Silver is not magnetic. If you place a strong, rare-earth magnet called a Neodymium magnet on a silver coin or bar, it should not easily stick to it. If you are testing bars, you can angle one at 45 degrees and let the magnet slide down. It should slide down very slowly.
Is buying from APMEX safe?
They’re one of the largest (billion-dollar company), most recognized names in the industry, and employ over 110 people. We have determined that they are definitely a legitimate, reputable company, and have a good reputation overall. APMEX is definitely NOT a scam.
How can you tell if a silver dollar is a fake?
While it is not actually illegal to possess a counterfeit coin, it does not have real value. Look at the date on the coin. If the date says 1804, it is probably a fake. There are only a few 1804 coins because during the year 1804, the U.S. did not actually mint any silver coins.
How can you tell if a silver coin is a counterfeit?
If you suspect the outside is silver-plated, you may need to file through an edge to get to the center metal in order to test. Once the acid is placed, pure silver will stay a certain color, while fake silver will turn a different color depending on the metal used to counterfeit.
Is it possible to counterfeit a Morgan silver dollar?
Previous counterfeit Morgan Silver Dollars have been identified with improper weights. In many cases, they less than half the weight of a true Morgan Silver Dollar. If you already have a Morgan Silver Dollar and believe it may be fake, throw it on a scale.
What happens if you sell a counterfeit dollar?
Selling money you know to be counterfeit is normally worth up to 5 years in prison and a $250,000 fine, as it’s a federal crime. Thanks! How do I tell if my trade dollar is real or counterfeit? Best way is to weigh it. 90% silver would be around 27 grams. Fake ones are 18 – 19 g. A kitchen scale should do the trick. Thanks!
