How do you trust Silver coins? One suggestion:

I've found a fake Morgan CC dollar. It's not like I got to make a picture as he hide it (so he knew it was a fake).

I did the magnetic test first. Silver is different from other metals as it never reacts to a magnet. If the magnet sticks, it has some other metals in it.


I also bring a large magnifying glass (mine has a bright light).


Most dealers are honest guys, but a few are different. Be careful.

 

Log in or Sign up to hide this ad.

and what do you look for with the magnifying glass?

 

You know what to look for as a "Well-Known Member".

You look for sharp edges and no wear. You then look at the dealer and offer him a fair price. The price of gold and silver is below the 200-day moving average and fell below a key price point this week. It may go lower and do so quickly with interest rates going higher.

It's a good time to make a fair offer for a coin. Book value is around $1250/oz on gold with $12.15/oz on silver.

 

A magnet is a good first test. The ONLY metals attracted to a magnet are Iron, Nickel and Cobalt. This test would just mean that the coin is not made from them. The sharpness of the strike is meaningless. The "sharp edges" might apply when trying to distinguish between a cast coin and a struck coin.

BTW, if you are selling silver for $12.15/oz, I would like to order some.

 

The bright light is the key. Makes everything all sorts of shinny.

 

Really.. Unnecessary remark

 

There is also the tissue test -

Silver will show brighter through 1 layer of tissue

 

But keep in mind that the tissue test can be fooled by a silver plating.

 

So can XRF

 

I think nickel is not attracted to a magnet.

And I am not selling at $12.15/oz. I meant to state X 12.15 face.

Gold went to below $1250 recently and silver fell well below $16/oz. (X 11.50 face).

I am just a long term buyer for my hobby.

 

Nickel is attracted to a magnet. Try a Canadian dime 1968-2000 made of nickel and see.
The new ones are nickel plated steel.
Although some 1968's were 50% silver but I've never gotten one.

 

Pure nickel is strongly attracted to a magnet. When combined in alloy with other metals, it loses it's magnetic properties once the other metal(s) exceed roughly 11% of the alloy.

 

If you are going to counterfit a Carson City worth several hundred dollars or more, why not just make it out of silver? It's only going to cost like $14. Identifying fakes is not about metal content, although that could be an obvious indicator if you are lucky.

 

People aren't allowed to export silver out of China - it is considered a strategic material necessary for government use.

 

In 2017 China exported about $1.5 Billion dollars of silver ???
And Hong Kong was over $3 Billion worth of silver.
and what about products .. solar panels, batteries, etc ?

I do not know the details of it but back in 2002 China allowed their citizens to finally own PMs. And 2009 the gov't was promoting it as you can pick up PMs from you local bank instead of Yuan from your paycheck.

I also know they considered export bans .. but I was unaware that they did that ?? Didn't they also abolished a ban on silver imports in 2015 ??

I'm just looking for more information on that export ban.

 

I could swear the last time I checked That Site it had plenty of silver "reproductions". I'll have to check again.

Edit: yep.

 

They say that they are silver, but I have found they are plated. The Chinese Gov't doesn't want any wealth leaving the country.

 

The Chinese Government exported it. Not Hopsing's private mint. I worked at a private bullion mint here in the U.S., and know first hand that they will not allow anything out in silver or gold unless it is plated. The Government sells stuff, but they set the price and get the profit.

 

China is a smart country that does a great job in protecting their assets. Too bad that we in the USA are not as smart as China

 

Let's not forget they are a Communist state. So one does what the State says.