Some sellers like to highlight their production line: Laser scanning of real coin? Tungsten!! And some recent examples of replica gold coins: At least they're graded:
that's some scary stuff...the grading and all. With tungsten are they able to get the weight right with the dimensions? Should I bother weighting and measuring them with micrometers or am I going to have to start carrying xrf guns with me?
This is why new equipment like the Precious Metals Verifier came out into the market, to test coins especially those slabbed ones.
They're doing Perth Mint coins now? Who buys 500 of these anyway lol. Group buy communal precious metals verifier?
Damn. That's some scary sh*t. And it will only get worse. I don't mind spending a little extra from APMEX for peace of mind...not only do they get direct supplies, but they test, and then I test. Seriously, I'm wondering why the PM has slammed a lawsuit against these guys or a cease and desist? what say you Ron Currie?
It is not individual opportunistic scammers that buy these coins to sell them on ebay, individuals sell them for larger criminal groups who purchase huge quantities of all coin designs, so many of them sold on ebay will be drop ship and most that are bided on will include shill bids to raise the price for the unsuspecting ignorant first bidder. this is why one item will increase in price with many bids while another identical item from the same seller remains at its lowest price with no bids. Ebay knows this happens with all fake goods and it has been happening for many years but as long as they get their fee they dont care. For fun I purchase lots of sub $1 items with free postage on ebay from China, most arrive with a message asking me to sell items risk free for them on ebay, this is what is happening with the coin sales.
But given a higher price asked or bid option with ebay re sellers, some purchasers would not know they are fake until they got the item. I would only take the risk with the odd individual silver coin from ebay because the loss wouldnt be great but i would never buy gold coins from any re seller other than a bullion dealer!
I personally do not buy gold coin from eBay except reputable dealers in eBay. Buy and take your risks. It is hussle even ebay refund you.
Buyer beware? The problem is that this stuff moves into the broader market and not everyone is sophisticated enough to spot a fake, especially as the fakes improve. Even completely honest people may sell you a fake if they themselves don't realise what they had bought. I don't want to see trust destroyed by a flood of quality fakes. I'd like to see the market grow. There's nothing inherently wrong with replicas, but what we really need is some way to very easily highlight replica coins when it is not clear, a simple, ubiquitous and accessible way to know that a coin is a replica even if there are no obvious distinguishing attributes to the naked eye. Then people who sell and like to buy replicas can do so without damaging the market for genuine coins. No idea how you'd accomplish that. Any ideas?
They can pump out 800,000 pieces a month...... And that is only one factory......How much of this shit is outside there?
Having replica stamped into the rim would be a good start, that would see their sales go through the floor though because they know what they are used for.
I have no ideas to solve this too I believe APMEX, Panda America and other big ebay dealers do check the stock before listing. I also test my gold by earth magnet plus machine most of the time
I haven't bought from ebay for a long time but that just solidified it for me. I am never buying pms from ebay again. Trusted Dealers only for me.
I'm strongly concidering buying a verifyer. I'm still just starting out stacking so it would be a big price to pay upront but if I plan to keep up with this I believe it would be very usefull. If it stops me from recieving one gold fake it pays itself off and more. Its insane how large scale these counterfitting operations are. I put together a very nice U.S coin collection for 1797-current mainly with Ebay Purchases before I saw all the counterfit old U.S coins on Alibaba. I wonder how many of those fakes have ended up in my collection
Has anyone tried one of these verifiers? I remember reading a discussion about it: anyone got any links?
just pm'd you...here you go http://www.sigmametalytics.com here is the thread. http://forums.silverstackers.com/to...r-from-silver-stackers-forum-member-otis.html
