Legit Krugerrand

[mrdirp]

Ok, this got me mad...today I went to the gunshow in Fairmont to find the silver dealers that always manage to sell their stuff on the periphery of the main booths...actually they're coin dealers and they always manage to hawk their "numismatics." So anyway, I brought along my 1/4 ounce gold krugerrand and figured I'd trade out of it for silver...so the only guy there selling silver, I walk up to him and he's selling junk for 5.25 face...whatever, thats ok, silvers high...so I offer him a trade for the krugerrand...he pops it out of the conainer and he has his budy weigh it...how much do you want for it he asks...I say $22.00 assuming he means face value silver...he starts muttering thats too cheap thats too cheap...then his buddy anounces "no, its over." The guy practically throws it back at me saying its not legit...so there I am in front of all these dudes trying to xplain to this guy that of course its over, its a krugerrand and that its not 100.00 pure gold, but is 1/4 ounce of gold and that its mixed...No, I'm not gonna trade you for a coin thats not legit...so I walk off and leave, thinking this guy is wet...he wants fiat for his silver and he aint gonna take no gold...I'm muttering to myself this guy doesnt want gold...Now am I crazy, or could this guy be right? Krugerrands actually weigh more than the amount of gold listed on the coin? Is that correct?

[hoarder]

That's correct. Both Eagles and K-rands have other metal which adds weight.

[kleinphi]

Has anyone else had similar experiences with Krugerrands or Eagles? This has really got me thinking now. Maybe the purity of Maple Leafs is preferable to the durability of 22K, especially for emergency use when the one guy whose goods or services you require does not happen to know about the details and expects a 1/4 ounce coin to weigh 1/4 ozt.

For what it's worth, both Krugerrands and Eagles are 22 K, which means they contain one troy ounce of gold and 1/11 troy ounce of other metal (or half / a quarter / a tenth of these respective amounts). In the case of the Krugerrand that other metal is copper; In the case of Eagles it is copper and silver. I do not know exactly how much copper and how much silver. I also do not know which coin is harder, the Krugerrand or the Eagle. I have tried to look up this information, but had no luck.

[lhslancers]

Eagle is harder.

[Maple Leaf Steve]

This is why I buy only 24K bullion!

Maple Leafs, Panda's, Australian Roo's and Austrian Harmonics.

Whoever's idea it was to make bullion coins that were not 24K just were not thinking straight at the time!

I do not own any bullion coins that are not 24K. :Sorry:

And I don't ever plan on it!


MLS

[shades2]

This is why I buy only 24K bullion!

Maple Leafs, Panda's, Australian Roo's and Austrian Harmonics.

Whoever's idea it was to make bullion coins that were not 24K just were not thinking straight at the time!

I do not own any bullion coins that are not 24K. :Sorry:

And I don't ever plan on it!

MLS


The idea of mixing gold with copper is an old European one, which prolonged the life of the gold coins when in circulation and prevented them wearing away to nothing. The Kruger Rand is something like 95% gold rest is Cu.

Put your coin on ebay.

[gpond]

Gold is gold.

I think you need to find a different dealer, if possible. That guy doesn't appear to know what he's doing.

[AuNuggets]

I agree with gpond.......the guy sounds like a moron, or a crook. Even more likely, a fine upstanding pawn dealer (!) Gold is gold, regardless of the alloy involved. Bullion coins are left in their coin form for trading purposes, and rarely melted and refined, so any alloy is a moot concern. With any of the one ounce bullion coins, you get one ounce of gold. Some prefer .999 or .9999, others prefer the durability of the alloy pieces because they don't scratch or scuff every time you touch them. Ever tried to sell a "scruffy" Maple Leaf or Philharmonic in comparison to one without alot of scratches or marks? More often than not, the dealer will discount the coin for the scratches and scuffs because they have lost their attractiveness to some degree.....point in favor of the alloyed coins. Personally, I've always preferred the Krugerrands, mostly due to their lower premium level, i.e. more gold for the money. Does it really matter who issued it or who's picture is stamped on it ? It's all gold ! But from the price of his silver and his attempted fraud against you on the gold coin, I would definately NOT do any business with this kind of "dealer". Put the coin on eBay and buy your silver from another source........

[SilverStreak]

That coin dealer must have been one of my D.F.I.'s years earlier

[kleinphi]

If you are still reading this, I just had an idea: Why don't you take care of this little problem for your "dealer"? Drill a few tiny holes into your coin until the gold dust (which you will be saving for yourself) totals 1/44 ounce. Plug the holes, and you should have a Krugerrand that weighs exactly 1/4 ounce. Problem solved!

[straightblast]

Sorry you met up with a dummy. Don't let it get you down.

Sounds to me like he wanted papers for his silver...he sure as heck is not a dealer with any experience.

[Dissipate]

Sorry you met up with a dummy. Don't let it get you down.

Sounds to me like he wanted papers for his silver...he sure as heck is not a dealer with any experience.

Yeah, I would be wary of any "dealers" at a show, unless maybe it is a coinshow .

[Ageka]

If I had a weighing scale - electronic - good for 1/1000 grams( milligram )
I would need to now the production tolerances on the goldcoins
What is the lowest produced weight and what is the highest produced weight
Is there any internet site that gives this information ?
I now in 1980 goldcoins were routinely weighed when there was wear to see they still met minimum weight specifications
AGK

[porfiry]

If I had a weighing scale - electronic - good for 1/1000 grams( milligram )
I would need to now the production tolerances on the goldcoins
What is the lowest produced weight and what is the highest produced weight
Is there any internet site that gives this information ?

From the horse's mouth:
http://www.krugerrand.org/pages/products/krugerrand/main.htm

I recall seeing on this site once upon a time the minimum weight before the coin is supposed to be withdrawn from circulation. Can't find it now.