Bullion Dealer Shows Newest Fake Gold Coins From CHINA
ฝัง
- เผยแพร่เมื่อ 4 ต.ค. 2024
- In this video I talk to a bullion dealer about the new fake gold coins from China. These fake gold eagles are made of tungsten and plated in gold. They weight the same as real American gold eagles but they have no gold in them. These fake gold coins are worthless, but the scammers pass them off as real gold coins. The fake gold coins are manufactured in China and sent to the USA. Counterfeit gold coins should be reported to the treasury and destroyed. If you want to avoid buying fake gold then utilize the gold tests and purchase gold from a reputable dealer. It is a crime to make fake gold coins and fake gold eagles. I have seen many different fake gold eagles over the years, but these new fake gold coins are some of the hardest to spot.
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Topics I cover in this video: fake gold eagle, fake gold eagles, fake gold eagle coin, fake gold eagle coins, fake gold coin, fake gold coins, fake gold krugerrand, fake gold test, fake gold coin test, fake 1 oz gold eagle, fake 1 oz gold eagle coins, counterfeit gold eagle, fake gold bars, fake gold bullion, testing fake gold, how to test gold, coin dealer, coin shop, local coin shop, coin shop owner, coin shop video, coin store, bullion dealer, sound money metals, how to test gold coins, fake gold coins found, american gold eagle, gold eagle coins, gold eagles, gold eagle, gold eagle coin
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The ring test was the reason why bank counters were made of stone in the past.
The bank teller would let jump the coin on the stone and hear the ring.
So I was told by an old bank guy...
I had a guy pull up to me at a gas station and he told me that he needed money to get home and had gold to sell. He wanted me to buy it from him. He said he was from Dubai. First thing I tried was the old magnet test and it stuck. He tried to tell me that Dubai gold is magnetic.
Nothing good ever happens at a gas station. They attract ghetto people like moths to a flame.
Ah yes, gas station parking lot Gold, what could possibly go wrong?! Glad you had your magnet mate.
It isnt?
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@@BRANDON-FJBYou bought some too?
Yeah, now gold has *nationality* and it's*magnetic*, should we include that info in the Periodic Table too? 🤣🤣🤣
You mean the silver eagles on Temu for $4 are fake?!! Oh no!
Everything on Temu is fake.
He was so right when he said " the treasury doesn't care about fake stuff because they would rather us buy dirty paper [ stocks , bonds , treasury notes , and fiat currency ] .
It's nice to see Dennis in a video again. It's good to know the scams that are out there. Thanks for this, SD!
GOLD! LOL NO!
I'm so glad I stopped by this shop a couple months ago. I was lucky enough that Dennis was there. He shocked me when he let me hold the gold nugget and gave me such great advice. Definitely recommend.
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I bought $150. worth of fakes to put in a decoy safe. Just in case I'm robbed by thieves or the law (no difference now days).
now theres an idea.
I should buy a few hundred fakes and leave them in a less than obvious place so the burglar thinks he got my stash and leaves lmao
Not a bad idea. Make it match the shop inventory.
I once got rid of a problematic roommate who was obsessed with silver by plating a bunch of lead bars. He grabbed them and moved out of the house.
That idea creates a market for fakes. Bravo.
great idea where can i find them sir.
Thanks for the education. Not many dealers will be happy to admit they have a fake.
If you’re ordering gold or silver American Eagles from a website in China for under spot, they’re proooooobably fake. 😂
Nooooooooppp??!!
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I don't think it's people buying them from China that are getting scammed, I think it's people knowingly buying the fakes and then reselling them if they can for full value.
@@Dremin2009 yup. Temu is filled with these fakes, many of which arent marked as plated.
so you get them for $3, then rip someone else off.
There was a youtube video where some old guy is selling fakes and someone calls him out on it and he pretends he bought them legit and...oops, guess he got taken too lmao.
Bullsht. he got them cheap online and tried to rip someone off.
No, 100% fake.
The worst thing about kids inheriting gold or silver from their father and finding out it is fake is leaving them with the memory that "Dad was an idiot investing in precious metals." OUCH! Check your stack so you won't be known as the idiot.
Buying metal in general will be seen as an idiot move by all future people
@@kanesmith8271 I see it that way now. I useed to be a silver stacker and its just dead money. All that money and fees I spent collecting could have been invested in something that makes fast profit
@@kanesmith8271
Dumbest thing I’ve heard all week.
Your father should have researched metals more, but it sounds like his heart was in the right place.
a for effort though
I've bought some silver from this dude before, he's a good guy.
There is one good thing about fake Chinese gold coins: If you buy 2 of them you get a free Shrimp Egg Roll.
Not real shrimp, pink dyed mouse head
I laughed way too much at that!🦐
Egg roll? Oh, you mean Chinese burrito.
Good one 🤣🤣🤣
😂😂😂😂 and the shrimp rolls are worth more.
Good info . Good video . Thank you .
Really appreciate you and your coin dealer taking the time to make us aware!
A nice bloke and a great video. Cheers from Australia..
I used to deal with a lot of silver when i was an antique dealer. I got a feel for the real thing and I didn't need to see the marks to know it was solid silver. In the days when gold was normal currency they used to bite the coin to test its authenticity. I guess you can't do that with mint coins.. I've known a few fakers of antiques and it can take a level of skill much greater than the original craftsman to fool the experts.. Your advice of buying from a reputable dealer sounds like very good advice to me...
Thanks for visiting Dennis, another fine old-time dealer! He gave us good info on the Chinese fakes, and how sad it is that that the Treasury Department does not care to enforce the law. The greatest source of fake coins recently has been the Chinese company Temu. LCS forever.
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Temu sellers sell replica coins are legal trade. They mention coins are replica. What is wrong with that?
@@windyelm5450 Once the coins leave Temu, they go into the world. I have seen Temu coins marked as "Silver" when they are not, and Temu wasn't around to monitor the lies.
You can't read? Temu said it's replica coins!
@@DC-qn4wz Not on the coin.
Great video SD 🥈 🐲 with Dennis 😊 very educational about fakes and testing metals great knowledge Dennis have love learning 😊
Thankyou for the warning!
Thank you for showing!
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I’m glad the old and trusted way of banging the coins together keeps the scammer away!
💥💥💥Great video Silver dragons! Thanks for looking out for us! 🥰
Dennis is packing heat. Bandits will be sorry if they try to rob him.
Thank you for the heads up !
That encased one....thats some valuable information right there, Thanks fer sharing ;)
Dennis is who I started buying with years ago. I highly recommend him. Great guy!!
Thanks for that feedback! I have something I'd love to share with you..
So much fake silver and gold on ebay right now... .. prices way too good to b true
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The reputable dealers are very trustworthy on eBay
Anything over $500 is sent out to be authenticated
11:20 If you have silver that has tarnished, you can revert much of the silver oxide BACK to silver so it's shiny without polishing... mix a tablespoon of table salt and a tablespoon of baking soda in an aluminum pot of very hot water and just set the silver piece in the water so it's covered by the water. Virtually instantly the silver will "polish" itself when it touches the aluminum. (It does have to be an aluminum pot, not steel, or just fold up a section of aluminum foil into the bottom of a steel pot.) The process gives off a bit of metallic odour and it will turn the aluminum dark, so use an old pot or the foil option...
Classic response from a retailer, "we maaaay sell them". LOL! I ran a shop for 30 years and probably made tens of $1000s of dollars with that tactic alone.
Those coins identify as gold. Who are you to call them otherwise????
Buy two at a time, then they'll be binary.
Thank you for sharing the ring test
There’s a reason Zildjian put gold in their symbols. Spangalang!
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Very informative!
Thanks for that feedback! I have something I'd love to share with you..
I like the nuggets and that silver pyramid..that tinkg trick w/gold coins is good✅
Center Street is a great place to buy everything is straight forward, great folks. The place SD pointed me too when i first started. Extremely helpful and explained a ton to me.
If it weren’t for fake coins,a “reputable place” wouldn’t be able to charge such a premium.
That pyramid was cool item.
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Is it possible to get fake gold or silver from a big online dealer like JM Bullion? I'm honestly asking the question and prefer not to be ridiculed, if you people don't mind.
I've purchased from JM bullion many times. If you ever test it and find its fake they will take it back. But I've never had that happen in many purchases over 10 years.
Always possible.
Very unlikely, they are a reputable bullion dealer and wouldn’t destroy their reputation. They test all their stuff.
@@felipetejeda7545 I fully admit that I'm a little paranoid. ✌️
I can see the respectable dealers testing every gold coin but maybe they could get a little slack on a silver coin?
Just an observation on human nature not an accusation.
People are more likely to get lazy on a $30 coin than a $2000 coin if they are going to get lazy at all.
The most confident that I have ever been was when I bought some silver directly from First Majestic. They mined it and then sold it direct. The only middle man is the refinery which is about as safe as you can get.
That being said, I don't worry at all about buying silver from the reputable dealers anyway.
Are there also counterfeit Pandas, or Maple Leafs, or Krugerrands ?
very informative thanks for the quality video
Thanks for that feedback! I have something I'd love to share with you..
Hey could we get a test of the various coin id apps from the app store? Thanks, great content.
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Great video 👍
I’ve seen a couple of cases where people have inherited collections of gold and silver coins only to find that grandpa had been ripped off at some stage years ago 😢. Even though they rarely have the resources to act on the reports, it’s still important to report these to Treasury/Secret Service because they keep statistics that get reported when it comes to department budget allocations.
Thanks for that feedback! I have something I'd love to share with you..
What? Never heard of any such thing. Maybe if they were fake American Eagles.
Report? Lol. Stay away from authority for your own good
Operating a small business, I had to count out the Change Drawer every night.
I could tell the difference between an old Silver Quarter and the newer crap clad Quarters by the sound
So yesterday in my spare chage that I got throughout the day I got a bicentennial quarter and a 1964 silver dime. I was very excited. Lol
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I sleep at ease knowing all my Britannias are authentic just by looking at the latent image security feature.
And you don't have to worry about the new gold eagles with the missing reed as the security feature either, lol.
Dang people really out here scamming.. smh 🤦🏾♂️
Fake gold has been part of human history. Only people you can blame is yourself, because it means you didn’t do the homework. Sound testing is the basics
Do more Coin Shop reviews please like ones you've never been before
The ring test doest not work on 24k gold coins...the ringing comes from the silver
Can you explain why are you selling gold at all, when it is expected the value to go up next years?
My grandma recently got scammed to all hell online because someone was advertising that they are selling food at market value... spent 900$ on trash gold coins.
Thx for your help & support of the WWP Benefit! Cheers JJ
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Really like the Artwork on the wall behind.....Lovely.
Great video,and really like the artwork on the wall
It's nice to see you make this video about his shop and identifying fake coins. Don't know how long the coin shop has been there because I don't remember it. I'm a graduate of Tigard High class of 83.
How can counterfeiters get the color of the AGE right. Can they plate the gold, silver, and copper balance correctly?
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Get video U Always give us great information.❤️
Great info!
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Have you ever gotten fake silver or gold from a wholesaler in a monster box or other orders.
Thanks for that feedback! I have something I'd love to share with you..
This is definitely why ive only bought from reputable companies. Id hate to have to give someone street justice for trying to pass something fake off on me. Even if im spending more on a piece through online dealers you're paying for that peace of mind along with the authentic metal. The scary thing is ive heard of Coin shops even getting fakes slip through the cracks. I carry around a pretty powerful magnet on my key chain but its only good for one test. If i was buying gold from random people i think id definitely want to bring the testing acid along for further testing.
By far my favorite shop to buy from!
Thanks for that feedback! I have something I'd love to share with you..
CHINESE ARE GETTING EVEN BETTER BY THE DAY AT FAKING. THEY WILL USE THIS VIDEO TO THEIR ADVANTAGE
In the 1990's the largest counterfeiter of U.S. currency (and who knows how many other countries) was the CCP.
they are ruining the hobby
@@TUKByV digital currency pretty much put them out of business. That’s one benefit of it.
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FB is flooded with fake silver and gold coin offers. "Buy 5 silver eagles and get 5 free!"
Great video. Does it come off as disrespectful to the shop owner to ting the gold coins together to test their authenticity? I’m new to the coin world so I’m extra cautious but I also want to maintain respect with shop owners I visit.
Never do that with a gold coin, you WILL damage it. The ping test is for silver which is harder than gold and has different acoustic properties.
I’ve asked dealers to test the coin in front of me before the exchange occurs and they have always been professional about it. Courtesy goes a long way, happy stacking!
Very interesting video. When the guy said about once you walk out the door it made me wonder. You see many slight of hand magicians doing up close coin magic making coins disappear and reappear and not just famous magicians . I'm surprised no one dealing coins has had a problem with that . Sort of let me look at that coin like you were but then swapping it out for a good take right before the dealers eyes.
Ever heard of that happening ??
I have heard of that happening with diamond rings at a jewelery shop.. switch out the real one for a fake and hand it back.
@anthonycolbourne4206
Hi Anthony
I used to work in a jewellers years ago but mostly they would snatch and run when it did happen. The nearest we had I think was people swapping rings around on a tray and trying to claim it was there from the start and that meant we had to sell it to them for the lower price which we didnt. The rings also had tags attached you couldn't remove without scissors .
So anyway that wasn't a great plan on their part.
Thanks for the reply
honesty just pours out of this sweet man. i wold buy from him.
It’s great to learn these things so we don’t end up getting scammed. Thank you for what you do
I thought tungsten was very light ? You would think a lead alloy would be needed to ‘match’ the weight..🧐
Canadas Maple leaf coin is light years ahead of us its embarrassing. We should have the most advanced coins here in the USA. We need to update these coins ASAP with our own version of what Canada is doing.
Go live in Canada then.
This is why I bought a new sigma pro for myself worth the money indeed
Does the sound test work with silver coins as well?
Thanks for that feedback! I have something I'd love to share with you..
@@swfzpbzdolvr what a scam?!
Yup silver should have a nice prolonged tiiiiing aswell
Wow machining a real coin hollow is so sneaky! You’d need 2 though, to be able to make the “lid”. It’s amazing what gets faked nowadays! Got to be vigilant on everything.
I saw Chinese counterfeit gold pandas that were 97% gold instead of the 99.9% the real ones were on another coin channel. If you made thousands of fakes that would added up quick
Silver Dragon, I usually buy my gold and silver on ebay since there is no coin shops near me. I buy from people like bgasc, Pinehurst, liberty coin, scotsdale, and other well recognized companies. Should I still be worried about fakes? I never buy from private sellers..
This is why you only pay for melt value, and verify by refining. Numismatic value is worthless.
There are many coins, banknotes, casino chips, bonds etc, made in USA too, if China is doing it is done by order like the hard drugs coming from Latin America or from Asia, like any other goods or many different items covering many business areas.We have to be careful not by greedy and if is a good price to buy. Thank you for this educative video.
“It has a ring to it”........ 😊. Passes the weight and ring test.... it’s gold.
Oh is that where the saying comes from?
Great video brother thanks for the info
why a premium for a gold nugget, I would have thought of a discount
That sound item was used ages ago, there was a special marble table to toss a coin on. In Dutch it was ”met klinkende munt betalen” it’s to pay with a coin that sounds!
Reminds me of the "Scotch and soda magic trick coin".
Yes!
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OMG I think I just got a few fakes, the gold was about $200 under spot and I thought it was a deal and got 10!
Sorry to hear that.. Did they turn out fake? 10 coins is quite a loss
I bought bullions 6 or 7 years from a store in Huntington Beach, CA (Liberty Coin) and some of them were fake. The store staff and owner never admitted their wrong doing. I have receipts and I have one witness who noticed few differences between the the two sets of bullions just after we bought them. But I unfortunately dismissed the difference as I could not believe some bullions would be fake when bought from a store. If I ever bought gold again, I will bring a magnet.
Interesting. They do a booming business on ebay. I bought a silver dollar from M. Barr on ebay a year ago that tested fake on my sigma. Sure nuff, it's weight was off by three or four grams, just like the fakes I bought in the Philippines years ago, before I knew anything about coins. Don't make that mistake either. Needless to say, ebay did nothing, and Barr swept that under the rug asap.
Im jealous how many lcs you have close by! Wish i had 1 😂👍🏻
I never buy gold nuggets. The premiums are not justified and the purity is never 24 kt. So why bother with any of it?
I bought one once to make jewelry. The right size and shape can create a nice pendant.
Thanks for that feedback! I have something I'd love to share with you..
I bought some fake Silver dollars from China. Now I give them to friends for ball markers.
I always test using both my Sigma Mini Pro and my GVS Bullion Tester. No fakes get by me. 😆
How do you like the GVS ?
@@ddlago it’s great, no issues using it and it’s easy to use. You cannot fake a metal’s magnetism, which is why this is a great tool for detecting fakes.
For more info on the GVS, look up Strategic Wealth Preservation (channel on TH-cam). Then look for their video called “Testing gold and silver - expert tips on testing gold and silver”. You’ll see the GVS machine in action; you can decide if the GVS is right for you.
It will be hard for fakes to pass all 3 metal property tests (conductivity, density and magnetic).
@@tslee8236 correct
The coin/gold dealer gives me an eerie felling like he looks alike the villain in "Gold Finger" Movie. Or just maybe that's only me. :)
Yay! Dennis!!
Germania mint bars are awesome !!!! I have a little 50g one and it’s awesome
Thx from germany
Thank you for the good video
Don't buy of eBay ,,only reputable dealers ,,don't get scammed 😮
There needs to be a law to make counterfeit rounds illegal. Even if it isn’t actual money
also a lot of fake 1 oz silver bars coming from China lately as well...
Buy all your metals from a reputable place and you'll probably never own a fake. I cant imagine how it would feel to find out you actually have some worthless fakes
I wonder if u have checked the amount of radiation coming off those coins. Stick a coin in ur pocket and you might be frying your eggs :)
Thanks for that feedback! I have something I'd love to share with you..
how do you know they're from China as oppose to some local counterfeiter?
Check out the sources. They come from China.
I tried to report scammers that were selling fake coins to the treasury and secret service. They told me that it's buyer beware.
Some silver Maple leafs advertised on EBay from China
Knowing what pawn shops pay for gold I have zero sympathy for them.