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Is junk gold a thing like junk silver?
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<p>[QUOTE="harrync, post: 8279574, member: 58588"]I thinned out my bullion gold hoard recently. What did I keep? Mostly 19th century 10 and 20 coronas. Also a few Hungarian - same weight. I figure not even the Chinese would counterfeit them, so any competent dealer would accept them as real with no problem. Of course I would have to sell at a discount to bullion. And I admit I paid a whopping 15% premium over bullion when I bought them - $4 each for the 10's, $8 for the 20's. [Yeh, that was a while back, and I didn't have a license to buy bullion.]</p><p>During the Hunt brothers silver debacle in 1979, for no good reason I could figure, gold went along for the ride. I was selling $20's to a major dealer. One day I go in and he says two of that last batch were counterfeit. I say I will buy them back. He says, too late, they are already in the melting pot. They were full weight, full fineness Lebanese fakes. The refiner didn't care if they were fake. So sometimes counterfeit is not a problem!</p><p>Back around 2010, I was trying to sell a 2 escudo of the Central American Republic. A nice one would have been in the neighborhood of $1000, but this was removed from jewelry. Couldn't get $300 for it. Two years later, gold is up to about $1700/oz, sold for $325 - bullion value. I guess that qualifies as "junk gold".[/QUOTE]</p><p><br /></p>
[QUOTE="harrync, post: 8279574, member: 58588"]I thinned out my bullion gold hoard recently. What did I keep? Mostly 19th century 10 and 20 coronas. Also a few Hungarian - same weight. I figure not even the Chinese would counterfeit them, so any competent dealer would accept them as real with no problem. Of course I would have to sell at a discount to bullion. And I admit I paid a whopping 15% premium over bullion when I bought them - $4 each for the 10's, $8 for the 20's. [Yeh, that was a while back, and I didn't have a license to buy bullion.] During the Hunt brothers silver debacle in 1979, for no good reason I could figure, gold went along for the ride. I was selling $20's to a major dealer. One day I go in and he says two of that last batch were counterfeit. I say I will buy them back. He says, too late, they are already in the melting pot. They were full weight, full fineness Lebanese fakes. The refiner didn't care if they were fake. So sometimes counterfeit is not a problem! Back around 2010, I was trying to sell a 2 escudo of the Central American Republic. A nice one would have been in the neighborhood of $1000, but this was removed from jewelry. Couldn't get $300 for it. Two years later, gold is up to about $1700/oz, sold for $325 - bullion value. I guess that qualifies as "junk gold".[/QUOTE]
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