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Fake Krugerrands and what to do about them PDF Print E-mail

This Kitco forum thread about fake Krugerrands being sold on eBay raises some interesting points. You can find the items by searching for 'copy Krugerrand'.

The seller is not attempting to pretend the coins are anything but gold plated fakes: 

"All our reproduction coins are non-monetary, and comply with the US Hobby Protection Act - 15USC-2101, as well
as all Ebay rules and regulations regarding the sale of reproduction coins. 

Per the US Hobby Protection Act, all our replica coins are stamped 'COPY'.  The word 'COPY' is located parallel to the kings back."

So, no real problem then? No-one would expect to buy a Krugerrand for $40 anyway???

The trouble is that fakes can be produced without the word 'Copy' on them just as easily, and reach the market. The thread discusses what collectors can do to protect themselves, the most obvious thing being to buy a set of digital scales (since fake coins are much lighter than real gold) and/or a set of calipers, since fake coins are never the correct diameter.

You can even buy special scales (on eBay of course) which are designed to detect reproduction Krugerrands, Eagles, Britannias and sovereigns.

Why would anyone want to have a copy Krugerrand, or any copy gold coin?

The Kitco forum thread mentions a few reasons, including using them to create a fake stash to trick armed robbers or burglars, so they don't look to hard for the actual, real stash. Of course, this assumes criminals never read online forums....

 
Gold coin prices on eBay PDF Print E-mail
Monday, 24 August 2009 23:25

Here is a quick way of checking what buyers are willing to pay on eBay USA for gold coins. This chart is useful for seeing how much more than the spot price of gold that popular types of coins are being sold for.

This is so useful that I'll make it a permanent page on the site pretty soon.

Note: the page with the chart is now available here.

 

 
Cheaper Krugerrands on the way? PDF Print E-mail
Sunday, 23 August 2009 19:01

The news that Krugerrands may be made available more cheaply, because SA Bullion is reducing its profit margin, is welcome news, if it really happens. The catch is you can't take physical possession for three years.  "SA Bullion chief executive Hilton Davies says in good times gold is a raw material, but in difficult times it's a unit of currency". I guess times are difficult...

It was also news to me that only 500,000 Krugs are released every year, and demand far exceeds supply. 

Plenty of Krugerrands still for sale on eBay every day though.

 

 

 
Cash for your gold? PDF Print E-mail

This article gives a warning about the current rush to sell gold (including coins) for cash via online web sites, dealers and even through 'Tupperware' type gold parties.

Yes, you can get 80% of the current spot price for old gold jewelry and walk away with the cash.  If you think this is a good deal, best of luck...

One honest dealer actually said 'you'd do better selling this on eBay'. 

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Some other interesting information from the article about the hallmarks on your gold - "Look for a number expressed in thousandths: 375 means 9ct gold, 585 is 14ct, 750 is 18ct and the finest 22ct gold is 916. This means that 22ct gold is 91.6% pure."

 
About me PDF Print E-mail

I guess the main and only point of interest is that I'm not playing around - I do everything that this site talks about -

  • I browse gold coins on online auction sites, and sometimes buy them
  • I look at coins in online stores, and I sometimes buy them
  • I visit coin dealers, and look at their coins, and sometimes buy them

This is not a 'thin affiliate site' where I'm pushing a product I've never owned.I have a coin collection, consisting of modern bullion coins and gold currency coins. Most of the photos on this site are of my own coins.  I spend a lot of time educating myself about the gold coins which can be acquired.

I'm interested, like everyone else, in getting gold coins and bullion coins of the highest quality for the lowest possible price, and storing them safely.

Unlike some people, I haven't sold my house to buy gold and I don't have all my assets in gold, and I don't believe you should have either. Diversification is not just an academic concept in financial times like the ones we are all living through right now.

I created this site to help my readers find and buy the gold coins of the type and the value that suits them best, and I hope you find it useful.

 

 

 
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