Bought a so-called 'rare' coin at a flea market, turned out to be a modern copy

Last month I dropped $60 on a coin the seller swore was a 1700s Spanish silver piece from a shipwreck. Got it home and checked the edge magnetically, it stuck right away, so it's not silver at all. Took it to a local coin shop in Tulsa and the guy laughed, said it was a cheap replica made in the 1980s maybe. I should have brought a small magnet with me or just asked more questions about its weight. Anyone else get burned by a flea market dealer like this, and how do you spot fakes before paying?

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