Silver Stackers on Alert as Sophisticated Fakes Hit Market
As if physical silver stackers didn’t have enough to worry about these days, with Cartel manipulation and all, now we are seeing increasing reports of sophisticated fake silver coins and bars hitting the market. I recently went through a batch of about 1,000 Morgan Silver dollars and spotted about 30 fakes out of that batch. The fake Morgans were fairly easy to spot, all them were key date or Carson City issues and all were at least 5 grams underweight. Given how easy they were to indentify, it wasn't much of a concern.
However, the sophistication of the counterfeiters has been increasing in recent years and their shift in focus from high value numismatic coins to low value bullion is raising alarm bells throughout the industry. OzCopper has been doing some outstanding work acquiring some of these high quality fakes from China and exposing them on their website and on Youtube videos.
Their most recent video shows some fake silver Canadian Maple Leafs that they acquired for $2 each in China. The fakes are the best we have seen yet. The weight is only slightly under by about 0.5 grams, which wouldn’t be noticeable unless put on a scale. Furthermore, the details of the coins are quite good with the flaws being in the details of the leaf which wouldn’t be noticed on a quick inspection (be sure to visit OzCopper’s site for pictures of these details).
The good thing is that although the fake Maples are fairly good, they are easily identified with close inspection. Nevertheless, investors dealing in physical silver must dramatically increase their diligence when buying physical and remain a step ahead of the increasingly sophisticated counterfeiters.