Why Do Some Fake Coins Contain More Gold Than a Genuine Version?

Why Some Fake Gold Sovereigns Contain Too Much Gold

Counterfeit gold Sovereigns are one of the most hotly discussed topics for numismatists worldwide, no less on our very own YouTube channel! But one question keeps popping up: why do some fake Sovereigns contain more gold than genuine ones?

In this article, we explore why this counter‑intuitive situation happens, how counterfeiters may think, and why owning a fake Sovereign is still a problem, even if the gold content appears correct.

Prefer a watch? Check out our video on the matter below:

Fake Gold Coins Have Existed for Thousands of Years

Fake coins are not a modern problem, in fact, as is the case with many things, the first counterfeit coins were probably made shortly after the first real coins, over 3,500 years ago. Some early forgeries came from genuine regions and empires, who would copy neighbouring territories' coinage closely enough that they could circulate without suspicion and raise funds of their own. These imitations would sometimes be known as "barbarian" coins, with a famous example being Roman "Limes" Denarii, which were created by Barbarian tribes on the edges of the Roman Empire.

Since then, almost every coin type has been faked, including ancient Greek coins, modern circulation coins, bullion coins, and rare numismatic pieces.

To understand why some fake Sovereigns contain too much gold, you must first understand why people fake coins at all.

Why Gold Sovereigns Are Counterfeited

Counterfeit gold Sovereigns are generally produced for one of two reasons: to pass them off at face or bullion value, or to exploit the collectable (numismatic) market. When gold Sovereigns were still used as circulating currency before the First World War, a Sovereign’s gold content was worth almost exactly one Great British pound.

Any fake made at that time would typically be underweight, lower‑carat, or gold‑plated over base metal, with a simple aim to produce the coin cheaply and spend it quickly.

However, once gold Sovereigns disappeared from everyday use, their role in society changed completely.

Within the 1940s and especially by 1949, the British government wanted to provide genuine Sovereigns for distribution within and use by certain British military forces and spies as emergency money or collateral however, when purchasing Sovereigns on the secondary market, they found that there were too many fakes mixed within.

How Sovereign Premiums Changed Counterfeiting Forever

After the First World War, gold Sovereigns gradually developed a premium over their intrinsic gold value. By the mid‑20th century, that premium had become significant and in the 1960's wholesale market, Sovereign premiums of around 40% were common.

This high premium made it possible to counterfeit Sovereigns using the correct weight and correct gold purity, whilst still making a substantial profit. Rather than cutting corners, counterfeiters could afford to be generous with the metal they used.

Why Fake Gold Sovereigns Often Have Too Much Gold

Most counterfeit Sovereigns are produced in small or informal workshops, often using melted scrap jewellery. Unlike official mints, these operations lack precise alloy control and industrial‑grade weighing systems.

The easiest way for a fake gold Sovereign to be identified is by being underweight or below 22 carat gold. To avoid this risk, forgers deliberately leave a margin of error in their favour. As a result, many fake Sovereigns are slightly overweight and feature slightly higher gold purity than a genuine coin.

Even if this increases production costs by one or two percent, counterfeiters are still making strong profits thanks to Sovereign premiums. From their perspective, extra gold is cheap insurance.

Numismatic Fake Sovereigns and Rare Dates

Some fake gold Sovereigns are not made for bullion buyers but for collectors. "Rare" date Sovereigns, such as 1819 or 1841 issues, can sell for tens of thousands of pounds if genuine.

When counterfeiting rare Sovereigns, the objective is not speed but plausibility. These fakes are often made to look extremely convincing, sometimes heavier or purer than real examples to ensure they pass basic checks, these fakes can appear to be extremely fine quality examples.

Ironically, these “too perfect” coins are often what alerts experienced dealers to a problem.

Case Study: The 1918 London Mint Fake Sovereign

In the video linked above, we examine a counterfeit 1918 London Mint gold Sovereign, a date and mint combination that never officially existed.

The coin shows several classic warning signs:

• It is overweight compared to the official Sovereign specification
• Gold purity tests at approximately 929 parts per thousand
• A genuine 22ct Sovereign should test closer to 916–917
• The silver content is also incorrect

This type of counterfeit appears regularly and perfectly illustrates why fake Sovereigns will sometimes contain more gold than they should.

Why Fake Sovereigns Still Matter, Even If the Gold Is Real

Some buyers argue that a fake gold Sovereign doesn’t matter if it contains the correct amount of gold however, counterfeit Sovereigns can, and do create several serious issues.

Selling counterfeit coins is illegal, and ownership can also be problematic depending on circumstances. From a market perspective, fake Sovereigns are almost always worth less than genuine ones with many bullion dealers refusing to buy them entirely. Others will only buy them as scrap gold, regardless of how much gold they contain. Additionally, many collectors also reject counterfeit coins outright, only purchasing for personal interest and with the understanding of the risk involved in taking ownership of the coin.

Authenticity matters and at Chards, fake gold Sovereigns are bought strictly for scrap value and are ultimately melted down, never resold.

Why XRF Testing Alone Is Not Enough

While XRF (X-ray fluorescence) machines can identify metal composition, they cannot confirm authenticity. A fake Sovereign can test as correct gold and still be counterfeit. Identifying genuine gold Sovereigns requires experience, detailed knowledge of specifications, careful visual inspection, and accurate checks of weight, diameter, and historical accuracy.

Obviously, technology does help and gives a good starting point when checking coins, but expertise matters more.

Final Thoughts: More Gold Does Not Mean Genuine

Fake gold Sovereigns sometimes contain too much gold because counterfeiters are trying to avoid detection while exploiting high premiums. Extra weight and higher purity are deliberate choices, not accidents.

A Sovereign’s value comes from authenticity, legality, and trust, not just metal content. Whether you are buying Sovereigns for investment or collecting, the safest option is to buy from experienced dealers who understand how to spot counterfeit coins properly.

If you're interested in genuine gold Sovereigns of your own, browse our full range here.

For real examples and in‑depth explanations, watch the video above and explore our long‑running educational content on fake gold Sovereigns and more.