| Author |
 Replies: 23 / Views: 5,548 |
|
Valued Member
United States
337 Posts |
I wish I was the one to notice this but take a good look at the picture and see what coins you see. Figured it was worth a share with the community http://buffalo.craigslist.org/clt/2340173700.htmlhe has weighed coins that are on a scale and then used that weight to calculate how much silver he is selling. Problem is that he has silver War Nickels and 40% JFKs on the scale. For people who get excited and are trying to build up silver they could easily fall into a trap. Make sure you know what you are buying when you purchase from anyone. This could be a mistake by an uneducated seller, or him just trying to pull a fast one on a new silver hoarder but either way be careful as always when buying!!  til next time |
|
|
|
Pillar of the Community
United States
1358 Posts |
Ooh, good eye on that one! Even with the explanation, it took me a while to figure out where the scam was... I'm just really slow today :P lol Thanks for letting us know!  |
|
Valued Member
United States
467 Posts |
He probabaly doesn't know the silver value in WN's and 40%. There are a ton of ignorant people out there.
|
|
Pillar of the Community
United States
2049 Posts |
Well he's not saying there is 10.7 ounces of silver in here or that the $9.75 face is all 90% silver coins so scam may be a bit of a harsh word. But I can see where someone might think they are getting more silver than they really are.
As with anything, the buyer needs to do his/her homework before handing the cash over.
|
|
Valued Member
United States
309 Posts |
You see this kind of stuff on ebay all the time. How many people know that an avoirdupois ounce weighs less than a troy ounce. Not to mention an ounce of 90% "junk" silver coins are even further away from a troy ounce because of the other 10% copper. Anytime I see coins setting on a scale, I pretty much go the other way. |
|
Valued Member
 United States
337 Posts |
i was not really wanting to use the word scam and thats why I explained that the seller might not know either
either way buyer beware look at what you are buying and realize what the coins are, the weights, the percentages, and the silver you might be getting
just a friendly heads up
|
|
Valued Member
United States
183 Posts |
and many people don't account for troy oz vs regular oz too...
|
|
Valued Member
United States
108 Posts |
There are 25 grams to the $1 for U.S. 90% silver coin (excluding S$1 which are 26.73g to the $). So, $9.75 face in 90% would amount to a little over 243.75g (8.5979oz), so that shows you just how much non-90% silver coins are hiding under the top coins. Now, the difference in weight between 40% and 90% silver coin is only 2g per dollar, so that is fairly negligible in the amount photographed.
So, the +2oz difference is most likely nickels. So, there are probably 10 or 11 nickels (5g a piece) hiding in the "lot", and if the seller is really clueless, they could well be cupro-nickel and not silver at all.
Regardless, the most that could possibly be in this lot (based on face value) would be 7.50ozt if there were $9 in dollars and 75 cents on change. That's near $100 less than the asking price from Friday's NY close for a best case scenario. But, we already know it's even less than that.
|
|
Valued Member
United States
213 Posts |
Edited by Danester
04/23/2011 11:27 pm
|
|
Pillar of the Community
United States
1424 Posts |
not only is he giving you war nics and 40% JFKs but he's charging 46x face value for silver coins.
NO THANKS!!
|
|
Valued Member
United States
314 Posts |
Danester, I also see those ripoff sales on ebay quite often. |
|
Valued Member
United States
277 Posts |
Craiglisters are scammers alot or just plain try to rip you off, we have a few locally that I have contacted about selling or buying silver when they list what coins they have or want but don't give a price. Usually they are selling at 40 times face or higher and buying around 20 times face value. What is stupid is they use the same email address for both posts.
|
|
Valued Member
United States
94 Posts |
Yeah, when I started looking on ebay I quickly realized that on ebay 1 avoirdupois ounce of 90% coins is the same thing as 1 troy ounce of .999 silver. I guess it's probably because of all the cashback sites and things that people run it up like that. |
|
Bedrock of the Community
United States
20753 Posts |
I too suspect the seller in this instance has a bunch of coins he thinks are pure Silver. He hears how much Silver is now worth and is just trying to get as much money for his Silver as possible.
I've always found that the vast majority of people have little to no knowledge of Numismatics. It is usually only people involved in coinage that sees scams in every sale since they are the few that really knows what is what in coins.
But on the other side of the coin, so to speak, yes there are a real lot of scammers out there also.
|
|
Bedrock of the Community
United States
19931 Posts |
carl probably nailed it. I've had tons of friends/relatives bring me non-silver coins they thought were silver. I've disappointed a lot of people. LOL
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
|
|
Valued Member
United States
59 Posts |
This is why as a new collector, when I buy silver coins. I am paying over sixty and up for coins that will grade at that price. This takes the silver equation out of the picture. Now I have a nice coin and my collection will always be fairly valued in the future.
Big Ed
|
| |
Replies: 23 / Views: 5,548 |
Posted 04/23/2011 1:45 pm
