Damaged 1oz Silver Eagle bought from EMK

[JamieGotSilver]

Hi guys - new to the forum and new to buying silver. I would appreciate a little help from some more experienced buyers/dealers! 

 

I recently bought a 1oz silver eagle online from EMK. I noticed the coin had a small indentation on the surface (see pictures), so I contacted them and asked what they could do about the issue. They have stated to me that they are unwilling to refund or replace the item as, in their words; "the dent on your coin is in a tolerable range and the coin still fulfils the criteria of an uncirculated bullion coin."

After seeing the pictures, does anybody agree with EMK and can confidently say that it's value has not been affected by the indentation? 

Please let m know what you guys think! 😀

 

Thanks,

Jamie

[motorbikez]

Not ideal pal, but it is a bullion coin & I don't think it will make any difference to its value. It has no collectors value IMHO. Just put it down to experience  & if you buy similar again ask for them to give it the once over before sending.

[Gordy]

I'd agree with Motorbikez as it is only bullion, if it was a proof then yeah complain, not your best experience into the world of silver and indeed gold if you decide on that.

I'd put it down to experience and not buy from them again, buy on here, its probably cheaper anyway and you get good service from the members and you can ask for photos if they havnt put them on, but sales threads on here nearly always come with photos and no-one takes the hump if you ask for more clearer ones either so you know what you are getting before you buy...

[Johnboysilver]

Yeah unfortunately not a lot you can do about it I don't think as this is classed as bullion  , I feel your disappointment ☹☹ .. buy from this forum like the previous guys mentioned 👍👍 

Edited February 2, 2022 by Johnboysilver

[James32]

As everyone has previously mentioned, it falls within the bullion parameters unfortunately 😕 

What price did you pay?

 

[Centauri167]

It is a BU coin, correct but silver eagles have normal an extreme high premium so you should get some quality.

My 2 cents, never buy at this company again and this time you were unlucky ...

 

[TeaTime]

Well i'm going to disagree with almost everyone else and say that in my view the coin is not good enough. It looks like there is a hole in it.

Bullion coins can come with marks and light scratches (and milk spots unfortunately) because of the way they're manufactured. The coin you are showing appears to have a defect that was not caused as part of the manufacturing or handling process. It looks like the planchet was defective.

Next question would be how much premium did you pay. If you have paid anything more than spot then you have been ripped off because that is all it's worth in that condition.

 

 

[ArgentSmith]

5 minutes ago, TeaTime said:

If you have paid anything more than spot then you have been ripped off because that is all it's worth in that condition.

 

Anything more than spot? Even if you take delivery of a comex contract you're going to pay spot plus 20% plus delivery fee lol

[sixgun]

The damage to the coin has affected the value of the coin when compared with an undamaged coin. 
i doubt the difference between the damaged state and an undamaged coin is enough for the effort. EMK don't want it back b/c of the shipping costs and that they are getting a scrap coin back.

Edited February 2, 2022 by sixgun

[TeaTime]

Seriously ?  That coin is worth spot even if sold privately. The premium that we pay for bullion coins should guarantee a minimum quality otherwise it's just scrap metal. I'm assuming the OP paid a hefty premium for a coin that could be sold on for a premium at some point in the future. What he received was scrap metal.

 

Not @ sixgun - you squeezed you post in before i could respond !

Edited February 2, 2022 by TeaTime

[sixgun]

8 minutes ago, TeaTime said:

What he received was scrap metal.

Agreed.

i assume this is the first year of the new version of ASE - so it will become a collector coin if only on that basis.
Looking at EMK the premium they are selling these coins at, it is high - i wouldn't pay this price but even in the States there is a high premium with ASE's. This has knocked at least 10€ off the value. A real kick in the nuts but for me it wouldn't be worth all the bother fighting it out and getting a replacement.

Edited February 2, 2022 by sixgun

[Gordy]

Keep it as part of your stack/collection until you have a pretty sizeable stack and then you can maybe buy some cheap milky coins and send them off with the ASE to @BackyardBullionfor him to turn it into a beautiful doorstop or paperweight, he does a nice cylinder, a cracking cube and great bars..... 2% discount for me please BYB for selling your services thank you very much  😂

[Gordy]

20 minutes ago, TeaTime said:

Seriously ?  That coin is worth spot even if sold privately. The premium that we pay for bullion coins should guarantee a minimum quality otherwise it's just scrap metal. I'm assuming the OP paid a hefty premium for a coin that could be sold on for a premium at some point in the future. What he received was scrap metal.

 

Not @ sixgun - you squeezed you post in before i could respond !

sorry, but i don't think it is worth 'just' spot value as it will very easily be moved on, on Ebay for more than spot as long as the buyer is made aware of the defect it will still sell for more than £17.00

[James32]

Think it would make an excellent candidate for a pocket piece?? I appreciate its not the outcome you wanted, but the dealer ain't playing ball ( their loss overall)

Keep it as part of your journey or sell it on here?? Either way you lost a few £ but the dealer lost a possible life long customer. 

[Gordy]

Just now, James32 said:

Think it would make an excellent candidate for a pocket piece?? I appreciate its not the outcome you wanted, but the dealer ain't playing ball ( their loss overall)

Keep it as part of your journey or sell it on here?? Either way you lost a few £ but the dealer lost a possible life long customer. 

And potential new ones too as this forum has a large member base who may or may not have bought from these before and who will now be steering clear of (me included in that)

[James32]

Just now, Gordy said:

And potential new ones too as this forum has a large member base who may or may not have bought from these before and who will now be steering clear of (me included in that)

Yeah 100% even though I'm not sure who EMK is?

[Gordy]

6 minutes ago, James32 said:

Yeah 100% even though I'm not sure who EMK is?

I must admit i did have to google them hahahahahahaha

[James32]

  IF COINS - THINK EMK  -  ... BECAUSE TRUST IS THE STRONGEST "CURRENCY" !  

Not exactly living up to their own motto 😁

[Gordy]

2 minutes ago, James32 said:

  IF COINS - THINK EMK  -  ... BECAUSE TRUST IS THE STRONGEST "CURRENCY" !  

Not exactly living up to their own motto 😁

When you think of customer service you look to who provides a quick reliable service and sells at decent prices and most of all has reputation... little notes on the receipts from staff thanking you for the order is a good touch.... You know who you are, i dont think I'm allowed to push the company but little things go a long way

[James32]

1 minute ago, Gordy said:

When you think of customer service you look to who provides a quick reliable service and sells at decent prices and most of all has reputation... little notes on the receipts from staff thanking you for the order is a good touch.... You know who you are, i dont think I'm allowed to push the company but little things go a long way

I'm expecting a full blown letter from you on my next future purchase 😁

[ArgentSmith]

50 minutes ago, TeaTime said:

Seriously ?  That coin is worth spot even if sold privately. The premium that we pay for bullion coins should guarantee a minimum quality otherwise it's just scrap metal. I'm assuming the OP paid a hefty premium for a coin that could be sold on for a premium at some point in the future. What he received was scrap metal.

Although it is not ideal the purpose of bullion is to facilitate the ownership of precious metals in recognisable forms and weights . I doubt there are any bullion dealers who would even give that small mark a second glance if buying back. As for selling on privately, anyone seen 999 fine silver bullion selling for spot because of a small mark or any mark? 

Collectors shouldn't be buying bullion particularly if they expect perfection every time. Leave the bullion for the stackers and stop pushing up premiums with unrealistic expectations.

Edited February 2, 2022 by ArgentSmith

[James32]

Has the OP fallen asleep?

Missed a trick with your username to sir......Jamie-got-hole-in-his-silver 😁

[TeaTime]

Maybe it's time to stop calling silver coins with a hefty premium over spot 'bullion'. The RM went from describing coins as BU to bullion as a way to cover themselves for shoddy production practices. Dictionary definition...'gold or silver in bulk before coining, or valued by weight'.

To me it's no different to buying any product that is sold partly because of it's aesthetic appeal. Just because it's made of a precious metal does not entitle sellers to pass off coins with holes in them and then state 'it doesn't matter because it's bullion'. If it's bullion then i want it at spot + production + sensible profit margin, not at premium prices. Some people buy coins not just as a way to stack silver but for the eye appeal or for collection purposes.

Maybe this whole topic is really about rip-off prices rather than the condition of the coins. Once you start paying nearly double spot the expectation of what you receive increases proportionately...  

 

 

 

[Shell]

I have a 70 silver eagle🥳 Would not be happy with this defect at all, it ruins the enjoyment, and would never consider this company ever again😐

[JamieGotSilver]

Hey guys, thanks for all the replies!! Very helpful. 
 

I was buying a gift on the website so thought I’d pick this up as a way of trying to justify the delivery cost to myself! 🤦‍♂️ My mistake. 
 

1 hour ago, James32 said:

Has the OP fallen asleep?

Missed a trick with your username to sir......Jamie-got-hole-in-his-silver 😁

I think I’ll return it and be Jamie-got-no-silver 😂