1 troy ounce gold bar?

Discussion in 'What's it Worth' started by Orange Gold, Jul 25, 2010.

  1. desertgem

    desertgem Senior Errer Collecktor

    I am sure there is less than a few dollars there. Actually this might be the best answer that it is a fantasy term :)

    http://reviews.ebay.com/FRAUD-Guide-Bullion-Investments-100-Mills_W0QQugidZ10000000017226045

     
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  3. 1970 Silver Art

    1970 Silver Art Silver Art Bar Collector

    Just take your time and read everything carefully. There is really no rush to get that gold or silver bar on ebay. If you act in haste without reading the description, then Shopping "Victoriously" on ebay will just mean ending up suffering the "Agony of Defeat" when you realize that the item you bidded and won was not the item you thought you were bidding on.

    Just consider yourself very lucky this time around and consider this a lesson on reading everything before you bid as well as a lesson on being patient and not rushing to bid on an item on ebay.
     
  4. Yokozuna

    Yokozuna No Fear Of Change

    I have 2 problems with the seller other than the fact that he's trying to rip people off. In his ad he uses a term that he shouldn't be able to use with this bar. The "Troy Ounce" is used for precious metals, black powder and gemstones. His title for the "Gold Bar" should not be allowed because it uses Troy Ounce. He should be required to state the weight of the bar in avoirdupois weight because he KNOWS that the bar is plated BASE METAL.

    The other statement that doesn't fly with me is "I believe the core metal is copper but it is hard for me to be sure without cutting deep past the gold layer." DEEP? Um, I don't think anything with 100 mills of plating would take more than a scratch to find out what the core of the bar was made of.

    Yes, I know he states that it's not pure gold, but the use of Troy Ounce implies that it IS a precious metal. That, in my opinion is a lie. What do you think would happen if he was sued? I know he would say "You didn't read the fine print," but could you then counter with the fact that using TROY is misleading and unacceptable?

    Just my 2 cents worth. What do you think?

    Ben
     
  5. Numismatist47

    Numismatist47 New Member

    However, his ad clearly states the bar is plated. The OP should have realized it wasn't a sold bar of gold with a starting bid of $.01. Most ads on eBay for solid 1oz bars of gold are BINs and not auction.

    Besides which, the bar is marked as 1 troy ounce.
     
  6. Yokozuna

    Yokozuna No Fear Of Change

    I agree with you 100%. I'm not trying to be difficult. I just want to know. Is using the term Troy Ounce on a plated copper bar misleading? To me Troy Ounce = precious metal, not a base metal.

    Thanks!
    Ben
     
  7. Numismatist47

    Numismatist47 New Member

    I agree with you on the use of troy ounce on a precious metal bar, or round, usually means solid precious metal, and if the seller had not stated in their description the bar was plated, that would be misleading.
     
  8. LostDutchman

    LostDutchman Under Staffed & Overly Motivated Supporter

    People can be confused by this term because it is the standard weight that precious medals are weighed in but in actuality it is nothing more then a unit of measurement. It's not necessarily wrong... because the copper bar weighs 1 troy ounce... just kinda shady.
     
  9. Numismatist47

    Numismatist47 New Member

    I think the seller was relying on anyone interested in the plated bar to read the description carefully, and possibly use common sense that a solid bar of gold would not start out at $.01, but rather at going spot for 1 ounce, which right now is $1176.60.

    But, the kid got out of the deal, luckily, and hopefully has learned a lesson to research, read thoroughly, and use better judgment.
     
  10. Yokozuna

    Yokozuna No Fear Of Change

    With what I have learned here over the past month, I'll never buy a coin listed on eBay. I've sold a few in the past few months, but I sold them with real descriptions and no misleading statements. My wife does the eBay sales for us and she's great at it! We've even sold items for friends who didn't want to mess with sales on their own. She has a 100% rating with about 400 sales.

    It's looking like eBay is a great place to pull a scam on coins!

    So where do you go to get coins? Local shops? Other online sites? I have a great coin dealer in Dallas, but I'm moving to New Jersey in the next few months. Any suggestions?

    Thanks!
    Ben
     
  11. Ltrain

    Ltrain New Member

    Yoko, nothing wrong with buying coins on eBay, just pay under what you usually would in a store and only buy slabbed ones that have no problems with the slab.
     
  12. mark014764

    mark014764 New Member

    So I bought a 1 troy ounce 100 mills 999 gold bar.... on Amazon for 1 penny +4.95 S&H. So you're saying I need to resell it for at least $4.96? Lol. But seriously, I did do this. It has a Maple Leaf on the top of the front, and the back has a whole bunch of wierd leaf patterns. totally looks legit.
     
  13. mark014764

    mark014764 New Member

    Lol
     
  14. Why?

    Why? New Member

    There's a guy on ebay right now selling these and trying to fool people into thinking there's a full ounce of gold there. The title of the auctions says "1 oz .9999 Fine GOLD 1 Troy ounce in Assay Card". He has a buy-it-now of $1022. He has a second one listed as a regular auction that has been bid up to $1025. So somebody is going to get BURNED. I reported it to ebay but they'll probably not do anything - since that runs counter to their interests to collect fees. And looking at completed auctions he's already sold at least one of these for over $1000. How can anybody be that heartless?
     
  15. imrich

    imrich Supporter! Supporter

    100 "mills" thick? I don't think so! What is that unit relative to standard units of measurement? It's believed I know what the seller means, but where is a standard definition of a "mill"? See:
    how do i convert "mill" thickness of material to inches or

    interesting!!


    JMHO
     
    Last edited: Sep 7, 2017
  16. Santinidollar

    Santinidollar Supporter! Supporter

    Counting on buyers not to read the listing and letting greed get the better of them. The seller has the ethics of a copperhead (and is a jerk to boot), but probably not doing one thing illegal.
     
  17. El Diablo

    El Diablo New Member

    Wow,Yes i also see these on "wish.com"for free just pay $$2.00 shipping straight from china.I am blown away by the coins that china makes like fbi & cia competition coins for $5?It is so misleading and such a scam seems like someone in government would shut it down.They have literly thousands of fakes that folks try to sell as real.China sells them as collector coins.Not for investment purposes.So thats how they get away with it.They have lots of the gold foil bills that are sold with a c.o.a.that are home made.That are just copies.Truly incredible.Im in the wrong business i guess,because i wouldnt be able tp sleep at night..
     
  18. imrich

    imrich Supporter! Supporter

    If you are correct, I suggest you calculate the volume of a 1/10 inch thick Gold bar 2 x 1.1 inches, convert to troy pounds, and calculate the current value. Then tell us whether or not you believe the buyer was scammed.

    Would your 1/10 inch .999 Gold plated bar weigh more than a 1 oz. A.G.E.?
     
    Last edited: Jun 9, 2018
  19. TheFinn

    TheFinn Well-Known Member

    $1.
     
  20. TheFinn

    TheFinn Well-Known Member

    Being able to buy an ounce of gold for less than $1200 is the tip off. There are no super bargains. Why would they sell it to you for $51 minus the ebay fees when they could go to any local coin shop and get 90% of melt? You let yourself get scammed.
     
  21. Michael K

    Michael K Well-Known Member

    You've been 8 year old necrotized.
     
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