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 →

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