All collectors’ hobbies are at risk for fakes. Anyone who claims otherwise, is either foolish or naive. It’s good to know that it is unlikely that any coin collector will buy a counterfeit, or that they would spend a large amount of money buying one. The risk remains for those who are not aware. Here are some tips to minimise the risks and enjoy numismatics more.
What is meant by fake?
It is perhaps easiest to think of this as two groups, forgeries and replicas.
The counterfeit coin is a copy made with the intention to mislead. These can be either illegal copies or careful copies made of old coins.
These coins are valuable because they’re fakes. These items are the focus of some collectors.
Like reproduction furniture, replica or replication coins do not claim to be originals, but rather, they are made to look like the originals. They can be extremely accurate and often very well-made. Replica coins are often found in museums and gift shops (or in cases where originals would be too expensive to display). Reproductions are usually easily identifiable, and the chances of them being mistaken for genuine coins is extremely low.
Are they collectible? The market is very active and the items are highly collectible. Most of them aren’t expensive, and many sell for just a few pounds instead of hundreds. This makes collecting them an affordable hobby. For Coin Dealers UK, visit https://www.gmcoins.co.uk/
What to watch out for when buying counterfeit coins
A perfect counterfeit is very difficult to create. It is only economically viable for criminals to produce large quantities of fake coins at a low cost, or few coins that are high value with a higher return.
Pay attention to the following characteristics:
Replica markings
These aren’t meant to fool, they may look very similar. The replicas will have the exact same size, colour and shape and are unlikely to feel like the original. They are made by well-known firms that add their mark. Westair Reproductions Limited, based in Birmingham, is responsible for many of the gift shop replicas sold throughout the UK. The coins have the WRL stamp, which indicates that it is not a real coin.
Old coins will often have been struck individually, or minted by a machine, but the shapes may not have always been consistent. Old coins with the same denomination are rarely identical due to the wear and tear of frequent use. The counterfeit coins are identical to the originals in terms of shape and colour.
Feel the edges of the coin
The edge of the coin that is made from a mould will have fine ridges around it where the mould’s two halves meet.