The New Law against Counterfeit Coins

During its final days in session last year, the US Congress passed a bill to help protect consumers from the glut of counterfeit antique gold and silver coins flooding the marketplace.

Many scammers appear to be getting their coins from websites based in China (which we won’t link to here) that promise coin designs “made to your specifications” – which could include something like, say, a gold-plated tungsten American Gold Eagle.

The legislation not only makes it illegal to sell imitation coins that are not clearly marked as a “copy,” but also criminalizes the manufacturing, importation, or selling of counterfeit coins. As for high-end forgeries that come with fake collection certificates, the owners of the trademarks on the certificates are entitled to seek damages via a civil suit.
   
This is sure to be welcome news for our sector of New York – where the rare coin trade is always bustling. Still, dealers should do their due diligence before committing to a large purchase by performing a battery of assays to verify authenticity.

Manhattan Gold & Silver Update

We’re currently open from 9:30am – 4:00pm Monday-Friday.  Customers are now allowed to enter the exchange with a mask and witness melts as usual.

If you have any questions you can still contact us at 212-398-1454 and sign up for our newsletter for further announcements.

Most importantly, please stay safe! 

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