How to Avoid Buying Fake Silver Coins and Bars
Silver bars and coins are often counterfeited since they are the most inexpensive of precious metals and they can attract investors who may not know everything there is to know about protecting oneself from fraud. An entire illegal industry is built around the production, distribution and sales of fake/forged/counterfeit silver coins and bars.
Fake silver can be found around the world, and no one is safe from bullion fakes, forgeries and counterfeits. So how can an eager bullion buyer avoid the silver scams out there?
Trust Mints’ Security Features
Many of the silver bars and coins available on www.RoyalBull.ca were produced by some of the largest and most prestigious mints in the world. These businesses spend countless amounts of time and money ensuring that their silver products are as difficult to replicate as possible.
Many silver bars, whether minted or cast, have serial numbers, which allow mints to provide accurate information to buyers on that bar’s production. Swiss mint powerhouse PAMP has a technology called Veriscan so that buyers of its bars can actually check on the authenticity of their product.
Some world-class mints, such as the Royal Canadian Mint, has innovative security features in their silver coins like special engravings, laser-marking technology and very precise radial lines that complicate forgeries. Take a second to learn more about the Royal Canadian Mint’s Bullion DNA.
The Royal Mint’s famous “Britannia” silver coin has tiny wave patterns in the background, patterns in the shield and even a hidden image when you rotate the coin.
Some silver bars can also be purchased in “tamper-proof” packages (“in assay”) that are sealed after the bar is produced. These packages list the silver bar’s specifications and include a signature from the mint’s production manager ensuring authenticity.
Compare the Current Spot Prices for Silver
Is the price you are being offered too good to be true? If so, then it probably is. Check the latest silver spot price here. The price of the silver bar or coin should be more than the spot price to take into account the dealer’s costs. If someone is trying to sell you a 10-ounce silver bar for $100 it is likely a scam. We encourage you to report the seller to your local police.
Do Your Own Silver Authenticity Testing
If you are able to see and hold the silver bar or coin before purchasing it, there are some fast and easy tests you can do to dissuade your forgery fears.
First of all, check the weight. For popular silver bars and coins with published weights and dimensions, you can do your own measurements and compare the listed dimensions with the actual dimensions. Do keep in mind that not all weigh scales are built the same. You would need to use a very precise scale to ensure that it can accurately measure the silver coin or bar down to a fraction of a gram.
You can also do a quick and easy magnet test. Silver (as well as gold) are non-magnetic, while many fakes are made of base metals (copper, lead, nickel, tin, aluminum, and zinc) which are magnetic. So, if your magnet sticks to the silver product, you have a fake.
There are many other tests you can do. They take a little more effort, but it could be worth it if you are concerned. But if you really lack that much confidence in your precious metals purchase, perhaps you need to take a step back and ensure you’re doing our final suggestion…
Buy from a Reputable, Licensed Canadian Precious Metals Dealer
If you choose to buy your bullion from unscrupulous sources, you are likely to discover fake silver coins and bars sooner rather than later.
If you want to avoid fake silver coins and bars, the easiest and most reliable way to do so is to trust a local Canadian precious metal dealer like Royal Bull. We never sell inauthentic products, including products that are silver-platted, silver-cladded or replica products. Each silver bar and coin on our online shopping page is 100% authentic and backed by our own Canadian guarantee.
There are many unlicensed silver dealers who sell counterfeit silver products on sites like eBay and who receive zero repercussions when you clue in years later that your product is fake. Trust the long-standing reputation of Royal Bull to ensure complete confidence and transparency on every silver bar and coin we sell.
Now it’s time to explore the large selection of 100% authentic silver bars and coins available right here at www.RoyalBull.ca. If you ever have questions about the authenticity of the products we have for sale, reach out to us at any time. Happy shopping!