COIN collectors have been warned not to buy counterfeit items mainly belonging to the Ottoman and British Empires and being sold as genuine antique currency by fraudsters.
Rare coins and banknotes expert Mohammed Al Aradi said fake currencies have found its way into the market despite being just “novelties”.
He added that collecting currency and antiques gained popularity during the Covid-19 pandemic as many people took to the hobby while spending extended periods of time at home.
However, he pointed out that not many were doing it the right way.
“There are coins that are being falsely claimed to be from the Ottoman and British Empires that are now being sold widely in the market as genuine,” said Mr Al Aradi, who is also Treasures of the Past for Antiques head.
“Those currencies are being sold for the same price as if someone is buying a treasure, while they are mainly toys,” he added.
“But, if people want to buy them for fun and at the cheap price they deserve, then they can feel free, but they are not valuables.
“Of course, they are valuable as jewellery if made from gold or silver, but they are good for necklaces, bangles and anklets and not to exhibit as rare currency.”
Mr Al Aradi
Mr Al Aradi said fake coin sellers have created their own market with their own followers.
“That fake market will come crumbling one day because it is based on hollow ground,” he said.
“Real collectors, professional or amateurs, should approach trusted dealers or collectors or buy rated currency to validate it is genuine.
“Otherwise, it is a waste of money and time, chasing something that has no value.”
He also said that Bahrain was capable of hosting regional auctions that would attract collectors from around the world.
“The majority of our local dealers are professionals and wouldn’t sell counterfeit,” he said.
“It is only those who get cheated by buying from con traders or there are some who just want to make huge money out of nothing. People should beware.”
Meanwhile, top currency evaluator and Habib Tarada Museum owner Habib Tarada said it was good that there is a large number of interested coin and banknote collectors, but urged people to validate.
“A proper dealer has to mention copy or genuine on the sold currency, otherwise people shouldn’t buy, because it is cheating or counterfeit,” he said.
“In case of doubt people shouldn’t hesitate to call authentic dealers or do the simple task by visiting Google to learn more about the features of authenticity.
“For example, from experience and by looking, I can determine the original British Empire currency emanating from India or that sold as counterfeit in the kilos in Indian markets.”
mohammed@gdnmedia.bh
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