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Bellevue 425-454-1283 · Lynnwood 425-672-2646 · Issaquah 425-392-0450 · Tacoma 253-328-4014

🌟 New Store Hours 🌟 Mon - Fri: 10 AM - 6 PM 🚫 Closed Sat & Sun 🚫

WATCH OUT FOR FAKE COINS

krugerrand-gold-coinIn a time of uncertainty, many people look at precious metal investments as a hedge against market instability, and feel even more comfortable when they can hold physical gold or silver in their hands, oftentimes in the form of coins.

As demand for bullion coins such as the American Eagle, Canadian Maple Leaf and South African Krugerrand has increased, so has the opportunity for forgers to make a deceitful profit.

According to the American Numismatic Association, counterfeit coins are “flooding the market at an astonishing rate.” The organization’s education director, Rod Gillis, went on to say that this counterfeiting is “a very serious problem and it’s really scary. With improved technology, the fakes are getting better. It’s gotten to the point where even people who deal with coins all the time may not be able to recognize a counterfeit coin right away.”

Many of these coins have been coming into the United States from China, and counterfeits have been getting more authentic and looking more realistic as the criminals gain experience and develop improved methods of forgery.

A coin collector’s worst nightmare would be to pay more than $1,300 for a one-ounce gold coin, only to find out that it’s actually worthless. In fact, sales of counterfeit coins are “potentially a multi-million dollar problem for the public,” according to Dana Samuelson, president of the Professional Numismatists Guild.

Another scary thing to note is that many of these Chinese counterfeiting operations are run like legal businesses, and there is no law in China against making replicas, although they are supposed to be sold as such.

Many of these coins are being sold online, including on sites like eBay and Craigslist. Local police departments are often not able to provide much help since they are not coin experts and it is difficult to determine what type of crime has been committed.

How to Protect Yourself

The best way to make sure the gold and silver coins you are buying are real is to shop at a reputable dealer who will stand behind what they sell you. Bellevue Rare Coins’ CEO Eric Hoolahan is a coin expert who is very familiar with fake coins, and was even interviewed by NBC News on the topic.

Bellevue Rare Coins is a reputable local Seattle and Bellevue area source for buying and selling coins, gold, silver and more. We carefully inspect each coin to make sure they are genuine, and will not buy or sell anything that we suspect as being counterfeit.

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  • Bellevue

    Bellevue

    321 Bellevue Way NE
    Bellevue, WA 98004
    Hours: Mon-Fri 10 am - 6 pm
    Saturday & Sunday Closed
    Phone: 425-454-1283
  • Lynnwood

    Lynnwood

    18411 Alderwood Mall Parkway Suite F
    Lynnwood, WA 98037
    Hours: Mon-Fri 10 am - 6 pm
    Saturday & Sunday Closed
    Phone: 425-672-2646
  • Issaquah

    Issaquah

    1175 NW Gilman Blvd Suite B16
    Issaquah, WA 98027
    Hours: Mon-Fri 10 am - 6 pm
    Saturday & Sunday Closed
    Phone: 425-392-0450
  • Tacoma

    Tacoma

    2302 Pacific Ave
    Tacoma, WA 98402
    Hours: Mon-Fri 10 am - 6 pm
    Saturday & Sunday Closed
    Phone: 253-328-4014