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goldmember44

Counterfeit "silver" coins sold on Ebay

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I was surprised to see a supposedly one ounce silver Australian coin being sold for £2.94 only, so I checked it out. In looks it is identical to an Australian one ounce coin (it even says so on the coin... ), but if you read further in the listing, I saw it is actually silver-plated iron... so the silver content must be very low, and it's mostly iron.

What is disturbing, is that this listing is very popular, and over 500 units have been sold. What do the buyers want to do with that? Let me guess... sell on as supposedly 999 silver bullion to unsuspecting buyers? I think we need to be careful. This company seems to have copied several different designs already.

Here is the listing: https://www.ebay.co.uk/itm/WR-2016-Australia-1-Dollar-Kangaroo-SILVER-Coin-Round-Queen-Elizabeth-Souvenirs/182822272766?

Your thoughts?

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Probably sold so many due to the "it's only three quid, worth a gamble" atitude. You'd be surprised how many people do it - or maybe you wouldn't!

 

Edited by Toddie

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1 minute ago, goldmember44 said:

Yeah, but since they look the same as the real ones, I think the real issue is if some of the buyers try and sell their bought fakes as the real deal... that's what scares me a bit.

there is that,but the market is already flooded with  chinese fakes anyway.

Id be more worried about the better looking fakes,then these cheap looking things :)

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The real problem occurs when people try to pass these off as real. It happens regularly on ebay. I regularly see the fake maples come up and sell for the same price as a real maple on an auction. Ebay doesn't seem to care as they don't respond to listings like that being reported. All you can do is educate yourself so you can spot these fakes and avoid them. There are plenty out there and not always so obviously presented.

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I'm trying to be super careful these days with what I buy from eBay. When not careful, I've found myself getting carried away and not reading listings carefully enough and almost bidding on rubbish like this. 

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This is not advertised as a genuine 1oz silver coin - it says it is a 'souvenir'. It also says Material: Iron,  Silver

It is a steel core silver plated souvenir - the price tells you the rest.

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At the least this ones are very well identified... Silver plated IRON coins as souvenirs.

The positive aspect of it it's how easy it is to do a magnet test...lol!

Nothing too dangerous as the really fake Chinese ones that trick even magnets...!

I am not against the sell of replicas to use as souvenirs or to mark spots in personal collections. Problem always is what human mind tries to do with them!

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The problem I see is that regardless of the description, the coin is a precise copy with no marking to state otherwise and shows 1oz 9999 silver AND the Queen's head with the $1 denomination.
It is therefore a fake i.e. counterfeit item.
Doesn't matter what the seller states as once the item has left his or her hands this could be resold incorrectly as a genuine coin.

To me this is no different to photocopying a £20 bank note, stating it is a copy in the text, selling for 50 pence.
How many of these would be sold before you are arrested ?

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1 hour ago, Pete said:

The problem I see is that regardless of the description, the coin is a precise copy with no marking to state otherwise and shows 1oz 9999 silver AND the Queen's head with the $1 denomination.
It is therefore a fake i.e. counterfeit item.
Doesn't matter what the seller states as once the item has left his or her hands this could be resold incorrectly as a genuine coin.

To me this is no different to photocopying a £20 bank note, stating it is a copy in the text, selling for 50 pence.
How many of these would be sold before you are arrested ?

Exactly. I guess the only difference is that law enforcement wouldn't really bother with this as it affects only a relatively small amount of people, whereas fake £20 notes can potentially affect anyone who uses cash.

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Shady, to be sure, but not new. Check Aliexpress, just about every common government silver bullion coin there is available. This is one of the reasons I generally don't buy or sell on the second hand market unless it's a trusted source, and one of the reasons that if one ever had to liquidate a stack without having built a reputation, it is going to be a headache. 

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