There are many people looking to get rich quick. Unfortunately, many of these people are con artists looking to make a quick buck off another person’s misfortune. And for those investing in bullion and rare gold coins, you need to know these crooks are in your world too. This is why it is critical to know the four C’s to buying gold coins in order to avoid becoming a victim of gold coin fraud.
The 4 C’s of Gold Coins:
- Comparison. Become familiar with gold coins so you can tell a fake when comparing. Get to know the look, feel and weight of bullion coins. Gold is a soft metal when compared to silver or other metals. Also, gold is a very dense and heavy metal. This means that a counterfeit gold coin will be too light when compared to real bullion coins. If you are worried the coin you are purchasing may be a fake, you can weigh it. A real gold bullion coin should be one troy ounce (31.1 grams).
- Coin dimensions. Familiarize yourself with real gold coin dimensions, because the dimensions on fake bullion coins will be too thick and have an incorrect diameter. Con artists try to alter them to add weight. This will cause the coin to become too thick or too large when compared to a real gold coin. If you are having a hard time determining, get a set of calipers to take measurements of the coin to make sure you are purchasing a real bullion coin.
- Color. Look at the color of a gold coin closely. This is an easy way to spot a fake bullion coin. A counterfeit coin will look too shiny or too dull when compared to the real thing. Also, fake gold coins may have a grainy texture or even a flecked surface.
- Content. Make yourself aware of all the details of real bullion coins. This way you may be able to tell if the coin was made in halves and then glued together – a true sign of a counterfeit. If this is the case, you may be able to see a seam on the rim, tool marks, or misshapen edges. Also, notice the letter spacing and if there are any misspellings.
By learning about the 4 C’s to gold coin purchasing, you may be able to avoid coin fraud and save yourself money. However, if you have read this article too late and are already a victim of coin fraud, call the Voss Law Firm today to speak with a knowledgeable Texas coin fraud lawyer at 888-614-7730. You will receive a free case consultation and a complimentary book by coin fraud attorney Bill Voss: Coin Fraud – Is Your Investment at Risk?