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| Above, counterfeit Morgan and Silver Eagle. Photo by Armand Vaquer. |
Did you know that counterfeit coins are illegal to possess, buy or sell?
According to ACEF, they are:
According to federal law, counterfeit coins are illegal to possess, buy or sell. Hence, once a victim becomes aware that a coin is counterfeit, he/she should turn it over to the nearest Secret Service agent or local law-enforcement official. Often that is impractical because of distance or law enforcement being reluctant to spend time to recover one or two counterfeit items, especially fake coins.
When I bought some counterfeit silver coins a few years ago through an ad in Facebook, I thought they looked wrong and tested them with a magnet. They stuck to the magnet. Silver is not magnetic. It turned out that they originated from China.
I notified the local sheriff and gave the coins to them as I was aware that they are illegal to possess. Thankfully, I got my money back when I notified my bank of the fraud.
However, one can possess counterfeit coins and ACEF tells you how to do so.
By the way, according to ACEF, the Morgan Dollar is the most counterfeited coin:
The Morgan silver dollar is the most frequently counterfeited U.S. coin, according to coin dealers responding to a survey conducted by the Anti-Counterfeiting Task Force in June 2018.
To find out how you can legally own counterfeit coins, go here.
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