Posted by RobMD on December 06, 2008 at 20:25:42 from (205.188.117.74):
In Reply to: Scrap Gold ??? posted by John B. on December 06, 2008 at 20:11:11:
On august 14, 1532, Franco Pizzaro and 137 men stumbled upon the richest empire in South America and plundered it for the next 12 years.
They saw gold in the form of idols and rings and other jewelry by the millions of pounds, of which they considered to be scrap gold.
Scrap gold, to the Spanish, meant that there was no intrinsic value to them in their form. Of course, gold is gold, but the priceless sacraments of the empire were melted down into bricks to pay off a ransom for the life of King Atawallpa.
In other words, gold in the form of a ring is probably worth less to someone than gold as a raw material.
Having certified raw gold is better than taking someone's word for a ring that looks like gold.
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