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So which dealer or company is the safest in terms of buying American Silver Eagles?

WingedLiberty1957WingedLiberty1957 Posts: 2,978 ✭✭✭✭✭

Not the cheapest, but the safest in terms of avoiding fakes? Are there known companies that have a direct pipeline to the Mint? That is they dont buy from wholesalers but from a direct distributor?

Comments

  • mkman123mkman123 Posts: 6,849 ✭✭✭✭

    what are you worried about? Have you seen fakes that are so convincing?

    Successful Buying and Selling transactions with:

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  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭

    Just buy a sealed box.

  • derrybderryb Posts: 36,823 ✭✭✭✭✭

    Any of the major dealers. I like dbscoins.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • djmdjm Posts: 1,561 ✭✭✭✭✭

    @WingedLiberty1957 said:
    Not the cheapest, but the safest in terms of avoiding fakes? Are there known companies that have a direct pipeline to the Mint? That is they dont buy from wholesalers but from a direct distributor?

    Yes, you can buy from the Authorized Purchasers. If you want a few coins go with APMEX, a box of 500 Fidelitrade, or many many boxes A-Mark.

  • OPAOPA Posts: 17,121 ✭✭✭✭✭
    edited March 4, 2018 3:41PM

    @djm said:

    @WingedLiberty1957 said:
    Not the cheapest, but the safest in terms of avoiding fakes? Are there known companies that have a direct pipeline to the Mint? That is they dont buy from wholesalers but from a direct distributor?

    Yes, you can buy from the Authorized Purchasers. If you want a few coins go with APMEX, a box of 500 Fidelitrade, or many many boxes A-Mark.

    You can add: baypreciousmetals (ebay handle) who is an AP to that list, along with: bullion.exchanges (ebay handle, but not an AP) JMBullion and Providentmetals. And you don't have to buy a "monster box" either. B)

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • Mission16Mission16 Posts: 1,413 ✭✭✭

    But wouldn't the AP's also buy and sell the secondary market? Just because they buy direct from the mint doesn't mean that is the ONLY supply they have.

  • derrybderryb Posts: 36,823 ✭✭✭✭✭

    @Mission16 said:
    But wouldn't the AP's also buy and sell the secondary market? Just because they buy direct from the mint doesn't mean that is the ONLY supply they have.

    But their supply from the mint is their cheapest vs. current spot which means you can theoretically get a better price from an AP who is selling their mint purchased inventory.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭

    @derryb said:

    @Mission16 said:
    But wouldn't the AP's also buy and sell the secondary market? Just because they buy direct from the mint doesn't mean that is the ONLY supply they have.

    But their supply from the mint is their cheapest vs. current spot which means you can theoretically get a better price from an AP who is selling their mint purchased inventory.

    Not necessarily. My cheapest supply is what comes in the front door.

  • hchcoinhchcoin Posts: 4,829 ✭✭✭✭✭

    I have never worried about silver eagles being counterfeit. Has anyone here been burned buying fake bullion SAE's?

  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭

    @derryb said:

    @Mission16 said:
    But wouldn't the AP's also buy and sell the secondary market? Just because they buy direct from the mint doesn't mean that is the ONLY supply they have.

    But their supply from the mint is their cheapest vs. current spot which means you can theoretically get a better price from an AP who is selling their mint purchased inventory.

    They'll pay you less for 2018s than they will from the mint. Also everything they buy that isn't in a mint strapped monster box is likely checked.

    theknowitalltroll;
  • BochimanBochiman Posts: 25,381 ✭✭✭✭✭

    Well, yeah, as a dealer, you can do the little rips on them ;)

    @Jinx86 said:

    @derryb said:

    @Mission16 said:
    But wouldn't the AP's also buy and sell the secondary market? Just because they buy direct from the mint doesn't mean that is the ONLY supply they have.

    But their supply from the mint is their cheapest vs. current spot which means you can theoretically get a better price from an AP who is selling their mint purchased inventory.

    Not necessarily. My cheapest supply is what comes in the front door.

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭

    :) !!!

    Timbuk3
  • Mission16Mission16 Posts: 1,413 ✭✭✭

    The OP wasn’t asking about cheapest. The concern was exposure to counterfeits.

  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭

    The thing about it is Ive never had a roll or box of counterfeit ASE's. The only time we see them is individual packaging to try and hide the off weight or off material.

  • OPAOPA Posts: 17,121 ✭✭✭✭✭

    Any one dealing in counterfeit US produced coins, is asking for trouble. Not so much for foreign produced ones.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • rickoricko Posts: 98,724 ✭✭✭✭✭

    I have never seen counterfeit ASE's from an established dealer.... Now, normally, for proofs, I would get mine from the mint, but bullion, a good dealer will provide authentic silver. Cheers, RickO

  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭

    How old is this video?

  • blitzdudeblitzdude Posts: 5,894 ✭✭✭✭✭
    edited March 5, 2018 3:31PM

    @hchcoin said:
    I have never worried about silver eagles being counterfeit. Has anyone here been burned buying fake bullion SAE's?

    yep, I got fake 2017s off ebay. Seller posted pictures of real and sent me silver plated brass garbage.

    The whole worlds off its rocker, buy Gold™.

  • blitzdudeblitzdude Posts: 5,894 ✭✭✭✭✭
    edited March 5, 2018 3:35PM

    The fakes I received were fairly easy to spot. Lady at one of my LCS showed me some fake silver eagles she recently got burned on that looked a whole lot better than the ones I received off ebay. Hers came from a seller who walked in the front door.

    The whole worlds off its rocker, buy Gold™.

  • OPAOPA Posts: 17,121 ✭✭✭✭✭

    @blitzdude said:

    @hchcoin said:
    I have never worried about silver eagles being counterfeit. Has anyone here been burned buying fake bullion SAE's?

    yep, I got fake 2017s off ebay. Seller posted pictures of real and sent me silver plated brass garbage.

    How about supplying us with the dealers ebay id & auction #

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • BarndogBarndog Posts: 20,492 ✭✭✭✭✭

    APMEX and Modern Coin Mart are my usual sources for ASE and Libertads. I don't do the Proofs though

  • astroratastrorat Posts: 9,221 ✭✭✭✭✭

    JM Bullion, APMEX, and Modern Coin Mart are all just fine.

    Numismatist Ordinaire
    See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
  • jmski52jmski52 Posts: 22,850 ✭✭✭✭✭

    JM Bullion, APMEX, Modern Coin Mart, Scotsman Coin - no concerns.

    Has anyone ever bought directly from Kitco? Are there customs costs that prohibit them from making a competitive quote, because they appear to be lower than Apmex, at least on Maples.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭

    @Bochiman said:
    Well, yeah, as a dealer, you can do the little rips on them ;)

    @Jinx86 said:

    @derryb said:

    @Mission16 said:
    But wouldn't the AP's also buy and sell the secondary market? Just because they buy direct from the mint doesn't mean that is the ONLY supply they have.

    But their supply from the mint is their cheapest vs. current spot which means you can theoretically get a better price from an AP who is selling their mint purchased inventory.

    Not necessarily. My cheapest supply is what comes in the front door.

    It's pretty unusual to find a dealer who will pay the $2 over that the mint charges. Right now there is one AP paying $1 over on MBs of 2018 or earlier dates.

    theknowitalltroll;
  • OPAOPA Posts: 17,121 ✭✭✭✭✭

    APMEX will pay: 1 oz Silver American Eagle BU (Random Year) $17.77
    Provident Metals: 1 oz American Silver Eagle | Random Year....BUY BACK PRICE: $17.52
    JMbullion: 1 oz American Silver Eagle Coin (Varied Year).............Buyback Price: $17.72

    Those are best prices I could find.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭

    @OPA said:
    APMEX will pay: 1 oz Silver American Eagle BU (Random Year) $17.77
    Provident Metals: 1 oz American Silver Eagle | Random Year....BUY BACK PRICE: $17.52
    JMbullion: 1 oz American Silver Eagle Coin (Varied Year).............Buyback Price: $17.72

    Those are best prices I could find.

    Wasn't THAT long ago that JMBullion wouldn't buy from the public. Maybe they still don't.

    theknowitalltroll;
  • blitzdudeblitzdude Posts: 5,894 ✭✭✭✭✭

    @OPA said:

    @blitzdude said:

    @hchcoin said:
    I have never worried about silver eagles being counterfeit. Has anyone here been burned buying fake bullion SAE's?

    yep, I got fake 2017s off ebay. Seller posted pictures of real and sent me silver plated brass garbage.

    How about supplying us with the dealers ebay id & auction #

    It was an individual not a dealer out of Minnesota. He gave me a full refund so don't want to give out ID. He obviously knew they were fake because he shipped different coins than what were pictured and the second I told him they were fake he issued immediate refund without asking any questions. I opened a ebay case prior to contacting the seller and their solution...... return the counterfeits to seller so they could issue refund. Seriously, they didn't care at all that there were counterfeits involved just that seller and I worked out the refund.

    The whole worlds off its rocker, buy Gold™.

  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭

    @blitzdude said:

    @OPA said:

    @blitzdude said:

    @hchcoin said:
    I have never worried about silver eagles being counterfeit. Has anyone here been burned buying fake bullion SAE's?

    yep, I got fake 2017s off ebay. Seller posted pictures of real and sent me silver plated brass garbage.

    How about supplying us with the dealers ebay id & auction #

    It was an individual not a dealer out of Minnesota. He gave me a full refund so don't want to give out ID. He obviously knew they were fake because he shipped different coins than what were pictured and the second I told him they were fake he issued immediate refund without asking any questions. I opened a ebay case prior to contacting the seller and their solution...... return the counterfeits to seller so they could issue refund. Seriously, they didn't care at all that there were counterfeits involved just that seller and I worked out the refund.

    Do eBayers really expect eBay to go to the trouble/expense of authenticating everything that gets sold there? What did you expect from them in terms of caring?

    theknowitalltroll;
  • blitzdudeblitzdude Posts: 5,894 ✭✭✭✭✭

    @BAJJERFAN said:

    Do eBayers really expect eBay to go to the trouble/expense of authenticating everything that gets sold there? What did you expect from them in terms of caring?

    I would expect that they or some US authority would care that someone was passing fake US Mint silver eagles as authentic on their site. There was a time in this country when the secret service used to care about such matters. Those times appear long gone. Certainly I didn't expect them to say, well just return the fakes to the seller, let them issue a refund and then he can go sell them off to someone else.

    The whole worlds off its rocker, buy Gold™.

  • blitzdudeblitzdude Posts: 5,894 ✭✭✭✭✭

    BTW as I mentioned in a previous post, mine were easy to spot. The ones I recently saw at LCS were far more convincing. In addition to obvious details the ones I received all weighed just under 30g. Brass junk. Sorry for poor phone picture quality.


    The whole worlds off its rocker, buy Gold™.

  • DrBusterDrBuster Posts: 5,379 ✭✭✭✭✭

    Did the head of that eagle seriously pass somebody’s mustard check??

  • BochimanBochiman Posts: 25,381 ✭✭✭✭✭

    That's kind of the time TO let others know the ID....if the seller was purposely selling fakes.

    @blitzdude said:

    @OPA said:

    @blitzdude said:

    @hchcoin said:
    I have never worried about silver eagles being counterfeit. Has anyone here been burned buying fake bullion SAE's?

    yep, I got fake 2017s off ebay. Seller posted pictures of real and sent me silver plated brass garbage.

    How about supplying us with the dealers ebay id & auction #

    It was an individual not a dealer out of Minnesota.

    He gave me a full refund so don't want to give out ID. He obviously knew they were fake because he shipped different coins than what were pictured and the second I told him they were fake he issued immediate refund without asking any questions.

    I opened a ebay case prior to contacting the seller and their solution...... return the counterfeits to seller so they could issue refund. Seriously, they didn't care at all that there were counterfeits involved just that seller and I worked out the refund.

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭

    @blitzdude said:

    @BAJJERFAN said:

    Do eBayers really expect eBay to go to the trouble/expense of authenticating everything that gets sold there? What did you expect from them in terms of caring?

    I would expect that they or some US authority would care that someone was passing fake US Mint silver eagles as authentic on their site. There was a time in this country when the secret service used to care about such matters. Those times appear long gone. Certainly I didn't expect them to say, well just return the fakes to the seller, let them issue a refund and then he can go sell them off to someone else.

    I assume that they would step in and cover you if you could prove to them that the ones you got were fakes. If it happens more than once they may NARU that seller. They've shut down plenty of listings when folks here brought counterfeits to their attention.

    theknowitalltroll;
  • blitzdudeblitzdude Posts: 5,894 ✭✭✭✭✭

    @DrBuster said:
    Did the head of that eagle seriously pass somebody’s mustard check??

    not to my knowledge, maybe the sellers if he really didn't know but I suspect he probably did.

    The whole worlds off its rocker, buy Gold™.

  • jmski52jmski52 Posts: 22,850 ✭✭✭✭✭

    It sure would be nice to know the ID of that seller. Getting a full refund shouldn’t influence whether or not he gets outed.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • blitzdudeblitzdude Posts: 5,894 ✭✭✭✭✭

    @jmski52 said:
    It sure would be nice to know the ID of that seller. Getting a full refund shouldn’t influence whether or not he gets outed.

    I periodically check his account. He hasn't sold another coin since the ones he sold to me. I can't say for 100% certainty that he knowingly sold fakes although there are multiple red flags. Not going to smear someone's name if there is any doubt. Interesting enough since the incident with me he has received feedback as a buyer from Apmex, Liberty coin, Bullion exchanges etc. Looks like he is actively buying metal.

    The whole worlds off its rocker, buy Gold™.

  • 1630Boston1630Boston Posts: 13,781 ✭✭✭✭✭

    Yes @DrBuster , that head looks more like an owl than our American Eagle :smile:

    Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb

    Bad transactions with : nobody to date

  • AUandAGAUandAG Posts: 24,762 ✭✭✭✭✭
    edited March 12, 2018 9:05AM

    Check the BST for great deals and you'll be helping a fellow member.
    bob

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • blitzdudeblitzdude Posts: 5,894 ✭✭✭✭✭

    @AUandAG said:
    Check the BST for great deals and you'll be helping a fellow member.
    bob

    Took a look but didn't see any eagles for sale.

    The whole worlds off its rocker, buy Gold™.

  • AUandAGAUandAG Posts: 24,762 ✭✭✭✭✭

    I guess you didn't look very closely....I have a roll of them up and some others.

    bob :(

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • PerryHallPerryHall Posts: 46,137 ✭✭✭✭✭

    @blitzdude said:

    @AUandAG said:
    Check the BST for great deals and you'll be helping a fellow member.
    bob

    Took a look but didn't see any eagles for sale.

    There's a BST Forum and there is also a monthly BST thread in the Precious Metals Forum dedicated to precious metals.

    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

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,293 ✭✭✭✭✭

    I have some.

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