Will the flood of good fakes see the end of generic round re sales.

F

fishtaco

Active Member
Silver Stacker
I know it is almost as bad with Govt. backed silver coin fakes out of China but I wont buy generic rounds any more from anyone and I have only just started to collect.

A lot of bullion coins it seems are easily identified as fake to the knowing eye but just as many are not, the seller may be 100% confident but the new buyer cannot so it seems legal tender is the way to go in the future due to the re seller,s fear of prosecution by a government body if knowingly passing on fakes.

Passing on fake generic rounds is no more illegal than passing on any fake goods which is tolerated by much of the general public and too costly to stop for most companies.

Pamp are even putting up warnings to buyers in ebay under the guise of a listing for silver bars.

Rounds should not be collectable other than for silver value but the collector premium on some re sales make fakes a worthwhile proposition with less fear of prosecution.
 
Easy way around that is to buy generics from a know dealer or from you LCS that has an XRF in store so they can test them in front of you. Some dealers will offer XRF testing for free.
I love the generics as they offer bang for my buck.
 
There's already some technology out there that determines exact metal content, available to the general public, currently going for about $700-$1,000 USD.


It's my prediction, as well as others', that as the industry & tech grows & matures, these small devices will come down in price -- to maybe $100 USD or something, when all is said & done.


When most people have one in their hands & can be carried around in a coat pocket, fakes can be determined right on the spot, quickly, cheaply & accurately, and the market for fakes will really dry up, or at the very least go elsewhere where it wouldn't be a concern to most of us.
 
I wish it was that simple.

Unfortunately the A.. wholes have been selling fake gold Perth Mint rounds as well (nugget/kangaroo).

So is this the end of the Perth Mint too.

Unfortunately, we live in a society of crooks and at the end of the day
each individual really need to do their home work before purchasing any type of precious metal, not just generic rounds.

Agree , to have a reliable hand held device would be a great tool.
Also, agree establishing a relationship with a reputable LCD is a great idea ... you may pay a little more ... but at least your getting what you paid for
 
I dont think its that bad for PM because the fake gold coins sold on ebay have seen feedback stating how bad the coins are and the listing pics are not of the items sent but that pulled off PM site, plus re sellers selling fake Govt mint legal tender face a greater chance of prosecution than those selling fake generic rounds.

I would only buy gold from a reputable dealer and they are not going to let any slip into their purchases like could happen rarely with the odd old numi fakes.


http://www.ebay.com.au/itm/281510665262?ssPageName=STRK:MEWAX:IT&_trksid=p3984.m1438.l2649
 
uuuuuuuumm said:
one drop of this will expose any fake :D http://www.ebay.com.au/itm/5-BOTTLE...862?pt=LH_DefaultDomain_0&hash=item5d485b4e26
Click to expand...

Your link while most stacker,s including those with generic bars and rounds buy nice soft white gloves so they dont contaminate the lustre with their fingers when they handle it then pay for capsuals then non chemical leaching plastic storage boxes lol and lol, again :)

I will sell you this nice shiny round with an acid stain from when i bought it and another while i test it for you to prove its .999 silver! makes milk spots seem advantageous :)
 
Gatito Bandito said:
There's already some technology out there that determines exact metal content, available to the general public, currently going for about $700-$1,000 USD.


It's my prediction, as well as others', that as the industry & tech grows & matures, these small devices will come down in price -- to maybe $100 USD or something, when all is said & done.


When most people have one in their hands & can be carried around in a coat pocket, fakes can be determined right on the spot, quickly, cheaply & accurately, and the market for fakes will really dry up, or at the very least go elsewhere where it wouldn't be a concern to most of us.
Click to expand...

This is what I'm hoping for, I really want a verifyers but would hate for the price to drop after purchase. My silver is already doing that, I don't want my verifyer to do it also,
 
fishtaco said:
I dont think its that bad for PM because the fake gold coins sold on ebay have seen feedback stating how bad the coins are and the listing pics are not of the items sent but that pulled off PM site, plus re sellers selling fake Govt mint legal tender face a greater chance of prosecution than those selling fake generic rounds.

I would only buy gold from a reputable dealer and they are not going to let any slip into their purchases like could happen rarely with the odd old numi fakes.


http://www.ebay.com.au/itm/281510665262?ssPageName=STRK:MEWAX:IT&_trksid=p3984.m1438.l2649
Click to expand...

i think ebay is waiting for a another law suit against them in supporting counterfeit trade. Or is it that they can't be charged twice? Maybe $61m is a drop in their ocean of profit.

http://www.nytimes.com/2008/07/01/technology/01ebay.html?_r=0
 
fishtaco said:
uuuuuuuumm said:
one drop of this will expose any fake :D http://www.ebay.com.au/itm/5-BOTTLE...862?pt=LH_DefaultDomain_0&hash=item5d485b4e26
Click to expand...

Your link while most stacker,s including those with generic bars and rounds buy nice soft white gloves so they dont contaminate the lustre with their fingers when they handle it then pay for capsuals then non chemical leaching plastic storage boxes lol and lol, again :)

I will sell you this nice shiny round with an acid stain from when i bought it and another while i test it for you to prove its .999 silver! makes milk spots seem advantageous :)
Click to expand...

might be pointless doing all that work for a fake bunch of coins sacrificing one to save much is a good idea in my book :D
 
MasterID said:
fishtaco said:
I dont think its that bad for PM because the fake gold coins sold on ebay have seen feedback stating how bad the coins are and the listing pics are not of the items sent but that pulled off PM site, plus re sellers selling fake Govt mint legal tender face a greater chance of prosecution than those selling fake generic rounds.

I would only buy gold from a reputable dealer and they are not going to let any slip into their purchases like could happen rarely with the odd old numi fakes.


http://www.ebay.com.au/itm/281510665262?ssPageName=STRK:MEWAX:IT&_trksid=p3984.m1438.l2649
Click to expand...

i think ebay is waiting for a another law suit against them in supporting counterfeit trade. Or is it that they can't be charged twice? Maybe $61m is a drop in their ocean of profit.

http://www.nytimes.com/2008/07/01/technology/01ebay.html?_r=0
Click to expand...


"EBay now says it has over 2,000 people worldwide to tackle counterfeiting and that 95 percent of fraudulent listings are removed before the auction ends. The company also said that last year it suspended about 50,000 sellers and blocked 40,000 previously suspended sellers from returning to the service."

I am only one and not an employee and I can find more counterfeit listings in a year than 2,000 employees lol
 
I only buy mint coins. Sure, you can buy rounds from reputable sources and be perfectly confident it's good. My concern is trying to sell it or trade it later. Of course, even mint coins can be faked but they're going to have more credibility than rounds.
 
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