Coin/Round What not to do

[Fixthethingy]

I am a working guy. I fix a lot of mechanical stuff and electrical work and heating snd cooling. I come across enough scrap junk that i stumbled across GRF and mostly just lurk in the shadows and read and read just enjoy the intelligence and experience. That being said my father passed away a couple years sgo and realized that he got totally taken advantage of buying gold and silver coins. The company was US Money Reserve. And the coins were touted ad super rare Reagan legacy series 69 grade . I know he called the salesman his broker and i know the receipt i found for a proof set was almost 14k. I looked it up and at the time i could have bought it on ebay for less than 4k. The gold shop i tslked to said it is so sad they just have boilerrooms full of callers targeting older people with doom predictions. So basically what Im saying is if you hear your older relatives talking about coins or gold pay attention and ask questions before they spend in my dads experience a substantial sum of money that is just gone.The man he called his broker read him well and really got him. My dad was uneducated on what he was investing in and paid the price. Hopefully someone might learn from his mistake by me posting here

 

[Moneybox]

I am a working guy. I fix a lot of mechanical stuff and electrical work and heating snd cooling. I come across enough scrap junk that i stumbled across GRF and mostly just lurk in the shadows and read and read just enjoy the intelligence and experience. That being said my father passed away a couple years sgo and realized that he got totally taken advantage of buying gold and silver coins. The company was US Money Reserve. And the coins were touted ad super rare Reagan legacy series 69 grade . I know he called the salesman his broker and i know the receipt i found for a proof set was almost 14k. I looked it up and at the time i could have bought it on ebay for less than 4k. The gold shop i tslked to said it is so sad they just have boilerrooms full of callers targeting older people with doom predictions. So basically what Im saying is if you hear your older relatives talking about coins or gold pay attention and ask questions before they spend in my dads experience a substantial sum of money that is just gone.The man he called his broker read him well and really got him. My dad was uneducated on what he was investing in and paid the price. Hopefully someone might learn from his mistake by me posting here

Unfortunately gold breeds greed in normal people. It's not easy to get a fair deal when trading gold. We sell through the Pert Mint Refinery where we feel we get an honest deal.

 

[Fixthethingy]

It was so sad to see all of the receipts for what he paid and how bad he was taken advantage of. More than 3 times spot in some cases

 

[slick56]

Unfortunately gold breeds greed in normal people. It's not easy to get a fair deal when trading gold. We sell through the Pert Mint Refinery where we feel we get an honest deal.

How do you trade with the Perth Mint? Do you negotiate a price and then send your bullion to them, or send it first and then talk to them?

 

[Moneybox]

How do you trade with the Perth Mint? Do you negotiate a price and then send your bullion to them, or send it first and then talk to them?

Firstly it's important to know that the Perth Mint and the Perth Mint are different places and will trade differently.

We are local (650km away) so I don't know how to set up an account from a distance. We called ahead then dropped into the Perth Mint Refinery and set up an account. We had to take 100pts of photo ID and fill out a declaration.

I wanted to see what sort of deal we'd get so I selected the dirtiest gold I could find. Ignore the weight on the pill bottles, that's the empty weight of the bottle.

The large piece was melted from a lot of fine gold, it looked like brass because I couldn't remove the impurities. It weighed 44g and ended up 88% gold with a variety of inclusions. The bottles had the black sand left from my panning after I removed the easy gold. It contained some gold dust. The small nuggets had been in the acid but came out looking ugly and unsaleable.

The refinery weighed it and without the bottles came to 8.7ozs from memory. The payout was something like 5.4oz of gold and some silver. Within three days they had deposited $14,000 into my bank account and that was long before gold got near its current value.

I was convinced from that day forward, there was nowhere I was going to get a better deal. Now that we have an account we can send gold by post or courier. It costs $270 for the processing regardless of the quantity or quality so you have to consider that in the quantity you send.

 

[slick56]

Thanks for the great detailed reply, very helpful.

 

[Tony Walton]

I was told years ago by an old prospector “Gold brings out the best in some people but in others brings out the worst”

 

[Alan Elzer]

I'm new here. I have a paper Gold certificate for $500. Was found in stack of papers in parents stuff. Just want to know if it's worth anything & where to sell it or keep.

 

[Alan]

I'm new here. I have a paper Gold certificate for $500. Was found in stack of papers in parents stuff. Just want to know if it's worth anything & where to sell it or keep.

Very cool! Do you have a more close up photo of both sides?

 

[Alan Elzer]

Very cool! Do you have a more close up photo of both sides?

I'll look

 

[RockyMountainFan]

I am a working guy. I fix a lot of mechanical stuff and electrical work and heating snd cooling. I come across enough scrap junk that i stumbled across GRF and mostly just lurk in the shadows and read and read just enjoy the intelligence and experience. That being said my father passed away a couple years sgo and realized that he got totally taken advantage of buying gold and silver coins. The company was US Money Reserve. And the coins were touted ad super rare Reagan legacy series 69 grade . I know he called the salesman his broker and i know the receipt i found for a proof set was almost 14k. I looked it up and at the time i could have bought it on ebay for less than 4k. The gold shop i tslked to said it is so sad they just have boilerrooms full of callers targeting older people with doom predictions. So basically what Im saying is if you hear your older relatives talking about coins or gold pay attention and ask questions before they spend in my dads experience a substantial sum of money that is just gone.The man he called his broker read him well and really got him. My dad was uneducated on what he was investing in and paid the price. Hopefully someone might learn from his mistake by me posting here

That's a tough lesson to learn. It's always good to do some research and maybe get a second opinion before making big purchases. Thanks for sharing, it's a good reminder for everyone.

 

[RockyMountainFan]

It's definitely important to be cautious and informed when investing in bullion. Thanks for sharing your experience. It's a good reminder for everyone to do their research and ask questions.

 

[LowdownNChemy]

Definitely not the way to buy gold. I think the worst way to sell gold has got to be selling it to a business you would not think buys gold other than advertising cash for gold with a sign in the window like antique shops or beauty salons. You'll probably do better at a pawn shop than a major jewelry chain. Selling bullion online to websites that regularly do assays and purchase precious metals hasn't let anyone I know down.

 

[Dynamicjim]

Mmm I’ll m