From the September 20 Numismatic News E-Newsletter: Are you afraid of possibly buying fake silver bars? Here are some answers sent from our e-newsletter readers to Editor Dave Harper.
I will still buy them, but only from dealers who I or someone I know trusts.
No, I am not afraid of accidentally buying fake silver bars because I only buy silver bars from the manufacturer of the bars.
For example: I only purchase SilverTowne silver bars from the SilverTowne mint. Never from online sales like eBay.
With most numismatic professionals aware of the Chinese and other fake bullion and coin specimens, I think they are much more cautious when buying and selling. For this reason, I am not fearful buying from reputable dealers that I know.
Buying online bullion is a crap shoot. That being said, I am more fearful of the day that I have to “cash in” my silver and gold bullion coins.
I have bought (and sold) bullion from many different sources and in many forms for over 40 years as I could afford it, usually an ounce of silver at a time. I have weighed it and satisfied myself that all of it is genuine, but now there will always be some doubt by a potential buyer and with that doubt exists the opportunity for a buyer to “second guess” the authenticity of my nest egg bullion to use as a wedge to drive their buy price lower.
Not silver bars, but Morgans and Trade dollars got me. I thought you will get a kick out of what happen to me.
A guy approached me and in a flash presented a few silver coins. He was sooooo good that he apparently hypnotized me. I bought a few that I thought were real and turned out to be fake Morgans 1887 and 1883 and CC Trade dollars 1873-1882. And I thought I knew my coins.
I guess it happens to the best collector out there, so let’s be a little more careful when we buy coins from strangers.
I only go to a dealer that I know is very knowledgeable about his products. Buying silver or gold, one must trust their dealer, be able to return the product after you find out it is fake for a full refund. If you do not have a dealer that does those things, get a new dealer.
I was in a pawn shop looking at some products and a young couple came in and said to the clerk that they wanted to sell their I one-tenth gold panda coin. The clerk was novice about gold and asked my advice on the coin. I pulled out my loupe and told the couple to take it back to whom they got it from.
When asked why, I asked them if they noticed the rust spot on the coin? No was replied, and I told them that gold stays in water for a long time and does not rust. They said they bought it from a pawn broker just a couple of hours before and was told they could bring it back within 72 hours for a full refund.
They left to get the refund and the clerk gave me a Fine Mercury dime for my help. He said his boss would have fired him if he took the coin in. I told the clerk no reward was needed, but hoped he learned a lesson about silver and gold and rust.
Dave Asbury Sr.
Not from my local dealer, but yes from swap meets, Craigslist and eBay.
Orange County, Calif.
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