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Purchasing silver coins from China? ( Buyer beware )

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Today I got schooled 101 about purchasing gold & silver coins from a coin dealer.

Man did I learn a lot.

I was told not to buy any silver 1 oz, 5 oz panda etc, etc, coins from EBay, as the mention silver coins are all fake from China.

The weight of these coins 1-5 Troy oz coins are not exact as to what the face value states.

These coins are silver plated as well, much to my surprise.

This coin dealer was helpful to show me the difference, real vs fake silver coins.

Certain Australian gold bars in 1-100 oz are fake as well, being sold in Kijiji & EBay.

So be careful when purchasing coins or bars with your hard earned money, fakes are out there.

Purchasing coins in a private sale, caution needs to be taken. Getting them from a coin dealer with a store would be a safer choice.

For those that do not know, 1 Troy oz weather gold or silver is ( 1.10 ounces on a digital scale ) & not 1.0 ounce. So have fun if your into collecting gold & silver coins & bars for future use.

Don't be a victim, being taken for a ride. Educate your self if your into precious metals.

Just my 2 cents, for all its worth.

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I buy all mine from a local coin dealer so no worries...

 

I did not know that a 1 oz coin weighed 1.1 oz....thanks

Exact measurements are as follows:

 

1 Troy ounce = 31.1034768 grams or 480 grains.

 

1 ounce = 28.3495231 grams or 437.5 grains.

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I know one thing if it can be counterfeited it will be any one can google and look up how to double check American paper currency I would easily done at flea markets if you can find a dark place you can also use a ultra violet LED pen this has other uses if you think your family member is smoking a chemical it will glow on the lips and inside mouth.

 

It can also be used to back track a trail using a fluid that fluoresces under UV light. leave invisible writing  on surfaces but that is another tangent ---

 

very good info P210SIG, I stick with worn American coins before 1964 not deemed collectible but easily recognized as silver coinage I like dimes halves dollar coins.

Most any Pawn coin or silver dealer will have some.

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P210

Sorry for your schooling. I don't buy a thing on Ebay anymore because of all the Chinese counterfeiting of products.

(all sorts)

In only buy our silver from local shops so I can see, feel, TEST the coins and other PMs prior to purchase. Llike Snake, we

prefer the "USA junk silver" bags, in the 60% CATEGORY. At least we know the source and it isn't profitable for the PRC

wankers to counterfeit. We also purchase silver and gold fractional coins from local reputable dealers and

we religiously use the Fisch detectors for ALL Au coin purchases. Best money we ever spent, too.

I've also found that other PMs, like brass, lead, copper jacketed small units of base metals are extremely valuable to have on 'hand

for personal use, trade/barter, etc.

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I stick with worn American coins before 1964 not deemed collectible but easily recognized as silver coinage I like dimes halves dollar coins.

In a total financial collapse in most cases, I my self would not be accepting curculated coins.

Even though nickels, dimes, quarters, half dollar & dollar coins from pre-1964 date have silver in them, they do not have a stamped marking stating it has silver. The average joe, not educated in bullion wouldn't know better.

I would only accept .999 & .99999 marked silver coins or coins stating fine silver.

Will likely put a magnet to them as well, because real silver coins do not stick to a magnet.

For me it's 100% silver coins for barter/trade, other wise no deal, thank you very much.

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We went the "junk" silver route too with American coinage.

 

Before being a SAHM, I worked in the banking industry. My first job was as a teller. One of our usual customers would always ask me, "Got any 'good money'?" I didn't understand what he meant at first. He explained it to me...coins that came in to the teller line that were silver. To a bank teller and the bank itself, a dime made in 1984 was the same as a dime minted in 1945. He'd give me a crappy dime, and I'd give him the "real dime." According to the bank that would be considered a "fair trade." The counting of the teller drawers didn't account for the difference in quality of metals used to mint the coins. All the bank cared about was that you had $100 in dimes at the start of your shift and your transactions all balanced out at the end of the day with what you had for dimes in your drawer at that time.

 

Anyway, I never realized the importance of this and of what he was doing until we began learning about currency in 2012. I should have kept that 'good money' and traded it with my own "fake" coins. LOL.

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I look at all this as a maybe in todays viewpoint what will be valuable electrical power fuel medications foods the list is endless and as well predicated on peoples region if your next to an area with a salt mine you wont see salt as a valuable resource.

 

in the desert water is valuable etc. everyone needs to NOT go whole hog into any one item most here or reading do not have deep enough pockets to warehouse tonnage a 6 month to a year supply of core goods you use on a regular basis.

 

Silver for years was a poor investment gold is as bad it seems as if the little guy gets in when the big boys sell out and we do have to recall that our government has confiscated gold and replaced all certificates ( dollars that showed you could cash them in for their value in either metal implied)

face it government can and will screw all of us for THEIR greater good that is the way they have always worked up and to drafting people into the military and even making work forces like WPA and the CCC there was no work so people had little choice and they also did a lot of enforcement in hunting and making beer wine and liquor to further strangle off alternative ways for people to make a living.

 

I hope people read some history and try to tie it together it is not as disconnected as it appears all governing bodies city county state and fed are all in the business of taking and giving at their benefit not the people that are forced to pay in.

anyone can see where local governments have laws totally against the constitution and are ever more striving to make you live in fear of being a criminal or becoming one by legal decree.

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I limit my silver and gold coins to American gold and silver coins. If you buy them new you don't have to pay sales tax on them like you would on foreign currencies and are guaranteed the quality.  I was lucky, I bought big in 1999 and paid $265.00 an ounce for gold and $8.00 an ounce for the silver. While the price of silver is down, the price on those unopened mint rolls is still high and nice at about $35.00 a coin as coins.

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If you buy them new you don't have to pay sales tax on them like you would on foreign currencies and are guaranteed the quality.

In Canada, now ( Saudi-Canada ) you don't pay taxes at all when buying gold & silver bullion.

It doesn't matter where it's minted, America, Saudi-Canada, Australia, Africa, China. Etc, etc.

Even used coins/bars you pay no taxes.

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In Canada, now ( Saudi-Canada ) you don't pay taxes at all when buying gold & silver bullion.

It doesn't matter where it's minted, America, Saudi-Canada, Australia, Africa, China. Etc, etc.

Even used coins/bars you pay no taxes.

that's interesting...I don't remember paying taxes on bullion here either...but it may be like danm says if its new you don't...

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While the price of silver is down, the price on those unopened mint rolls is still high and nice at about $35.00 a coin as coins.

OMG, are you paying $35 a piece US funds for 1 oz silver coin?

Highway robbery indeed.

This past weekend I paid $22 a piece for 1 oz silver maple coin & no tax.

At $35 US funds with a 30% exchange rate, comes to $45.50 Canadian funds.

I could buy 2 silver maples & have change left over. Lol.

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actually its about 16.00 per oz USA

 

http://www.kitco.com/market/

That's spot price, the coin store will add another 3-5 or more dollars to that spot price.

Coin stores are not going to sell it to you at cost price.

If you think they would you are dreaming.

New minted coins, uncirculated , which means flawless, not a scratch on them, you will certainly pay a lot more for them.

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P210SIG, Instead of selling the coin as silver check the prices of them as COINS. uncirculated mint coins are collectible. The copper in a "fine" condition Flying Eagle American penny has nothing to do with its value as a coin. Silver dimes in good condition are also worth more as collectible coins than either their face value or their silver weight would be worth. I collect coins and so am pretty aware of the coin value of even the silver, gold and platinum coins

 

Spot for silver today is $16.29. The price for a new Silver eagle coin is $29.00 and the Price of a 1999 Silver Eagle is $54.00. I generally use C&C Silver and Gold INC for my average prices and to get the spot.

 

If you just want the Silver you buy what they call Rounds. They are commercial grade coins with almost no collector value. They sell for spot plus a fee that will vary depending on how many you buy in a lot. That was how I got my sliver eagles for $8.00 in 1999. I bought them in lots of 120 or 6 mint rolls. The Gold coins I bought in lots of 5 so the dealer cut me a nice deal for the lot where the actual prices per coin were very close to that days spot.

 

I like old coins. They are like a reflection of their times. The history of our country can be told with the coins of that day and there are wonderful stories that go with so many of them. Example: At one time a copper penny was actually bigger than a quarter. they even minted half cents back then. The size of the coin represented its true value as metal So a 1oz silver dollar was the standard.for silver. A half dollar, Quarter, 20cent piece, Dime, Half Dime and Trime (3cents) were all that weight as related to the 1oz silver dollar. The same was true in Gold with the 1oz 20dollar gold piece, 5 dollar 1/4 oz etc. and then all down the copper line of coins. The large penny was standard for a long time until we started doing electric stuff like running miles and miles of copper wire for the telegraphs. The price of copper went through the roof and the penny had to be shrunk so people would not buy them and then melt for sale as copper. The same thing is what brought on the sandwich coins in 1965. The price of the metal just got too far off the value of the coin. A 20 dollar gold coin now would be about the size of a BB around and flat and a Gold dollar would be like the head of a pin and paper thin!!

 

The US government minted a pornographic quarter in 1916 that stirred up such a stink that it was pulled and changed. All silver coins have the ridged edges to put chiselers out of business. They would "chisel" off a thin slice of silver from a bunch of coins then sell the silver and spend the coins. After the ridges were put on them you could tell if a coin had been "chiseled" and not take it. When nickels were first made to replace the half dime trickles were made to replace the 3 cent trime. The new nickel had a V on it instead of saying 5 cents. It was called the racketeers nickle because if you gold plated it it could be passed as a 5 dollar gold piece. So many were done that even today there is collectors interest in authentic racketeers nickles with the gold plating.

 

one of the best investments out there that you can't lose on is the Susan B dollars. You get them for a dollar and no matter what they are worth that much. I have hundreds of them and get a couple any time I go to the bank if they have them. The nice ones are already worth more as coins than as currency but no matter what I can always just spend them and they don't burn or rot if I bury them. LOL.

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I started collecting gold & silver coins when I was 12 years old.

It was just hobby back then.

In 1991 when I got married I received gold & silver coins & bars as wedding gifts.

Back in 1997 is when I really started stacking silver & gold coins for a rainy day, not knowing what the outcome would be for Y2K.

Most of my coins have been newly minted Canadian maples.

Have some American Buffalo coins not much & some silver quarters, 1/2 dollars & dollar coins.

Now days I only purchase 1oz silver maples & that's it.

My biggest concern is when the ballon goes up, when trying to do a transaction with someone for barter/trade & telling them that the quarters, 1/2 dollars & dollar coins are silver coins.

If they have collected silver coins now or in the past it would not be a problem, but trying to do a deal with someone who's never owned silver coins, they will be saying where does it state on the coin that it's silver.

Their won't be any internet to provide the information saying that what you have is silver.

Just my thoughts as to what could happen when dealing with a person not educated in bullion.

It's the main reason why I buy 1 oz silver coins mainly.

If it doesn't say fine silver or .999 silver on the coin, then it's not silver. IMHO.

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For the early part of a downfall I will mostly swap out my gold and silver for THINGS.I never want to be in a position of trying to buy a chicken from some old nester with money of any kind. You can't eat gold or silver. Neither is especially useful for much of anything except jewelry, monetary exchange and a little for electric things. I will not get caught holding a tub load of very valuable but meaningless coins in a world where it is back to basics,,,FOOD, WATER, SHELTER, MEDICINES and the things that will provide you with the same. I also keep several thousand dollars in small bills and coins. If the power goes off checks and credit cards will be useless. The Banks will not open and what you have on hand will be all that you have.

 

You are right about the problems of trying to use gold or silver coins in a direct exchange as money. Most people don't know how to tell the real from the fake. Without GOOD scales and ways to accurately measure a coin it would be hard to tell what they were offering you. I personally would not consider trading a gun and ammo for a ounce of gold in a post fall world if I wasn't sure that the gold would EVER be anything more than a pretty coin again. For a lot of people I think the regular dollar (not silver) coins will have more local use for as long as money has any meaning. Money, whether gold, silver, copper or just pot metal and paper is only worth something as long as people have confidence and faith that it will be worth the same or more next month.

 

I predict that in a crash where the power was lost for a long term that CASH is going to be worth MORE than it is now for the short term. SPEND it. The stores won't be getting any more shipments and you need to buy while there is something that you CAN buy. Most people are cash POOR!! Realize, the stores will WANT money badly. Without it how will they pay their people and where will THEIR pay come from. Write checks as long as people will take them but that won't last very long at ALL. Then cash will be king for a while then you will need things or skills for barter.

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I'll be using my gold & silver to buy land or some type of dwelling when people have lost the property that they use to own, in which they could not afford to pay their mortgage. A lot of people have over extended them selves with credit & are living beyond their means.

I'm not counting on bullion only, I have other sources to that will keep me afloat come what may. Most of my bases are covered for almost anything. Have no liens on anything that I own & I like it that way, thank GOD. Just watching from the side lines now, as to what's happening world wide. Owning a bunker would be nice, just not in the cards. Besides all of my buddy's in my group don't want to be stuck in some hole in the ground.

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beans bullets and bandaids first...then silver....I wouldn't invest in gold as no one will have the change to exchange with you for a gold coin.

It all depends what your getting.

Certain things will command a higher value, which gold may be needed.

What if the person your dealing with doesn't want your silver, ever though of that?

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It all depends what your getting.

Certain things will command a higher value, which gold may be needed.

What if the person your dealing with doesn't want your silver, ever though of that?

yep...that why I haven't got ALOT of silver just enough to get through a rough spot or 2 I deal mostly in beans bullets and bandaids...although I would never trade ammo that could bite you in the butt...

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yep...that why I haven't got ALOT of silver just enough to get through a rough spot or 2 I deal mostly in beans bullets and bandaids...although I would never trade ammo that could bite you in the butt...

You will be using silver bullets to fight of ware wolves, maybe Zombies LOL

Just remember, a person not prepared with gold ,silver, bullets, food, water, etc, etc.

Take what ever you feel is more important, you are likely to fail.

Same goes if your a loner, lone wolf with no friends/buddy's in your group, you can kiss your butt bye bye!

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In 1999 I really didn't expect a TEOTWAWKI event but I was aware of the very real possibility that things could have gone ugly. I treated it sort of like a dry run. I stayed HOME for New Years. I had $15,000.00 in small bills, Gold and Silver and 500 Susan B Dollars. I also had enough ammo to fight a medium sized war, probably a couple hundred thousand fishing hooks, 25 cartons of cigarettes (Even though I don't smoke),  4 cases of cheap whiskey in small bottles, Food for 4 for at least a couple of years, Needles and thread in mass for trade, a hundred decks of cards, (a friend runs a Saturday night poker game and they start every night with new sealed cards, Enough seeds to plant about 40 acres and none of it was lettuce, I'll never have to by triple antibiotic ointment again or band-aids either, 30,000 Books (Seriously I read a lot!) There was a lot more including several things that were/are not legal. I was ready to secure my area with LETHAL killing fields and after things settled start a trading post.If things had gone bad that gold, silver and cash would have been converted into more trade goods while there were still things to find and buy things and people that still thought paper money meant anything.

 

Because I've lived almost my entire life in hurricane country I've actually seen things collapse. It happens faster than you would ever imagine!! Within 3 days you couldn't buy water, Gasoline, canned goods, bread or much of anything. Worst of all the idiots blocked the parking lots up with cars that had run out of gas or over heated to the point a delivery truck couldn't get in even if they wanted too. The highways were blocked and one town a few miles from here put up road blocks with armed cops there 24/7 to keep these idiots out.

 

You need to be at least partially prepared NOW because in days, sometime in HOURS a store can be stripped bare. The roads are blocked and the power, water and eventually the LP Gas will be gone. If you are in a major urban area I recommend that you rent a mini warehouse in a small town 60 or 70 miles out at least and put a small trailer full of what you might NEED. If possible if things start getting weird let your family go on up and then you can come up when the balloon goes up on a motorcycle or even a bicycle. Not everyone can just jump up and leave their job. I understand that but you can prepare a place for yourself ahead of time for not very much.

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Well we can tell them Damn but most will not listen During Katrina Rita the most recent TSHTF all the parking lots were full all the stores were broken into and nothing was available the highway was bumper to bumper the feeder roads the same and people were reliving themselves all around a gas stations etc.  to the point they had to steam clean and bleach the walls and surrounding area and it killed all the grass.

The power was out for 11 days.

 

I was here in the 80's can't remember the hurricane but the grocery stores were empty in hours nothing but the freezer case not a cracker or battery no water drinks of any kind it was BARE.

 

I figure if anything happens in less than 12 hours there will be nothing anywhere and we all better pray it is not in winter or the middle of the night,

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Just heard in the news that Texas got rained on, & that the streets have become rivers of water.

Guessing just another shtf event happening there.

History repeating it self again & people not prepared again.

Some people never learn the first time, or the second, & third time. Go figure.

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