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 Replies: 28 / Views: 7,266 |
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Pillar of the Community
United States
1373 Posts |
SO an hour ago my buddy calls me and says that he just got some silver cheap and wanted to know if I wanted to check the coins out. Told me he bought 16 silver dollars for $90. After hanging up the phone I initially thought "Wow, how does he fall into these deals?" When he got to my house I brought out my RedBook and looked at his items. Scan of one of the coins is below.   Backstory: He hangs out at a local party store and has made friends with the owner. The owner knows that my friend collects coins so he saves what he gets from customers and then sells them to my friend. Today, some woman came into the store and wanted to know if they would be interested in buying some 'old money' from her. The owner calls up my buddy and asks if he'd be interested. My buddy (sight unseen) tells the party store guy that he'll buy them; and they worked out the $90 sales price with the woman. The party store owner paid the woman and she left. A half hour later my buddy shows up for the coins, pays the store owner back the $90 he fronted for my friend, then my friend calls me. SO when he gets to my house and I start looking at them I'm still thinking he got a great deal......until I opened the RedBook. I don't collect any of that old junk so I didn't know what's what, but when I looked up the 1804 Draped Bust Dollar my initial joy for his luck turned to sympathy. (Did I mention that THREE of the coins were 1804 Bust Dollars?). He's still thinking that he made out because even though they might be altered coins that he'll make out on the silver content. I'm not sure they are silver all the way through though. Also in the pile were two 1900 Walking Liberty's. ? |
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Pillar of the Community
 United States
1373 Posts |
Update: My friend just called to tell me ALL the dollars are magnetic. There goes his idea of breaking even by selling them as scrap silver, and more important, I don't think he'll be treating me to any swanky restaurants in the near future> :(
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Bedrock of the Community
13014 Posts |
Not sure if the bust dollar is silver or not but it's without a doubt fake. Walking Liberty half's didn't start until 1916 so those are also fakes especially if they're dollars which were never made. Given a good part of the lot is fake there's probably a good chance it all is. Sorry for the bad news for your buddy. |
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Pillar of the Community
United States
7615 Posts |
And just another reason to never buy stuff from your coin uneducated friends, sight unseen, off the street that was sold by little old ladies.
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Pillar of the Community
Canada
3049 Posts |
I feel for your friend.. but never pay for something without making sure it's real...
If the owner of the store has security footage they can go to the police.. but that's all that really can be done now.. your buddy has some pretty pricey paper weights or learning lessons
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Pillar of the Community
United States
7840 Posts |
That is a realy bad fake. Out of pure curiosity, what do the 1900 Walkers look like?  Edited by oih82w8
11/21/2013 4:52 pm
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Valued Member
60 Posts |
They look a bit to clean for there age
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Pillar of the Community
United States
2368 Posts |
Ouch.  Good thing it was only $90. If he bought a fake 1913 V nickel... |
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Pillar of the Community
United States
1373 Posts |
oih82w8: They looked just like current ASE's, but really worn down. He was still somewhat in denial when he left my house for home, thinking that someone changed the date on a current ASE and wore it down to make it look older. He thought he could still get scrap silver for it. He now knows he's out the full $90. He's taken it pretty well, though he might really be seething inside. This guy is one of the nicest people I've ever known and it's sad that he gets repaid this way. If the woman had asked him for money, he probably would have given her $20. (BTW; she had told the shopkeeper her dad had died and was selling off some of his stuff). I am hoping that he did learn something today. He's not really going to miss the money (he buys like $50 in lottery tickets a day), but I'm sure he feels a mixture of disappointment and embarrassment for this folly. I'll see if I can borrow all of the coins he got; scan them; and then post them tomorrow. |
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Bedrock of the Community
Canada
11922 Posts |
Bad fake... if it's to good to be true, it's not.
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Pillar of the Community
United States
684 Posts |
I bought a bunch of fakes, including the 1804 for about $3 each. Just to start to educate myself about fakes. They were not magnetic.
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Pillar of the Community
United States
3843 Posts |
Ouch too bad for your friend. Some legitimate generic silver 1 ounce rounds have a similar design though.   |
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Pillar of the Community
Canada
3692 Posts |
Sorry, but who the heck makes a fantasy piece and then puts the "D" mintmark from Denver. Like.....Who does that!? These kinds of stories make me think of people who just want to get rich quick and usually they are the weak-willed ones and not educated or just way too deep into this new generation that hasn't seen old things in their lives. First coin looks like zinc or some crappy white metal. Seconds is just a bad coin - I would never buy it unless they took it to the refinery and then I buy the bar. I don't trust that coin for a second and there's no mint that wants to claim proud craftsmanship of this product. BUT: I think that this is your friend's boss's fault for buying any stupid thing that came into his store - he's not a second-hand store owner and therefore has no experience with coins. I would go after the lady with all those fakes because that is fraud. |
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Pillar of the Community
Canada
2805 Posts |
Quote:
(he buys like $50 in lottery tickets a day) Yikes... maybe you should steer him away from reckless purchasing... |
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Bedrock of the Community
Canada
11922 Posts |
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Bedrock of the Community
13014 Posts |
I also agree, though hes got to be doing something right if he can afford that many lotto tickets a day
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Replies: 28 / Views: 7,266 |
Posted 11/21/2013 3:28 pm
