want to avoid when browsing online:

  • Buy multiple items and get extra discount on already sold coins
  • Websites that use photos and videos of authentic coins to fool buyers
  • There are spelling, grammatical and other errors in the description
  • Contact information includes email only

The best way to avoid online scams is to buy through a reputable dealer, including PNC, Accredited Precious Metals Dealer, and American Trauma Association.

A nearby trusted dealer may also be a good fit.

Counterfeit coin that some collectors appreciate

Meanwhile, there seems to be one counterfeit coin that collectors have been attracted to – and that is Henning Jefferson nickel.

But unlike other counterfeits online, the buyer of this coin may know it is a fake from the start but want to own it because of the interesting history behind it.

The nickel gets its name from Francis LeRoy Henning, a native of Erial, New Jersey.

He was a forger in the 1900s – with Jefferson nickel being one of his plans.

Many experts believe that Mr. Henning forged 500,000 nickel coins, with dates believed to be 1939, 1944, 1946, 1947 and 1953.

Interestingly, some coins can be worth, like a sold for more than $400 on eBay in January with the date 1939.

And this may sound ironic, but Chad Eicher, owner of Metal Pursuits, told The Sun last month that there are “many counterfeits” of counterfeit nickel.

However, he added that Henning Jefferson nicks are worth between $20 and $90 depending on status.

But just make sure you know what you’re buying before buying any coins.

Also, keep in mind that it is illegal to possess counterfeit money.

Meanwhile, we explained about Lincoln VDB, 1992, and 1914 coins and why they are so valuable.

Plus, we show you how find rare coins including those with Lincoln.

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https://www.the-sun.com/money/4667887/counterfeit-fake-coins-how-avoid/ Americans warn of counterfeit coins as careless buyers ‘pay $27,000 for counterfeit coins’

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