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Community Voice Responses (10/15/13)

 

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.
Gary Lewis

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.
Joseph Murro
Bridgewater, N.J.

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.
James Porter

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.
Salvador Martinez
New York

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.
Omaha, Neb.

Not from my local dealer, but yes from swap meets, Craigslist and eBay.
Norm Wong
Orange County, Calif.

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