How to spend "free" money at a LCS

If you're ever flying through Harrisburg, PA, you'll be too far away from these guys. Not that they're worth visiting anyway.

There are a few closer to the airport (30 minutes or so from me) but I don't get over there that often.

 

Log in or Sign up to hide this ad.

There is a moderator here who argues against online coin buying, that coin shows and LCS's are the only way to become educated numismatists. However, if this is the buying opportunity you geographically have available to you, I think you could make an honest case against that argument. The internet is your friend OP. This LCS is not. $39 for an ASE! PFFFFT!

 

Wow. what a terrible shop.

 

http://www.silver.com/2014-1-oz-silver-american-eagles/

Help yourself. The only reason for my comment was to prove sub-$20 ASE's is not unheard of sir. How is my posting a major dealer selling ASE's for less than $20 today "irrelevant" to your sarcastic, snarky response to Detecto? I thought it was going directly to the core of your sarcasm.

Yes sir, you are right. A dollar premium for ASE's is not really possible. If silver is $18, $19 ASE's are not really posisble even in bulk. Maybe Detecto was wrong and silver was already $16.50 by the time he went to the show. In that case, I have just proven to you sir sub $20 ASE's are possible, and can link you sub $19 ASE's in bulk as well. I am just saying spelling out why you disagreed with his math would do everyone more good than sarcasm.

 

Yes, that dealer truly is very high priced. We agree on that point.

The moderator you speak of I do not recall has ever said you should not buy online. His POINT is that you can truly judge a coin better in person. Its pretty irrelevant when it comes to bullion, so he is referring to collectible coins. He is right, but we all know many people only have access to crappy dealers like this, and no shows are nearby. This has always been true, which is why for a century there were mail order dealers. The internet is simply an improved version of mail order dealers. I buy almost all of my coins online, maybe 99%, because i buy very esoteric things. However, this does not negate the truth that seeing coins in person is preferable to pictures, if a person has the chance. Unfortunately many of us do not live on the coasts or in Chicago and have access to truly great shows. Btw, you are COMPLETELY mischaracterizing what he said about becoming an educated numismatist. He said everyone should avail themselves to all sources of knowledge, including the internet, books, and shows and good dealers to educate themselves. I have been here almost 5 years now and have never heard him say that without going to a coin show you cannot become educated. Like a good book, its a quicker way, a shortcut, to becoming educated rather than trying to learn on your own.

 

But what years? You have to remember that silver was not at that price when the coin was minted.

 

I replied to Tim as well. You can find ASE's for around $20, but it's date dependent. I actually just placed an order for 2 pieces (2015) from APMEX. They were offering free shipping, so I ordered in advance. Paid around $20 and change per piece.

I have a Dansco full of ASE's by date (bullion version) and when filling the holes, the older coins were not available at prices anywhere near the current price of silver.

 

In respones to the OP, I wouldn't force a purchase. If you don't like anything at the store, wait. Couple the gift certificate with cash and buy something you like. You'll have buyer's remorse if you just want to spend the money.

 

True, if you are chasing them I could see that. I just bought some from a local coin dealer about a week ago of mixed dates for around $19. No 1996s, but a wide variety of dates he had simply bought as silver. But, I bought all he had to offer and didn't care about dates.

 

When completing the Dansco, there werer clearly some dates that I paid ~$40 ish for, but others, even older dates I got in the mid $20-$30 range. They were all BU.

What condition were the coins you just picked up?

 

They were all in flips, but not particularly cared for sir. The only thing I know about ASE's was I thought I heard the 96 was a little scarcer, so I looked for that one and no luck. Like a lot of coin collecting, if you have to have a particular date or coin usually you end up paying a premium for it, while if you are much more open to what you buy the prices come down. It doesn't help in putting together a specific collection together though.

 

Forgive me as I am learning this site and I do not know how to multi-quote because I do want to address some of the other points you made. Let me also preface this with the idea that on the vast majority of your posts I have read, I tend to agree with you to a "T".

So first, the quote I quoted above. My partner and I sell at least one monster box per week, either by individual piece, tube or multiple tubes at a time, for $1-$2.50 over spot at one of the 3 local coin shows. Tubes go for spot+$1.50, individuals go for spot+$2.50, quantities of 5 tubes or more we sell for spot+$1.25. And we do this at a coin show, between the hours of 9am-2pm. 500 or 1000 ounces in 5 hours. Sometimes we will get a call Friday or Saturday from a dealer who needs 10-12 rolls, and we do them for spot+$1 because it justifies a second box. Our clients are other dealers or the general public. I watch dealers buy 5 tubes, walk back to their table, then mark them up to $3-4 over spot. One monster box covers our show costs, our time, etc. We do more volume than anyone else I know there, at any of the 3 shows we regularly attend. We don't nickel and dime anyone. We don't rip people off (obviously). Our theory is that if we have the best price, everyone will come to us first. We even noticed certain dealers and collectors coming early and asking us as we are walking in if they can reserve "x" tubes, pieces, etc. So I wouldn't say it is impossible to get eagles at $1 over spot. Not a big deal, just offering the readers a real life example of how this does in fact happen. The funny part is, we don't even really consider ourselves bullion guys, it just happened organically.

Second, about this moderator. I have been a member for a week or so. I have been reading this forum for 2-3 years at least. I confidently said above regarding your opinions that I generally do agree with you and I meant it. As far as this moderators opinions go, I will say this and leave it at this; any and every one would agree that seeing a coin in person is the best and favored method of grading, inspecting and/or learning about a coin. I cannot possibly imagine an argument against it. Physical, in person inspection. Best method. Period. Perhaps I need to re-read this particular conversation that I believe we are both referencing, as I may have misinterpreted it. With that said, I do not believe arguing against this moderators opinions goes without punishment. Whether it is the commonly utilized parenting technique of "because I said so" or the "just try me" face he enforces, I bet I am already treading on thin ice by being so new and voicing this as such. I do not know where the part about "needing to go to a coin show to become an educated numismatist" came from, maybe this was all in the "in-person inspection" vein. I will say this. I personally know someone with Aspergers (a social anxiety disease) that NEVER goes to coin shows. This man shops through people, or online. He is the FIRST person I would go to if I had a question on a coin that is of a type he is knowledgeable about. And he is young too.

So maybe I will summarize with this. Physically touching and inspecting a coin is the best method to familiarize oneself with a coin. It is the preferred method. However, given the year we find ourselves in (2014), the level of technology we enjoy, I believe people can become extremely knowledgeable about coins, types, etc, without attending coin shows or going to a LCS, and further, can build an impressive collection buying digitally. Is it possible to cut a road through a mountain with only a spoon? Sure. But it will save you a whole heck of a lot of time to use a little dynamite and a bobcat. What really matters, and I already know you agree with me on this, is enjoying oneself, and knowing if one is collecting because they are a collector, or making smart purchases as investments (lets not get into a coins as an investment convo, as this is almost as racy as politics around here).

I hope you take my reply as just that, my reply and do not take offense to any part of it. It was not written with that intent.

 

I do not disagree with your post at all sir save for I do not believe that moderator ever retaliates against anyone with a differing opinion. You are not treading on thin ice around here at all, as long as everyone is respectful no one has an issue if you disagree with any of us. On the thread we are referring to, maybe I came off as disrespectful of others, and if I did I apologize. I already apologized privately to the OP in that thread for my part of the controversy.

Other than that I respect your opinion sir, it sounds like you are a great dealer with very good prices, and hope you continue here at CT. We truly appreciate hearing from dealers and their perspective on the market.

 

I'm saddened if we have a failed literal understanding of posts, and one has taken personal umbrage to an individually directed statement. I believe my posts were quite succinct, and would stand the test of objective adjudication. I believe Tim is prone to exaggeration, and his posts in this thread belie his statements
(e.g. "tons of dealers", "all day long", MAXIMUM VALUE, etc.).

I believe it'll be found that Tim didn't state the minimum value to be found for a very specific coin was $20. He stated that the MAXIMUM VALUE for that specific coin was $20.

My literal understanding of the word maximum, as defined by numerous authoritative sources is: mostest, greatest, ultimate, supreme, topmost, maximal, etc.

You can find "loss leaders" to support your position, but I believe the seller in the link you provided places a minimum value on his non-specific ASE coins of $25.59 ($19.64 + S/H). A $20 cash payment will generally not deliver that coin.

Generally, when I sell, all costs are included in the advertised price. I've virtually never had a "failure to communicate", and many return calls without ads.

I believe you've supported my contention that $20 isn't the maximum value to be paid for acquisition of that specific commodity. I apologize for lack of literal understandings, and any personal offense taken.

Respectfully, Rich

 

I did pay a much higher price for the '96.

 

I am probably grumpy and misread your post sir. I thought you were saying it would be impossible to find an ASE for $20. If I was wrong I apologize. I hope we can continue to get along well here sir.