2023-04-28
A one ounce (1 oz) LTL 500 gold coin dedicated to the Palace of the Grand Dukes of Lithuania, minted 18 years ago by the Lithuanian Mint, became a tool of fraudsters. The Bank of Lithuania has detected a second case of a counterfeit gold coin acquired from a Latvian citizen.
The cases of counterfeit collector coins are quite rare but can entail significant losses for collectors. The Bank of Lithuania has already recorded the second case of a counterfeit LTL 500 gold coin dedicated to the Palace of the Palace of the Grand Dukes of Lithuania. The price of the coin on the secondary market can range from EUR 4,500 to EUR 10,000.
“We detected one case of this counterfeit coin last year, and a pre-trial investigation has already been launched. The second case is recent. After an expert examination, it turned out that the gold coin was counterfeit,” Ramunė Juzėnienė, Head of the Examination and Technical Division of the Cash Department of the Bank of Lithuania, reported about the new case.
When purchasing the coin, the person also received a document stating that the metal composition of the commemorative coin was 99.9% gold. However, verification of the metal of the coin does not guarantee that the coin is authentic.
The Central Bank of Latvia has also received information about the trade in possibly counterfeit gold coins dedicated to the Palace of the Grand Dukes of Lithuania.
“Persons who have doubts about the authenticity of the collector coins they have acquired should first of all contact the law enforcement authorities,” reminds Ramunė Juzėnienė.
When purchasing collector coins, it is important to pay attention to the overall appearance of the coin, the sharpness and accuracy of the details, the shape of the edge of the coin and the smoothness of the edge. All the details must be precisely accurate and smooth, without any pits or flawed design of the coin. The letters must be clear, the striking must be precise, and the elements depicted on the coin must not be in contact with each other or with other parts of the coin design.
Images of the obverse and reverse of collector coins are available on the Bank of Lithuania’s e-shop for inspection and comparison.
The conformity of the certificate of authenticity of the coin should also be taken into consideration. Collector coins minted at the Lithuanian Mint are characterised by exceptional quality compliant with the applicable standards and precision, and the minting process adheres to the strictest rules of coinage dies, matrices and pressing tolerances, thus ensuring the highest quality of the product, which is why it is extremely difficult to counterfeit them.