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 Replies: 10 / Views: 1,493 |
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New Member
United States
5 Posts |
I am new at this and wonder about some items in coin dealing
I am looking at buying a 1744 8 Real ($175) at my local coin dealer (certified by PCGS). No Grade on it or PCGS slab.
1. My worry is its a fake/counterfeit, and can a certified coin dealer be took? Judging by the Krause Publications dollar coin price range it appears to be right.
2. Why wouldn't a dealer invest to certify or provide a certificate for coins it is selling? Wt, analysis to prove it is not fake....etc.
3. Krause coin prices have not changed for Spanish colonial coins but yet colonial coins (USA) plus others are still rising. Just No interest in Spanish colonials?
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Pillar of the Community
United States
3098 Posts |
Ask for a weight to see if it's real. Judging by his PCGS cert, it should be real. Otherwise if he sells you a lemon, go ahead and destroy his business.
Well, slabbing costs $30 or so for this kind of coin, so it's quite expensive. I bet he can have it for cheaper by submitting volumes, but that's just up to him.
Also, aren't there quite a few 8Rs floating around in the market?
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New Member
 United States
5 Posts |
You're right wd1040 about 8Reales being quite numerous.
I should make clear he is PCGS certified dealer, the coin is not PCGS certified.
Since I'm new and a coin show coming up this Saturday, I thought I'd go and do some more researching.
I'm somewhat of a skeptic with what I've read on the chinese fakes plus my experience with Asian fakes in the industry I work in - it is up to me to validate what I get.
Thanks wd1040
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Pillar of the Community
Australia
2830 Posts |
G'day, invest in scales, to weigh suspect coins.
But, you have to know the correct weight for the scales to be of any use, so you need to research the coins you are interested in.
In my limited experience, fakes are light by about one-third.
A small magnet is an inexpensive addition to a coin collector's toolkit: magnetic silver wasn't used to make real coins in the colonial era.
Peter in Oz
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Pillar of the Community
United States
3499 Posts |
SearchinDave- you are very right to be cautious. Read up as much as you can and learn to spot the key indicators of fake coins. I must admit that I know more about bust rather than dos mundo 8s, but I say look at the edge and make sure that the "lotus pattern" edge looks good in that there are no signs of casting. Also just make sure that it sounds like silver in addition to it being of the proper weight. The only other advice I can give is to make sure that the dealer has a return policy if the worst comes to pass. I say go for it if it looks good to you and the dealer does have a return policy.
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Pillar of the Community
United States
3098 Posts |
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Pillar of the Community
Australia
2830 Posts |
quote: "Magnetic silver? Please tell me more!"
some forgeries are made of metals that react to a magnet, so a magnet will sometimes reveal a fake.
At variouis times, including recent years, with the high price of silver, some countries produce coins from magnetic materials, so one has to know what one is looking for.
But Spanish dollars, British Crowns, etc, so far as I am aware, are all non-magnetic.
Peter in Oz
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Pillar of the Community
United States
3499 Posts |
Peter THOMAS- Yeah, no silver coins are magnetic. If a coin is magnetic then it is indicative of being made of Steel or some form of "pot metal."
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Pillar of the Community
United States
3098 Posts |
oh... I meant some evil ... metalist... has created an alloy of silver that has magnetic properties!
Also, isn't pure nickel also magnetic? Isn't that why all Canadian coins since the 60s (as well as the loonie) are magnetic?
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Pillar of the Community
Australia
2830 Posts |
Archraz: my little joke ...
Wd1040, quote: "isn't pure nickel also magnetic?"
yes, so some Canadian coins are magnetic.
Also, I have an Austrian coin of the 1970s that is magnetic.
I believe some Italian coins of the 20th Century were also magnetic.
Australian CuNi coins are 25% nickel, but they do not react to a magnet.
I gather that mint-masters aren't fond of nickel, because it wears the dies faster than other metals. But, like the rest of us, they're stuck with what's affordable at any particular time.
Peter in Oz
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New Member
United States
5 Posts |
Thanks guys. Really helpfull info. I've known even with certificates generated still must be suspect. Working in the late 80's in rocket production we ordered 1 inch bolts due to extreme loads. Along with them came certificates of grade - well you know the rest - they were bogus.
Thanks again
Dave
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Replies: 10 / Views: 1,493 |
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Posted 05/03/2009 10:52 pm
