Beware

Discussion in 'Bullion Investing' started by beaver96, Jan 11, 2021.

  1. beaver96

    beaver96 Well-Known Member

    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.
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  3. ldhair

    ldhair Clean Supporter

    Were the weights correct?
     
    GoldFinger1969 likes this.
  4. medoraman

    medoraman Supporter! Supporter

    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?
     
  5. FredJB

    FredJB Active Member

    I hope Silver Towne knows about this because it is their reputation that is being destroyed here.
     
    GoldFinger1969 and usmc 6123 like this.
  6. baseball21

    baseball21 Well-Known Member

    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.
     
    GoldFinger1969 likes this.
  7. Robert Ransom

    Robert Ransom Well-Known Member

    I feel sorry for the person who shelled out the cash :( and it is, indeed, a cruel world. :mad: 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. :mad:
     
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  8. mark943

    mark943 Member

    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.
     
  9. fretboard

    fretboard Defender of Old Coinage!

    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! :D
     
    FredJB likes this.
  10. beaver96

    beaver96 Well-Known Member

    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.
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  11. fretboard

    fretboard Defender of Old Coinage!

    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! laughhard.gif
     
    slackaction1 likes this.
  12. Mr.Q

    Mr.Q Well-Known Member

    The good, the bad, and the ugly = CHINA
     
  13. beaver96

    beaver96 Well-Known Member

    Agreed!
     
    GoldFinger1969 likes this.
  14. rte

    rte Well-Known Member

    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.
     
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  15. beaver96

    beaver96 Well-Known Member

    They weight 32.1 grams in the plastic sleeve and after I cut one out it weights 30.0 gr.
     
  16. Heavymetal

    Heavymetal Supporter! Supporter

    It’s not that I don’t trust you. It’s just that I don’t trust anyone.
    Rick Harrison
     
    Last edited: Jan 12, 2021
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  17. 1865King

    1865King Active Member

    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!!!!
     
  18. mike estes

    mike estes Active Member

    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
     
  19. baseball21

    baseball21 Well-Known Member

    No store is going to let you return fakes someone else made just because their name is on it
     
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  20. Robert Ransom

    Robert Ransom Well-Known Member

    So, are you saying Silvertown did not know they were fake?
     
  21. baseball21

    baseball21 Well-Known Member

    They didn't make them. Someone made fake silvertown bars. Just like the US mint didn't make fake US coins.
     
    fretboard likes this.
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