Moneyy Posted December 4, 2022 Share Posted December 4, 2022 Hello everyone, bought this coin today from a dealer at local flea market here in Toronto, canada paid $350 tested 18k gold on everything tried to find an example on the internet but came negative. couldn’t find anything any idea if I’ve over paid or it’s some kinda of counterfeit Link to comment Share on other sites More sharing options...
JKK Posted December 4, 2022 Share Posted December 4, 2022 One strong likelihood is that it's plated. However, when I take a good look at the edges, I see a sort of flange that makes me wonder about other possibilities. One of those is emphatically not any chance that this is actually a gold dime. You overpaid by C$349.90. That flea market dealer is laughing his fool head off. Hoghead515 1 Link to comment Share on other sites More sharing options...
Moneyy Posted December 4, 2022 Author Share Posted December 4, 2022 Thank you for the feed back! I doubt it’s worth 10 cents only Im not that stupid he tested it 18 karat on the machine And I had to test it on the rock at home and it’s positive gold so I have at lease 2 grams plus in gold Link to comment Share on other sites More sharing options...
Coinbuf Posted December 4, 2022 Share Posted December 4, 2022 I'll hold out hope for you that this is some off metal strike that is actually gold, but if I were betting, I would go with a platted dime. Hoghead515 1 Link to comment Share on other sites More sharing options...
EagleRJO Posted December 4, 2022 Share Posted December 4, 2022 (edited) Did you do a specific gravity test to verify it is solid gold, and not just a cheap plating? [The test for 18k is only at the surface, which can be paper thin plating.] Edited December 4, 2022 by EagleRJO Hoghead515 1 Link to comment Share on other sites More sharing options...
Moneyy Posted December 4, 2022 Author Share Posted December 4, 2022 Also if it’s that rare why would it be circulated so many red flags! Can’t wait till tomorrow to verify with a jeweller! so if it’s actually solid gold I should hold to it and not return it? Link to comment Share on other sites More sharing options...
Mr.Bill347 Posted December 4, 2022 Share Posted December 4, 2022 I hate it when scammers do this! This coin was never minted in Gold. So it has to be plated. The plating on it may be worth a couple bucks. Another case of buyer beware! Poor guy is out a bunch of money and that, folks is why numismatics gets a bad reputation. Always verify before purchasing if you don’t know or can’t verify it, leave it alone. Sorry about your painful misfortune Moneyy Link to comment Share on other sites More sharing options...
JKK Posted December 4, 2022 Share Posted December 4, 2022 On 12/4/2022 at 1:10 PM, Moneyy said: Thank you for the feed back! I doubt it’s worth 10 cents only Im not that stupid he tested it 18 karat on the machine And I had to test it on the rock at home and it’s positive gold so I have at lease 2 grams plus in gold Well, the fact that you bought this from him might give him ample reason to think he had found a mark. The plating might well be 18k, but there's no chance you've got 2g of gold (worth about C$155, so even in your best case scenario you'd be C$200 or so high). And that dealer knew it. He probably still can't believe anyone went for this. But don't take my word for it. What do I know? I'm just some random coin person from the States. Instead, I suggest you take it to a dealer and ask what they will pay you for it. That's its wholesale value. Retail is probably double wholesale in most cases, give or take. I'm betting that the dealer considers the gold plating to represent about 1% of the total weight, the coin itself not being collectible except as an adulterated novelty. If it weighs 2g, 1% of that would be 0.02g of 18k gold (which is about 3/4 of 24k gold), so we're down to 0.015g. That'd be about C$1.17, so I have to hand it to you that it's more than C$0.10. It might be as high as C$1.20. So in that case, you didn't overpay by C$349.90. C$348.80, though, yeah, that's a defensible overpayment estimate. Do let us know what the dealers tell you. If they thought they could buy it for what you paid for it and sell it for more, they'd lay their money down before you could rethink. I'm betting they offer you C$0.50 and put it out for C$5.00 as a novelty of no numismatic value. Link to comment Share on other sites More sharing options...
RWB Posted December 4, 2022 Share Posted December 4, 2022 (edited) A 1973 10-cent piece is 2.07 g, 18.03 mm diameter and made of 99.9% nickel. It is strongly magnetic. The density of pure nickel is 8.9. The density of 18k gold alloy is 15.6 (assuming copper alloy). The density ratio is 1.75 meaning that if the coin were made entirely of 18k gold, it would weigh 1.75 x 2.07 = 3.62 grams and contain 2.715 grams (0.0873 T oz) of gold worth about $152 at $1,750 per T oz fine. (Approx 31.10347 grams per T Oz.) In other words, the OP got duped no matter how we slice the bologna. Edited December 4, 2022 by RWB Link to comment Share on other sites More sharing options...
Greenstang Posted December 4, 2022 Share Posted December 4, 2022 Moneyy Please do your homework before buying coins. This is not the first time you have been taken. The fact that gold coins are minted in Ottawa and business strike dimes are minted in Winnipeg is enough to tell that it is not genuine. Link to comment Share on other sites More sharing options...
Moneyy Posted December 5, 2022 Author Share Posted December 5, 2022 Thank you everyone who take there precious time to educate me on this fake coin! Y’all are fine and experts in this. it’s confirmed plated.. called the dealer and he apologized and promised to refund my money on the weekend when the market opens or exchange! At this point I don’t trust him! Lesson learned, if it’s good to be true in most cases it is. NewGuy1 1 Link to comment Share on other sites More sharing options...
JKK Posted December 5, 2022 Share Posted December 5, 2022 On 12/4/2022 at 5:22 PM, Moneyy said: Thank you everyone who take there precious time to educate me on this fake coin! Y’all are fine and experts in this. it’s confirmed plated.. called the dealer and he apologized and promised to refund my money on the weekend when the market opens or exchange! At this point I don’t trust him! Lesson learned, if it’s good to be true in most cases it is. Paying tuition is one thing. Getting your tuition back is a major win (assuming he follows through). Probably wants to make sure you don't turn him in to the OPP. Smart crook. NewGuy1 and Moneyy 2 Link to comment Share on other sites More sharing options...
Popular Post Greenstang Posted December 5, 2022 Popular Post Share Posted December 5, 2022 Take the money and don’t let him talk you into an exchange. He knew what he was doing so don’t have anything else to do with him. EagleRJO, Moneyy, Hoghead515 and 1 other 4 Link to comment Share on other sites More sharing options...
RWB Posted December 5, 2022 Share Posted December 5, 2022 Very glad the OP will get a 100% refund! Curious about how it was "confirmed plated" following the earlier denials? Link to comment Share on other sites More sharing options...
Moneyy Posted December 5, 2022 Author Share Posted December 5, 2022 After reading all this comments, and everyone granting it’s plated, I tested it again with the acid but I wasn’t gentle this time I scratch it hard and it did come off! So yeah it’s paper thin plated bsshog40 1 Link to comment Share on other sites More sharing options...
RWB Posted December 5, 2022 Share Posted December 5, 2022 Ahhh...thanks for the reply. Link to comment Share on other sites More sharing options...
Just Bob Posted December 5, 2022 Share Posted December 5, 2022 On 12/5/2022 at 8:07 AM, Moneyy said: After reading all this comments, and everyone granting it’s plated, I tested it again with the acid but I wasn’t gentle this time I scratch it hard and it did come off! So yeah it’s paper thin plated I hope that doesn't keep you from getting your money back when you return it. Link to comment Share on other sites More sharing options...
EagleRJO Posted December 6, 2022 Share Posted December 6, 2022 On 12/4/2022 at 8:22 PM, Moneyy said: it’s confirmed plated.. called the dealer and he apologized and promised to refund my money on the weekend when the market opens or exchange! At this point I don’t trust him! Why do a destructive test on the plating when it wasn't possible the coin was solid gold, and you had intended to return if for a refund?? Link to comment Share on other sites More sharing options...
VKurtB Posted December 6, 2022 Share Posted December 6, 2022 (edited) I used to never understand how “Racketeer Nickels” ever fooled anyone. I’m beginning to understand now. Is it REALLY too much to expect someone to know whether such a coin ever existed??? Are we THAT naive? Edited December 6, 2022 by VKurtB Link to comment Share on other sites More sharing options...
Moneyy Posted December 8, 2022 Author Share Posted December 8, 2022 Again I’m not an expert in anyway! I just started to collect 3 years ago, Manley in gold coins… when a coin dealer grantee it’s gold asking $350 and he grabbed it from a large safe with punch other British gold coins! It seemed legit! Again I didn’t lose anything what if it was actual gold and it’s 1/1? Link to comment Share on other sites More sharing options...
EagleRJO Posted December 8, 2022 Share Posted December 8, 2022 On 12/7/2022 at 7:50 PM, Moneyy said: Again I’m not an expert in anyway! I just started to collect 3 years ago, Manley in gold coins… when a coin dealer grantee it’s gold asking $350 and he grabbed it from a large safe with punch other British gold coins! It seemed legit! Again I didn’t lose anything what if it was actual gold and it’s 1/1? Even if solid gold it would only have a value around $120, which is significantly less than the $350 paid, and should have been just returned without destructive tests which could have been an issue with returning the coin. Link to comment Share on other sites More sharing options...
VKurtB Posted December 8, 2022 Share Posted December 8, 2022 On 12/7/2022 at 6:50 PM, Moneyy said: Again I’m not an expert in anyway! I just started to collect 3 years ago, Manley in gold coins… when a coin dealer grantee it’s gold asking $350 and he grabbed it from a large safe with punch other British gold coins! It seemed legit! Again I didn’t lose anything what if it was actual gold and it’s 1/1? It’s NEVER 1/1. That’s magical thinking. Link to comment Share on other sites More sharing options...
EagleRJO Posted December 11, 2022 Share Posted December 11, 2022 @Moneyywere you able to return the coin and get a refund for the $350 paid for the coin? Link to comment Share on other sites More sharing options...
VKurtB Posted December 11, 2022 Share Posted December 11, 2022 On 12/10/2022 at 7:12 PM, EagleRJO said: @Moneyywere you able to return the coin and get a refund for the $350 paid for the coin? I bet not. Link to comment Share on other sites More sharing options...
Moneyy Posted December 11, 2022 Author Share Posted December 11, 2022 Hi guys! He did and I end up buying 4 other coin 🤦♂️ total value $1800 Canadian minus $350 $1450 Link to comment Share on other sites More sharing options...
RWB Posted December 11, 2022 Share Posted December 11, 2022 Awww......I won't even ask...... Link to comment Share on other sites More sharing options...
Greenstang Posted December 12, 2022 Share Posted December 12, 2022 Actually you paid $1800.00 for those coins, you had already given him $350.00 earlier. Post a clear photo of both sides of each coin and we will tell you how you did good or bad this time. Link to comment Share on other sites More sharing options...
Moneyy Posted December 12, 2022 Author Share Posted December 12, 2022 Total paid today is $1450 plus credit of $350 so those 4 coins cost me $1800 Canadian Link to comment Share on other sites More sharing options...
Greenstang Posted December 12, 2022 Share Posted December 12, 2022 It looks like you may have broken about even, depending on the value of the half and full sovereign as they are worn. Probably worth $12-1300.00. The Canadian gold 50 cent is worth about $130.00. The James Madison medal could be worth at least $400.00, maybe more, depending on the grade. At least you didn’t lose this time. Moneyy 1 Link to comment Share on other sites More sharing options...
VKurtB Posted December 13, 2022 Share Posted December 13, 2022 On 12/12/2022 at 7:42 AM, Greenstang said: It looks like you may have broken about even, depending on the value of the half and full sovereign as they are worn. Probably worth $12-1300.00. The Canadian gold 50 cent is worth about $130.00. The James Madison medal could be worth at least $400.00, maybe more, depending on the grade. At least you didn’t lose this time. The Madison is a commemorative coin, not a medal. Same weight and fineness of a classic half eagle. Moneyy 1 Link to comment Share on other sites More sharing options...
