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Raw gold challenge
Weiss
Posts: 9,942 ✭✭✭✭✭
Stack of gold comes into your B&M from a local estate. Dad's holdings, kids don't collect or know anything about coins.
Dad inherited a bunch of coins from his grandfather who was a shopkeeper through the depression.
Dad served in Europe after the war. Lots of Sovereigns and Roosters in the mix.
Dealer lets you have your pick at spot +3%
Offers you his digital scale.
So. WITHOUT COMMENT other than your decision (first person to comment gets their favorite coin dipped):
Buy or walk, your choice:
We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
--Severian the Lame
--Severian the Lame
0
Comments
Buy
I'd whip it out so fast... uh, eh, the wallet that is.
Guess he didn't read the instructions.
I'm not sure I follow the challenge. Based on that picture? Pass. If there is more available? Maybe buy.
Pass...weight should be 4.18 or less...scale is accurate to .01g
buy
Walk
--Severian the Lame
I would choose the Roosters.
I have a coin I need dipped.
Based on weight and photos I will pass. The coin fields show possible circulation, but no wear on the eagle's upper wing.
that coins looks very fishy to me. i would have to see it in hand. pass
I'd buy that coin and throw out the scale. I like the crease through the mint mark. If it turns out to be bad, I already made a profit from the jump in the gold price. Otherwise I'll keep it in my C/F collection.
$2.5 gold indians weigh 4.18 grams. Rounding error. The US coins would be worth buying 3% over spot, the roosters would be nothing special at 3% over. When gold is rising, the dealer in our area sells foreign gold at spot.
Foreign gold is fun to buy, but when you sell, not such a great bargain.
Walk
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
The ring/crease around part of it is about the ONLY thing I like about this one. It has the "off" look to me, and I have learned to trust my judgement on these.
Look at the ATS plate coin for the 14D. It has identical marks on the rim.
And if the scale were measuring to 0.1 g, it would read 4.20 not 4.2
All comments reflect the opinion of the author, even when irrefutably accurate.
But, in keeping with the other thread: never pay more than spot for your gold!
All comments reflect the opinion of the author, even when irrefutably accurate.
Buyer. That weight is close enough. Always a gamble and especially based on pictures but am a “go” on this one.
Well, just Love coins, period.
Buy......Cheers, RickO
I think I changed my mind.
I would take a chance.
Looks off to me but it you can get it at a bullion price you're probably all right. Most gold fakes these days are being made using real gold of full weight.
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
Walk
Liberty: Parent of Science & Industry
Melt is $181 right now, 3% on top brings the total to $186. That's a definite buy in my book based on the risk/reward ratio.
buy, why not.
BHNC #203
What I'd whip out is my sigma and proceed from there.
This is the key. The risk/reward. These pieces are pretty tough to grade, but would you argue with at least an AU grade?
An NGC AU58 sold in July on eBay for $281. If it squeaks into MS territory, it's a $300 to $400 coin. So the "reward" is $100 to $200 in potential gain.
If it comes back lower than AU, damaged/cleaned, or even counterfeit, the "risk" is maybe $40 in fees and premium.
Some people really don't like to gamble. I do it all day long. It's what makes life exciting
--Severian the Lame
Buy, sell, trade.... or in this case: buy and submit.
``https://ebay.us/m/KxolR5
buy
Buy on the indian gold, pass on the world bullion material
Pass...
Experience the World through Numismatics...it's more than you can imagine.
so, will you let us know the results then? i am curious
Gambling on a grade is one thing, getting taken on a fake isn't something that would be considered good gambling. Congrats!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
pass
Buy.
Spot +3 now will be spot later.
Buy.
Pass. The coin does not look right to me, and I'm not aware that such pieces bring melt. The term "scrap value," which is less than melt value, comes into play.
If I were still a dealer, perhaps my answer would be different. As dealer, you have to sales connections where you are further up the daisy chain on something like this. If you are "Joe Blow," walking into a dealer's store, a lot of them are going to pay you botttom dollar, which less than "scrap."
I recently played the "bullion buy" game with this litte set. I paid 5% less than spot for this little set. I might be able to make some money now because the spot has gone up a bit more than $100 since the purchase.
Now I'll have to find something in my collection for you to dip.
Does this change your mind? If so, why?
--Severian the Lame
Virtually all counterfeit gold coins made in the last 50 years were made of gold meeting the US Mint's specifications so I'm not surprised that it's real gold although your Sigma device shows 22K while it should be 900 fine or 21.6K. It looks fake to me but it's real gold so it should be worth melt value.
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
Sigma doesn't matter, all it needs to be is gold plated and the sigma will call it good.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
I understand what you are conveying but the time period is closer to the last 40 years.
My understanding is the Sigma penetrates the surface. Any Sigma experts here that can weigh in?
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
Doesn't look genuine, test results don't either. I wouldn't waste my time, money, or mental energy on it, but do understand that other folks have more of those things to spare than me.
Liberty: Parent of Science & Industry
That has not been my experience with the Sigma over thousands of tests over 2 years of testing. As this test shows, the Sigma indicated this 24k gold plated copy to be neither 24k nor 22k. According to the Sigma, it wasn't even close (nothing inside the brackets).
--Severian the Lame
Are you certain that "gold plated" copy is even gold plated?
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
For all the people who think this coin looks fake, could you express why?
It looks genuine to me and has similar markings to the NGC plate coin, as I mentioned previously. I don't see anything that looks off. Even the lines near the edge are apparently common on this issue.
Since it tests as gold, you are really only risking 5-6%. You are paying 3 over, will likely get 2-3% under for scrap.
All comments reflect the opinion of the author, even when irrefutably accurate.
These coins are my main focus. I look at every one that comes up on ebay, literally. This one has the look of a fake to me, hard to explain how/why. The detail on the headband is strong, but the star details are fairly mushy. Also has some tooling marks on the neck. Also, look at the top of UNITED on the reverse, and top of L in Liberty on the obverse. Very week and mushy. Parts of the coin look sharp and parts look mushy, which makes me thing it's fake.
Obv/Rev strikes look incongruent. The eagles left wing feathers look too sharp compared to the rest of the coin (and the PCGS plate coins). The peripheral legends don't look like the real deal (letter strokes). Also there's some weird depression between the 2 1/2 and the letter D in DOLLAR on the REV. I'll WALK.
Walk, I only buy graded gold.