You are probably wondering why a post with this title is in SGS with a picture of a silver coin. Does it really fit here? Read on and I'll tell you a story.
I belong to a Telegram gold and silver buyer's group called the Inflation Mitigation Lounge, run by Bullion Brother. They have the cheapest prices I've found anywhere. Everyone in there is great.
The Rules
There aren't many rules to follow except those you'd expect. Be courteous, keep the language PG rated and pay your invoices within 48 hours of receipt. They are forgiving and understand situations come up, but there is one rule that is ironclad:
- All purchases are a contract between yourself and the company. Failure to pay will result in being kicked out of the Inflation Mitigation Lounge.
"Don't Seb Yourself"
A couple of Black Fridays ago, a user by the name of Sebastian came through the sales and "binned" (Buy It Now) practically everything. This was well over $50 ,000 in gold and silver. He never paid a penny, gave excuses, and was booted out as a result.
My Goof
Ironically, last November there were back date silver Lunar Year coins from the Perth Mint that were posted for sale. They usually go quickly, so I didn't take the time I should have to read the details. It was presented as a "spot +" deal, which is common to see. It simply means the cost is the spot value of the metal plus a fixed premium, multiplied by the total metal weight. I quickly replied "Bin 1" to a 2010 Year of The Tiger coin. Only after that did I realize my mistake.
Obverse
This is technically the reverse of the coin, but I call it the obverse because it's the interesting side of the coin. It depicts a tiger resting in a field, next to a tree. It's a great image that is detailed but also oddly calming.
Reverse
This is technically the obverse side, but I call it the reverse because it's boring and simply depicts the queen.
Moving Forward
It was too late to take back my mistake. If you notice, this coin weighs 1kg, or 1000 grams. That is 32.15 troy ounces of silver.
I had committed to buying the coin and it was my fault for not taking the time to read the details of the sale. I moved some funds around and got it paid off.
Specifications
Purity: .999
Weight: 1000 grams / 32.15 troy ounces
Diameter: 100.6mm
Thickness: 14.6mm (Source)
I always wanted a kilo of silver. I just never imagined I'd get it by accidentally buying a coin I thought was a 1oz silver coin. 😅 Looking at prices online, they're around $1000+, so if I were to resell it I likely wouldn't lose any money. Now I just have to figure out how and where to display it! 😆
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