Buying PM’s and Fake Silver On The Street
I used to collect precious metals many years ago. I got away from it for awhile, but recently got back into it. I like going to the local (Flea Markets, Pawn Shops, Local Coin Stores, etc.) places to see what is out there. I have noticed a lot of fake silver out there now. I remember the old fakes could be sniffed out with a magnet usually, or so far out of specifications that it was obvious. Some of it is still bad quality..some of it is getting pretty good. Here are some real/fake examples. Can you pick the real ones?:
Yes, the real ones are on the right side.
One great App. that I have found is the Bullion Test App. for the Android phone.
It uses the tone and frequencies generated by striking of the coin to validate it. These days I am sticking to mostly well known 1 oz. coins (and Morgan and Peace dollars as well), so this works out very well. I have used it on both real and fake coins and I have found it to be reliable. Of course there are other ways to verify, but this seems to be pretty easy and pretty reliable.
What are others doing to verify their purchases? Anyone else using the Bullion Test App?
Hey those are some really good, practical tips. I certainly didn’t know about such an ap. Tone & frequency generation sounds pretty cool.
Of course at the receiving end of the Samsung app for coins is a map to your house!
What are others doing to verify their purchases?
Wow, that’s a great comment on spotting fakes. I didn’t know about the app. At least, a very quick first pass.
I always use a scale & a caliper because I’m too cheap for a Fisch. But it would be great to create an app that can spot fake bars; I generally avoid silver because it’s too bulky in coin form…but I often buy bars on the commercial end where it’s validated. I have never sold silver bars though, and hope to explore the black market here. So far, I’m too chicken for any except bullion, which leaves out silver due to size, but I really want silver at today’s prices.
Great point about the app “phoning home” with your personal information. With later versions on android you can limit each app to only having specific permissions, like, say, just the microphone. I’m pretty careful to limit what the apps can access.
Of course, simply downloading the app gives…information to your carrier, and the app store too.
Hmm. I’ve written phone apps – simple ones anyway. Would this one be a hard one to write? The basic framework would be easy enough. The hard part would be comparing frequencies. I’d have to think about how to do that.