Two top-line tips to prevent counterfeit purchases

Royal Canadian Numismatic Association President Henry Nienhuis said ‘buying from a reputable source’ and ‘knowing what you’re buying’ are two of the most important ways collectors and investors can protect themselves from counterfeit fraud.

In light of the counterfeit gold wafer recently sold to a customer of a Royal Bank of Canada (RBC) branch in what appeared to be proper packaging, collectors and investors are asking how they can protect themselves. Although the Royal Canadian Mint has since said the one-ounce wafer – containing no gold whatsoever – wasn’t produced at a Mint facility, the fact a counterfeit gold wafer was sold at an Ottawa RBC branch “rattles the foundation,” said Henry Nienhuis, president of the Royal Canadian Numismatic Association. Protecting yourself from purchasing a counterfeit item – whether a coin or a piece of bullion – has two critical aspects. “There are a couple of things that are almost equal, but one of them – maybe the most important thing – is to buy from a reputable source,” said Nienhuis, who added it’s easier for collectors to buy from reputable sources because dealers, on the other hand, also do business with walk-in customers. “It makes it a little harder for a dealer.” As a collector, however, Nienhuis said it’s crucial to know who you are buying from, whether you meet them in person or do your business online. Continue reading →

Keep up to date with the numismatic community

Sign up to receive our newsletter.

Canadian Coin News

Canada

Canadian Coin News is Canada's premier source of information about coins, notes and medals.

Although we cover the entire world of numismatics, the majority of our readers are Canadian, and we concentrate on the unique circumstances surrounding collecting in our native land.

Send Us Your Event

Running an event? Send it to us and we will display it on Canadian Coin News!

Submit Event →

Subscribe To 26 Issues For Just $47.99/year

Subscribe today to receive Canada's premier coin publication. Canadian Coin News is available in both paper and digital forms.

Subscribe Now

We acknowledge the financial support of the Government of Canada through the Canada Periodical Fund of the Department of Canadian Heritage.