I'm afraid to ask

Discussion in 'Bullion Investing' started by kevinc1001, Oct 1, 2011.

  1. kevinc1001

    kevinc1001 Member

    Went to the local Antiques store today and was looking at some currency. I originally had my eye on a 2005 Silver Eagle dollar but I passed because, I noticed a stain on the coin it wasn't deep but was afraid to clean it. So then I noticed this large thin $2.00 bill its done in all sliver front and back. It came with a certificate of Authenticity as well. On the Certificate it says Year 2004 $2.00 Silver Certificate in .999 pure silver. It measures 21 inches long & 46.1 sq. in.
    When I got home I didn't even noticed it was from National Collectors Mint, I heard they had ripped people off before? Did I get ripped off? They don't allow returns. I'll post a pic tonight. Thanks.
     
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  3. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    No! You didn't get ripped off if you paid nothing for it.

    Chris
     
  4. kevinc1001

    kevinc1001 Member

    Is it worth more then the $2.00? I paid $26.00 for it.
     
  5. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    How much does it weigh?
     
  6. kevinc1001

    kevinc1001 Member

    I honestly don't know? Doesn't say?
     
  7. fatima

    fatima Junior Member

    If the COA doesn't specify the weight and/or if it is not stamped on the item, then assume you don't have any meaningful amount of PM beyond a few atoms worth. Do a search on this company (I refuse to call them a mint) and you will see what I am talking about.
     
  8. joey0053

    joey0053 ZERT Operator

    how much were they selling the silver eagle for?
    if it was spot or close to spot, a stain wouldn't keep me from buying it.
     
  9. kevinc1001

    kevinc1001 Member

    Keep in mind everything in the store is owned by different people. The Seller wanted $65.00 but there's no refunds/returns. The main reason why I didn't buy it
    was because I was told about the prices of gold & silver going down. So I thought I was doing the right thing and buying the cheaper piece. By the way the coin is from 2005.
     
  10. ratio411

    ratio411 Active Member

    65 is WAY TOO HIGH for an ASE.
    My gut says that the silver foil $2 replica was probably overpriced at $26, but I am not familiar enough with that one to know there isn't $26 worth of silver in it. ??? Unlikely, but I don't know for a fact.

    No matter what, the replica bill is worth nothing above silver value.
    The ASE normally has a slight premium over silver value unless it is really ugly.
     
  11. kevinc1001

    kevinc1001 Member

    The bill says copy of 1899 but says pure .999 silver?
     
  12. raider34

    raider34 Active Member

  13. Cloudsweeper99

    Cloudsweeper99 Treasure Hunter

    The good news is that $26 is very little money compared to the value of the lesson you learned. Everybody here has made buying mistakes. Everybody. Only buy items you recognize and have researched in advance. Buy only things you know about -- at least as much as the seller and preferably more. Know what something usually costs at other dealers, and what you can sell it for before you make your purchase.
     
  14. ratio411

    ratio411 Active Member

    The key is how much does it weigh?
    If it weighs a troy ounce of .999 silver, then it is worth roughly $30...
     
  15. rev1774

    rev1774 Well-Known Member

    Agreed, good advice...
     
  16. ratio411

    ratio411 Active Member

    Yes.
    And another point of good news is that you didn't buy the ASE.
    At $65, it would have been an even more expensive lesson, even if the ASE wasn't spotty.
     
  17. joey0053

    joey0053 ZERT Operator

    yup to much for the ASE.
     
  18. kevinc1001

    kevinc1001 Member

  19. Cloudsweeper99

    Cloudsweeper99 Treasure Hunter

    With the ASE, there would at least have been a chance to get even if silver goes above $60. With the "silver certificate," it might take silver prices in the hundreds of dollars to break even.
     
  20. kevinc1001

    kevinc1001 Member

    I agree I'm not saying I was pushed into buying it, but when I was told silver might go up I bought it.
     
  21. kevinc1001

    kevinc1001 Member

    My gut is telling me, its a troy ounce of pure .999 silver. Even if i break even or make a $4.00 dollar profit, I'm happy. But would like it to go up.:D
     
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