Hi Folks, A while back I posted a gold sovereign that I had suspicions about. One of my coin dealers didn't want it. Another tested it for gold and said that it was 16 karats and likely not an authentic sovereign. He offered me about 220 dollars for it. Should I take it? The person who originally sold me the sovereign is still in business and is able to send stuff in to NGC. Do I have any recourse against him? Looks like I got a bad deal on a coin that was offered to me as legit for fair market value. Not sure why I, the consumer should be getting burned.
Too little information to go off of for pricing it out for gold. What is the weight? Without it we can't tell you anything very accurate.
It also concerns me that the person who tested it for karat came up with 16k. Was he using acid testing or an electronic tester? You wouldn't exactly be able to pinpoint 16kt with traditional acid testing, as the acid comes in 14k, 18k, 22k etc. If he tested it electronically that's a good thing, if done this way it should have been done in multiple spots to allow for an accurate reading.
Guy said it was phony and still offered you $220 for it. He sounds like the phony. A real sovereign is 22K and has .2354 troy ounces of gold in it. Gross weight of the coin is 7.98805 grams. OTOH they are frequently counterfeited. Depending on the length of time that has elapsed since your purchase (among other things) you may have recourse from the dealer IF you can prove that it is the same coin you bought from him. I'd talk to him and see what he says. If he gives you a hard time, report him to the BBB and chalk it up to experience.
person did an acid test. it didn't hold on 22 was described as "weak" on 18 and held on 14k. i don't know much about acid tests for golds, mostly because i don't like to acid test my old gold coins. weight is 7.93 grams. size is the normal specs for a sovereign.
Can you take some photos of the coin or go back and get accurate measurements and see if matches the real deal? I don't see how a fake coin with same measurement can be 14k gold unless they used platinum or the mythical tungsten core
i talked to the original seller before, and he said he stood buy his coin that it was the correct gold purity, and i could get a refund if brought it in. unfortunately the shop is about a thousand miles away. basically, i have three different dealers telling me three different things. one says zero or 400, the second says 200, the third says 400. i have some scrap platinum from my grandfather i am going to take to nyc to have assayed. trying to decide if this coin should get assayed along with it.
jjack - you hit the nail on the head. i am as baffled as you. i'll eat my hat if the damn thing is gold plated platinum or the mythical tungsten core, but the weight is 7.93 and the specs are standard. i've posted pics of it before, and it definitely has a sloppy look to it. the guy today said "it looks cast" which was my thought upon reexamining it a month ago. my usual coin dealer wasn't sure about it being cast.
These coins come In at 7.988 grams upon minting and could be used as legal tender as long as they are 7.937 (6%) difference. This one falls pretty darn close, it could go both ways. I would seek a second opinion regarding gold content before sale, take it to someone who doesn't have a direct interest in buying from you or a well known honest jeweler. If it is 22k (authentic) you are looking at 414$ in melt value, that is if they pay 100% melt If it is 16k you are looking at 298$~ again at 100% melt If it is 16k it's a fairly average deal... he's buying at around 80% of what he can sell for. If it's authentic he should be offering a minimum of 320$
here's the pics i posted before. we established that the coin looks grainy and is probably from the 1950s. but i still don't understand why it is weighing and measuring right if it isn't hold up to 18k acid test.
Looks to me like it was heavily cleaned or dipped. I lean toward it being real and the person who said it was 16k just trying to sneak in a profit to an unsuspecting seller.
remeasured it - coming in now at 7.96 grams. diameter and thickness meet specifications. what is going on here???
Soverign is highly popular i would not be suprised if it is 22k counterfieted coin from middle east. Jewelers could have casted one to sell it to his customers and likely following the disaspora after Iran-Iraq war it ended up in states.
jjack - glad you are agreeing with my hunch. i still think the purity might be a bit lower than 22k which is why it didn't hold on 22, but was "weak" on 18k. i think the "weak" on 18k comment from the guy today, was a way to get a cheaper price. when i get my platnium assayed in the city, i'll probably take this one along and see what the purity is. i'm not sure if i should keep it or part with it. it was my first gold purchase, and i was blissfully unaware of its problems until a few months ago. part of me wants to melt the damn thing down, and part of me thinks it has an interesting history.
I would not take his $220 offer. The coin has .2354 AGW which melts at $418. Why not start it in an Ebay Auction at around $320 and see how high they bid it up? Offer a return of course. In researching the coin in Dieffenbacher (Counterfeit Gold Coins) there are no issues shown for 1919. In looking at the scan its tough to tell. The obverse appears either worn or weakly struck; possibly dipped and now just a jewelry piece. I would try to blow it out on the Bay. Otherwise send it back to the seller for a refund, looks like he dumped off some of his trash on you.
