More reports are surfacing concerning 10 ounce tungsten filled “gold” bars. I had planned to write this article last month but now it is more relevant in light of this story. What do you need to protect yourself in purchasing gold and silver in the future? I purchased the following supplies for barter/banking considerations after the economic collapse.
First is a scale (or scales):
Product Description – $11.39
Product Description – $128.50
10th gram resolution and eight different weighing modes. 2600 gram capacity x 0.1 gram resolution.
This scale would be able to weigh the 10 ounce gold bar. If the dimensions of the gold bar were checked against its specifications. The 10 oz. bar would weigh approximately 9.5 – 9.6 oz depending on the amount of gold covering the tungsten core. Tungsten in the same dimensions as this gold bar would weigh 9.33 oz. A discrepancy of less than 0.1 oz would raise suspicion, let alone 0.4 oz.
But in order to check the dimensions of a suspect product, you need a pair of calipers.
Neiko 01407A Stainless Steel 6-Inch Digital Caliper with Extra-Large LCD Screen and Instant SAE-Metric Conversion
Product Description – $15.69
When you require exact measuring, you reach for a caliper. But an accurate measurement is meaningless if you can’t read it accurately. This caliper takes an essential tool into the 21st century with an extra-large LCD digital readout for exact internal and outside measurements accurate to .001-Inch. Instantly converts from SAE or Metric, the display can be zeroed at any point on the slide. Machine-grooved thumb-roll mechanism and position lock for sure adjustment. Hardened stainless steel shaft with depth-measurement probe, precision ground jaws. On-off switch with auto-off, two long-life batteries included (one spare).
If the tungsten covered gold bar weighed 10 oz., then the overall dimensions would be larger than the specifications.
But what if you do not know the specifications? When bartering US coins after an economic collapse, this book will be invaluable:
Product Description – $11.53
The Official Red Book®, now in its 66th year, is famous nationwide as the premiere resource for U.S. coin collectors. This best-selling one-volume library helps you make smart buying decisions as you build your collection. Millions of readers rely on it for full-color photographs, detailed technical data, and up-to-date mintages. The Red Book covers the history of colonial and early American coins; official federal issues from half cents through silver dollars and gold coins; classic and modern commemoratives; Proof and Mint sets; error coins; Civil War tokens; pioneer (territorial) gold; every state and territorial quarter, plus the new National Park quarters; all of the presidential dollars; and more. You ll benefit from its practical essays on grading, investing, auctions, and other hobby subjects and of course, its pricing for 6,000-plus coins, in up to 9 grades each, gathered from more than 100 of the nation s leading coin dealers! The 2013 edition features more than 1,800 full-color photographs to help you confidently identify your coins. Updated values, mintages, and auction records. Expanded coverage of commemoratives, sets, and other coins. The latest research on colonial coins and private/territorial gold. New higher-grade pricing for classic commemoratives. And much more something of value for every collector, new or experienced. It s no wonder more than 22 million copies of the Red Book have been sold since the 1st edition! Full color. 448 pages. Classic red hardcover.
The economic collapse has occurred and the US dollar has no value. Trade is based on barter (products and services), silver, gold and precious gems. Someone wants to trade with you for a wood stove and the agreed price is 10 ounces of silver. The other party has “junk” silver with a face value of $12.00. How much silver does this represent? Without a scale or the specifications of the appropriate silver coins, you would not know the actual silver content or if the pieces were counterfeit.
Let’s assume that the following distribution:
10 Franklin Half dollars – $5.00
weight: 12.5 g diameter: 30.5 mm
0.900% silver or 0.36169 troy oz silver per coin.
The composition and diameter of the 1964 Kennedy half is the same as the Franklin half but from 1965 through 1970 the silver content was reduced to .400 average or 0.1479 oz silver per coin.
20 Washington Quarters – pre 1965 – $5.00
weight: 6.25 grams diameter: 24.3 mm
0.900% silver or 0.18084 troy oz of silver
20 Roosevelt Dimes – pre 1965 – $2.00
weight: 2.50 grams diameter: 17.9 mm
0.900% silver or 0.07234 troy oz of silver
|Quantity||Weight||Weight x Quantity||grams to ounces|
This table from Excel shows that this quantity of silver coins has a weight of 9.6456 troy oz of of which ~90% is silver (8.78 troy ounces). If the current price of silver is $100, you have agreed to pay $878 for the wood stove assuming the dollar had any value in relation to silver in the future. This also assumes that the 10% copper content of the coins is not considered.
Product Description – $2.93
Suitable for general laboratory, commercial, and educational use. OIML Class: M250g Calibration weight. Calibrates Digital scales that require 50g of weight. General use 50g Calibration Weight.
Used to detect counterfeit Chinese Silver coins.