The American Silver Eagle is no exception to this fundamental of economics. As the world’s single most popular silver coin program, it was inevitable that counterfeiters would work to produce look-alike American Silver Eagle coins in an effort to take advantage of the immense demand for these coins. After sales of 44.1 million 2014 and 47.3 million in 2015, the United States Mint has already seen a record pace for demand in 2016.
With so much attention on the coins, counterfeiters are working hard to develop fake American Silver Eagle coins that grab attention with low prices and look, for all intents and purposes, legitimate. The question you should ask yourself now is, “how can I spot the fakes?”
Lack of Reeded Edges
The United States Mint always strikes the American Silver Eagle coin, bullion, proof, and uncirculated versions, with a reeded edge. If you are shopping a brick-and-mortar location or receive an American Silver Eagle coin without a reeded edge, this should be your first sign that the coin is a fake.
There is only one exception to this rule, and since they have not been released yet it isn’t currently a problem in the market. However, the 2016 American Silver Eagle 30th Anniversary coins will not have the reeded edge on the proof and uncirculated versions. Again though, these coins haven’t even been released, which means you wouldn’t see any legitimate versions of this coin yet.
Know Your American Silver Eagle History
It’s been reported that few counterfeit American Silver Eagle coins originating in China have been produced with date marks going as far back as 1906. This is either egregious oversight or a complete lack of intelligence, but any seasoned coin collector or investor likely already knows this is impossible. The American Silver Eagle originated in 1986, some 80 years after those Chinese fake Silver Eagles.
Look for Specific Features
Counterfeiter American Silver Eagles, especially those from China, are not crafted with attention to detail and time in mind. The goal of counterfeiters is to create a high volume of fakes and make money on the sales as quickly as possible. The result of this effort is a variety of flaws that you can catch with a keen eye.
There is an in-depth breakdown of the specific feature flaws that often exist on fraudulent American Silver Eagles on SilverCoins.com, but we have a breakdown here:
- Diameter: All American Silver Eagle coins, regardless of date mark, have the same diameter. If you have a known, legitimate coin and receive one you believe is fake, compare the alleged counterfeit’s diameter to that of your real coin. In many cases, the counterfeits have a smaller diameter.
- Rim & Edge: The United States Mint uses the latest technology to strike American Silver Eagle coins, and follows very specific dimensions for all facets of the coin’s design. A lot of fake American Silver Eagle coins have larger rims and edges.
- Font issues: There are many font issues you’ll find highlighted by SilverCoins.com, but the date mark is one quick place to check. Legitimate US Mint coins have straight-edge tops (for example, 3) to the numbers in the date mark, while most counterfeits have a curved top on letters (for example, 3).
Get Down to the Details
In the event you run across an extremely accurate counterfeit American Silver Eagle, you can always measure the specifications of the coin in questions. The greatest benefit of American Silver Eagles from the United States Mint is the adherence to strict specifications. Every American Silver Eagle produced by the US Mint has the following specifications year after year:
- Content: .999 silver, .001 copper
- 1 Troy oz weight, or 31.103 grams
- Diameter of 40.6 mm, or 1.598 inches
- Thickness of 2.98 mm, or .1193 inches
A digital electronic scale will help you measure the weight of your coin to within two decimal points in grams. If you have a set of calipers, you can measure the diameter and thickness of the coin to ensure your American Silver Eagle measures up to the standards of the United States Mint.
A good magnifying tool might be useful, as well. Though less common, some of the original American Silver Eagle fakes were struck mostly with copper at its core and a thin layer of silver plating to cover the copper. However, many fakes were identified during grading because the silver plating did not extend all the way to the exact edge, allowing certifiers to see copper around the edges under magnification.
If All Else Fails
There are a few simple tactics that can help you determine the legitimacy of a silver coin or bar, American Silver Eagle or otherwise, without sophisticated tools are a great deal of time. For example, you could consider the magnetic test. Silver and gold are non-magnetic precious metals, so if you are able to stick a magnet to your coin that is a dead giveaway that you have a fake American Silver Eagle in your hand.
Other tests are a little riskier for your coins, especially if you are uncertain as to the legitimacy of the coin in questions. The bleach test is recommended by some as a way to spot fake silver coins. Silver tarnishes extremely quickly when exposed to an oxidizing agent such as bleach. One small droplet of bleach will tell you immediately if you have a real or fake product. The downside to this is, of course, that you’ll lose any numismatic value in that coin if it is real and you tarnish the surface with bleach.
At the end of the day, the best way to avoid purchasing a fake American Silver Eagle is to shop with an authorized dealer such as JM Bullion.
How Do You Know We’re Authorized?
You need look no further than the bottom of our homepage to see that we’re an authorized dealer. JM Bullion is an accredited business with the United States Better Business Bureau (BBB), is a member firm of CCE, and is listed as an authorized dealer of gold, silver, platinum, and other precious metal products by the Numismatic Guaranty Corporation (NGC). We proudly carry only legitimate American Silver Eagle coins direct from the United States Mint, or from the grading houses at the NGC or Professional Coin Grading Service.
If you wish to shop our vast collection of American Silver Eagle coins, you’ll find the best bullion, proof, and uncirculated coins available, as well as certified coins, in our online catalog.