Fake J-M 100 oz. silver bar reported in NW Indiana today
CaptHenway
Posts: 32,173 ✭✭✭✭✭
A long-time and very knowledgable dealer that I know in NW Indiana reported this on the dealer-to-dealer network today:
"had a fake JM 100 oz bar in today
1st I've ever seen
Decent would fool the small
Cash for Gold guys 85% of the time
weighed exact ..was vacuum sealed in a thinner plastic
the logos etc were lighter struck slightly off color and serial
number was hand hit in triple deep as regular strike"
"had a fake JM 100 oz bar in today
1st I've ever seen
Decent would fool the small
Cash for Gold guys 85% of the time
weighed exact ..was vacuum sealed in a thinner plastic
the logos etc were lighter struck slightly off color and serial
number was hand hit in triple deep as regular strike"
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
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<< <i>Sent. >>
Please PM me the name also. I purchase from a NW Indiana dealer. Thanks
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Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>I'm interpreting from what the dealer said that was provided by CaptH, is that the logo was weak, but the serial number was extremely deep. Also, being wrapped in plastic is a crude attempt to block the magnet test. I woulda been skeptical too. >>
The logo and the serial number are stamped by different machines in different operations. I've seen a great degree of variation in the depth/strendth of stamps on various genuine bars so this wouldn't raise a red flag for me. And, since when would a shrink wrap block a magnet?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
If shrink wrapped (using actual shrink wrap) enough would block a weak magnet. I know it will because i've done the experiment.
He said:
"it was a old style loaf/poured JM bar, the color was way off, very grey and the stamping looked like it was done with a hammer and stamp... was also vacumed sealed in plastic, just didn't look right at all.... weight was perfect but just wasn't right."
I'm assuming, because he did not say so for sure, that he did not perform an acid test, probably because the seller refused to take the plastic off the bar...but that's purely assumption on my part.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
edited to add:
to my knowledge, no picture was taken of the bar in question. I know this dealer personally. There is no way he would report something on a dealer to dealer network if it wasn't fact.
<< <i>I just got an email from the dealer this happened to, and I will confirm what CaptH says that the dealer is extremely knowledgable and has been around forever.
He said:
"it was a old style loaf/poured JM bar, the color was way off, very grey and the stamping looked like it was done with a hammer and stamp... was also vacumed sealed in plastic, just didn't look right at all.... weight was perfect but just wasn't right."
I'm assuming, because he did not say so for sure, that he did not perform an acid test, probably because the seller refused to take the plastic off the bar...but that's purely assumption on my part. >>
most likely it was an old pour 100 oz JM bar from bullion direct, thats how they did them in the old days...
You mean the one from our own SilverBaron here? Those were proven to be legit, just variations of what is more commonly seen?
<< <i>this 100 oz bar may be as fake as the former thread about jm kilo bars that were proclaimed fake, but not really fake...
You mean the one from our own SilverBaron here? Those were proven to be legit, just variations of what is more commonly seen? >>
I believe that was rawteam1's point.
Couldn't have said it better, esp. personally knowing the character of the person that held in hand/saw with own eyes.