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Forum Home > British India > Fake British India Coins and Pricing - II

Bala
Limited Member
Posts: 5

Hi friends,

This is my second article on the topic of Fake coins especially silver coins. My intenion is to bring awareness on the fake coins being circulated and misleading the collectors. I am being coin collector since a long time have came across in recent times the hobby of numismatics is increasing and simulatanously fake coins also have increased.

 

I have came across on numerous experinces with fake coins and will be sharing in future with photographs also to bring awarness in this field. 

In the past, I came across a seller who sells coins, especially silver coins of British India. when I went to his shop, firstly he asked how many coins do I need, I told him I will look at the collection and let him know, then he put another question which year am I looking for, to name a few I told few years ...to check if he has any of those. When I happened to see his collection for buying , I was surprised to see he had numerous Edward VII /King George V coins and Victoria Queen coins in very good condition and also used condition in two plastic boxes. I couldnt belive that this person had so much of collection with different mints and all the mint marks properly taken care. when I asked him, for the authencity of the coins, he told confidentely these coins are original. but when I took lens and started to observe the pattern and mint marks and check list, he started saying this coins are antique model coins and not the original ones and also told us that we won't get original, now a days we will get all fake coins only to my surprise, I could see all the mint marks in the crown and dots and flowers petals being taken care.

I had asked for other coins in the box which looked as if it is used.He narrated that those coins also are not original and it is oxidised to give old antique look with scratches and other mild damages in the coins. This is purely to mislead the collectors and these coins are sold at high prices compared to normal silver prices. With more curiosity I asked him can I get coins of different years and named few. He started saying that it possible, but I need to order in bulk to get it done as these coins are sold as antique silver coins and some stories, to my bewilderment another person near by shop told that it takes 15K to make a DIE for these old coins.

 

TIPS for COLLECTORS - ESPECALLY SILVER COINS

 

So dear friends, this information is my experience, if a collector is novice/experienced, also will be mislead easily. So please be extra careful while buying the silver coins for which you will be paying around 700-800 for each silver one rupee coins and other coins also. Before buying the coins please know about the coins and if possible have a experienced coin collectors(Friends). 

More over I have come across the dealers who, while selling the coins tells that  if the coins were fake, it can be return at any time. please check with the sellers before buying it and duration you will be returning back please be careful as I had a experience with a dealer who sold me a coin and started arguing with me that the coin was not by him so please check with dealer before when you can return the coin and what are the conditions.

 

While bidding in Online please check the bigger image of the coins which are posted and please dont go mearly by seeing the year of the coin you will land up with different coin of the same year with different piece/ Bad condition. Dont go by small image of the coin which is posted.

 

Please insist on weight of the coin while buying and check the diameter using a vernier callipers (I would suggest to have verrnier callipers which is easily avaialble at 200- 300 rs. with a good make so as to buy a genuine coins, in case if the weight and diameter, thickness of the coins will show the difference if you buy the silver coins)

 

Please dont pay high price for a coin of 1 rupee beyond 800 - 850 rupees which is 30% higher than  the silver price and more over it is 91% of purity at the present  price of silver. You will always come across the same coin some or other time in exhibition or with some other people so don't jump to buy the coins immediately once you see the coins try to get a good deal.

 

Please dont blindly belive if a dealers/seller says RARE coin, you will always find those coins virtually every shop so you can always get the coin with either of a seller in course of time. More over now a days lot of fake coins has come, It is hard to differenciaet the coins.

 

The BEST Suggestion for COIN COllECTORS(Numismatists) based on My experience.

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DONT buy coins one by one etc. Please accumate the money every month based on your offerdability for a period of 4-6 months in you savings and also with your friends who is also interested in coin collectiona and jointly when you come across a good dealer you can negotiate with him with the list of coins. But when you buy a single coin you will be paying 25 -30 % more than the silver price and more over you have to shell out more money. But when you buy in lots as the amount is big you can get at 15-20% than silver Price. Please follow this process you will be saving your hard earned money also and at the nominal value for which you will feel a sense of happiness and also your hobby collection also increasing.

 

I will be giving more tips in future mails.

 

Enjoy the Hobby with pleasure.

 

Regards

Bala

 

 

 

August 13, 2011 at 12:53 AM Flag Quote & Reply

Harry
Limited Member
Posts: 43

Bala, thanks for your post, Its was very informative. We need to be very careful of fakes and the best way to protect your self is by building up your experience and knowledge in our hobby. I would encourgage people to observe many coins, read about them, learning how to grade a coin and offcourse use common sense. If its too good to be true it probabily is , don't buy it!

Another equally important item is cleaning. Although not fake many dealers clean a circulated coin and sell it off as a rare mint / uncirculated coins. In general,  cleaning a coin will devalue it and if its a mint state/ uncirculated coin cleaning it will  significantly reduce its value.

December 2, 2011 at 2:09 PM Flag Quote & Reply

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