The reverse side of this bullion features a diagonally fixated pattern of raised, repeating OPM mint marks. If you are buying silver coins or bars on ebay or craigslist, there is a higher probability that you will encounter a fake. Close. How Do You You Avoid the Kind of Resale Problems OPM Silver Bars Have Caused? In my case the seller of the fake silver bars had an impeccable 4 year e-bay history with 100% feedback. It is also 6.5 years worth of global mining production. Tested them at my LCS yesterday and they are all good. FakeBullion.com LLC makes no guarantees about advertisers and is not responsible for any third party transactions. Although certainly not in the same proportion. But in the words of Douglas Adams "DONT PANIC ", the weight or size would be off if this was the case. http://www.youtube.com/watch?v=ZWLKp2dYMf4&feature=player_embedded, Monday – Thursday: 9:30a – 2:30p OPM was shut down as part of the Elemetal scandal that came out in mid-late 2017. It is also worth pointing out that silver is diamagnetic meaning that it has repels a magnet (as the magnet moves). Actual item appearance is subject to change, but will always correlate with title and description. On the reverse, the dots are also positioned lower than on the genuine piece. The real problem with OPM silver bars is that LBMA refiners can't repurchase them. Speedy shipping, arrived two days early very pleased. Ah ok sorry to worry you unnecessarily it looked off that E with the light I'm sure they will be fine. Very Poor. Plus, there's the fact that getting 5,600 400 ounce gold bars into the London Good Delivery system isn't easy. However it doesn’t seem to pass the “ping test.” Bought from an online seller so that is eating at me. What you should see is a very slight sticking effect and the magnet should slide down the silver much slower than say compared to a non magnetic piece of metal (which would fall much quicker). We analyze what could happen to the price of gold if Joe Biden or Donald Trump wins the election in November 2020. Silver currently sits about at $32 per ounce at the time of writing this article, and the market presents a good time to sell your silver bars for a good price. Caveat: While the ping test is a great method to check for fake silver bars or coins, it is not foolproof. So this test will not reveal many of the silver fakes on the market, however it is definitely worth trying. This particular bar, minted by Ohio Precious Metals (AKA OPM), has been produced with simplicity in mind. Depending on their compliance regulations, they may be fine doing so. The reverse side of this bullion features a diagonally fixated pattern of raised, repeating OPM mint marks. In 2012 there has been an increase in the amount of fake silver hitting the market. Real cheap. Banks are not going to look out for your financial future, it’s up to you to make sure your assets are at your fingertips when you need them, that’s independence. By The following are a list of fake silver bars and coins which have been reported (to name a few). Luckily I was able to get my money back. This is a very simple test. You can post now and register later. COVID-19 Restriction: Limit 2 People in store at a time.   You cannot paste images directly. Where is the price of gold going? Images shown are examples only. After gold and silver bars are cast at the facility, they are minted with an official stamp that proves their authenticity. Will likely buy more in the future. Thanks, I’ll probably try that tonight. Think Barrick Gold here. ), Fake Silver Coins: 11 Ways to Spot Counterfeits. FakeBullion.com LLC. As far as ping on bars, I’m super new to this and was just going off of YouTube videos lol. Your resource for identifying counterfeit bullion. They also need to make sure - you would think this would be the natural part - they are not in business with drug traffickers, money launderers, or other shady elements. The following are a list of fake silver bars and coins which have been reported (to name a few). Historically silver has been fairly safe to purchase in one ounce weights, as the price of silver has meant that counterfeiting coins and bars has not been worthwhile. Long story short, you lose money.   Pasted as rich text. A lot of this fake silver seems to be sold through e-bay and other online marketplaces. The fact is that since they cannot sell it back to an LBMA refiner, they are either going to sell it to a private refiner who is going to probably pay less, and resell it to the market. See below, this was before I cut them out of the plastic. The Problem with Ohio Precious Metals' OPM Silver Bars is that LBMA Refiners Won't Touch Them. In case you think that this laudable refiner - branded for its recycled metal - is still up and running, it is not. The history of OPM, otherwise known as Ohio Precious Metals, can be traced back to 1974 in Jackson, … On our sample the counterfeit weight was low, but that can vary. SilverSlanger, That is very hard to believe (and if true, where did the real gold from Fort Knox go?). http://www.youtube.com/watch?v=LgjGJtcgfuA&feature=player_embedded. Recently I was duped myself and purchased two 1 oz silver bars through e-bay which turned out to be fake. That's one primary reason the mines have to. Buy From Reputable Dealers. © 2020 All brand names and designs remain trademarks of their respective owners. The chances are that a retail and even a wholesale-level dealer may purchase it from you. And, they contain about 25 to 45 ounces of silver, so the bars are not a total loss. If that doesnt convince you then you can measure density at home. On 03/11/2020 at 22:32, RedDragon77 said: TRADE INCENTIVE: List a graded coin for sale for a chance to WIN a PROOF ½ Sovereign PF70 , Please change this setting to improve your forum experience. If the price is too good to be true it probably is. There are a few things you can do to avoid conflict in and around your precious metals. Read this post to find out. There are a few things you can do to avoid conflict in and around your precious metals. As such, the refiner can sell directly into the market... To add insult to injury, according to the Miami Herald, 280 employees were laid off at the Jacksonville, Ohio. Charleston, SC 29407, Local Numismatist Attending American Numismatic Association Coin Show in Chicago, Over 40 years experience with business contacts throughout the industry worldwide; Attended all major conventions and auctions, Specialty in U.S. Gold coins and Silver dollars, Very competitive bullion prices- Gold, Silver, and Platinum, We buy used and unwanted jewelry from 10K to 24K Gold, Sterling Silver, Flatware. American Heritage Bullion (a/k/a Honor Mint) dead(? If you are buying silver coins or bars on ebay or craigslist, there is a higher probability that you will encounter a fake.   Your link has been automatically embedded. I probably need to just spend the money on a Sigma Verifier so I have peace of mind. The minting is generally crisper/cleaner on the counterfeit pieces, and the taller lettering is easier to read. These employees had nothing to do with what happened. As said above, specific gravity is the way to go. Reliability High (if the fake is magnetic). Yet again,silve.com got it right, low cost, about $1.00 over spot, can not hurt to much.

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