Evening all - I was hoping someone could inform me the correct procedure in confirming that a bullion coin is legitimate. On my local craigslist, there is a guy selling two coins I'm interested in. A 2011 1oz silver koala and a 2011 1oz silver kookabura. His prices seem reasonable, in fact a little lower with what I've seen on eBay, at under $40. Being completely new to the hobby, I was hoping for some pointers as to how I may ensure I'm buying a legitimate product. I know that with scrap precious metals one can use an acid test, but I'm guessing that rubbing the edge of an uncirculated coin on the testing surface may just be frowned upon. If weighing the coin an option? Secondly, has anyone had much luck on purchasing bullion off of craigslist? I'm sure that is a wide open question, but I'd like to hear some experiences. Any advice is appreciated. Thanks for your time.
Probably OK, and the price may go up when you inquire if they have been following the silver prices. But I would rather pay the eBay or a local dealers markup for the safety of the transaction in case of problems. Just IMO. And welcome to the forum! Jim
Well if it looks right, do a specific gravity calculation to make sure its right. This is totally non destructive. Good luck.
weighing the coin is probably the best way to tell. The kookaburras and koalas are based on weight. If the weight is correct, then they are likely genuine. If you don't have a scale, but have a Silver American Eagle, you can compare the color of the two coins. If necessary, cover the two coins with a tissue. Both coins will show bright white through the tissue (as all silver coins will). Hope that helps
It's a good question and at least you're thinking about those concerns. With those particular bullion coins, I'd say it's highly unlikely that they'd be counterfeit. They're very high quality, most with proof surfaces, that I don't believe counterfeiters are attempting at this time. I know this is somewhat generic for you, but I have quite a few kookaburras and they all come in plastic capsules that have a slight edge that sticks out around the edge of the coin. On at least one side, there's a very small, subtle curved portion in that raised edge (I assume for easier opening). I believe this is how they come from the mint. Look for that feature on the capsule if you go to buy them. I haven't seen those types of capsules used for anything else that I've run across.
I have seen several people recommend buying a scale and a caliper. The coins size is published, so easy to measure. A good troy ounce capable scale will get you the exact weight in grams, 31.1 correct?
