Hi, I agree, poor quality 22k coin = financial loss to the forger. The fact that where is no logic to it would lull people into thinking it would not be done. However this was done in the 1950s when a 22k fake Sovereign could be sold for 3 or 4 times the gold value. Here an old a quote from another forum. Posted by PandAu The part that really interested me was the fact that in 1952 the £1 sovereign was worth £2-18-0 in gold content yet sold on continental markets from between £4 and £10. (Which gave the reason for forgery) However, why did they comand such a high premium. The only reason I can think is that the people did not trust the paper money that was being thrust on everyone. BUT, the difference was probably (also) about the quoted price of gold compared with the true price of gold. Just like today, gold going up in price reflects the devaluation of the paper money............ The paper price of gold is held down. I told the seller the coins were gold but counterfeit.He said no as major coin dealer in town had offered him just below spot for them.He also told me he brought a few with him from Dubai where the shop had 100 of them all the same.I told him I had not stopped laughing. Think about it, 100 1918 Sydney Sovereigns for sale. Now that is a collection. Dave