Article today on Lew Rockwell on the topic: http://lewrockwell.com/pennington/pennington29.1.html I was looking through some of my 1/10 gold eagles today which I have never weighed. I will buy from weekend coin dealers especially if the price is right. What is to keep them from being snookered/deceived by a seller and then palming off the fake piece on customers? Often times these pieces are encased in plastic, or in a flip with staples in it, so it is hard to inspect them. Was wondering what others do before buying such "good deals"?
I think that's a tough question to answer. I check the weight on my silver dollars and call them good if they weigh right. I also have passed metal detector over them and consider that a 2nd passing test. I don't own much gold but do the same with it. I only buy gold from a dealer and feel safe since he has fake items on display too and I trust his skill. I always ask him if it's real gold and he says "no" and laughs. I'm pretty sure all my bullion is real, but I don't know if there's a fail safe way to buy on those deals that are too good to pass up. I'd make sure I can return it before I bought it.
Gold is heavy (twice as dense as other metals) try putting the coin (even if it in a pouch or holder) in your palm of your head and move up and down. You can feel it pushing down on you (try doing the same with a dime and you will understand what i mean).
Yes, gold is heavy, but 1/10 eagles are often sold in lucite holders or plastic flips, no way to know if it is real unless you take it out. If I wanted to palm off a fake on someone, I would use such a holder, make it hard to remove and make the observation of the coin as opaque as possible.
You can do it for a coin in a thin plastic flip or airtite (it is little harder if it has foam also I even have dime, nickel, quarter in airtite to judge any gold coin against) but if it is in a holder you cannot i would ask to take it out or use a loupe to carefully check the coin if i am familiar with that issue.
I believe it comes back to buying from a good dealer. A good dealer will make it right forever if something is wrong. I know we all want deals, but sometimes saving $3 on a 1/10th ounce gold is penny wise/pound foolish.
Not too many 1/10 oz. eagle counterfeits out there....yet! That is the one hopeful thing. I need to weigh the ones I got from a certain bargain dealer....
