How to Ensure the Authenticity of Your Silver Coins
How to Ensure Silver Coins are Real
Silver has recently drawn a lot of attention from investors for its growth potential and optimism about their long-term investment value. Ultimately, silver coins have become very popular for both their collectable value and their tax efficiency. Sadly, like with all precious metals, their desirability has led to a rise in counterfeit silver coins being produced and purchased. Any investor should practice caution when buying any silver coins to ensure that they are authentic and should consider many of the ‘at-home’ tests that can be conducted. At Sharps Pixley – a member of the Degussa Group, we use both manual and digital methods to verify the authenticity of all our silver coins, making us a reliable source of authentic silver coins. Likewise, we can test and advise on previously-bought silver coins to check for their authenticity.
Why Fake Silver Coins are a Problem
Counterfeit coins have existed for centuries. As fake coins have become more sophisticated, spotting a fake coin can be tricky, even for experienced coin collectors. Fake silver coins can be made from cheap base metals that mimic the appearance of silver, but are in fact nowhere near the value of the genuine article.
The growth in online selling has also made it easier for counterfeit coins to be sold as legitimate silver coins. The problem is not just money lost from these fake coins; it is also undermining trust in the bullion market. It is therefore vital to be able to identify such coins before you purchase them.
Key Characteristics to Identify Fake Silver Coins
Weight & Size
The easiest way to identify a counterfeit coin is to test its specifications. For the most accurate results, all coins should be weighed on a digital scale and measured with a calliper. All modern coins produced in the UK are held to rigorous quality standards that guarantees the weight and size of each coin made. By checking these initial measurements, you will immediately be able to tell if it is counterfeit.
Magnetic Test
Silver is a non-magnetic metal meaning that if a ‘silver’ coin sticks to a magnet it could be a cause for concern. This does not necessarily indicate that the coin is fake, as older coins often contain more ‘white’ metal than silver. However, it should be noted that this qualifies it as non-investment grade silver, and consequently , it does not fall under the category of a Britannia or other investment silver coin. Coins with a lower silver purity are often used for scrap metal and so carry value in that regard
Ping Test
The ping test is where a silver (or gold for that matter) coin is balanced on a finger and lightly tapped with another coin. If the coin is genuine silver, then it should create a satisfying ‘ping’ sound that resonates for a long time. If the coin is not genuine silver, then the sound will be dull. A good way to see the comparison is to perform the same test on any currency coin where the dull sound will be heard.
Visual Inspection Techniques
Coin Purity Marks & Hallmarks
It is always important to make sure that coins are inspected before purchase or bought from a reputable broker. Should you require to verify the authenticity of a coin, this can be determined by referring to the hallmarks, where available. Certain world-famous silver bullion coins, such as the Silver Britannia, do not contain a hallmark; instead it has its world famous holographic next to the portrait of Britannia upon a textured background. The following are the key authentication features of the Silver Britannia Coin:
- A latent image changes from a padlock to Britannia’s famous trident
- Surface animation brings the background of sparkling waves to life
- Micro Latin text (DECUS ET TUTAMEN) gives both decoration and protection – translating to ‘an ornament and a safeguard’
- Britannia’s shield bears the Union Flag accented with tincture lines
The Silver Britannia is one of the most visually secure, investment-grade coins in the world.
Coin Design
Coins are often considered artworks, with some of their designs being created by world renowned engravers. Jody Clark, Martin Jennings, Benedetto Pistrucci - to name a few - are some of the most famous names in numismatics and their designs are immediately recognisable. Like with any coin, any flaws that you may see in the design of the coin is usually an indicator of inauthenticity. The precision and accuracy of tooling means that errors in the design often indicate foul play.
Additional Testing Methods
Ice Test
The ice method involves placing an ice cube on a piece of silver. The cube should then melt quickly, as silver conducts heat very efficiently. Whilst this is not a completely reliable method of testing, it is a trusted way of getting an indication as to whether a silver coin is of a higher and therefore likely investment-grade purity.
Buying from Trusted Dealers
The best way to avoid being scammed by a seller of fake silver coins is to buy from a reputable dealer. It is also prudent to check reviews of any potential seller and better yet, visit any physical premise to inspect the product range on offer, where possible. When purchasing from trusted sources, you can rest easy knowing your investment is safe. Sharps Pixley - a member of the Degussa Group, has a long-standing reputation for authenticity, and a physical showroom located in London’s West End where clients are encouraged to visit, with no appointment necessary.
As counterfeiters become more sophisticated, protecting yourself becomes even more crucial. To avoid falling for fakes, always check the coin’s weight, size, sound and design. Remember, buying from a trusted dealer is the most foolproof way to safeguard your money. Do not let a counterfeit ruin your investment - ensure you are buying from the best to protect your wealth today