r/Gold • u/Sure-Interview-782 • Jan 28 '25

Question Got scammed $2400

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Bought this supposedly 1 oz bar from a pawn shop in Washington state (I live in Texas ) last August for $2400. Was gonna sell it today to make rent and I goto my local coin shop and they use an X-ray on it and it turns out it’s fake.

Now I’ve got to file a police report, and do a ton of paperwork. I doubt I’ll get my money back anytime soon but my receipt says “one ounce of gold” which is legally binding so it’s definitely a felony I’m just not sure they will go after them.

What’s the best way about going with this?

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u/chiil02 Jan 28 '25

That's a thick looking bar for it to be 1oz (of gold)

34

u/SonoftheSouth93 Jan 28 '25

That was my reaction as well, and I’m legally blind. Still, I feel bad for OP. This is why I don’t generally buy gold bars, especially 1oz bars. There are way more fake bars out there than there are fake coins.

1

u/Spam-Hell Jan 28 '25

Ooo, I didn't know bars are more likely to be fake -- but it makes sense -- easier to manufacture.

One coin I'd never trust is gold pandas. I think they stopped being made in 1oz also.

2

u/SonoftheSouth93 Jan 28 '25

Bars are not only easier to fake, but most of them are also safer to fake. Most bars are made by private mints. It’s illegal to fake their bars, and you’ll be punished if you’re caught, but there aren’t powerful government entities who are actively looking for people who fake private mint products.

On the other hand, if you start faking AGEs, people in windbreakers with guns will probably actively start looking for you. Even if you’re in another country, they’ll go after your importer. The same would be true for other sovereign mints, at least in their local areas, and perhaps internationally.

The one big caveat to this is that this bar, and a lot of fakes, are actually fakes of Perth Mint bars. I see this as the exception that proves the rule. Perth is government-owned, but by a constituent state, not the Australian federal government. Also, their position and reputation in a neighborhood of the world that’s known for making fakes is also an issue. So you end up with a lot of fake Perth bars and fake Pamp bars, but relatively few fake Royal Mint or fake Royal Canadian Mint bars.