Starting A Silver Coin Collection? 2 Tools That Can Help You To Spot Imitations

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Are you looking for a way to diversify your financial portfolio? If you are looking for a fun way to put a nostalgic spin on your investments, you might be considering starting a coin collection. Unfortunately, unless you understand how to evaluate silver coins, you might unintentionally pick up a few pieces that you can't resell later. Here are two tools that can help you to spot imitations:

1: A Magnet

Before you toss those unused refrigerator magnets, you should consider taking one with you to the silver shop. Silver is a non-magnetic substance, which means that genuine silver coins shouldn't stick to that magnet at all. On the other hand, less-expensive metals such as iron or steel will stick to magnets so that you know not to buy them. Believe it or not, an estimated 70% of the counterfeit silver coins made in China are made from magnetic iron-based coin blanks. Unfortunately, even well meaning, honest coin collectors can sometimes unintentionally collect a few counterfeits, which is why the magnet check is so important. 

Keep in mind that the stronger the magnet, the faster the test will take to conduct. If you bring along a flimsy sheet magnet, it might be difficult to tell whether or not that magnet is sticking to that coin or not. If you are serious about coin collecting, consider investing in an industrial grade magnet made for authentic coin detection. Some manufacturers make small, inconspicuous magnets that you can use easily without making a big fuss.

After you find a magnet detection tool that you love, take good care of it. Magnets can lose some of their magnetism if they are heated, exposed to radiation, or stored in close proximity to powerful electrical currents.

2: A Magnifying Glass

You might feel silly rolling into that pawnshop or jewelry store with an old-school magnifying glass, but the professionals use them for a reason. Being able to see a coin close-up can help you to find tiny inconsistencies that can signal a bad coin. Here are some things you should look for as you evaluate those silver coins:

• Word Spacing: Check to see if the spacing between each word and each letter is consistent. To help you to detect small changes, use the tip of a pen as a measuring tool. If you notice that the letters don't kern correctly, that coin might have been manufactured in a hurry.   
• Spelling Errors: Before you purchase a coin, become familiar with the spelling of the wording on the original. Memorize foreign phrases to check for spelling errors that might indicate a replica.
• Rim and Edge Size: Check the rim and edge size to look for really high, low, or non-indented rims.
• Font Type: Also, check to make sure that the fonts on the new coin match the text on the original. If you can, bring an original coin with you for comparison. If you don't have an original, look up the original online and use your smartphone to check for inconsistencies.

If you notice problems with the coin, make a note of it and jot it down. If you aren't sure whether or not the originals carry the same quirks, take a few days to research the issue before returning to the shop. By consulting with an expert or checking online coin purchasing tutorials, you might be able to avoid buying a coin with a major flaw—which might save you a little money.

By doing your homework before purchasing silver coins, you might be able to invest in high-quality pieces and enjoy an interesting, one-of-a-kind financial portfolio that your friends will envy.

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30 October 2015