I'm in several online communities. one of which is a facebook buy/sell coin auctions. These past several weeks a buyer was purchasing pre33 gold coins. Apparently after a few purchases the buyer would send them off to be graded. But in the last purchases after being sent into PCGS, 2 were identified as counterfeit. Apparently the width, weight, etc is all correct. These coins were made in Lebanon with exacting specifications. PCGS apparently has some device/process to identify these fakes as this buyer and an ANA member could not identify anything wrong with the coins. So now I'm wondering if the big companies like APMEX and ProvidentMetals, etc, if their raw gold coins themselves could be counterfeit. And whether if only PCGS can identify these, or whether the other grading companies can too? With reading about so many counterfeit everything lately it diminishes the coin collecting enthusiasm.
Supply and Demand. Everybody will panic and not buy and the prices of these Gold Pieces should drop hopefully.
If they are Lebanese, then most likely they are fakes made out of good gold in the 60's and 70's. Read about Omega fakes. Some were so good the only way anyone ever spotted them was a tiny Omega the cocky forger hid on the coin. However, they were made out of the proper gold alloy, so they have PM value at a minimum.
First there is no reason for you to panic. We (and you) do not know the quality of the fakes. Secondly, Several of the TPGS's share info when something "new" is detected. Besides, the professionals who work at TPGS's are experienced. They see lots of coins each day and chances are if a "new, undetected fake" were to get past, soon more would come in and they would be detected. At the moment the market has more to worry about with circulated or corroded fake copper coins.
Repeating depressions is one of the methods they use to spot fakes. https://www.ngccoin.com/news/article/4257/counterfeit-detection/
Back during the Hunt Brothers silver fiasco 1970, I sold off my common 20's, usually four or five a week. One day the dealer told me two of the last batch were fakes, but no problem, they were full weight and fineness, and he was just paying for the gold content. He also had a bin of junk silver that was available at bullion value; once a week he sent anything that didn't sell off to the smelter. I still have a 1959 SF mint silver bar [about 20 oz] that I pulled out of that bin. I would have done better financially putting my $600 in a mutual fund or maybe even just a bank account, but I do feel good about saving this scarce numismatic item from the melting pot.
I sold a 100 oz. (doorstop) brick of silver to a Russian lady at the top of the market about two days before silver crashed. For years after, every time I passed her on the street she gave me a look that said "watch your back!"
No Panic here. Just want to learn more about fakes (thanks for the links above) and hopefully become more educated. I don't buy Gold often but my "short list" is mostly gold now. So I want to be more aware of everything out there. I recall on History Channel and "american greed" all the counterfeiters of paper. And a post from a few days ago of $50s. I never knew it was so prevalent with coins until I joined this forum.
There are often counterfeit detection seminars associated with major coin shows. The FUN show in FL usually has some free educational programs on counterfeits.
