Buying/selling Silver Eagle Coins - How To Avoid Fraud
Selling silver is big business as the price continues to rise
. Buyers and sellers alike are looking for honest, reputable transactions and want to avoid fraud at all costs. When buying or selling Silver Eagles there are several things to look for in an effort to avoid fraudulent or counterfeit coins.
Silver Eagle Coins were first released by the United States Mint in 1986 as a bullion coin. These Silver Eagles are certified by the US Mint in content, weight, and purity. Additionally, a proof version has been released as well as an uncirculated version specifically for coin collectors. The Silver Eagle coins have been produced at three US Mints: the San Francisco Mint, the Philadelphia Mint, and the West Point Mint.
When proceeding with a transaction to buy or sell Silver Eagle coins check for the following characteristics:
Date Pay particular attention to the date on the coin. The US Mint first began producing the Silver Eagle coins in 1986. Any coin dated before this is not a Mint error, it is a fake. There is a large Chinese operation forging the Silver Eagle bullion coin with a 1906 date.
Weight An authentic Silver Eagle coin weighs exactly 31.101 grams. It is very difficult for a forger to replicate an exact weight. Be particularly leery if the coin looks accurate but the weight is off. This is a sure sign of a counterfeit coin.
Diameter The diameter of a Silver Eagle coin is exactly 40.6 millimeters. This dimension directly correlates to the weight. If either the weight or diameter is incorrect it will impact the other measurement.
Reeding Every authentic Silver Eagle bullion coin produced has reeded edges. Don't assume that a non-reeded edge is a mint mistake - it is counterfeit.
Blurry Eagle Under magnification, the eagle should remain crisp and clear. Many forgers, when counterfeiting and selling silver, reduce the eagle's appearance making it look blurry under magnification.
Dull Finish A genuine Silver Eagle is beautiful, shiny, and clear. A fake eagle will appear dull and gray with little relief.
Ring Test When struck against another piece of real silver, a Silver Eagle coin will make a distinctive ring. Make sure to perform the "ring test" and if you doubt the authenticity exhaust all measures to determine if it is fraudulent.
With the value of silver continuing to rise there will always be a market for fraudulent, forged, or counterfeited coins. When buying and selling silver it is important to do your research before entering in to any transaction.
by: Dennis Chernik
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