| Author |
Replies: 14 / Views: 1,604 |
|
|
New Member
United States
3 Posts |
I recently purchased 2 silver Peace dollars from a company called american precious metals exchange ( APMEX) and I have been reading around and am concerned about fakes. I doubt I got scammed since I bought from a big widely known company. But is it possible that I got fake coins from them? *** Moved by Staff to a more appropriate forum. ***
|
|
|
|
New Member
United States
6 Posts |
I purchase coins often from APMEX.com as they usually have the lowest premium over spot on silver bullion coinage. I highly doubt that a fake Peace dollar would be sold by APMEX. They screen the coins that they sell and they would not ruin their superior reputation to sell you 2 fake Peace dollars.
|
|
Pillar of the Community
United States
1200 Posts |
I doubt you need to worry about buying counterfeits, knockoffs or fakes from APMEX. You're about as safe as safe gets with them. As for the premiums they charge, they're not what I'd call bargain basement. As of right now, ASE prices are: Goldmart=$31.44; Provident=$32.33 (500+more =$31.52) and APMEX=$33.35 (500+more=$31.85). I've used Goldmart extensively and both Provident and APMEX occasionally, and all 3 have good reputations (despite the inevitable occasional problems) and provide good service. However, I would definitely not say that APMEX usually has the lowest premium over spot on silver bullion coinage. I don't believe that's at all the case. A quick review of all the competing national online dealer websites should demonstrate that.
|
|
New Member
 United States
3 Posts |
Thank you for the reassurance, I strongly doubted I received a counterfeit as well. but I just wanted other opinions. I guess I only have to worry about fakes from ebay and flea markets then? I want to buy coins but dont want fakes, and would like to find other sources to buy cheaper purchases for coins instead of a $50 minimum
|
|
Pillar of the Community
United States
1200 Posts |
ebay can be risky. Do your homework and read the threads on ebay here and in the CCF Precious Metals and Bullion Forum as well as in other online forums. I'm not adventuresome enough to do much swimming in the shark tank called ebay. I also don't know if I'm smart enough to pick out counterfeits, forgeries and copies with 100% accuracy, so I don't do flea markets either. Known, established and respected dealers who are always at the same coin shows aren't a bad idea. Until you really know what you're doing, it's best to stay on the narrow, safe path to avoid getting burned. Edit: By the way, welcome to CCF! That should've been my first statement. Edit #2: Actually, I do know -- I'm definitely nowhere near smart enough to pick out fakes,etc with any acceptable level of accuracy. Probably never will be, either.
Edited by Fat Freddy 03/20/2013 1:53 pm
|
|
New Member
 United States
3 Posts |
Thank you for the welcome, and I am definitely going to stay away from ebay, and flea markets. But I would like to get a couple cheaper coins, like a Buffalo nickel, a Mercury dime, an Indian cent, etc. To start a small coin collection. Do you know of any websites, or places to buy one of each? Would these be common things to counterfeit?
|
|
Pillar of the Community
United States
1200 Posts |
Not sure about how common counterfeits of lesser-valued ones would be. Probably not too bad. If you have a known, established and respected local coin shop with a good reputation, definitely give them a go. I do a lot of business with a LCS where I live. If you have a good one near you, they'll likely be your best bet. Just don't expect them to hold your hand and spend major amounts of time educating you. They're there to make a profit and giving lengthy tutorials to newbies buying modestly priced coins doesn't fit that bill. With luck, they should be polite, understanding and patient, but don't expect the unrealistic from them. Happy shopping and good luck!
|
|
Rest in Peace
United States
4078 Posts |
APMEX is a top seller and very well respected. Strange things do happen but highly unlikely from them.
|
|
Valued Member
United States
318 Posts |
Quote: Just don't expect them to hold your hand and spend major amounts of time educating you. They're there to make a profit and giving lengthy tutorials I have found that every coin shop I have ever gone in is more than happy to spend as much time with me as I wanted. Even the sourpuss in the next town over that was working on paperwork and eating lunch put it aside and chatted with me, I never felt rushed. I felt bad that I didn't buy anything, but I was on my way to go fishing and spent my last $2 on worms. Couldn't even afford a 90% dime. 
|
|
Pillar of the Community
United States
3789 Posts |
Welcome friend to the forum and I wish you many good deals and bargains in this hobby! This is a great thread. I also have thought the same and have come to this conclusion- it IS probable that they could sell you a fake but highly unlikely. Why do I say that? Well,, for starters, on some of the older coins a fake could slip by, heck even coin shop owners have been faked out,,,, but, as many have stated here, and I agree with them, APMEX I would think is going to protect its reputation and will work hard to not get fakes in the first place. I know I have made my mind up going forward I will not be buying from ebay single coins unless they are a specific series, such as those Gabon Elephants.. but everything else must be either from a gov mint or a dealer such as APMEX or Goldmart.
|
|
Bedrock of the Community
13014 Posts |
As far as APMEX goes I would say its not out of the question for a fake to get past them with the bulk they deal with though I wouldnt be suspicious of anything I bought from them without good reason. Even if it did happen though like the other major dealers they would replace it in a second. They dont always have the best prices and ship a little slow, but they are a quality reputable place that I wouldnt think twice about buying from.
|
|
Pillar of the Community
United States
5853 Posts |
I agree that you don't need to worry about fakes from APMEX. Just take any "grading" they do on raw coins with a grain of salt. I bought a 1921 Peace dollar from them that they claimed was "Brilliant Uncirculated (MS-60 to MS-63)". When I finally got around to having it professionally graded, it came back as AU58 "Details" (Cleaned). I thought about returning it, but enough time had passed that I didn't think it was worth pursuing.
|
|
Valued Member
United States
117 Posts |
Most of my purchases are from APMEX. The only weird thing about APEMX is when I order my things, usually it's FEDEX or UPS, but when I follow the tracking, it'll reach my state (california) and then all of sudden, USPS has it. It makes me worry, but nothing has ever happened. It just confuses me since I'm tracking it through fedex/ups and all of a sudden, it has a new tracking number for USPS. Weird, but nothing negative.
|
|
Bedrock of the Community
13014 Posts |
Quote: The only weird thing about APEMX is when I order my things, usually it's FEDEX or UPS, but when I follow the tracking, it'll reach my state (california) and then all of sudden, USPS has it. It makes me worry, but nothing has ever happened. It just confuses me since I'm tracking it through fedex/ups and all of a sudden, it has a new tracking number for USPS. I think that Fedex and UPS have some of their shipping options where they figured out it was cheaper for them to have USPS complete the last leg of it then send their drivers around doing it or set up their operations in those areas.
|
|
Valued Member
United States
117 Posts |
Yeah, I couldn't figure it out. Fedex and UPS regularly deliever boxes and stuff at my work (I work at a storage place so lots of shipments from everywhere) so I'm sure it's not because they don't operate in my area. Maybe it's because it's cheaper for them to use USPS, but since I don't trust the USPS at all, it worries me. Wish they wouldn't do that, but it doesn't really effect me, unless I start thinking about all the possible ways my shipment won't get to me, haha.
|
| |
Replies: 14 / Views: 1,604 |
|