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 Replies: 10 / Views: 1,645 |
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Pillar of the Community
United States
4692 Posts |
Timing allowed me to purchase these 2 gold coins on ebay earlier this week at under gold spot. $730 for the pair with free shipping. Total gold in the pair is total of 0.46 oz gold. Anyone else have any recent ebay scores to report? Sellers not paying attention (or just wanting a quick sale) in a rapidly rising market create opportunities for buyers watching closely.   |
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Pillar of the Community
Canada
3733 Posts |
Congratulations.. Nice pick up.
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Pillar of the Community
United States
5362 Posts |
jimbucks As an authenticator I am always suspicious when I run into bargains in gold coins. The 20 Marks was a target for bullion forgers in the 1960's and it is quite possible that the coins could be gold but not genuine. See this thread for a good discussion: http://goccf.com/t/288588
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Pillar of the Community
Singapore
631 Posts |
Even if fake, it's still below spot. Whats the spot price for these 2 ?
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Pillar of the Community
United States
5362 Posts |
Numister I agree in theory with what you say, however, if the coins are not genuine, the first thing that should be done is they should be stamped COPY to be legal.
The question of value if they are not genuine will depend on assay. I know when the shop I used to work for bought raw gold of unknown alloy OTC, we had to apply a discount to allow for smelting and assay fees. It can run 15% or more for small items. That discount would definitely apply here if the coins are not genuine.
Spot for a Genuine German 20 mark is known because it's alloy is known. That is not the case here.
Some (even the majority) of the bullion counterfeits I have handled were .999 fine. These you can make a profit on. But others were as low as .500 fine which would be a significant loss.
So the first thing to determine is the actual alloy. Then you can determine if this purchase was a bargain or not.
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Pillar of the Community
United States
1962 Posts |
"As an authenticator I am always suspicious when I run into bargains in gold coins." That's very unscientific reasoning, Bob... one step "there are lots of Chinese fakes out there!". This was just under spot for coins that are pretty much strictly bullion unless in high grade. And, frankly, the pieces look to be absolutely honest, slightly handled typical examples. If some pawn shop or "we buy gold" shop (they must be coming back at these levels) or similar bought at a decent discount, the seller probably made a few bucks... And if gold were to stay at (or now return to) the level jimbucks bought at, it's not like there would be any more money to be made on these flipping on ebay after fees or selling at a show. However, considering all of China and half of Italy is now dead and gold is headed for $10,000 (again), it was good timing. Hey, did anyone buy palladium before it shot? |
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Pillar of the Community
Australia
1333 Posts |
once in a while a bargain does come along great pick up, not all deals on ebay are a scam, however would have OOF if I was the seller when I realised ebay takes 10%. Yeah not going sell gold melt like that :D, I picked up a gold proof 99.99% from a local auction once for way below melt I don't think people understood what it was, usually sold stuff like old clothes or other second hand items. |
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Pillar of the Community
Australia
1333 Posts |
much more likely inherited coins, person knows about gold but has no interest in coin collecting, fastest way is to sell to dealer (although often very low offer 10%-5% below) or on ebay. Could still be counterfeit but usually very low standards on the details. |
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Pillar of the Community
United States
2233 Posts |
I've heard about these fakes and about those U.S. gold fakes that were made in Lebanon in the 70s.
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Pillar of the Community
Australia
1333 Posts |
However, considering all of China and half of Italy is now dead and gold is headed for $10,000 (again), it was good timing.
really $10K again when has it reach 10K?
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Pillar of the Community
 United States
7963 Posts |
Given the content of that sentence, I am guessing it was "tongue in cheek."  |
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Replies: 10 / Views: 1,645 |
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Posted 02/22/2020 4:31 pm
