Gold Coin Counterfeit Detectors

Discussion of the Gold portion of the Permanent Portfolio

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eufo
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Gold Coin Counterfeit Detectors

Post by eufo » Sun May 20, 2018 8:30 am

I'm contemplating selling all my paper gold in my Roth IRA, which demands another thread that I'll start, since I value the input of the participants of this forum.

To replace the paper, I will be purchasing enough physical gold that I feel like I need to be concerned about testing for fakes.

I don't know that I could ever trust a bar of gold since I've seen a couple of videos of how the bar can pass all standard tests, but be filled with tungsten. The bar must be opened up to discover it being a fake.

And while tungsten can also be found in some coins, they cannot pass a ping test. Meaning, they cannot mimic the sound of a legitimate gold coin.

I've found two detectors that look pretty good, but with a huge price difference:

https://goldcoinbalance.com - $24 and will do American Eagles, Buffalos, Krugerrands, Maples, Kangaroos, Pandas, Philharmonics. Tests for weight, diameter, and width.

https://www.thefisch.com/ - $329 for all the wallets that will test the above gold coins (except Pandas). To be fair, there are multiple tools for measuring smaller than 1 oz coins as well. If you purchase a wallet, you can get their ping tool for $39, otherwise it sells for $89.

What do you all use?
Don't agree with me too strongly or I'm going to change my mind
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ochotona
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Re: Gold Coin Counterfeit Detectors

Post by ochotona » Sun May 20, 2018 1:59 pm

I have the goldcoinbalance and I ping them
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Tortoise
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Re: Gold Coin Counterfeit Detectors

Post by Tortoise » Mon May 21, 2018 8:39 pm

I have the goldcoinbalance but haven't had a chance to "battle test" it yet since I bought it after my last gold coin purchase and haven't bought any new coins in years. I definitely plan to use it when I purchase my next coins.
ochotona wrote:
Sun May 20, 2018 1:59 pm
[...] and I ping them
Do you mean you just use your ears to compare the sound to that of a known gold coin when you ring them both? Or do you use an app to analyze the audio spectrum of the ring?
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Re: Gold Coin Counterfeit Detectors

Post by hardlawjockey » Mon May 21, 2018 9:48 pm

I bought the gold coin balance early on when I started collecting bullion coins. At the time it came with a guarantee because no coin had ever been produced that could deceive it and they offered to buy the fake coin for the market price if that ever happened. Last I heard, they withdrew that offer because a tungsten coin had, indeed, passed the physical test. They did point out, however, that a visual inspection of the same coin would have proved it to be a fake and explained why and what to look for.

So I guess if you are trying to separate the chaff from the wheat, the balance would be a good place to start in eliminating the obvious fakes but that would only mean they passed the first test and it still wasn't completely guaranteed. If you are buying from a reputable coin dealer whose reputation is on the line if they ever sold a fake coin, you probably don't even need the coin balance except for providing some peace of mind if you are truly skeptical. If you intend to buy from less reputable dealers or are a true skeptic then I guess you would have to invest in some more advanced technology.
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eufo
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Re: Gold Coin Counterfeit Detectors

Post by eufo » Mon May 21, 2018 9:59 pm

UPDATE:

I have ordered the GoldCoinBalance tonight. I shouldn't be this excited to get a $24 piece of plastic, but there we are.

I only plan on ordering through reputable dealers, but I am a skeptic at heart and like to double check everything. I have placed my first order with APMEX and am looking forward to fondling. >:D
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ochotona
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Re: Gold Coin Counterfeit Detectors

Post by ochotona » Mon May 21, 2018 10:40 pm

I just pinged the gold coin and listen with my ear, not with an app. My understanding is that a tungsten coin will make a thud or thunk sound instead of ringing
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Re: Gold Coin Counterfeit Detectors

Post by dualstow » Sat May 26, 2018 5:43 pm

I like the Balance very much, but I look forward to the ping test again someday. (Coins are in a bank vault). I did ping them a little bit once after Mark Leavy’s passionate post.
Barrick is acquiring Randgold.
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eufo
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Re: Gold Coin Counterfeit Detectors

Post by eufo » Sat Jun 02, 2018 2:15 pm

UPDATE:

Received my APMEX order today and am very happy with the way they handled the shipment. Nowhere on the box or label is there any indication of the shipper or what contents may lie inside. This should be an obvious way to do things, but I was still worried that it might say APMEX right on the shipping label.

The gold coin balance was easy and worked perfectly. I pinged the coins, but I'm not too good at it. It sounds much louder in videos I've watched, but I can still hear a distinct (albeit quiet) ringing.
Don't agree with me too strongly or I'm going to change my mind
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Re: Gold Coin Counterfeit Detectors

Post by technovelist » Mon Jun 04, 2018 9:37 am

eufo wrote:
Sat Jun 02, 2018 2:15 pm
UPDATE:

Received my APMEX order today and am very happy with the way they handled the shipment. Nowhere on the box or label is there any indication of the shipper or what contents may lie inside. This should be an obvious way to do things, but I was still worried that it might say APMEX right on the shipping label.

The gold coin balance was easy and worked perfectly. I pinged the coins, but I'm not too good at it. It sounds much louder in videos I've watched, but I can still hear a distinct (albeit quiet) ringing.
I assume every gold dealer knows not to put their name on the label, even when sending via registered insured mail (as I assume they all do). Why ask for trouble?
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Re: Gold Coin Counterfeit Detectors

Post by dualstow » Mon Jun 04, 2018 10:57 am

Apmex has always been good to me as well.
Barrick is acquiring Randgold.
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Re: Gold Coin Counterfeit Detectors

Post by Ad Orientem » Sun Aug 12, 2018 6:28 pm

Your best protection against counterfeiting is to always buy from highly reputable dealers. From above I see you ordered from APMEX. They have been in business for a long time and have a stellar reputation. They tend to get a lot of their products directly from the respective mints and last I heard they check everything they acquire from other sources. On a scale of 1-5 I'd say your risk level here is 1. Ditto some of the other well known big dealers like Kitco. My dealings with APMEX have always been completely satisfactory and I have never heard anything untoward about them.
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eufo
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Re: Gold Coin Counterfeit Detectors

Post by eufo » Sun Aug 12, 2018 10:27 pm

Ad Orientem wrote:
Sun Aug 12, 2018 6:28 pm
Your best protection against counterfeiting is to always buy from highly reputable dealers.
This seems to be the general consensus and I agree.

However, because I'm the ultimate in paranoia, I picked up a SigmaMetalytics Precious Metal Verifier Pro. I have to say, it's finally given me the peace of mind that I needed. I've only used it with gold and silver, but it's quite simple and thorough.
Don't agree with me too strongly or I'm going to change my mind
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