Advice on selling junk silver

So I went to a local show yesterday with a group of coins in my pocket and more in the car. I was just going to go around and see what dealer prices were on the group I carried with me, and if I liked the price I had more to sell. Maybe this was the wrong tack since I was offered between $1.50 and $1.75 on 40% kennedies I had with me, (about 3 dozen). One dealer offered me $2 in trade, but then when adding them up, (I had some rounds and 90% in there too), shorted me by more than a third. When I went to get them back he had "forgotten" some were behind a display case, (.999 rounds conveniently enough), where I noticed he had put them. I had to point them out and "discuss" whether they were mine or not. I took them to a dealer who had quoted me $1.75, and when he added them up he was only going to pay me $1.50 and less than 11 times face for the 90%.

Am I the problem? To me they all seemed like crooks, and even though a couple of them had some coins I liked I refused to do business with them.

Edit: It had been a long time since I went to a local show. I was seriously insulted at every turn. I asked to see some Celtic one of the dealers had, and he told me "Well, do you really think you are interested in them, because I don't want to waste my time. You don't look like you know anything about them". This to a 40 year old man, not some kid. I promptly told him my references I used, he offered to show me them and I refused and walked away. Are shows this bad now or was I just having an all around crappy day?

 

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That kind of falls in line with experiences I have had. Of course, if you expose a smidgen of knowledge, attitudes adjust some. But unfortunately there are a significant number of people in this hobby who conduct business a bit less ethically than most. I believe it is on a large enough scale to have quite an impact on the honest dealers who conduct transaction honorably and ethically.

But, there are people who would never dream of taking money from a found wallet. And a great number who would not hesitate to take the cash or valuables inside. They only person whose behavior you can control is yourself. However, just because you are paranoid, does not mean they aren't out to get you.

gary

 

I've only been to two coin shows, so it probably isn't a representative sample. The first one I attended, everyone was extremely professional, helpful, and courteous. The second was populated by thieves and bandits as far as I am concerned. I picked up one item with a price tag on it, and as soon as I offered to buy it, the price went up. I told him I wanted to pay the price on the tag, which wasn't an error, and he refused saying that he changed his mind about the value. It wasn't worth arguing, so I visited a couple of other tables with similar rude treatment and then left.

I think you run into all types of people at these shows.

 

You weren't wearing one of my Harley TShirts were ya? LOL.. Sounds like you were in the midst of an attorney convention.. (sharks)

 

Hate to say it, but a coin shop in almost all cases would have been much worse. At most shows that I have been at, there are 1 or 2 specific coin buyers (who are there mainly to buy junk), and they will give you good pricing in many cases (I got 12.5 back when silver as at 18, and 5x for 40%).

 

Well I went to everyone and got quoted by 6 dealers. Silver was almost $20 so I have to admit I was shocked by the offers. Does everyone think that the prices offered me were low because no one is buying now, (which is weird since I heard bags are hot), or were the dealers just trying to skin me? The best offer for 90% was less than 12x face, and .999 rounds was about $19.

I was wondering if I was wearing a Harley shirt or something lol. No dice, I was in dress pants and shirt, like I wear to the office. I was just bewildered.

 

That would fire me off too Cloud. I have seen dealers refuse to sell at price tag after the buyer tried to lower it, (note, if its a very good buy do not try to knock more off), and have had a dealer put a coin into his pocket and only sell it to me because I was the one who found it, (he was going to remark it up otherwise), but to have a dealer refuse to sell for the stated price I would have gotten upset as well, and probably told an event organizer about.

 

I have either collected or am currently collecting everything under the sun.....that said, I have noticed that there are all kinds of dealers. Some are selfish and insulting, some are helpful and want to see their respective hobbies grow...and some are even a combination of both. The same can be said for coin shops. I have a guy that I buy/sell/trade with on a regular basis who is very reputable. On the flip side there`s another shop with a guy who was trying to sell a 1928 penny that is an MS-60 for $85. (and no, it`s not an S or D either)

I would however encourage You ( medoraman) to check out another show and possibly other shops that are in other counties. You`re bound to find better dealers out there at some point.

 

Thanks, I have been around the block once or two, but hadn't attended a general coin show in quite a while. I went to a smaller town yearly show thinking there would be better attendance than just one of the monthly Minneapolis area shows. What was sad was that one of the dealers had some stuff I would have been interested in, and if would have treated me fairly he would have gotten more silver at a fair price, and I would have probably ended up paying him money net of silver trades.

Well, the good news was that I heard a few new people asking how to get involved investing in coins, and after they left the dealers tables I told them they should come here for the truth. I hope a couple at least did. I even wrote the web address for cointalk on my card for a couple of them.

Chris

 

@Chris.....That`s how it`s done....word of mouth. I don`t hesitate to either promote good dealers, or blast the bad ones when I`m talking with fellow collectors. Unfortunately some people don`t realize that being polite can go a long way. Some people have the mindset that We need THEM, and that they`re "the only game in town."
Someday reality will hit them.

And just out of curiosity....What silver (.999) were You looking to unload?

 

The problem is that alot of dealers have had it "to good" with a endless stream of people that know nothing about coins. They can name their price and get it for such a large profit margin that they don't need to buy from anyone selling at the margins that people in other trades would gladly pay..

 

well wheat costs 10 cents a pound, do you feel scammed when you buy raw wheat from the store at $2 a pound? Or a loaf of bread for $3-4?
retail is expensive so obviously dealers want you to pay for everything. I pay $13 for junk 90% silver, I wouldnt be able to do it if i had a brick&mortar store.

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www.thesickearth.blogspot.com

 

PS, the celtic thing is a major no-no. I dont remember a treatment like that even when I was a 10-12 yo in a country where rudeness is mandatory.

 

Yes, actually I find the cost of most cereal and bread utterly disgusting, add to that most processed food.....so called food that has toxins in it such as monosodium glutamate (the substance that We demonized Chinese restaurants for) and high fructose corn syrup. I look at the price per pound on some of the products on grocery store shelves.....and it`s a sin against mankind what some of these companies are charging for their poisons.

 

I sure hope that this is not a trend in coin shows. I am planning on attending my third show this coming weekend.

 

I go to the local coin show every month. Usually 30 to 40 dealers depending upon the time of year. (more in winter...less in summer). I've found that the guys that are always there are pretty reputable. Every once in a while an "out of town" dealer shows up, usually from the Detroit area, and they can be very rude and sometimes dishonest. I'm not one of those guys that feels compelled to buy something from a dealer just because he spent ten minutes showing me coins. If I like it, I'll buy it. If I don't I say thanks and move on. The dealers that are there all the time know I buy when I like something. They all talk amongst themselves. If you as a buyer are a pain in the @ss, or rude...it gets around amongst the dealers. You will be treated accordingly. I'm always polite and friendly and I usually get reciprocation in kind. If I don't, I say thanks and move on to the next table.

Here are some red flags for me while I'm at shows:

That's an MS 65 and I'm willing to sell it to you for an MS 62 price! (lie. why would some guy who doesn't know me from Adam cut me a deal on a coin? A dealer I trust and who I've done business with may give me a deal if he got one on the coin, but not some guy I don't know and who doesn't know me.)

Anyone trying to sell you new stuff like its going to be rare. Like 2009 Linconln cents. Give me a break.

Anyone who tries to sell me a raw coin, but won't buy it back if it turns out to be cleaned, damaged, counterfeit after it is sent to NGC or PCGS. Remember there is a reason that 1928 Peace Dollar isn't slabbed...it has PROBLEMS.

A guy who gives me the business card to his brick and mortar store. That guy has overhead. You are going to pay for that overhead. I stick to the weekend warrior dealers. Best deals from those guys and most are dealing because they like the hobby.

 

There are plenty of buyers for junk silver in almost any amount. Every Silver coin I listed on eBay sold at a much higher price than a dealer would have paid. Heck, I even sold dateless SLQ's for 12.5 x face at auction. A local dealer offered 8x. So there you go.

 

Thanks for everyone's advise. So if I go to another show, what kind of price should I ask for, assuming silver is $20 an ounce? Right now I am just getting rid of 40% halves, 90% halves and quarters, and .999 rounds. I have much more stored elsewhere, but this is junk lying around the house I do not need or want.

If silver gets higher, I have 90% bags, circulated and BU morgan rolls, bars, etc, but right now I am just housekeeping. If it helps right now it is about 120 net ounces of silver I want to purge.

 

Why don't you try selling to APMEX?

 

There is a dealer at a local flea market in my area that I've dealt with twice now. The first time I gave him a little slack knowing full well he deals with some very ignorant people all day as it's a very large flea market (Shipshewana, IN).

The second time I went to check his silver as he had some nice bars and rounds at a reasonable price when I had been there before. I asked him what his price was knowing that spot was at 19.50ish for the day. I expected probably around $20 for spot plus a buck or two premium and was well prepared to pay that. He quoted spot at $24/oz PLUS the premium. I called him an idiot along with a few other choice words and left.

I've also been to a coin shop and treated like the most valued customer in the world the first time I walked in. Now that place has gotten my business several times when I'm in the area it's in and I will happily pay a bit more than I probably should just because they treat me so well.