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.