How do you check if a Krugerrand is genuine?

[mellowred 10]

Please excuse my ignorance here. I have just recently started buying gold for resale to gold dealers.

 

Somebody came to me with a 1/10 Krugerrand (1995) set in a small frame as a necklace pendant. The setting is not gold. The tests show that the coin is genuine gold, but it weighs 3.6 grams. If my internet searches are right it should only weigh 2.8 grams.

 

So now I'm not sure what to do, do I pay her the normal 9 carat rate, or do I try and sell the Krugerrand?

 

How do I know that it is genuine? What carat would a Krugerrand be?

 

Thanks

Mandy

[ATOMICSQUIRREL 10]

How to Spot a Fake Krugerrand | Gold Krugerrand Ferret

[mellowred 10]

Thanks ASQ.

 

According to the site it is a genuine Krugerrand. :smile: The weight is 3.4grams ... not 3.6 as mentioned in my 1st post.

 

But I'll still get someone with genuine Krugerrand knowledge to take a look at it before I buy it.

Edited March 19, 2012 by mellowred

[PBGold 10]

The Fisch test has been a mainstay of dealers, banks etc. for decades.

 

However, it seems that you have decided to buy in Krugerrands (KRS) for your business.

 

A word of warning here.

 

Krugerrands are a total waste of time.

 

There is no money in it whatsoever and the risk to your life and safety, and that of your family is not worth the pittance you will receive from trading in KRS.

 

In fact, you will quickly learn that the majority of people that buy KRS could not care less for your life, they will want to squeeze that last R5 per Oz out of you.

 

Believe me, I speak from personal experience on this. I have been shouted at, insulted etc. for asking a premium of R10 on an Oz of R 13 000. And that for risking my life driving around JHB for KRS.

 

Forget it.

[mellowred 10]

Hi PBGold

 

Thanks for the advice which is well taken. However rest assured that I am not going to be trading Krugerrands. I have enough trouble distinguishing plated and solid gold at this stage.:embarrest:

 

I am just a lowly buyer of any old gold pieces which I sell to someone who then sells it on to dealers. I was offered the 1/10 Krugerrand together with some other gold pieces, and just wondered how to check that it was real. AtomicSquirrel's website was very informative.

[jwither 11]

The Fisch test has been a mainstay of dealers, banks etc. for decades.

 

However, it seems that you have decided to buy in Krugerrands (KRS) for your business.

 

A word of warning here.

 

Krugerrands are a total waste of time.

 

There is no money in it whatsoever and the risk to your life and safety, and that of your family is not worth the pittance you will receive from trading in KRS.

 

In fact, you will quickly learn that the majority of people that buy KRS could not care less for your life, they will want to squeeze that last R5 per Oz out of you.

 

Believe me, I speak from personal experience on this. I have been shouted at, insulted etc. for asking a premium of R10 on an Oz of R 13 000. And that for risking my life driving around JHB for KRS.

 

Forget it.

 

The Fisch Instrument is also the best method I know, at least for a novice like me. I bought three or four of the wallets for about $300 new but I presume they can be bought less used. I have those for the American Gold Eagle, Canadian Maple Leaf, SA KR and "old" US silver dollars.

[mellowred 10]

One thing is for sure, if you regularly collect gold coins, and don't have a Fisch Instrument, you would need to have your eyes tested regularly.

 

The tiny dimensions at close range play havoc with ageing eyes.

[wayjen 10]

why not bite it like in the westerns?

[PBGold 10]

why not bite it like in the westerns?

 

Tried that. Don't recommend.

[wayjen 10]

ha ha ha ha ha what happened?

[lilythepink 11]

Broke a tooth, I imagine?

[EWAAN Galleries 11]

The Fisch test has been a mainstay of dealers, banks etc. for decades.

 

However, it seems that you have decided to buy in Krugerrands (KRS) for your business.

 

A word of warning here.

 

Krugerrands are a total waste of time.

 

There is no money in it whatsoever and the risk to your life and safety, and that of your family is not worth the pittance you will receive from trading in KRS.

 

In fact, you will quickly learn that the majority of people that buy KRS could not care less for your life, they will want to squeeze that last R5 per Oz out of you.

 

Believe me, I speak from personal experience on this. I have been shouted at, insulted etc. for asking a premium of R10 on an Oz of R 13 000. And that for risking my life driving around JHB for KRS.

 

Forget it.

 

 

Krugerrands may be a waste of time for dealers as margins are very low. But they are not a waste of time for investors.

 

I would rather buy a krugerrand for R13000 compared to a Maxwell Coetzee / Nadine Gordimer 1oz for R17000. Both are 1 Troy Oz of Gold right?

 

Getting same oz of gold for R4000 cheaper

 

If you buy from reputable dealers who get the krugers directly from Rand Refinery then no ways of getting fake krugers.

[PBGold 10]

Yep, I was talking from a dealers perspective. From the public's perspective, yes, certainly an excellent way to protect the value of your money.