Dealers Report Increase in Fake Gold Coins

Collectors are advised against buying from unknown sources

There is an increase in the number of counterfeit gold coins in the market, NBC News reports.

“It’s a very serious problem, and it’s really scary,” Rod Gillis, the education director for the American Numismatic Association (ANA), told NBC News. “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 the coins are coming from China, where they are made with an engraving machine. The fake coins are made with a base metal and then plated with gold.

William Gibbs, managing editor of Coin World, told NBC News that many counterfeit coins are presented to dealers with fake bar codes and registration numbers.

Dealers recommend shopping only at reputable dealers.