Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > Silver Bug

Like Tree3Likes
  • 1 Post By Nyrik
  • 2 Post By drAGonfly47

Reply
 
LinkBack Thread Tools
Old 09-06-2016, 10:17 PM   #1
n00b
 
Join Date: Sep 2016
Posts: 3
Liked: 0 times
Greetings from a silver newbe who needs some advice

Good evening folks,
I am pretty new to buying silver and didn't know if I had to worry about fakes, so I want to ask the experts.
I buy primarily 1 ounce rounds or bars for the actual silver content, as I don't buy for collectibility. But I often hear folks getting taken by couterfitters and didn't know if I should worry about this or not.
I have only purchasd silver from JM Bullion and they have been great. But I decided to do a few of the following tests and here are my results:
1) The ping test was ok, but I kept knocking the coin off my finger;
2) I tried the rare earth magnet test and it did not stick. In fact it did roll off slowly;
3) A drop of bleach did leave a tarnish mark.
Believe me, I have NO reason to doubt JM, in fact I hear they are one of the best to deal with and I love their prices and prompt service. But the cost is piling up and I was not sure if I should do a random acid test or buy the TM8212 Ultrasonice tester.
These may sound like dumb quesions but this is so new for me.
Any advide would be appeciated.
Thanks!!
charlesbjr is offline   Reply With Quote
Old 09-07-2016, 07:31 AM   #2
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,055
Liked: 2451 times
Hi Charles, welcome to the forum. :hello:

Bullion dealers live and die by their reputation, so it's in their best interest to ensure that their inventory is legitimate. That doesn't mean that it's impossible for bullion sold by a dealer to be fake, so it doesn't hurt to do your own checking when you are buying. Strange things have happened before.

If your coins passed the ping test and the rare earth magnet test, I'd personally be satisfied. I wouldn't resort to destructive testing (acid testing) unless there was a compelling reason to do so.

You might also try contacting your bullion dealer and asking them what measures they take to ensure their inventory is legitimate. They might actually have records of their own testing on the coins they sold to you (if they weren't picked from some wholesale delivery direct from a mint).
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 09-07-2016, 06:37 PM   #3
n00b
 
Join Date: Sep 2016
Posts: 3
Liked: 0 times
Originally Posted by PMBug View Post:
Hi Charles, welcome to the forum. :hello:

Bullion dealers live and die by their reputation, so it's in their best interest to ensure that their inventory is legitimate. That doesn't mean that it's impossible for bullion sold by a dealer to be fake, so it doesn't hurt to do your own checking when you are buying. Strange things have happened before.

If your coins passed the ping test and the rare earth magnet test, I'd personally be satisfied. I wouldn't resort to destructive testing (acid testing) unless there was a compelling reason to do so.

You might also try contacting your bullion dealer and asking them what measures they take to ensure their inventory is legitimate. They might actually have records of their own testing on the coins they sold to you (if they weren't picked from some wholesale delivery direct from a mint).
Thanks for the advice. I actually called them a while back and was told that they have very strict standards, buy from reputable mints and do their own testing. They certainly sounded like the knew their stuff.
charlesbjr is offline   Reply With Quote
Old 09-20-2016, 10:33 AM   #4
n00b
 
Join Date: Feb 2016
Location: Between PA and MA
Posts: 13
Liked: 1 times
Hi Charles,

The answer is that you are right to be cautious and you should take some simple steps to ensure that your are getting the Silver that you are paying for.
1. Always buy from a reputable dealer.
2. Perform a ring test.
3. Perform a rare earth magnet test.
4. If the first two tests do not prove that the item is silver, do a test with an XRF (x-ray florescence) gun.
5. If you don't have access to an XRF gun then fall back to the acid test. The first three tests are non invasive tests that will not stain the item being tested but if they don't prove that the item is Silver then, as a last resort, the acid test will provide a definitive answer.
rblong2us likes this.
Nyrik is offline   Reply With Quote
Old 09-20-2016, 06:46 PM   #5
n00b
 
Join Date: Sep 2016
Location: Michigan
Posts: 9
Liked: 2 times
Good choice getting into the precious metals market

If you don't want to get counterfeit precious metals then buy it from a trusted retailer. I purchased all of my gold and silver from either apmex or jmbullion. You can often find better prices on some products on jmbullion so make sure you check out both websites. If you're just buying for the silver or gold and not the numismatic value, then buy solid bars of gold and silver. 1oz, 5oz, 10oz, 100oz, whatever is in your budget. This is the best time to start buying gold and silver. I am expecting the prices to go up much higher in the near future
__________________
Become an expert on gold and silver with this FREE Professional Investment Guide

https://maxkosmalski.sendlane.com/vi...vestment-guide
Maxibillion is offline   Reply With Quote
Old 09-25-2016, 08:24 PM   #6
n00b
 
Join Date: Sep 2016
Posts: 3
Liked: 0 times
Originally Posted by Maxibillion View Post:
If you don't want to get counterfeit precious metals then buy it from a trusted retailer. I purchased all of my gold and silver from either apmex or jmbullion. You can often find better prices on some products on jmbullion so make sure you check out both websites. If you're just buying for the silver or gold and not the numismatic value, then buy solid bars of gold and silver. 1oz, 5oz, 10oz, 100oz, whatever is in your budget. This is the best time to start buying gold and silver. I am expecting the prices to go up much higher in the near future
Thanks for the advice! I have always purchased from JM but never tried Apmex. I will take a look at them also.

Just curious, with respect to accuracy, is the specific gravity test better than or equal to the Tm-8812 Ultrasonic Wall Thickness Gauge Tester?
charlesbjr is offline   Reply With Quote
Old 10-12-2016, 01:15 PM   #7
Predaceous stink bug
 
Join Date: Nov 2011
Posts: 110
Liked: 54 times
Originally Posted by charlesbjr View Post:
Thanks for the advice! I have always purchased from JM but never tried Apmex. I will take a look at them also.

Just curious, with respect to accuracy, is the specific gravity test better than or equal to the Tm-8812 Ultrasonic Wall Thickness Gauge Tester?

Specific Gravity Test removes any doubt... cheaply.
I just tested a 1790 8 Reale o/M minted coin I dug out of ground 6" deep near a 1700's crotal cow bell and 1820 half cent - plus era trash.
In the evening the "coin" looked real except for slight green hue on worn bust and pillars, my suspicion began.
I Specific Gravity Weight tested that "coin" in grams and out came 8.44g.
Right in Cu copper land it weighed.
Cost me: 1 pint distilled water, bottom of milk(goat) jug, and digital scale I bought on Ebad for $12 years ago, and a 3" piece of tape.
I double check with 31.2g round I tested previously to assure scale and water.

Gorgeous damn counterfeit none the less. It had been there for 200 years or so looking at its condition and aforementioned compadres. My first counterfeit and first Reale... DAMN IT !
Research shows there were a gozillion of these 1790's counterfeits minted during that era. So sad with an off center strike and detail, even though a hair underweight and touch skinny in diameter.
In the evening there was 30 seconds of Holy Crap, till I thumb flicked it skyward to here the ring... and there was not. Ones ears never lie and I play guitar so my ears trained. Flick 'em and dip 'em.

Keep on Diggin' ... and stackin'
52 silvers dug 2016 with 80 days remaining.
Send donations to: ...
PMBug and rblong2us like this.
drAGonfly47 is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
advice please - .40 or 9mm for CHL Bonzo BSTS 41 09-06-2018 12:57 PM
I need some advice Penn STS 12 10-02-2015 05:02 PM
I need some homeowner ins advice for mom Penn STS 5 02-23-2015 01:27 PM
HELP! Need advice cyndipa PM Bug 8 07-30-2013 04:11 AM
Fractional Silver-Advice Mark Silver Bug 9 01-09-2013 01:16 PM


All times are GMT -5. The time now is 09:12 PM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.