Throughout human history, people have gone to great lengths to produce counterfeit bullion coins. In the last few years, as the price of gold and silver has risen by leaps and bounds, a growing number of investors around the world are opting to diversify their investment portfolios with precious metal bullion coins such as the Canadian Maple Leaf. Experienced coin collectors and investors choose precious metal dealers who have a reputation for excellence and who can assure each coin for its weight, purity, and authenticity. Others have not been as fortunate or wise when purchasing bullion coins.
In 2009, three men in New Jersey were arrested for passing off counterfeit gold Canadian Maple Leaf coins as the real thing. At the time, an authentic Maple Leaf would sell for about $1,000. The three thieves – David Bell, 57, William Gary, 52, and Hakim Shaheed, 55 – had one authentic coin on hand and used it to con over $1 million from jewelry store owners across the state of New Jersey.
The men would use the one authentic gold coin as a ploy to cheat New Jersey jewelry store owners. One of the men would walk into a jewelry store, show the store owner the authentic coin and then claim that they had inherited many more of the coins. They would then leave the coin with the store owner to be authenticated. The following day, they would show up with the counterfeit coins and storeowners would often pay cash for a set of these coins. If the storeowner asked to authenticate the rest of the coins, the con artist would pull out a gun and demand the cash payment.
After successfully taking money from several storeowners in this way, authorities were able to catch up with the criminals. All three men were arrested and charged appropriately.
Fortunately for investors, it is possible to easily avoid such scams. There are reputable precious metal firms that have been serving the investment community for decades. Such precious metal dealers guarantee each coin for its authenticity.
With the current value of gold exceeding $1,500 a troy ounce, the gold Canadian Maple Leaf coin is worth more than ever and is also valued for its unique beauty. Since its release in 1979, it has continually set the standard of excellence for gold bullion coins. Bullion coin dealers offer the gold Maple Leaf in a one-ounce size as well as several fractional sizes.