When I first saw the Silver Eagle in the image (right) on the Silver-Coins.org anti-fakes site, I laughed. A 1906 Silver Eagle? Everyone knows that the Gold and Silver Eagle Bullion Coins are very modern coins, made by the U.S. Mint to appeal to Americans who were buying their bullion coins abroad. Right?

As it turns out, that's wrong. Many people who have recently started buying bullion coins really don't know anything about how long they've been made, or by whom. When my best friend asked me, "So it's a 1906, what's wrong with that?" I realized I had to help get the word out: 1906 Silver Eagles are Chinese-made fakes that don't have any silver bullion in them at all! They're not even silver plated! They are being produced by counterfeiters in China who are preying on "rich Americans" who will "buy anything on eBay."

Unfortunately, the 1906 Silver Eagle is just one of many, many fakes entering the marketplace right now from China. Most of these fakes are easy to detect by looking carefully at the coin. But when you buy sight unseen from online sources, you lose this opportunity. This is an excellent reason why you shouldn't buy from strangers on eBay. Especially if you're investing in bullion, find yourself a reputable coin dealer. Only buy coins in major grading service holders. Above all, learn to look out for yourself by following these 6 Easy Steps to Detect Fake Silver Coins.

1906 Silver Eagle photo courtesy of Silver-Coins.org