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Philip N. Diehl on counterfeit coins

Former U.S. Mint Director on Avoiding Buying Fake Gold & Coins

AUSTIN, Texas, Aug. 3, 2022 /PRNewswire/ — In June, arrests were made after buyers were conned out of approximately $85,000 worth of Canadian Maple Leaf gold coins in Germany. While gold has a famously distinct look, spotting the difference between real and false gold has proven to be a complex issue throughout history. This week, Philip Diehl, President of U.S. Money Reserve and 35th Director of the United States Mint highlighted how you can avoid buying fake precious metals. Watch the video here.

DON'T BE FOOLED BY FAKES.

John Rothans, U.S. Money Reserve's Chief Procurement Officer, and Master Numismatist, offers advice to those worried about whether their precious metals are real. “If you already have gold in your possession and want to make sure it is real,” Rothans said, “there are some identifiers to look out for. Pure gold cannot rust or corrode, nor is it magnetic. Under a microscope, gold has a consistent, soft yellow color but does not shine. Products that fail these tests are not .999 fine gold (99.9% pure).”

However, gold is sectile, which means it can be cut smoothly. For this reason, gold is often mixed with other precious metals like silver and platinum. Gold bars, coins, and jewelry have engravings that specify the amount of pure gold they contain.

Several tests can be used to identify real gold. Counterfeit gold will react with skin within minutes of contact and cause green or black discoloration. Real gold will not react with clean skin. A color reaction to white vinegar also signifies counterfeit gold.

Watch the video below to learn more about identifying fake gold.

The foremost and simplest way to make sure your gold is real is to purchase it from a trusted precious metals provider such as U.S. Money Reserve. U.S. Money Reserve is America's Gold Authority® and provides legal-tender precious metals that have been minted at the U.S. Mint or other government minting institutions.

U.S. Money Reserve's Chief Procurement Officer and Master Numismatist John Rothans used his years of experience with precious metals to create this short guide to identifying whether gold is real or fake.

Read Article Here.

Read Original Press Release Here.

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