Tell me this isn't a scam

[Charmonium]

Just saw an add for this coin and my first thought was 'wow, that would be perfect to pass off as a real American Buffalo coin. You wouldn't be able to tell just by looking at it.'

The top one is the fake.

Sure, the fake doesn't have the $50 label with '1oz .9999 fine gold' but the average mark, ehrr I mean consumer isn't going to realize that. Same thing with the placement of the date and mint mark.

Now I can see how there might be a legitimate market for something like this. Say you don't have $1500 or whatever the mint is charging for an American Buffalo coin but you want one and don't mind if it's a knock off. It's just like people buying a knock off Rolex or Hermes bag.

But I have to wonder if this isn't sold with a wink and a nod to scammers.

 

[ponyo]

This isn't new. eBay, Alibaba, etc are filled with fake gold, silver, and platinum coins and bars. At least the above fake coin has "copy" on it. Most of the fakes don't even have that. It's pretty easy to avoid fakes if you know what to look for and stick with major online dealers like Apmex, MCM, JM Bullion, PCE, etc. If you want extra peace of mind, you can buy Sigma precious metal verifier but that's only a tool with its own set of limitations.

 

[Charmonium]

I assumed that the 'copy' there was only on the display version, not the version they sell. I can't really see anyone buying something that has that so prominently engraved on the face.

 

[GagHalfrunt]

Not going to touch those. I only sell fake Krugerrands, a man needs to have standards.

 

[John Connor]

Coins must be really easy to make. I see tons of them and in fact keep a Trump coin in my wallet I bought on eBay.

 

[KB]

Yes those coins are only sold to suckers. They have zero value to be used as money and the amount of gold on them is so low that getting the gold off of them would cost more than the gold is worth.

 

[Charmonium]

I googled those coins and according to one source, the amount of gold used is worth about 75 cents. They sell for a tad under $20.

 

[Yakk]

I don't understand people buying precious metals from street corners, or ebay which comes out to the same.

Why not just buy precious metals from will known mints? The rates are posted so you can see how much profit the mint is making and the quantity they will issue. You get to notch artists and also have a much better chance an audited mint really uses the precious metals its supposed to.

Or even just buy stamped billion at market rates.

 

[Exterous]

I don't understand people buying precious metals from street corners, or ebay which comes out to the same.

Why not just buy precious metals from will known mints? The rates are posted so you can see how much profit the mint is making and the quantity they will issue. You get to notch artists and also have a much better chance an audited mint really uses the precious metals its supposed to.

Or even just buy stamped billion at market rates.

Because they you aren't getting a 'deal'

 

[Yakk]

Because they you aren't getting a 'deal'

LoL... I guess... Maybe, just maybe there aren't any deals to be made on something which needs to be certified, sold by weight at public market rates, with posted added values.

 

[MagnusTheBrewer]

Good Lord, that's a bad copy. The thing that jumps out at me isn't the word copy, it's the lack of milling.

 

[ponyo]

I don't understand people buying precious metals from street corners, or ebay which comes out to the same.

Why not just buy precious metals from will known mints? The rates are posted so you can see how much profit the mint is making and the quantity they will issue. You get to notch artists and also have a much better chance an audited mint really uses the precious metals its supposed to.

Or even just buy stamped billion at market rates.

eBay is the cheapest and best place to buy real precious metals. By far. If you buy metals, you would know this. But precious metals attract scammers so there's also huge amount of fraud and fakes on eBay. But all the big precious metal dealers sell on eBay so if you buy from them, you're 100% safe.