Counterfeit coins were originally created by people wanting fool merchants and get a cheaper supply of spending money. The counterfeits had to only vaguely resemble the money they were copying to pass because merchants didn't pay much attention to the money.
Now counterfeit coins are made to fool collectors, rather than merchants. This is because the collector market has put substantial premiums on the original value of coins. The new counterfeits are much more difficult to detect, because collectors scrutinize their money more closely than merchants.
The profile of a counterfeit is like profiling a shoplifter. There isn't any. Some lower grade bullion coins are fake. Most people aren't paying close attention to their bullion material, so they are easy to escape unnoticed. The expensive coins are more profitable, but are also more closely scrutinized.
Screening a new coin purchase:
1. Visual Test: When I go to buy a coin, I first screen it by giving it a visual inspection. If I'm not familiar with the coin, I compare it to a known real example. I compare details on both sides, looking closely at the date and value denomination. Next I compare the thickness. Fake coins are almost always thicker than their authentic counterpart.
2. Ring Test: I give the coin the "ring" test by balancing it on the tip of my index finger and striking the edge with a Paper Mate stick pen. I carry that with me as the striker, because it won't harm the coin, and it is solid enough to get a good ring out of the coin when you strike it. A pencil actually doesn't work as well. I've grown to love the sustained "tingggg" I get from almost all coins I test.
The "ring" test works especially well on medium to larger coins. It is quite useful on one ounce silver and gold coins. The vast, vast majority of coins ring. Not-ringing isn't a conclusive test of being counterfeit however. I have encountered a very few genuine coins that don't ring, but I will normally pass up a specimen that doesn't ring.
3. Weight Test: If a coin is still questionable, I will weigh it. The coin in question should weigh within half a gram of a real one, although it would have to be more than a gram off, before I would use weight to convict it.
No single test is infallible when testing a coin for legitimacy. I have to feel pretty certain of my accusation, before calling a coin fake. If a coin fails two of my tests, I will usually call it "highly questionable".
Sending it to a grading service will cost a fair amount, but you'll know for certain the heritage of your coin. Otherwise, I cull the questionable ones from my collection for further investigation. That may include cutting the suspect in half for an autopsy.
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