suggestions for buying raw gold
sinin1
Posts: 7,500 ✭
in Q & A Forum
If you were at an auction and gold items were selling, but not slabbed by PCGS, NGC, or ANACS and the coin looked real to you, how much would you discount it on the chance it was a diestruck copy?
Around what percentage of gold coins sent to PCGS go home bodybagged because not genuine?
I have heard that over half the raw $3 gold pieces are fake - is this possible?
Are there certain diagnostics that anyone can see that would tip off a potential buyer (without memorizing year and die characteristics)
Having said that - how high would you bid on a common date XF40, AU50, and MS60 $3 gold piece?
Around what percentage of gold coins sent to PCGS go home bodybagged because not genuine?
I have heard that over half the raw $3 gold pieces are fake - is this possible?
Are there certain diagnostics that anyone can see that would tip off a potential buyer (without memorizing year and die characteristics)
Having said that - how high would you bid on a common date XF40, AU50, and MS60 $3 gold piece?
0
Comments
1. The chances of you buying a counterfeit gold coin from a major auction house are beyond slim. In addition, if you did, they would take care of you. So if you want to buy raw gold at auction, stick with the majors, i.e. Bowers and Merena, Heritage, Superior, the Goldbergs, and Stack's and you shouldn't have anything to worry about.
2. The percentage of counterfeits submitted to PCGS is extremely small. The counterfeiters know better than to try to slip one by us.
3. I believe that a significant number of raw $3 gold pieces are bad, but I think it's less than half, not more than half.
4. It is hard for the untrained eye to tell gold counterfeits. The experts who can tell, can do so at arms legth. Most people can't tell even with magnification.
5. As to value, check the price guides and be careful. I believe a much better strategy is to buy certified gold.
David