Counterfeit Coins From China

Above, the counterfeit coins I bought. Photo by Armand Vaquer.

Recently, I bought a couple of coins through an ad in Facebook. 

Here's the ad:

One was a supposed American Silver Eagle and the other was a supposed Morgan Silver Dollar commemorative. Neither passed the "magnet test" (both stuck to my magnet, even through a coin capsule.) Real silver is not magnetic. Also, neither of them looked quite right. I immediately notified two friends who also bought coins through the ad. Theirs also stuck to a magnet.

Fortunately, my bank reversed the credit card charge and the McKinley County Sheriff and the Anti-Counterfeit Educational Foundation (ACEF) are investigating. My bank statement indicated that the payee was some business in China. 

My experience proved the old saying, "If something seems too good to be true, it usually is." The price of the coins ($24.99 each) was barely above the spot price of real coins. 

Frankly, Facebook should be held liable for not vetting these ads and allowing them to be posted.

Here are a couple of videos related to counterfeit collector coins originating from China:

Given the ages of these two videos, this problem has been going on for quite a while.