Counterfeit Silver on the Rise

Counterfeit silver coins continue to plague the hobby, according to a recent NBC Connecticut investigation into online bullion sales. Six collectors from across Connecticut reported seeing suspicious listings on eBay, prompting the news team to take a closer look at several 1-ounce silver American Eagle offerings priced far below market value.

NBC Connecticut purchased four coins advertised as silver Eagles and submitted them for testing at a materials laboratory. The metal analysis revealed that all four pieces were composed primarily of copper with only trace amounts of silver, despite being marketed as silver bullion. Experts estimated the coins were worth only a fraction of the value of genuine silver Eagles.

Rising silver prices have increased incentives for counterfeiters. Experts advise buyers to be wary of deals that appear too good to be true and to purchase precious metals from reputable dealers or other trusted sources. The ANA Dealer Directory is a readily available, comprehensive resource that lists hundreds of ANA-member dealers.