Gold Coins Investing Advice.
Here is a coin purchased off eBay. One of my gold buyers bought one of these from a customer. Unfortunately short of filing into it, there was no way to discern that it was fake. It was not magnetic. reviews.ebay.com Learn to buy and sell gold and silver at: www.scrap-gold-university.com
Video Rating: 4 / 5
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{ 25 comments… read them below or add one }
If you find out something you bought on ebay is fake, try to get the seller to reimburse you, if that does not work ebay will probably be able to reimburse you if you complain.
Just don’t buy generic stuff that is to cheap
@SuperThisishowwedo
EVIDENTIALLY NOT GOOD ENOUGH FOR MY GOLD BUYER WHO WAS TERMINATED OVER IT.:(
Does the acid test not work on this coin?
@ScrapGoldBusiness Why not just buy minted coins? Ie silver eagle, maples from larger companies like goldsilver, monex, apmex?
I have messed around with a specific gravity setup. Very useful, too bad the nice setups cost so much.
@eyewarnedyou Just relaying my first hand experience. I have a hundred or so sales and a few hundred purchases and havn’t ever had any major issues other than these bars, but then again, I don’t sell bunk stuff. Just saying, ebay is set up FOR the sellers. It is not too difficult to keep a 99%+ feedback and still be a snake. A return stipulation like “item must be returned as received” and others and they can get away with almost anything. If no returns allowed, they can get away with murder.
@eyewarnedyou feedback is a scam for the most part. It is not difficult nor uncommon for ebay to remove bad feedback from sellers profiles. I bought two bars, tested bad. Seller said they’d give me 1/2 my $ since the “silver” bars were now ruined. Wanted all $ back,ebay and seller said pound sand. I then left 2 bad feedbacks.The next day i had 1/2 my $ in paypal acct and ebay removed BOTH neg feedbacks. It was deal struck between bad seller and ebay.
@PQRLOVE As a buyer of silver bullion and coins on ebay, I’m curious as to how you proved your case. Did paypal just take your word for it? How long did it take to get your money back? I test everything I receive and so far no one has tried to scam me – yet.
In China, the traditional method of certifying a coin’s metal content was something called a “chop mark.” Once a merchant tested a coin to their satisfaction, they stamped it deeply with their own monogram, staking their reputation on the authenticity of that coin. Tells ya something about the Chinese and coins.
Isn’t there a specific gravity test you could use to detect fakes, especially such big ones? =0[.]o=
You need to bust that seller – no reason to let other people get ripped off…imo as an eBay seller.
It hurts everybody’s credibility to not point out the bad apples when you find them.
A couple years ago I was taken about four grand. They didn’t weigh right. Etc. Paypal refunded every penny. A friend of one of the seven evil merchants from China called me long distance from China to plead with me to rescind the complaint and accept the coins because his friend had just been taken off to the ‘hospital’ that no one comes home from.
Sometimes ya gotta love that old Commie way.
Again, all money refunded.
@ScrapGoldBusiness You’re a nice guy! Teach them how to do the magnet slide test. Lot’s of fake morgans out there that weigh correct and are just a little bit thicker. Non-magnetic too, easy to get burned. BTW – your magnet has got to be really strong. I have one the same diameter but only 1/3 inch long and it’s rated at 35lbs. How strong is yours?
How much did it cost u
greg great video mate i bought some sham silver i feel rotten that i did so i use reputable mints now or if they are well known coins on ebay like eagles maples and kookaburras usualy the only coins i buy i stay away from pandas
@myaim07
My understanding is fakes from China began in the 1970′s
@steelhorses2004
In this case i am not making them pay for it.
FLEECEBAY
how much does a magnet that size cost on ebay?
@myaim07 Word on the street is that some counterfeiters in China purchased the old Morgan Silver Dollar Minting Press from a Treasury Dept Auction or something like that and have been pumping out top notch fakes. I’ve seen a few that were quite impressive. Even if its not magnetic the weight is a dead giveaway. Buy a lil $10 digital scale and a little extension magnet that clips on your shirt, and write down the weights of the common coins and keep it in your wallet.
my copper has that magnetic feel to it but just barely.
Weight alone should have tipped your buyer that it wasn’t real.
One Troy pound is 12 troy ounces * 31.1 grams each
Regular pound is 16 ounces roughly 453 grams total
If that copper slug weighed 451 grams then there was only 2-3 grams silver plating, not very thick. Could also do the magnet slide test on it. Did you make him pay for the mistake?
Great video…learned something new. Thanks!
Thats why I dont buy Silver or Gold from eBay, only official and legit bullion dealers like provident metals, gainesville coins, or apmex.
Why not identify the seller?