Ring and magnet are both good and easy basic tests to know. Ring test is especially important since you can do it anywhere.
Ring test works well with silver... works really really good with gold coins (they ring even longer and higher). All you do it hold one on your fingertip (so it can wobble) and hit it with another coin. You will hear a high pitched and long lasting ring (much longer than a regular clad coin)... unmistakable once you get accustomed to it. If you have bad ears, try The Ringer (by Fisch company) or try the apps on phones or computers that can supposedly detect frequency. I just use the coins.
Magnet slide test is better for bars or large coins, but it is also impossible to mistake once you learn it. You need the coin or bar at an oblique angle (roughly 45deg... I use a scrabble game wood letter holder). You put a neodymium magnet on the silver at the top and watch it slide down. Every other metal will slide down fast or stick the the coin... a silver coin will have the magnet slide sloooooowly.
Here's the basics... shows the ring and magnet tests well:
...personally, I just carry a small $5 digital scale and a real version that I own of the coins I might buy (usually just ASE, maple, gold sov) when I go to a coin show or shop, etc planning to buy coins. That is all you need once you know the tests. The scale lets you do the weight test (better than a Fisch type thing), and a known real coin covers the side-by-side comparison test, the size diameter and thickness exam, and the ring test. I honestly don't usually bring any testing stuff at all when I just make impromptu stops into pawn shops or coin stores I know to have consistently sold me good stuff many times, though... I just trust them to screen what they buy... and I look close at the coins, ring it, and then test it when I get home. I feel pretty confident these places would rather keep my business than take my $100 or whatever by not accepting a few bad coins back if my home test showed them to be suspect.
I also have a
Fisch type device for gold coins, magnet for silver, old antique brass sovereign balance (actually works badass), etc for doing more testing at home if I'm ever unsure. I guess I would bring the gold 1oz coin tester to shows if I ever wanted to buy 1oz gold, but I don't tend to see very good deals on that at shows and usually just buy that from major bullion dealers (that usually makes high enough order $ for free shipping on everything).
I've seen a few ASE fakes (failed weight, or easy to tell detail was not right on comparison), but I've never bought fake coins. If there were some coins that the dealer/seller wouldn't let me take out of the capsule (I've never run into that issue), I'd just pass... not into numi stuff anyways.
No one test by itself is the gospel, and they must be used in conjunction with one another...
Keep in mind that silver (non-numi) is barely even worth faking right now. Still, it has high volume of sales, so fakes do exist... and will probably get more common if spot price goes up. The vast majority of silver fakes will fail on weight. Some will fail on size. All will fail on ring. All will fail on magnet test unless they are mainly silver... so not worth faking that way with spot low. Most will fail design comparison test.
Gold fakes that are tungsten (or platinum if gold passes platinum) yet gold plated will only fail ring test (they can pass weight and size and maybe even cursory design comparison exam). Gold fakes that are a lesser % gold... ie 14ct or 18ct faking 22ct or 24ct coins may pass ring and weight yet fail on size testing and possibly design comparison. Gold fakes that are "jeweler copy" of same 999 or 917 gold content but not the original minting are tough and only detected by trained person doing design comparison. But again, I don't give a crap about those jeweler copies since they're not a problem to me... I'm buying the gold near spot and not paying premium for numi value anyways. The people trying to pass those off as high premium numi old gold coins will be selling for high prices and I wouldn't even be looking at them. If you want to do older numi gold, you obviously need great eye for detail, comparison, loupe glasses, etc etc.
...if there is ever any doubt, just don't buy it. There will always be more for sale. You never lose anything by not buying (PM or otherwise). GL