My $500 Coin Collecting Mistake: How I Learned to Spot Fakes the Hard Way

I’ve Been Fooled by Counterfeit Coins – Here’s What I Learned

Let me tell you about the day my collector’s pride took a $500 hit. I’ve handled thousands of coins, spent years in online forums, and prided myself on having a sharp eye. Then I walked out of an antique shop with a fake Morgan dollar that looked so convincing, I nearly cried when my collector friends pointed out the truth.

The Purchase That Started It All

It was a lazy Saturday when I spotted “the find” – an 1883 CC Morgan dollar gleaming under the antique shop’s warm lights. The price tag read $174, about half what I’d expect for its apparent condition. My hands actually shook as I handed over the cash. The dealer’s smile should’ve been my first warning.

In my car, I noticed something odd – what looked like a scratch across the eagle’s breast. Then I convinced myself it was a rare die crack (collectors love those). I was patting myself on the back… until I posted photos online. The comments hit like a sledgehammer.

The Humbling Reality Check

Seasoned collectors spotted the fake immediately:

• The coin had that mushy look of a cast counterfeit – like someone smudged the details
• The stars were uneven, like a child’s drawing of a coin
• My “die crack” was actually a casting flaw – the equivalent of a counterfeit fingerprint
• The date numbers had weird bumps no genuine Morgan would ever have

10,000 forum posts couldn’t save me from this lesson: Overconfidence is every collector’s Achilles’ heel.

My $500 Wake-Up Call: The Full Damage Report

The Other Purchases

Heart sinking, I pulled out the rest of my haul:

• A 1921 Morgan I’d overpaid for ($42 for a $30 coin)
• “Junk silver” that was actually just… junk
• A $149 coin that transformed from beauty to beast outside its pretty flip
• A $95 mistake I’d been too excited to reconsider

The Red Flags I Chose to Ignore

In hindsight, the warning signs screamed at me:

• The price was suspiciously low – my greed overpowered logic
• Details softened under natural light – like a photocopy of a photocopy
• Edge lettering didn’t crisp – real Morgans have sharp, clean edges
• Surface felt wrong – like touching cheap jewelry instead of silver

How I Rebuilt My Collector’s Toolkit

1. Never Leave Home Without These

My purse now carries what I call “the fraud fighter kit”:

• A jeweler’s loupe – 10x magnification reveals all sins
• A digital scale – fake coins often weigh wrong
• A rare earth magnet – slides right off real silver
• My phone with PCGS CoinFacts pulled up

2. My New 5-Step Inspection Ritual

Every coin now gets the full treatment:

1. Weigh and measure – no exceptions
2. Check under both LED and natural light
3. Compare every detail to verified examples
4. Run a finger around the edge – seams betray fakes
5. The ping test – real silver sings, fakes thud

3. Building My Collector Safety Net

I’ve learned to:

• Cultivate relationships with dealers who’ve earned trust
• Text coin photos to my collecting mentor before buying
• Use PCGS/NGC grading for anything over $100

From Shame to Sharing: How This Changed Me

That $500 mistake became my most valuable education. Today:

• I walk past “too good to be true” deals without flinching
• My authentication skills rival some dealers’
• I mentor new collectors using my “wall of shame” fakes
• I only buy from shows with money-back guarantees

Here’s the unexpected gift of being fooled – it made me a better collector. Now when I spot a fake, it feels like seeing an old enemy I’ve learned to defeat.

Passing the Torch: Advice That Could Save You $500

If my mistake helps just one collector, it was worth it:

1. Assume every coin is fake until proven real – healthy skepticism saves wallets
2. Spend on books before coins – knowledge weighs nothing and never depreciates
3. Find your collector tribe – good eyes multiply when shared

The hobby survived my $500 lesson, and yours will too. Just remember: every expert collector has a story like mine. The difference is whether you learn from it before writing the check.

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