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    Buyer Beware: Fake Silver On the Market Now

    Mac Slavo
    February 24th, 2011
    SHTFplan.com
    Comments (58)
    Read by 13,504 people

    As the price of precious metals sky rockets the world over, enterprising counterfeiters in China are jumping on the bandwagon. Being proponents of owning precious metals, especially in smaller denomination recognizable coins and currency, we wanted to alert our readers about what’s happening in the physical silver and gold markets and how taking some extra precautions may be warranted now that everyone’s getting gold and silver fever.

    The following alert was sent to us by Sherri Questioning All and has been republished with her permission:

    (Video report available below)

    I had posted about how Tungsten is up 70% in the last year and inserted a video showing fake gold and a video with David Morgan of Silver-Investor discussing fake gold and silver.  Last week during the interview David Morgan did with me, he talked about fake gold and silver possibly being on the market, besides other information about it.  He also said in the interview, if there will be any fake silver coins they will fake the old coins and not new ones.  WOW – he got that one exactly right!

    Gold  has been a given in regards to possibly being fake due to the price of it!  It is well worth an organization (ie: Fed, govt) to fake besides the price, they are pretending there is much more gold than there really is.

    With silver, the cost of faking it compared to the cost of the metal itself has not made it such a likely candidate as gold is.  But times have been changing and in my opinion will be really changing in the not too distant future!  In fact this next month – March, there will hopefully be fireworks going off at the Comex. The physical Silver market is tight, all the experts are saying that.  So it was simply a matter of time before fake silver began getting on the market.

    We did not have to wait too long, Fake Silver is now here!

    There is Fake Silver on the market now! The coins are Morgan Silver Dollars dating all the way back to the 1880′s and are in pawn shops, besides who knows where else!  I would assume it is not just the U.S. that has Fake Silver but also other places in the world too.

    A pawn shop in Washington State got a shipment of Morgan Silver Dollars in and felt something was not right about them.  They called in a policeman, who could not tell what was wrong with them, until he was told they were fake.

    The silver has an iron core and so people WILL be able to tell a Fake Silver coin by using a magnet! If a strong magnet is attracted to the coin it is fake! A real silver coin will not attract a magnet but fake ones will!  Also a Fake Silver coin will thud when dropped compared to a high pitched ring of a real one, dropped!

    Also see: The original Video report about counterfeit coins at Komo News

    The fact that these fakes are popping up in Washington may explain why the Washington legislature is considering a misguided bill that would require a host of personal data to be provided to dealers when buying or selling precious metals:

    …seeks to capture “the name, date of birth, sex, height, weight, race, and address and telephone number of the person with whom the transaction is made.”

    If a transaction is made for an amount over $100, which means one tenth of an ounce of gold, also required will be a “signature, photo, and fingerprint of the person with whom the transaction is made.”

    They’re the government and they’re here to help. But the fact of the matter is that it will not stop the counterfeiting, so it’s a useless preventative measure if this is the bill’s purported intention.

    As we know, the Chinese are experts at counterfeiting, and as the precious metals markets heat up in the future, we can expect to be inundated with more fakes. At $12 an ounce it may not have been worth it for Chinese counterfeiters, but at $34 it’s a whole different ball game.

    This is where personal responsibility and due diligence come into play. If you are making investments, take steps to reduce the possibility of being scammed.

    Spotting Fakes

    Fakes may already be showing up on Ebay.com and Craigslist postings, so even if you are meeting up in person, be sure to examine the coins closely. Some recommendations from Sherrie:

    Personally, I would beware of buying any metals on Ebay or any place I can not touch and feel the metals and completely check them out before purchasing them!  Buyer Beware!  Take precautions, check out listings on Craigslist in your area. Buy from local people and online metal companies who get their coins directly from the mints and guarantee the Silver content!

    I just looked on my local Craigslist and I believe there is an ad there for Morgan Silver dollars that are possibly the fake Morgan Silver Dollars.  The coins are in plastic holders and they are very shiny!  So, people will be selling them on Craigslist too – when looking at any coins in person – Take them OUT of the holders!  If the owner does not want them taken out of the holders so you can check them out more thoroughly – then WALK AWAY!

    Though it won’t work for all fakes, one initial step to take when looking at coins is to use a magnet – you can pick up a good one at the hardware store for under $10. If the coin, bar or ingot sticks to the magnet, then you’ve got a fake likely made of iron ferrite.

    Not all fake coins will stick to magnets. Tungsten filled gold bars, for example, will not be magnetic and will require other testing to detect. Silver plated lead will also not stick to a magnet.

    Chances are that those responsible will be promptly switching over to non-magnetic metals. This means that for those buying coins, it will become even harder to detect. If you are investing any significant amount of money into precious metals, become familiar with testing techniques to make sure you have not been ripped off:

    • Ring Test (video) – A silver coin or bar will have a distinct ring, as opposed to fakes which will have a thud when struck or dropped.
    • Weight (video) – Understand that a “Troy Ounce“, which is how we generally weigh precious metals, is different from the popular “Avoirdupois Ounce” used as a more traditional unit of measure in the United States. Just because a coin or bar says it weighs a certain amount doesn’t make it so. If you have a gram-based scale, bring it with you to the coin shop or Craigslist exchange. If you don’t have one, spend $30 and pick one up before you spend thousands on precious metals.
    • Nitric Acid Test (video) – You may not be able to test every coin or bar with nitric acid, as it requires a little bit of filing down to get under the “plate” but if you are buying in bulk, the seller may allow you to test a random piece of your choosing after you’ve performed a magnet, weight and ring test.
    • Coin Caliper – If a counterfeiter uses a metal other than silver, chances are that the coin dimensions will have to change – or the coin will weigh more or less than it is supposed to with the specific dimensions. Every minted coin has a specific diameter and thickness. A caliper, usually available for $15 – $50, will give you the ability to measure the specific inches/millimeters of a particular coin. Cross compare this information, along with the weight, to the mint’s coin specifications and if they match up, then the likelihood of a fake is extremely low – especially if it “rings true.”

    Hat tip Sherri Questioning All

    Please Spread The Word And Share This Post
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    Author: Mac Slavo
    Views: Read by 13,504 people
    Date: February 24th, 2011
    Website: www.SHTFplan.com

    Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.

     

    58 Comments...

    Vote: Click here to vote for SHTF Plan as a Top Prepper Web Site
    1. SSPXER says:

      Comments…..

      My dad was saying that the Silver Eagles he bought this year are a different size than those he bought this year.

      Both came from APMEX

      Apparently he has individual plastic cases for individual coins that have the slot cut out for the coins.  Last year the coins he ordered fit neatly in the cut-out in the case.  This year he says the same Silver Eagles will not fit.

      Could there be a legitimate explanation (e.g., It is not the coins, but the cases that were different)?  Is it possible that the dimensions on Silver Eagles changed from last year to this year? 

      Rate This Comment: Thumb up 0 Thumb down 0

      • steve says:

        I bought 16 silver dollars from an old man in Home Depot parking lot in North Hollywood California last week. Found out they are all fake. All different types and dates. They look very real. Should have known. 16 for 30 dollars. Dumb Ass.

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    2. SSPXER – I am not sure if there has been a change in the 2011 silver eagle.

      This is a PDF from the US Mint and I believe it applies to all of the silver eagles years…

      http://www.usmint.gov/downloads/mint_programs/am_eagles/AMERSILVREAGLE.pdf

      Here are the specs:

      Weight: 31.103 grams
      Diameter: 40.60mm
      Thickness: 2.98 mm

      It looks like this is the case for all coins from 1983 to date:

      http://coinspecifications.com/american-silver-eagles/

      You may want to have your dad use a caliper on the new (and old) coins… Send an email over to the US mint just to be sure and I am sure they can assist with the coin specifications.

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    3. mushroom says:

      i only buy 1/2 tr. oz. coins to avoid this problem (so far anyway).
      if you purchase at a store or show always take a known good coin with you for comparison purposes.

      good luck,

      /s/  mushroom

      p.s. then again you can avoid this problem with new crisp uncirculated $10 bills…
       
       
       
       

      Rate This Comment: Thumb up 1 Thumb down 0

    4. GA Mom says:

      Don’t be afraid to buy from ebay.  That is not fair to target them.  We’ve bought plenty of gold & silver coins from ebay and 100% have checked out.  We have a gram scale and we carefully weigh & test each coin.  However if we ever do run across a fake one we’ll dispute it through their system.

      This is good though, I do know to look out for these silver dollars in particular and we will extra super careful in the future.

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    5. michelle says:

      circulated junk silver IMO is best to avoid this problem.  I bought some uncirculated junk silver and would be concerned about them except that I bought them when silver was only around $15 and they are dimes – any reports of 1964 dimes being faked?  I hope not as I got several rolls.

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    6. mountainboy says:

      Howdy…haven’t posted in over a year, but read articles daily.

      As for silver…BUY LOCAL!!!  and only buy silver eagles or bullion from KNOWN mining/refining companies-Silvertowne, Engelhard, etc.

      Rate This Comment: Thumb up 0 Thumb down 0

    7. Bill J says:

      So  I wonder… If someone sells you a fake of a  U.S. coin that was once in circulation, wouldn’t that be considered counterfitting? You’d think the secret service would get involved with it, although they’d do nothing to get your money back.  Threatening to get them involved might work to get  a fraudulent seller to refund your money.

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    8. This is a great video on this subject 

      http://www.youtube.com/watch?v=NgSXg-WOEVY

      Rate This Comment: Thumb up 0 Thumb down 1

    9. Bill J says:

      Was just browsing through some of the ebay aucitons. Its pretty amazing/amusing what people are bidding on or asking for silver bars. There’s 5 grain ( not gram) bars selling for about $2 a piece ( some for more). There’s about 437 grains per ounce, so works out to about $174 per ounce – but at least they offer free shipping ;)
      You can go to reputable online metal dealers and get silver bars for just under $37 per ounce (at least today). Guess there’s a sucker born every minute ( or is it every new ebay auction).

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    10. What about Perth Mint, has anyone had any problems with silver Perth Mint coins?

      Thanks

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    11. You know there is just some real scum in the world, and the scummiest always show up at the bad times and take advantage of people and the times.
      I just grabbed a magnet and went to see if the coins I bought from a guy off Craigslist were real silver and none stuck to the magnet, then I read farther down and see that might tell all either….errr. They all sound good when doing the ring test though. The oldest I have is a 1901 half dollar that is really worn, a walking liberty quarter that is so worn you cant see the date and then 1921 Barber dollars and a 1922 Peace dollar..after that it is all halves and quarters and dimes

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    12. I must be missing something? Schaef’s video shows the magnet somewhat attracted to the ral silver bar? Yet the article above says a magnet will not be attracted to real silver??

      Rate This Comment: Thumb up 0 Thumb down 0

    13. As usual, Mac, another great commentary. Thanks!

      I”ve done my share of silver buying. Its easy to tell the fakes. Take a known good silver round or coin and drop it on a block of wood. One could take a piece of hard oak that is 1″ thick and 4″x4″. Start with known good rounds or 1 oz ingots, hold them about 4″ above the wood and drop. It won’t mar the coin and anyone with decent hearing will hear the thing scream “SILVER!!!!”. The distinctive ring is, frankly, awe inspiring.  The clink you get from silver coins is unmistakable. Personally, I can hold just abut anything up to a 10oz bar  by the edges and whack it with my thumbnail and tell instantly if its solid silver.

      With larger bars (like 5 and 10 oz ingots) is a little harder. A small dowel rod 3/8″ x 6″ will work also. Just hold the round, ingot or bar by the edges and give it a little thump. As I said, the difference is awe inspiring. 999 Fine sings a very sweet tune!

      But! Remember! You can’t eat it! …and in the midst of a full on chaotic collapse it will be more of a paperweight than anything. After things get put back together it will be worthy again. Don’t spend all your fiat on silver.

      Remember the 6Gs? Yeah, its me again. You need a balanced approach to survive what is coming. Silver should be one of your last worries.

      God – Have the philosophical picture in perspective.
      Guts – Have the grit to see yourself and your family through.
      Guns – The best security tool there is.
      Groceries – You have to eat and drink so you don’e wake up dead.
      Gas – You’ll need it for some travel or some power or some heat.
      Gold – …and when you have ample amounts of the other 5, start putting your exess here.

      Don’t go crazy over any one of these. I’ve seen people go to heavy on one of the following. God, Guns and Gold. Here is what I have to say about that:

      God: You need to know Him. Whoever “Him” is. He is The Creator. When things don’t make sense, he helps. But, He won’t help if you won’t help and you won’t be albe to unless you have prepped in the other areas. Leaving it to God sounds good but The Creator expects you to do more than sit on your butt.

      Guns: You really only need three. A 12 gauge shotgun and 200 rounds, a 38 revolver or 9mm auto pistol with 500 rounds and a 22 rifle with 1000 rounds. That will cover everything from castle/personal defense to hunting.  If you are like me, instead of putting all my excess into silver or gold (which I did some) I split it between guns and precious metals. You can’t eat the guns either, but, you can trade them. …and you might need to arm people.

      Gold: You cannot eat it and during any chaos, you will not be able to trade it. When things are in short supply it creates bubbles. You may find that a pound of bread will be worth a pound of gold for a short while. Your gold will not save you. Its to store some wealth to come out on the other side.

      Godspeed and good luck. The events around the world and in the USA are ever increasing. Chin up and keep those preps piling up.

      Thanks to Mac for this excellent site.

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    14. NR – Thanks for the kind words. Great comments — sharing your testing methods and your thoughts on preparedness is very much appreciated.. definitely a solid approach… All of those elements are necessary for a balanced SHTF plan.

      BJ – glad all the coins are non-magnetic.. definitely a good start.. if you purchased from reputable dealers and own newer coins (like SAE’s, for example) or junk silver, you are probably good to go… I suspect the (silver) fakes are just now starting to really enter the markets in larger quantities, and as Sherrie pointed out, counterfeiters will likely focus on older coinage first.. of course, nothing will be immune from being faked if the price keeps headed to the moon.

      GH – If you picked up your coins direct from the Perth Mint web site you should be good to go… Definitely a reputable firm from all professional and personal accounts I’ve read… If I absolutely had to buy a large amount of paper gold certificates, I would look to Perth Mint to do it…

      GA Mom – Agreed… Ebay is ok if one knows what they are looking for and sticks with reputable US-based sellers…. my preferred coin from ebay, as Michelle mentioned to best avoid getting ripped off, is junk silver .. quarters mainly, some halves… I’ve never had a problem…. Personally, I am willing to take a chance here and there for $100 – $200… but I would be very cautious with larger weight bars, like say, 100oz Engelhards..

      Mountainboy- thanks for posting again! And I sincerely appreciate your regular reading of the site.

      Mushroom – I’ve been told there’s a bubble in crisp $10 bills… I’ve got some trending charts…. I plan on buying on the dips, though :)

      Thanks for the great comments and contributions all!

      Mac

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    15. BJ, silver is barely magnetic at all. That was a very strong magnet he was using in the video. If the bar was made out of steel it would have stuck right to it instead of sliding off. So, sliding off quickly and sticking directly to the metal are BOTH signs that it is not real silver. Real silver is somewhere in between.

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    16. clark says:

      I wouldn’t mind having one of those fake coins, just to have.
      I suspect they’ll have value to collectors, possibly depending on how many of them there are. A solid silver 1880′s CC would be cool to have, at spot.

      I was showing some Silver Eagles to someone and they mentioned one looked smaller than the others. I dismissed the comment, they have no idea about the fake coins so it wasn’t bad humor, probably just a glare or something, but I guess I may have to go back and take a second look eh? Maybe get some calipers out I suppose.
      The odds of getting burned from fake coins seems lower than getting ripped off by buying the wrong stocks or investing with the wrong bank or getting stuck with a fake $100 bill etc, etc, etc… Lots of rip-off artists in every market.

      Heck, the store clerks are even using their magic marker pens to check the authenticity of $20 bills -one time I had a clerk check a two Dollar bill, I asked them about it and they said bad ones were common – but I wonder if counterfeiters would make a paper to pass the pen test, serious ones anyway.

      … ok, the TV show RENO911 is distracting me,… when cops aren’t seriously offing People, this show seems kind of real. Heh. Idiots.

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    17. TnAndy says:

      Clark,
      A solid silver 1880′s CC Morgan dollar would be a fake.  

      The real ones were .7725 silver when they left the mint, the rest being copper……so paying spot for one ( assuming no numismatic value ) on silver content alone, you would be overpaying for silver by about 25%.

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    18. .7725???  I thought it .90

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    19. pokerface says:

      @BJ- Silver dollars and 90% pure silver by volume ( 90% silver, 10% alloy metal).  The actual weight of the silver in one coin is .7725 tr. oz. @ Clark- I have a real nice , completely fake, 1892-CC Morgan dollar purchased on ebay-fooled me for quite a while.  Fake silver dollars from China are common on ebay-beware!  Once you know what to look for you can often spot them from the posted photos.  The give-aways are the mint mark (in case of CC dollar) which is obviously different from real one, and the eagle’s head on the reverse, which is mottled and lacking detail.  Otherwise almost impossible to tell fake by looking at it but as others have said there are other ways to tell.  It is also possible that some of the sellers of these coins on ebay are unaware that they are counterfeit. 

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    20. GA Mom says:

      One more warning I will tell you about buing silver & gold ebay – and somene mentioned it briefly earlier.  Most of their prices are RIDICULOUS.  You really have to search hard to find a good deal.  But they are there to be had.  Don’t get had.

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    21. Bill Goode says:

      Not all plastic cases should be opened.  If the coin is in a numismatic third party plastic case (NGC, PCGS, ANACS, etc.) then the coin’s authenticity is guaranteed by the company encasing the coin.  Such encasement of a coin is an indication of numismatic quality of the coin.   With the rise in silver, coins encased some years ago may have risen in bullion value such that the bullion value is  now greater than what the numismatic value was when the coin was encased.

      So not all plastic cases need to be removed to determine the coin’s authenticity.  If the coin comes in a RECOGNIZABLE numismatic third party plastic holder (PCGS, NGC, ANACS), then one would be safe in buying the coin.

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      • HOWARD THOMAS says:

        COULD THEY NOT FAKE THEM TOO?

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        • investor says:

          yes their are certified fakes as well but the idea of removing a coin from the plastic and throwing it on concrete is , frankly, moronic.
          It could replace the value of a ten thousand dollar coin with a value of a small fraction of that. No seller with brains enough to own a coin is going to let some jackass drop it. But I am sure they would guarantee the coin is real in writing and then you could take it to a dealer to authenticate it. I buy on Ebay alot and have not been burned. Check out the number of sales made and comments. # 1 rule….Use your frick’n brain. I read an article about the best people to buy from. But the very best who is going to have wholesale prices for the public is a guy who is literally giving a lifetime of collecting tresure away to the highest bidder. I read about it in the wall street journal I think but I wrote down the name because he is spreading out his collection over the next year so every smart or lucky person has a shot. AmericanExchangeInternational and I’ll be on ebay for sure looking for that on march 1st 2013, which is when the article said he was startin…In the mean time nothing you will receive from the U.s. Mint directly will ever be a fake. usmint.com In my opinion the thing to get as nuch of as you can is silver because it will eventually be twenty to one with gold and I am putting all my bets it will rocket past 50.00 per ounce again this year.Only I doughbt it will ever go below that again and two hundred an ounce is inevitable because the U>S> will never stop devaluing the dollar ever…….And metals will always cost more dollars. That is why the central banks are all buying all of the gold and silver they can trying to keep it as low profile as possible so they can get as much as possible before the price runs away untethered. Most people not you reading this of course…but most not reading this are not thinkers. If they were the full speed bull run would have already forced the gov’t to make gold and silver purchases illegal AGAIN !!! Get all you can while you can. Take delivery and bury it. Safety deposit boxes can and will be confiscated. Look what happened to tax evaders who had swiss bank accts. The banks and the govt is the same thing. Enjoy your life. Never turn in your guns. Hide your future in a box. And start saving canned food.; Get solar, wind power. And may we have mercy on ourselves. XO thanks for the article and all the comments. Remember the gov’t does not want us to stick together or use our heads so do exactly that X.

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          • investor says:

            yes their are certified fakes as well but the idea of removing a coin from the plastic and throwing it on concrete is , frankly, moronic.
            It could replace the value of a ten thousand dollar coin with a value of a small fraction of that. No seller with brains enough to own a coin is going to let some jackass drop it. But I am sure they would guarantee the coin is real in writing and then you could take it to a dealer to authenticate it. I buy on Ebay a lot and have not been burned. Check out the number of sales made and comments. # 1 rule….Use your frick’n brain. I read an article about the best people to buy from. But the very best who is going to have wholesale prices for the public is a guy who is literally giving a lifetime of collecting treasure away to the highest bidder. I read about it in the wall street journal I think but I wrote down the name because he is spreading out his collection over the next year so every smart or lucky person has a shot. AmericanExchangeInternational and I’ll be on ebay for sure looking for that on march 1st 2013, which is when the article said he was starting…In the mean time nothing you will receive from the U.S. Mint directly will ever be a fake. USmint.com In my opinion the thing to get as much of as you can is silver because it will eventually be twenty to one with gold and I am putting all my bets it will rocket past 50.00 per ounce again this year.Only I doubt it will ever go below that again and two hundred an ounce is inevitable because the U>S> will never stop devaluing the dollar ever…….And metals will always cost more dollars. That is why the central banks are all buying all of the gold and silver they can trying to keep it as low profile as possible so they can get as much as possible before the price runs away untethered. Most people not you reading this of course…but most not reading this are not thinkers. If they were the full speed bull run would have already forced the gov’t to make gold and silver purchases illegal AGAIN !!! Get all you can while you can. Take delivery and bury it. Safety deposit boxes can and will be confiscated. Look what happened to tax evaders who had swiss bank accts. The banks and the govt is the same thing. Enjoy your life. Never turn in your guns. Hide your future in a box. And start saving canned food.; Get solar, wind power. And may we have mercy on ourselves. XO thanks for the article and all the comments. Remember the gov’t does not want us to stick together or use our heads so do exactly that X.

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    22. Lisa says:

      Hey, thanks for the informational article and all of the comments. Appreciate all the info, very helpful.

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    23. jane says:

      Comments…..Hey,it is even funny you mention that we bookmark your site because we might not remember where we had read your great informations ???. I agree with you that this site have a great deal of goood informations but your site looks sucks! Plese change or remodel your site.  thanks    jane

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    24. noname says:

      Bought a 1oz gold Canadian Maple Leaf on Ebay 2 years ago that turned out to be fake (weight, dimensions SLIGHTLY off). Had a happy ending for me though. These days you even need to be cautious about plastic cased “numismatic” coins – cases & hologram seals can be faked too

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    25. Jane – thanks for your comment. While some web masters may find your comments disagreeable, I tend to agree :)  Since SHTFplan is more of a hobby than anything else, I have been short on time with getting a new design out there and we’re still working off the original setup that we used on Day 1…. A new design is coming soon though!  Within the next week or two, hopefully.

      Thanks for the great comments all!

      Mac

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    26. Nostradamus Jr. Sweden says:

      A strong ( super) magnet reacts with silver because silver (and copper) are dimagnetic and you should knew that, stupids ;-)
      Check “dimagnetic” on Wiki
       
       

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    27. Frank says:

      I don’t want you to change a thing,Mac.I think we are fortunate to have the internet and blessed to have this place to come for information.I don’t come here for the graphics,I’m here to gain as much info as I can.Not to take anything away from you,Mac,but I have to admit that a big reason I come here is for the informative comments from the rest of your fine visitors.

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    28. sharky says:

      Just buy coins slabbed by PCGS or NGC. Both have info on their sites on how to detect counterfeit slabs.

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    29. Peter says:

      Just tried a rare earth magnet on a .999 maple leaf 1oz coin….no attraction.

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    30. Glen2Gs says:

      For the most part, I’ve found the best deals at BullionDirect.com

      Better than Coin Dealers & Ebay

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    31. freeforall says:

      Comments…..Just read the posts here. Sounds like some smart folks here so I thought, what the heck, I’ll start here. I bought some reallly nice key peace dollars back when the collector market was at rock bottom. The well known dealer graded them Gem BU. This was before the holder craze. I called him a few years ago and asked what numerical grade he considered Gem BU. He said, MS64,65 or better. I’ve compared these to slabbed coins of those grades and I am stunned at the quality of these coins. I want to sell these and buy some gold and more silver bullion and gas. Pretty good on God, guns and groceries. But more isn’t all bad. I’d like to get that kinda’ money for these. Don’t want the hassle or expense of slabbing. Just want them to go to a good home. Any suggestions?

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    32. Alan says:

      silver does react to magnetic force.  It is di polar.  Silver will not stick to a magnet but if you wave a powerful magnet over silver back and forth quickly the silver will scoot around slightly.  This is called di-magnetic propery i think.  alot of people don’t know aobut this but it is true.  I had a hard time believeing this.  i have a BS in aerospace and 20 years in a technical industry and never heard of this before.  but try it.  don’t throw away silver if it reacts to a powerful magnet.  This is normal. 

      Again it is a faint reaction to a  powerful magnet.  it does not mean there is a little iron in it.  don’t make a fool out of yourself and accuse someone of selling you fake silver.

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    33. mickey the pirate says:

      Comments…..I know a easy way to get real metals…buy damaged coins…when you find one that was carved up into a love token 100 years ago, or had a hole drilled thru it..or has a big nick or scratch..its hard to argue whats inside…another route to take is jewelry..when you can buy a pair of earrings, or a necklass at a yard sale that are marked sterling or 925 or even 14k for a dollar or so..go for it..your chances of being ripped off are low…there is not enough parket interest in fake jewelry, plus at a yard sale, margins are too low and economy of scale make counterfitting a silly idea.. but lets just figure that perhaps 5 or 10% of what you buy there is fake. Big deal, your initial investment is so much less than the melt (scrap) value of the metal that you are going to make a profit..you just eat the losses as a cost of doing business. With practice, you can just tell if things are real or not, which makes your losses a lot less common. The more often you buy such stuff the better your odds get..
      Times are hard, you get what you can where you can. Soon, my estimate is (when more than 5%) of the people wake up and start dumping dollars for food, silver, gold, guns ect…the price of silver should go crazy…there is so little of it, and the demand will be far larger than any world supply. At that point, you will find none for sale at any price…

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    34. Ian Mathers says:

      One note about magnetism:  Silver or silver-copper will not stick to a magnet, but if you move a very strong magnet quickly just above the surface, there will be a slight resistance felt.  This is due to induction in the metal.  Silver (or copper and even aluminum) respond to magnetism in this manner and is not abnormal.  Cupro-nickel is not magnetic, but will not ring the same, and it is considerably harder than silver with a bit darker colour.

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    35. Warren Holmgreen says:

      Comments…..I buy my gold and silver from Camino Coins, Burlingame, Ca.  They sell and buy at spot.  Never had a problem.

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    36. Bryan says:

        There are 3 metals that are magnetic; iron, nickel and colbalt. Some metals, like some brasses will have a slight magnetic drag becasue they have some iron in it. The same goes with stainless steel alloys that have a high concentration of nickel in them.

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    37. Bryan says:

       Some designs of automobile car shredders use a magnetic field that is  a reverse magnetic field that does not attract typical non magnetic items but intstead forces them away from the steel and non metal shreds in a separation process.  I do not understand fully the science of it, but I do know that silver is non magnetic.

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    38. George says:

      I collect German silver coins from the 1600′s to 1800′s and there has been a problem of fake coins being sold from China on ebay for at least two years. They copy high value coins usally in the $200 to $800 value range . I will not buy any coin from China .

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    39. CentroCali says:

      I think that these two “articles” by SHTF are fake plants to dissuade people from buying silver or gold. Come on, the old “confiscation by the jackboots” and “OH NO, there is fake metal out there!” Oh well, just more supply for us with wisdom to purchase after the newbies are scared off. Silver and Gold, always valuable, always fungible.

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    40. Centro, thanks for your comment.

      My purpose here is not to dissuade people from investing in gold or silver. I’ve long maintained that this is an important asset to hold as a wealth preservation and preparedness tool. Please see the Precious Metals category for more on this.

      My purpose with this particular article was to inform potential investors. Because a large portion of PM buyers are likely first-time or novice buyers, I feel it is important to share as much information with them as possible. Fundamentals and trends can be used to help one assist in determining when it’s time to invest, but just as important for many readers is ‘how do i invest.’ Do they buy paper assets like gold commodity ETF’s, or invest in equity ETF’s? Should they buy precious metals from ebay, and what steps should one take to ensure you don’t get ripped off? One of the key factors in buying gold or silver would have to be making sure that you’re getting the real thing, hence I think it’s good that they know a variety of different scams exist, like they do in any market.

      As such, in addition to the video and advice provided by Sherrie, my intention was to also provide readers with some practical advice, so that when they do finally decide to purchase, they don’t end up with a bucket of Tungsten or Lead.

      With regards to the Gold Confiscation piece, this is a topic of interest for many, and to deny that such a thing could happen is to deny the history showing how often it has occurred. I understand the reasons for why it would not happen, and that reasoning is sound. However, in just the last century it happened right here in the good ol’ the USA. And, as mentioned, confiscation can take shape in many different forms, so FDR style might not be the method used this time around. I’d rather people know about the possibilities then not.

      We have also advised our readers that certain Presidential Executive Orders give the government the authority to confiscate emergency preparedness supplies like food, medicine, guns and anything else deemed necessary during a Federalized emergency response. However, even though these items can be taken at will, we still advise readers to take the time and money required for a good SHTF plan, as well as to keep all possibilities in mind.

      Because it seems that you may perceive this article to be intent on keeping investors out of the precious metals market, I felt compelled to offer my own view.

      Thanks for visiting.

      Sincerely,

      Mac

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    41. @MAC,
      And I for one appreciate you informing new guys like me about the potential fraud out there.

      Can you give a EO# I can look up ??

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    42. WHAT IS A EO#? Due to a catastrophic injury I sustained 4 years ago, I have had 9 surgeries and am not finished yet. I am 66 yes old and 4 yrs. ago I thought I was 30. Now, between the economy and my financial advisor I have lost over 1 million $ and am in terrible shape. I am desparately in need of an honest, wise advisor who can work with me; not for me.  I have no idea what I’m doing and am going to go broke.  Do you have any recommendations?  I live in Chicago. My phone is 773 706-5216.

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    43. Cathy,
      sorry to hear about your misfortune and I do sincerely hope you find what you need and are looking for. I wish I could help, I am learning as I go.
       
      EO = Executive Order, as in Presidential Executive Order

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    44. If you are considering investing your hard-earned money on silver bullion, then make sure you get the best possible deal. It is always good to look around and search for many reputable dealers who have silver bullion for sale. A reputable dealer can charge anything above the set spot price for a bullion bar and you need to find the right reputable dealer who is not over charging you and giving you the best price.

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    45. Jay Martin says:

      Fantastic Thanks for the insperation !!!

      You rock NetRanger…..

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    46. anonymous says:

      This was a very useful page to find on the internet especially with the commentary so thank you all.

      I’ve been converting a small quantity of fiat into silver coins via ebay lately and by not going too silly on high ticket items I think I have done ok. But I just took delivery of a small mixed lot which had a 1932 Cuban peso perched on top and had myself an interesting surprise.

      There were in fact four silver coins of similar dimensions in the photo but my low 2/3 melt bid was a punt based on the peso alone. It was easily identifiable from the photo with the star side up and the 1932 date.

      I dismissed one of the others I could identify as more commonly cupro-nickel of little value, and the other two I could not identify from the photo so I ignored them too when I bid.

      Anyways, finally they arrive. First then the peso. Looks about right. Then I weigh it and get 18 grams … oh oh!

      Then I pick up the others which were very common Great Britain crowns and see two have ridiculously impossible dates (1877 on a 1977 coin and 1086(!) on a 1986). Hmmmm …

      The fourth was even more interesting – a 1976 Panama 5 Balboas apparently but Besario Porras eyeballs were nowhere to be seen behind his specs !

      So … out comes the magnet. Very sticky indeed on all four !

      Frankly I was amazed that the counterfeiters even bothered to attempt to copy the Great Britain crowns and then so spectacularly put the wrong dates on them.

      The Panama counterfeit was an attempt at the known error coin which was always incorrectly marked “LEY .925″ so I kind of understand why that one might attract a counterfeiter.

      The peso was the most convincing looks-wise.

      None of them ring true when dropped of course!

      I thought it was worth posting because these things are obviously so numerous on ebay that I received four different ones as part of a cheap mixed lot.

      Clearly the bad fakes are offloaded in the manner I received them, and the better ones often go undetected or are passed on by those that discover them in the hope they get their original fiat back.

      I shall keep mine to remind me that absolutely no coin is immune from organised counterfeiting and that any Chinese seen poring over western websites are probably looking for interesting numismatic stuff to copy right down to what a LEY person would call obscure error coins!

      I imagine what I have seen is the tip of the iceberg here in the latter part of 2012 when lots of not so clever westerners like me are buying into silver (or think they are!). The problem must surely now be on such a scale that it could be used to contrast the different weaponry used on the different sides in currency wars between superpowers.

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    47. Andrew McDowell says:

      People need to be aware of fake silver which I have run into when purchasing multiple quantities of silver 20+ oz. I received one fake round mixed in with my other rounds. The fake round looked just like the other silver rounds I was purchasing however it did not sound right. Even when I cut the round in two it appeared to be silver on the inside. However when the round was dropped, it gave a distinctive thud as opposed to a ring. The silver inside and outside reacts to chemicals, so I assume its a cleverly mixed metal, although I am not sure what mix.

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    48. Sil Au. says:

      The Magnet test does not always work. I came across A few good fakes with copper cores and brass cores. Both non magnetic. Both were heavenly silver plated . I took some steel wool to it to uncover the core. As for the gentleman who bought the fake ones in North Hollywood, I think my dad was fooled by the same guy. As always if it’s too good to be true it probably is. ALSO BE ON THE LOOKOUT FOR SOME SUNSHINE SILVER MINT IGOTS. THEY ARE BEING SOLD AS DECOYS ON EBAY . THEY LOOK JUST LIKE THE REAL THING AND CAAN EASILY BE SOLD AS LEGITIMATE IGOTS. EBAY SHOULD BAN THESE.

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