The 5 Types of Fake Gold Coins You Need to Know About

Gold counterfeiting isn't new — people have been faking precious metals since ancient Rome. But modern counterfeiting has reached unprecedented sophistication. Chinese forgers can produce coins that fool experienced dealers.

Understanding how counterfeits are made helps you detect them. This guide covers the five main types of fake gold coins, from crude tourist-shop fakes to sophisticated tungsten-core forgeries that cost thousands to produce.

The Scale of the Problem

Gold counterfeiting is estimated at a $1+ billion industry. The economics are compelling:

At current prices, a successful counterfeiter selling just 10 fake gold coins per month clears $200,000+ annually. The incentives are massive.

Common targets include:

• American Gold Eagles — most popular US bullion coin
• South African Krugerrands — world's first modern bullion coin
• Canadian Maple Leafs — 99.99% pure gold
• Chinese Pandas — low mintage, high collector demand
• Pre-1933 US Gold — numismatic premiums attract forgers

Let's examine each counterfeiting method.

Type 1: Cast Fakes (The Crude Ones)

Difficulty to make: Low
Difficulty to detect: Low
Common materials: Brass, bronze, copper alloys

How They're Made

Cast fakes are the simplest counterfeits:

1. Create a mold from an authentic coin (or a copy of one)
2. Melt base metal (usually brass or bronze)
3. Pour into mold
4. Remove and plate with thin gold layer (optional)

How to Detect Them

Cast fakes fail almost every test:

• Weight: Usually way off — brass is much less dense than gold
• Dimensions: Shrinkage during cooling makes them undersized
• Surface: Bubbly, porous texture; soft/rounded details
• Ping test: Completely wrong frequency; short, dull sound
• Magnet: Sometimes magnetic (if iron added)
• Feel: Often too light; wrong thermal properties

Where You'll Find Them

• Tourist shops in gold-mining regions
• eBay "replica" or "commemorative" listings
• Flea markets and estate sales (often unknowing sellers)
• Wish.com, AliExpress (marketed as "prop" or "display" coins)

Risk level: Low if you're careful. These are easy to spot with basic tests.

Type 2: Struck Fakes (Better Quality)

Difficulty to make: Medium
Difficulty to detect: Medium
Common materials: Copper, brass, or copper-tungsten alloy

How They're Made

Struck fakes use the same basic process as legitimate mints:

1. Manufacture dies (stamps) matching the original design
2. Cut blanks from base metal
3. Strike blanks between dies under high pressure
4. Plate with gold (electroplating or gold foil)

The better the dies, the sharper the result. Some Chinese forgers have reverse-engineered authentic dies with remarkable precision.

How to Detect Them

Struck fakes are better than cast fakes but still fail key tests:

• Weight: Usually wrong — correct weight requires correct density
• Ping test: Wrong acoustic signature (base metal frequencies)
• Dimensions: Often correct — this is what forgers prioritize
• Visual: Better than cast, but details may still be soft
• Acid test: Reveals base metal under plating
• Specific gravity: Too light (unless tungsten alloy used)

The Evolution of Dies

First-generation struck fakes had obvious problems:

• Wrong fonts
• Missing details
• Incorrect dates or mint marks
• Spelling errors (yes, really — "AMREICA")

Modern Chinese dies have fixed most obvious errors. Some are nearly indistinguishable visually from authentic coins.

Risk level: Moderate. Require testing beyond visual inspection.

Type 3: Gold-Plated Tungsten (The Dangerous Ones)

Difficulty to make: High
Difficulty to detect: High (for most tests)
Common materials: Tungsten core with gold plating or shell

Why Tungsten Is the Counterfeiter's Dream

Tungsten has almost identical density to gold:

This is within 0.3% — inside the tolerance of most scales. A tungsten-core coin will:

• ✅ Pass weight test
• ✅ Pass specific gravity test
• ✅ Pass magnet test (tungsten is non-magnetic)
• ✅ Pass visual inspection (if well made)
• ❌ Fail ping test (completely different acoustic properties)

How They're Made

High-end tungsten fakes require significant investment:

1. Machine tungsten blanks — tungsten is extremely hard, requires special tooling
2. Create gold shell or thick plating — the outer layer must be real gold
3. Assemble carefully — avoid visible seams
4. Strike or emboss details — add final surface features

The best tungsten fakes have:

• 1-2mm gold shell (visible under certain tests)
• Perfectly machined tungsten core
• Investment of $500+ per fake in materials and labor

How to Detect Them

Tungsten fakes are serious. Standard tests fail:

The ping test catches tungsten fakes because:

Tungsten's elastic modulus (411 GPa) is 5× higher than gold's (79 GPa). Even though density is similar, the stiffness difference produces completely different acoustic behavior.

Tungsten-core fakes typically produce:

• A dead "thwack" instead of a ring
• Very short decay (sound dies immediately)
• Wrong frequency if they ring at all

This is why Pingcoin exists. The acoustic test catches what other tests miss.

Where Tungsten Fakes Appear

• High-value eBay transactions
• Private sales between "collectors"
• Some coin shows (from disreputable dealers)
• Pawn shops and gold buyers who resell

Risk level: High. These are specifically designed to fool standard tests.

Type 4: Gold-Filled Fakes (Hollow or Partial)

Difficulty to make: Medium
Difficulty to detect: Medium
Common materials: Gold shell with lead, zinc, or void inside

How They're Made

Gold-filled fakes have real gold on the outside but cheaper (or no) material inside:

Method 1: Hollow Construction

• Create two gold half-shells
• Solder together with minimal fill
• Result: Drastically underweight

Method 2: Lead/Zinc Fill

• Create gold shell
• Fill with lead (11.3 g/cm³) or zinc (7.1 g/cm³)
• Result: Underweight but not hollow

How to Detect Them

These fakes fail multiple tests:

• Weight: Usually obviously light — lead/zinc can't match gold's density
• Ping test: Hollow sound; wrong frequency; internal rattling possible
• Specific gravity: Too low
• Dimensions: Often bloated (larger to compensate for lower density)
• Edge inspection: May show seams or soldering
• Squeeze test: Thin shells may flex (real coins are rigid)

The "Drill Test" (Don't Do This)

Some people drill into suspected fakes to check the interior. This:

• Destroys the coin if it's genuine
• Creates a worthless drilled slug if it's fake
• Is completely unnecessary if you have proper tests

Don't drill coins. Use non-destructive tests.

Risk level: Moderate. Multiple tests catch these.

Type 5: Altered Genuine Coins

Difficulty to make: Variable
Difficulty to detect: High (requires expertise)
Common materials: Genuine gold + additional metal

Types of Alterations

Added mintmark: A common $200 coin becomes a rare $5,000 coin by soldering on a tiny mintmark from another coin. Example: Adding an "O" mintmark to a common Philadelphia-mint coin.

Removed mintmark: Some rarities are valuable precisely because they lack mintmarks. Polishing away a mintmark can multiply value.

Date alteration: Changing "1849" to "1848" can turn a common coin into a rarity.

Re-engraved details: Adding or altering features to match a more valuable variety.

How to Detect Them

Altered coins are real gold — they pass material tests. Detection requires:

• Magnification: 10-20× loupe reveals tooling marks, solder, uneven surfaces
• Reference comparison: Side-by-side with known authentic example
• Die variety knowledge: Experts know exactly how each legitimate variety looks
• Professional grading: NGC/PCGS authenticate and certify

The Numismatic Premium Trap

Alterations only make economic sense for numismatic coins (collectibles worth more than melt value). A common $2,000 bullion coin isn't altered — it's just counterfeited wholesale.

But a rare $20 gold piece worth $50,000 to collectors? That's worth altering.

Risk level: High for rare/collectible coins. Low for standard bullion (not worth the effort to alter).

The Counterfeit Supply Chain

Understanding where fakes come from helps you avoid them.

Source: Chinese Manufacturing

The vast majority of gold counterfeits come from Shenzhen, China. Why?

• Advanced manufacturing capabilities
• Low labor costs
• Weak intellectual property enforcement
• Existing precious metal industry infrastructure
• Access to global shipping networks

Distribution Channels

Direct online sales:

• AliExpress, DHGate, Wish (sold as "replicas")
• eBay (misrepresented as authentic)
• Facebook Marketplace, Craigslist

Through intermediaries:

• Fakes sold in bulk to unscrupulous dealers
• Mixed into legitimate inventory
• Sold at coin shows or through pawn shops

Unwitting resellers:

• Estate sales (heirs don't know they're fakes)
• Pawn shop resales (bought without proper testing)
• Collector-to-collector sales

Red Flags in Transactions

• Price too good to be true
• Seller has no established reputation
• Payment requested via wire transfer, crypto, or gift cards
• No return policy
• Pressure to buy quickly
• Seller refuses in-person inspection

Your Defense Strategy

For Bullion Purchases

1. Buy from reputable dealers — APMEX, JM Bullion, SD Bullion, local established shops
2. Test every coin — even from trusted sources (they can be fooled too)
3. Use the ping test — catches tungsten fakes that pass other tests
4. Check weight and dimensions — quick physical verification
5. Trust your instincts — if a deal feels wrong, walk away

For Numismatic Purchases

1. Buy certified coins — NGC or PCGS slabs provide authentication
2. Verify certification numbers — check the grading service website
3. Learn the series — know what legitimate examples look like
4. Get a second opinion — experienced dealer or collector evaluation
5. Consider the source — established auction houses have guarantees

Testing Equipment Investment

Total: ~$85 one-time + $29/year

This is less than 5% of a single 1 oz gold coin. Cheap insurance.

Conclusion: Know What You're Buying

Gold counterfeiting ranges from obvious tourist fakes to sophisticated tungsten forgeries. The good news: with the right combination of tests, you can detect virtually all of them.

Key takeaways:

1. Cast and struck fakes — caught by basic testing (weight, dimensions, ping)
2. Tungsten-core fakes — caught by ping test (the only home test that reliably detects them)
3. Filled fakes — caught by weight and ping test
4. Altered coins — require expertise and magnification; buy certified for high-value numismatic purchases

Don't let counterfeits scare you away from gold investing. Let them motivate you to test everything. A few minutes with the Pingcoin app and basic tools protects thousands of dollars.

Test before you trust.

Have you encountered a fake gold coin? We'd love to hear your story. Contact us at [email protected] — your experience could help others.