How to Avoid Buying Fake Silver Bullion

The biggest fear that bullion investors have is not whether they will make money from their investment, but that their silver bullion is worthless and silver can only be worthless if it’s fake. You need to learn a few things to avoid being duped into buying fake silver bullion.

Who is the Source?

Silver bullion is valuable because it has legal tender however not all mints produce official legal-tender silver bullion, only government mints do that. If you are buying silver bullion make sure it comes either from the U.S Mint, The Perth Mint, The Royal Canadian Mint, The Austrian Mint and the Shenyang Mint.

Buy silver bullion from these trusted minting facilities to eliminate any concerns about authenticity.

If you are buying from a bullion dealer, make sure that it’s a reputable dealer, better yet, make sure that the dealer is accredited by a government mints to sell it’s products.

Size Matters

When buying silver bullion coins, you need to know the coin’s size, weight and inscriptions. Be sure to find out what the weight and dimensions are for silver bullion coins. If you are buying your coins from a private party, have it weighed and measured before you pay for it. Of the coin is heavier or lighter than it should be then, it’s not what they say it is. When it comes to bullion of any kind, you have to insist on precision and quality otherwise, you might just as well flush your money down the drain.

When it comes to government-issued silver coins, the thickness and diameters are important. Government mints that produce government-backed silver bullion coins have standard sizes. Find out what these are before you buy silver bullion coins from your local bullion dealer. You can find information on bullion coin specifications online.

If you find a coin with an unusual size, chances are that it’s not a coin but a round. Rounds can never have the exact thickness and diameter of a government issued silver coin.

Size Regulations Are Set to Prevent Counterfeiting.

One other safety feature to look for in bullion coins is the inscription. Government mints are very particular about how they mark their coins. Find out how the coins you are interested in are inscribed. Again, this is information that a lot of mints publish on their websites. If a dealer tries to sell you a coin with imperfect lettering or numbers that don’t match those of the mint, they might be trying to sell you a fake coin- walk away.

What if you are buying silver bars. How then can you ensure they are authentic?

Again, you can eliminate any problems by knowing the source. This means knowing how to identify the marking on a silver bullion bar.

First of all, if it’s bullion it will be marked with 999.9 which means that’s the purest silver you can get with virtually 0.1% impurities. The bar will have the logo of the mint, an indication of its purity and it’s weight. Some bars will also have serial numbers that help verify their origin.

Pay Attention to The Spot Price

Don’t be swayed by offers of low prices. Reputable dealers will never offer to sell you silver bullion below market value. So, if you find a dealer who sells bullion way below the spot price, you should be suspicious.

Buying silver as an investment is an important decision to make. You need to find out as much as you can about the price of what you want to buy and research the different places you can buy it from. The best way to avoid being ripped off is to be armed with information. Talk to your dealer, ask questions if you are not clear about something. A good dealer will give you as much information as you need and will not rush you into making a purchase.

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