A friend brought this in for me to liquidate for him. Most were ok, some just didn't look right. I went to my LCS and had him test and 15 out of 50 came up bad. All Silvertowne look-a-likes. Just a word of warning, Know what you are buying or at least who you are buying from.
I simply shake my head and wonder. Why would people buy things that are not as easily verifiable as a mint issued coin if they weren't an expert in telling pm? A fake coin is simply easier to tell since most of the time the forgers get the thickness, diameter, design, SOMETHING wrong. With bars, there are usually not set parameters to check the same as with coins. The reason I get worked up is now that person will bad mouth PM and coin dealers as a bunch of crooks, giving our area of the world a bad name. We have ALWAYS been badmouthed by a few bad apples, OTOH we have always, (last 50 years anyway), had bad apples in both PM and Coin dealer world. I wonder if the cash transactions is what attracts the losers to us?
Bars are always the most dangerous thing to buy for PMs and I don't see that changing anytime soon. There's always been bad sellers ever since there was something to sell in every area. There's also always been bad buyers or ones that try to save a few cents and get burned just going for the cheapest.
I feel sorry for the person who shelled out the cash and it is, indeed, a cruel world. I remember when trust was a badge of honor and a word was a bond. Today, you need to be leery of anyone selling valuables. A few years ago, I read of a person selling a Rolex Watch and having it returned because it did not work. He took it to a jeweler and was told the mechanism had been replaced with a fake.
Right now I am being inundated with offers from Chinese dealers on my FB page. 1 Oz Silvertowne bars for $9.95. I have removed at least 70 different ads for this crap. Also "A complete collection of Morgan Dollars" for $199.00 All fake. Let the buyer beware.
I'm not surprised at all that's why I always tell people to stay away from generics, that should be a no-brainer! American Silver Eagles are always the best bet!
Even those aren't completely safe. Here is one that was presented to me a couple months ago. He bought them online. I could see they were bad as soon as I looked at them but the everyday consumer wouldn't have a clue. As always buyer beware. Know what you are buying and who you are buying from.
That's true, I actually forgot as I've never come across one, held one or anything else. Buy from a reputable seller and know your shizzle or go without!
Trust, BUT verify. Why people don't take the time to verify Every PM purchase before the sale or after if not a face to face transaction just makes me want to shake my head. To each his own....its your money.
I've always avoided silver bars because of the potential of getting scammed. The amount of Scam adds on Facebook for Morgan dollars / coins etc. is amazing. The price is the first clue but, I'd stay away from anything being sold on Facebook. There are plenty of legit dealers to buy from that aren't on Facebook. Unfortunately, Facebook doesn't appear to care that their are people selling counterfeit items on their site. Remember if it sounds to good to be true it usual isn't. Buyer Beware!!!!
thats a shame that the buyer got scammed that way? does silvertown have a return policy? a popular store like silvertown should be aware of these coins/bars and hopefully a return policy
They didn't make them. Someone made fake silvertown bars. Just like the US mint didn't make fake US coins.
