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Fake Silver Dollars

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parkquarters's Avatar
United States
442 Posts
 Posted 06/29/2011  1:26 pm Show Profile   Bookmark this topic Add parkquarters to your friends list Get a Link to this Message Number of Subscribers
Man passes counterfeit coins at pawn shop.
http://www.gadsdentimes.com/article...al-pawn-shop
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Namachieli's Avatar
United States
2120 Posts
 Posted 06/29/2011  2:26 pm  Show Profile   Bookmark this reply Add Namachieli to your friends list Get a Link to this Reply
Anyone buying coins for over $1,000 and can't spot Steel Vs Silver, deserves to have their money taken.

Now if they were silver and counterfeit then I understand, some of them can be hard to detect.

Maybe I'm being harsh. I almost guarantee that they bought them for way lower than they perceived the value to be, so I have little sympathy.
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tokenmast's Avatar
United States
648 Posts
 Posted 06/29/2011  2:27 pm  Show Profile   Bookmark this reply Add tokenmast to your friends list Get a Link to this Reply

Quote:
were determined too be steel


yea it was a steal
ahh that should never have happened come on how expensive is a magnet apparently not having one very expensive!
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w1a9c8k5's Avatar
United States
1348 Posts
 Posted 06/29/2011  3:41 pm  Show Profile   Bookmark this reply Add w1a9c8k5 to your friends list Get a Link to this Reply
Their was an article like this a couple months ago. the pawn shop paid like 20% of retail price. Some people deserve to be taken.
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Bryan1315's Avatar
United States
14454 Posts
 Posted 06/29/2011  5:23 pm  Show Profile   Bookmark this reply Add Bryan1315 to your friends list Get a Link to this Reply
I don't think anyone ever deserves to be taken. The owner always has the choice to either take the offer or walk away. A business like a pawn shop has to make money, they usually offer less than half of what a item is worth so they can sell it for 75% of its real value. The other report like this that was a few months ago wasn't bought as collector coins, they were bought as bullion and they didn't even check the dates as far as I can remember so saying they deserve to be taken is not the way I see it. The 20% they offered was probably a pretty good bit over half of bullion value if they had been real which is what they were bought as. It would be like buying a roll of Lincoln wheat cents for copper value and then find there is a 1909-S VDB in there, doesn't mean you should be strung up in the heart of the city because you purchased them as one thing and then later found out there was added value in the items you purchased. Pawn shops are not coin dealers where they buy and sell collectibles constantly, they usually have to look items up to see what they are worth and that is usually after they have already purchased them. They are never going to know what a valuable coin is worth unless there is someone working that that is a collector because at most pawn shops coins/bullion is less than .5 percent of their actual business. Most coins they get are sent in to either dealers or smelters for their bullion value no matter what the date unless they happen to do research after they purchased the items and see there is one that is collectible or something but I bet most of the time if they buy as bullion they get sold as bullion to the smelters
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michaeln1306's Avatar
United States
262 Posts
 Posted 06/30/2011  9:04 pm  Show Profile   Bookmark this reply Add michaeln1306 to your friends list Get a Link to this Reply
Even with the poor quality of the picture taken by the news, it is almost obvious that it's steel....
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Hambone's Avatar
United States
609 Posts
 Posted 06/30/2011  9:30 pm  Show Profile   Bookmark this reply Add Hambone to your friends list Get a Link to this Reply
Parkquarters, do you live around Gadsden? If so, do you know of any coin stores in that area? I live around the boaz area.
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