Should I Test My Silver Coins? - What 38,000 Tests Reveal About Fakes

Summary:
Fake coins are more common than most stackers and collectors think. In 2024 alone, over 8,000 counterfeit Silver Eagles were detected using our app. If you skip testing, you risk losing around $6 per coin on average. This article breaks down real testing data and shows why verifying your coins before buying is a smart move, especially if you buy from peer-to-peer sellers or marketplaces.

Are Fake Coins Really a Problem?

Many collectors and stackers hear stories about fake coins online, but are they just rare exceptions or a common risk?

To answer that, we reviewed data from our app. In 2024, it was used to test over 38,000 Silver Eagles. These are among the most widely collected silver coins, so they're a great case study.

What the Test Results Show

Out of those 38,000+ tests:

~27,000 received a 3-star rating.
Positive results (2-star & 3-star results) made up about 72% of all tests.
Around 10,000 tests got 0 stars: they are either fakes or test errors.

After filtering out common user mistakes (such as testing rings, other coins, or incorrect setups), over 8,000 of those were clearly counterfeit.

The Cost of Not Testing

Silver Eagles typically sell for about $30. If 1 in 5 coins is fake, that’s an average loss of $6 per coin if you don’t test before buying.

This is a real financial risk, especially when buying multiple coins or purchasing from less trusted sources.

We Helped Users Save Over $24,000 on Silver Eagles

Let’s say a fake coin is tested 10 times on average (users often double-check results). That still means our app helped identify roughly 800 fake Silver Eagles in 2024.

800 × $30 = $24,000 saved — just from one coin type in one year!

Some users have reported significant savings. One reported saving over $1,000 after testing coins before a bulk purchase.

Buying From Trusted Sellers?

Even if you buy from well-known dealers, it’s still possible to receive a fake. Sometimes sellers unknowingly pass on counterfeits they received from their own suppliers or from buybacks.

That’s why many experienced stackers still choose to verify their coins with a testing tool, even after buying.

Final Notes

Testing gold and silver coins isn’t just for professionals. It’s for anyone who wants peace of mind and real protection from counterfeits.

Our 2024 data shows that fake coins are not rare. Testing remains one of the easiest and most cost-effective ways to avoid loss.