1 troy ounce gold bar?

His first mistake was not reading the auction description thoroughly.

 

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I hope the seller holds you responsible for your lack of thoroughness. Consider it a lesson, a relatively expensive lesson, but a lesson.

 

I generally stay away from the terms 'mills', and 'plated', especially on ebay

 

I feel bad, but hey, you bought it.

 

The seller must get alot of non-payment bidders since he has this policy:


If you do happen to bid on one of our auction and decide later after winning that you do not wish to pay and complete the transaction, just contact us within 48 hours and we will send you a mutual withdrawal to get our ebay fees back and you will not receive a non-payment strike.

 

Churn, that's called the seller knows that people don't read through everything, right?

 

In plating, mills ( mils) refers to 1/1000 of inch, so 100 mills would be 1/10 of inch plate. Without measurements of the bar, it would be difficult to tell how much actual gold is plated on. I wouldn't be surprised if it was a tid bit lacking.

 

Really?

I thought it referred to Milligrams... It was explained to me that way once by someone in the plating buisness. I guess I wasn't giving the right information.

EDIT after googling of course gem was correct.

 

So is that the sellers fault?

The seller clearly stated in the description the bar was plated.

 

I highly doubt that the gold layer is 100 mils (0.1") thick. 100 mils is huge for any sort of plating.
If it was gold, a 100 mil thick outer plating would have a weight on the order of 3/4 oz (~$900)
a 10 mil thick outer plating would have a weight on the order of 1/6 oz (~$200)
a 1 mil thick outer plating would have a weight on the order of 1/60 oz (~$20)
all numbers are approximate as I modeled the object as a gold layered copper sphere and rounded off $ values

My guess is that the plating was 0.100 mils (2.5 microns) thick.

 

Worst comes to worse you may get hit with a strike for not paying, unless the seller agrees to withdraw the transaction. I try and tell everyone this when dealing with purchasing anything online... read EVERY word on the listing or ad. I don't care if it takes half an hour. Saves you a lot of time, the seller the hassle of having to repost the ad and possibly losing money on fees and at the end leaves everyone happy.

 

Course too, he should have realized this was not a solid bar of gold, 1oz., for the price the seller was asking for it.

 

+1 FOCUSSalmon

Reading is fundamental when it comes to bidding on an item on ebay. Read it twice, three times or more to make sure that you understand what you are bidding on and on the terms of the auction. It is easy to get in a rush when you see a particular gold or silver coin or bar that you really like at what appears to be a good price and that makes you blindly bid on an item before you even read what you are bidding on.

 

I never had to pay.... so yeah

 

OG, sounds like you lucked out. The seller did not have to let you off the hook. When you bid you agreed to pay the winning bid for the item that the seller had properly described.

A word of advice: Buy the book before the coin. What that means is you should concentrate on educating yourself so you understand what you are doing instead of rushing out and buying coins (or "gold" bars). That education will usually save you a lot of money and frustration.

 

Very smug, you entered a contract and you broke it because you didn't do your research, and hastily bid on an item, if I was the seller I would've made you pay or I would've filed a claim. You really did luck out.

 

+1 Hobo
+1 T$

 

I'll read the description next time haha.

 

A Definition Of Thickness

I may be incorrect, but believe if you read these auctions, it is generally stated that 100 mills (100 x 10 to the minus 6th power) is specified as the thickness of plating in inches, equaling 100 millionths inch thick or a common "flash coat", as applied to electronic low voltage components, equaling 1/10000 inch thick. A mil is one 1000th inch thick, and the time involved to plate 100 mils, I believe, would be unrealistic for any process of which I'm familiar. The total Gold in those bars appears to be ~.0005 cubic inches, or ~1/600ths that of a 1 troy ounce Gold coin, ~$2 bullion value. I suggest that these, and many other "private issue investments" offerings, are not a wise investment.