NumisMaster Logo
Home
Register
Sign In
Free Newsletter

Collector Info
In Print
Site Map
Fake 10-Ounce Silver Bars Reported
By Patrick A. Heller
September 17, 2013



Last Friday, Sept. 13, a customer came into our store in Lansing, Mich., with some genuine silver dollars plus two specimens of what he claimed were struck Engelhard 10-ounce .999 fine silver ingots of the variety that had the globe on the front (not the eagle as used in later issues). One was wrapped in plastic, while the other was not.

The employee assisting this customer immediately knew the pieces were counterfeit as they were too large. Genuine struck Engelhard 10-ounce ingots are about 90 millimeters high and 45mm wide. These two pieces were each about 120mm high (4.8 inches) and 60mm wide. Please see the accompanying photographs showing how these measure against a ruler.

The Essential Guide to Investing in Precious Metals
The Essential Guide to Investing in Precious Metals

Learn about all the ways you can add precious metals to your portfolio! Click here to get your copy today!

The piece with the plastic was put on a scale. Including the plastic, total weight came out to 9.66 troy ounces, far too light to be genuine.

In addition, the serial number punched into the front has the appearance of each digit being separately hand-punched, with an irregular look. Genuine ingots have the entire serial number evenly struck in a single stroke.

We asked the customer how he came by them. He did not say who had sold them to him, but claimed that he had purchased them a few years ago as an investment. We don’t have any way of knowing if this is an old or a new scam, similar to the fake “replica” 1-ounce brand name silver rounds and ingots that were being sold in internet auctions.

In a quick review of eBay auctions, for instance, I was not able to find these obvious counterfeits. Whoever made these pieces, you can expect that they did not stop at just these two specimens. We have never seen them before in our store. Has anyone else encountered them? Can you provide the time and circumstances?



Patrick A. Heller was the American Numismatic Association 2012 Harry Forman Numismatic Dealer of the Year Award winner. He owns Liberty Coin Service in Lansing, Mich., and writes “Liberty’s Outlook,” a monthly newsletter on rare coins and precious metals subjects. Past newsletter issues can be viewed at http://www.libertycoinservice.com. Other commentaries are available at Coin Week (http://www.coinweek.com and http://www.coininfo.com). He also writes a bi-monthly column on collectibles for “The Greater Lansing Business Monthly” (http://www.lansingbusinessmonthly.com/articles/department-columns). His radio show “Things You ‘Know’ That Just Aren’t So, And Important News You Need To Know” can be heard at 8:45 a.m. Wednesday and Friday mornings on 1320-AM WILS in Lansing (which streams live and becomes part of the audio and text archives posted at http://www.1320wils.com.




More Coin Collecting Resources:

• Order your 2013 Yellow-Bellied Sea Snake Coin Set today!

• IT’S HERE! Order the 2014 North American Coins & Prices.

• Get the 2012 Coin of the Year – limited quantities remain!

• See what guides and supplies our editors recommend for keeping up with your collection.

 



Add to: del.icio.us   digg
With this article: Email to friend   Print

Comments
On September 17, 2013 brian porter said
Thank you for writing an article about this situation. We all need to know what to look for so we don't get stuck with counterfeit products. I guess the best way is to handle bullion regularly so something will stand out if it isn't normal.
On September 17, 2013 George Madeya said
If you go to www.alibaba.com you will find all the counterfits being made by the Chinese.

George
On September 18, 2013 BuyAndStoreGold.com said
We really appreciate you posting this information, but is there any chance you could provide some LARGER photos?

The pic included is hard to see and does not offer a larger version when clicked.

thanks.
Roger
On September 18, 2013 Jmar said
This is why I hold only junk silver and some
Silver eagles. We will be seeing many more
counterfeit bars and rounds in the future as the price goes up. You will not be able to get the average person to barter for these items as they will suspect counterfeits. Won't happen with junk.
On September 18, 2013 Phill Kiddoo said
These look the same
http://www.goldeneaglecoin.com/item/silver-bars%3a-engelhard-10-oz-bar-%28tall%2c-e-globe%29-.999-fine
On October 22, 2013 T Dahsu said
Is the picture in the article representative of a real or fake one?  And could it be any smaller for having such importance to the article?

Something to add? Notice an error? Comment on this article.
 



About Us | Contact Us | Privacy | Your data is secure
©2014 F+W Publications, Inc., Iola, Wisconsin. All rights reserved.