And folks, that's why we pay attention when we buy..

[SilverEye]

Apparently I am not as shrewd a buyer as I thought. These pieces are not labeled one ounce pure, but I paid an ounce price on each one.

The three gold enhanced Wasilla U2 pieces weigh at 1 toz and are the same diameter and thickness as a few of my other rounds, but aren't mint marked, so I don't know.

The foreign one is a "25 Leva (1990) Marathon, Olympics Barcelona 1992" It is only .925 pure and 23.3 grams from what I can find on the net.

The Chattanooga Choo Choo bar is mintmarked 15 grains of .999 silver. Seems I'm out the whole price on that one.

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[blackrabbit]

Where did you buy these?

[SilverDragon72]

Yep. Attention to detail.

I can see how that might happen though.

[beauanderos]

http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=26696&et_mid=608389&rid=25612243

Fakes are widespread and getting worse

"For an investor in physical silver, it could get so bad that they should avoid owning any brand of silver bars or rounds and only purchase coins such as U.S. 90 percent silver dimes, quarters and half dollars. These coins have far less than an ounce of silver, which makes them difficult to profitably counterfeit in nice enough quality to pass."

[SilverEye]

I bought these at local pawnshops (maybe the coin shop, I didn't keep accurate records) over the last year or so, all were purchased along with other coins or rounds. It's not like they said "here is one troy once of silver that you might like" but they didn't say "well you are purchasing two mintmarked one ounce rounds but you should know that this piece over here is worthless base metal" either.. I'm sure they bought the pieces as an ounce pure, paid half of spot, then sold them to me for a couple bucks under.

I think on the Choo Choo bar, I paid for 15 grams of silver, so only out half of spot. (15 grains still is almost a buck's worth!) The foreign piece is about 2/3 ounce asw, so only out a third of spot. I'm going to buy a test stone and solution today so I can find out about those Wasilla rounds.

I've been buying a buck or two under spot for a while now. I shake a lot of fruitless trees, but I make a game out of it as I search around wheelin and dealin. I'm just trying to be honest with myself and maybe give some of you guys a reminder to pay attention to what you're doing when looking for deals.

[pennypicker]

http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=26696&et_mid=608389&rid=25612243

Fakes are widespread and getting worse

"For an investor in physical silver, it could get so bad that they should avoid owning any brand of silver bars or rounds and only purchase coins such as U.S. 90 percent silver dimes, quarters and half dollars. These coins have far less than an ounce of silver, which makes them difficult to profitably counterfeit in nice enough quality to pass."

Just another reason why my favorite form of silver bullion is average circulated Mercs, Walkers & Franklins.

[NDFarmer]

If this counterfeit thing gets too crazy wouldn't it maybe be worth it to pay the premium and buy from someplace like Provident Metals? Or from the mint?

[Robarons]

Those unmarked rounds- have you tried to read the edges? Sometimes their marked .999 silver, sterling, .925,etc. on the edges

[SilverEye]

If this counterfeit thing gets too crazy wouldn't it maybe be worth it to pay the premium and buy from someplace like Provident Metals? Or from the mint?

Of course. I have purchased from Apmex in the past, and I did so without a worry. But if you think a highly-trusted name can't become compromised, I would like to introduce you to penniless ex-employees of Enron, Madoff's shattered investors, account holders of MF Global..

I am looking to become knowledgeable now, while the loss of 5 ounces of silver doesn't affect my standard of living, rather than when SHTF and come to find out my whole stack is worthless. I consider this the price of my education. Book learnin' is fine and dandy, but to act with confidence you have to have experience.

Imagine if you had to sell everything you own for coin, and when it came to buy your freedom you found out the coins were filled with chocolate instead of gold because you didn't know any better. I'll take small lumps now so I'm savvy when it counts.

[dannan14]

Imagine if you had to sell everything you own for coin, and when it came to buy your freedom you found out the coins were filled with chocolate instead of gold because you didn't know any better. I'll take small lumps now so I'm savvy when it counts.

good advice! Personally, i learn best from my own mistakes, but having other folks willing to share theirs makes it a little easier to exercise the proper caution.

[hobo finds]

Are you sure the Alsaka coins were even stamped .999 when they were made? They look good...

[SilverEye]

Those Alaska coins don't have any mint mark on them at all, nothing. Just artwork and company logo. They came in cool presentation boxes.

[daviscfad]

When I was at the Baltimore show this weekend slickeast and I pulled several 15 grain bars out of the bar bin and handed it to the dealer. He said he had paid 1 oz price and needed to check better. He threw them to the side and said thanks!

[SilverEye]

Good news on the Wasilla rounds. I took them to the new coin shop in town and they looked at them with a loupe on the edge. Robarons you were right: Buried in the reeding was "1 toz .999 fine silver". I luckboxed that one, I could barely read it even once I knew where to look.

I still feel like a chump buying that 15 grain bar. But thanks daviscfad for making me feel not so bad.

Beware you guys!

[CardsNCoins]

......I am looking to become knowledgeable now, while the loss of 5 ounces of silver doesn't affect my standard of living, rather than when SHTF and come to find out my whole stack is worthless. I consider this the price of my education. Book learnin' is fine and dandy, but to act with confidence you have to have experience.

Imagine if you had to sell everything you own for coin, and when it came to buy your freedom you found out the coins were filled with chocolate instead of gold because you didn't know any better. I'll take small lumps now so I'm savvy when it counts.

Exactly. If Doc saw this thread he'd call it tuition.

Thanks for sharing.

[Robarons]

Good that they were one of those edge marked deal coins, saved you 3 ounces of Silver. I would keep this in mind when buying silver because you can find deals where people or dealers may over look these marks. Also be careful because Franklin mint (and others) make similar rounds that are marked sterling on the side that look like 1 ounces.

I have found that any thing foreign silver will never be .999 or 1 Ounce silver. There are some exceptions like the Early Mexican .925 Onzas that come to 1 ounce .999, and larger foreign silver, but not often. Foreign silver should also be bought at a cheaper rate than .999 in most cases

[silvor]

http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=26696&et_mid=608389&rid=25612243

Fakes are widespread and getting worse

"For an investor in physical silver, it could get so bad that they should avoid owning any brand of silver bars or rounds and only purchase coins such as U.S. 90 percent silver dimes, quarters and half dollars. These coins have far less than an ounce of silver, which makes them difficult to profitably counterfeit in nice enough quality to pass."

There's plenty of fake halves, quarters and even dimes. It costs the chinese pennies to make them. And the "middle man" usually pays $1.50-2 each no matter if it's a dollar, half or quarter.. So even paying $2 for a fake quarter and reselling for $5 is still a nice profit.