Beware of Counterfeit Silver Dollars!

Posted by on September 20, 2019 in Appraisal & Insurance, Coins, News, Precious Metals, Silver

Beware of Counterfeit Silver Dollars!

Silver-dollars-coins-beverly-hills-imageLos Angeles Gold & Silver is a rare coin shop in the heart of the Beverly Hills shopping district. Every day we offer free coin appraisals in Los Angeles with no obligation to sell. Because of this service we see many coins and coin collections each week, and are running across greater and greater numbers of fake silver dollars. Many of these coins are purchased at flea markets or on ebay by people with little-to-no knowledge of rare coins, who are then very surprised and disappointed to find out they are not genuine.  Fortunately many of these counterfeits are very easy to detect with just a couple of simple tests that most people can do at home.

Silver is a non-ferrous metal and will therefore not react to a magnet.  If your silver dollar sticks to a magnet, it is fake. Many of the counterfeits are made of a metal alloy that is non-ferrous, but still not silver. If your silver dollar does not stick to a magnet, this does not automatically mean it is genuine.

Another easy test to detect many of the fake silver dollars out there is by weight. All silver dollars produced by the U.S. mint should weigh between 26.5-27.5 grams. Many of the counterfeit dollars are much lighter and weigh between 18-20 grams. If your coin is significantly lighter or heavier than 26.5-27.5 grams, it is fake. If your silver dollar weighs between 26.5-27.5 grams this does not automatically mean it is genuine.

Many of the designs on counterfeit silver dollars are not representative of any dollar ever produced by the U.S. mint, and therefore matching your silver dollar with any comprehensive guide to U.S. coinage such as the “The Official Red Book” (A guide book of United States Coin), will identify counterfeits.

Having your coins authenticated by a professional numismatist is the surest way to know if your coins are genuine, and to gain a true understanding of their value. As rare coin dealers in Beverly Hills we offer free coin appraisals on all coins and coin collections with no obligation. It is our hope that the simple test described here can save our customers valuable time and money.