large companies check for counterfeits?

GazesGazes Posts: 1,429 ✭✭✭✭✭

Do large outfits like Apmex, DBS, Liberty, Pinehurst, etc check every gold bar or coin they sell to be authentic?

Comments

  • Timbuk3Timbuk3 Posts: 10,522 ✭✭✭✭✭

    Good question and I agree with OPA, too many possible liability issues if they aren't checked !!! :)

    Timbuk3
  • MsMorrisineMsMorrisine Posts: 22,866 ✭✭✭✭✭

    apmex can buy directly from the us mint. Liberty, Pinehurst, Provident cannot.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • jdimmickjdimmick Posts: 8,311 ✭✭✭✭✭

    Yes, they do. I was told they scan, and xray stuff.

    I know Pinehurst Coins does, they check with sigma, they also have xrf as well, and probably some other techniques Im betting to make sure everything they sell is 100% right on.

  • GazesGazes Posts: 1,429 ✭✭✭✭✭

    thanks for the responses. honestly I generally buy only from the big ones for the peace of mind

  • FSFFSF Posts: 491 ✭✭✭

    Yes. My main local bullion dealer checks every gold coin or bar that they buy. They spot check a fair amount of the silver as well. On the other hand, most B&M coin dealers seem to be completely unaware of the existence of Sigma Metalytics.

  • blitzdudeblitzdude Posts: 1,594 ✭✭✭✭✭

    Sigma? lol easily fooled by plated metal.

  • HemisphericalHemispherical Posts: 6,370 ✭✭✭✭✭

    Here is the list of authorized purchaser who can buy direct from the US Mint. Subject to change at anytime.

    ——-

    Authorized Purchasers of United States Mint Bullion Coins

    UNITED STATES

    A‑Mark Precious Metals, Inc.
    El Segundo, California 90245
    Silver, Gold, Platinum, Palladium

    American Precious Metals Exchange (APMEX)
    Oklahoma City, Oklahoma 73012
    Silver, Gold, Platinum, Palladium

    Coins & Things, Inc. (CNT)
    Bridgewater, Massachusetts 02324
    Silver, Gold, Platinum, Palladium

    Dillon Gage Inc. of Dallas
    Addison, Texas 75001
    Silver, Gold, Platinum, Palladium

    Fidelitrade, Inc.
    Wilmington, Delaware 19802
    Silver, Gold, Platinum, Palladium

    Jack Hunt Coin Broker, Inc.
    Kenmore, New York 14217
    Silver, Gold, Platinum, Palladium

    Manfra, Tordella, & Brookes, Inc. (MTB)
    New York, New York 10036
    Silver, Gold, Platinum, Palladium

    The Gold Center
    Springfield, Illinois 62704
    Silver Only

    ScotiaMocatta (Scotia Bank)
    New York, New York 10281
    Silver, Gold, Platinum, Palladium

    EUROPE

    Bayerische Landesbank
    Nürnberg, Germany D-90449
    Silver, Gold, Platinum, Palladium

    Deutsche Bank AG
    Frankfurt, Germany
    Silver, Gold, Platinum, Palladium

    FAR EAST

    Tanaka Kinkinzoku
    TOKYO, 100-6422, Japan
    Platinum

    https://catalog.usmint.gov/coin-programs/bullion-authorized-purchasers.html

  • MeshMesh Posts: 65 ✭✭✭

    @FSF said:
    Yes. My main local bullion dealer checks every gold coin or bar that they buy. They spot check a fair amount of the silver as well. On the other hand, most B&M coin dealers seem to be completely unaware of the existence of Sigma Metalytics.

    I was told by my lcs sigma is not 100%

  • OPAOPA Posts: 15,515 ✭✭✭✭✭

    FYI..A.P. Coin & Things, Inc ebay id is:

    baypreciousmetals

    Great company to buy from.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • dennis1219dennis1219 Posts: 198 ✭✭✭

    As someone who buys primarily slabbed bullion (PCGS,NGC), how likely is it to purchase counterfeit slabbed bullion with duplicate serial numbers? This is somewhat troubling.

  • OPAOPA Posts: 15,515 ✭✭✭✭✭

    @dennis1219 said:
    As someone who buys primarily slabbed bullion (PCGS,NGC), how likely is it to purchase counterfeit slabbed bullion with duplicate serial numbers? This is somewhat troubling.

    Avoid overseas sellers, especially the ones from China. In the US, it's a Federal Offense to sell counterfeit items.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • davidkdavidk Posts: 209 ✭✭✭

    @blitzdude said:
    Sigma? lol easily fooled by plated metal.

    First time I’ve heard this. Source?

    Maybe you’re thinking of XRF scanners?

  • chiniu67chiniu67 Posts: 131 ✭✭

    Chicago coins on Archer ave on the southwest side of Chicago, near to MDW airport which has been there such a long time
    has a machine that checks every gold purchase that they get in, they are able to scan silver gold and probably many other precious metals, they can scan diamonds and other gems as well...They are the most honest establishment, and NO, I am not part of the establishment, but after going there for years you get the feeling you are.

    APS

  • rickoricko Posts: 67,017 ✭✭✭✭✭

    I have not heard that the Sigma machines were 'easily fooled' or inaccurate..... can anyone substantiate this? Cheers, RickO

  • ashelandasheland Posts: 13,361 ✭✭✭✭✭

    Actually I have seen the Sigma fooled once by a heavily plated round (large round) but my friend's XRF scanned deeper revealing the copper core.

  • jdimmickjdimmick Posts: 8,311 ✭✭✭✭✭

    sigma is good, but not 100% I have one and have tricked the machine

  • maplemanmapleman Posts: 672 ✭✭✭✭

    @OPA said:
    FYI..A.P. Coin & Things, Inc ebay id is:

    baypreciousmetals

    Great company to buy from.

    My issue is they ship only UPS on my purchases which is a pia for me. Pricing is fine as is cs.

  • BAJJERFANBAJJERFAN Posts: 29,415 ✭✭✭✭✭

    @MsMorrisine said:
    apmex can buy directly from the us mint. Liberty, Pinehurst, Provident cannot.

    Most of the APs have dealer pricing and retail pricing. Even if you're not a dealer you could probably get dealer pricing with a large enough order.

  • BAJJERFANBAJJERFAN Posts: 29,415 ✭✭✭✭✭

    @Gazes said:
    Do large outfits like Apmex, DBS, Liberty, Pinehurst, etc check every gold bar or coin they sell to be authentic?

    I would guess they check them from public sources. They'd be a fool if they didn't. If someone like Pinehurst bought from say APMEX they might spot check a few gold bars. I have sold gold Leafs and Eagles to a LCS and he just looked at them, but never PMVd them.

  • blitzdudeblitzdude Posts: 1,594 ✭✭✭✭✭

    @BAJJERFAN said:

    @Gazes said:
    Do large outfits like Apmex, DBS, Liberty, Pinehurst, etc check every gold bar or coin they sell to be authentic?

    I would guess they check them from public sources. They'd be a fool if they didn't. If someone like Pinehurst bought from say APMEX they might spot check a few gold bars. I have sold gold Leafs and Eagles to a LCS and he just looked at them, but never PMVd them.

    Yep, I can't even remember the amount of times where I sold gold and silver to a dealer and they just took a quick glance and dropped it right in the for sale case. No loupe, no weight or dimension check, no xrf, no squat. Always the "I've been doing this for 50 years and I could spot a fake 10 miles away" types. Scary to think how many fakes they have unknowingly purchased and sold onto others. I certainly don't buy there. lol

  • HemisphericalHemispherical Posts: 6,370 ✭✭✭✭✭

    Old vid, but since the thread is about counterfeits...

    Counterfeit Gold Bars in NY

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