I found this post pretty funny. They are trying to find people to sell junk silver for $12 per $1 face value. At about $23 for 90% silver currently this person is really reaching to think people will sell for that. http://nh.craigslist.org/wan/3568193254.html
Hey man if you have a problem with what I pay people too bad. Haha just kidding, this guy either hasn't looked at kitco in years or is a scam artist.
Not sure what the "scam" is -- he's clearly stating what he'll offer, and people are free to take him up on it, ignore him, or point and laugh. Now, if he says "I'll pay TOP DOLLAR for your old, worn-out gold and silver!!!", meets a seller, and tries to convince them that they can't expect more than 12x face -- that's a scam. Not that anyone would ever do that, I'm sure. I still sometimes see stuff offered on eBay BIN for 10-15x face. It's been a long time since I've been quick enough to win any, though.
I wouldn't doubt that he will. I just find it real iggnorant to ask that low when most people have a clue about what its worth. They could ask $5 per $1 face for all I care, however it just makes me roll my eyes and laugh because I know they are just trying to rip someone off.
The scam is that he is preying on ignorant people and paying far below market value. I realize the ignorant people should do their homework in thr first place but this guy is practically cheating them. I will say that this comes down to ethics and some individuals won't feel bad taking peoples silver for so low.
I usually call people like this out. Just post an ad in the same section that refers to the other ad and informs people of the current value of junk silver.
I actually emailed him saying good luck finding someone to pay about half of melt. Of course he will never respond to me. They never do when they are called out.
There are a few pawn shops in my area that over price their junk silver so much. One sells common circulated Morgans for about $60 and up and won't budge from that price. Everyone in a while I walk in to see if they have so cheap coins, but they always have the same ones in there becuase everyone seems to know they are well over prices.
Whereas melt for 3 Wash Qtrs was $17.50, LCS would only pay $12. in Boston. Should we picket? lol Forget the coin collectors. Any super low "no-questions-asked" BIDS are appealing to the meth/heroin addict thieves, I think. Very sad, to be sure... but hot stuff is nowadays sold under ridiculous circumstances (unbelievably LOW prices) for desperate reasons too. The LCS/pawn knows this better than you or I.
Actually this one that pays 8X sells competitively though. If you get the owner you can bargain him down. But there is something sort of snarky about buying coins from someone that bought them at a ridiculously low price in the first place. I know he is a businessman and all, but still.
Nothing more than a lowball offer from someone looking to profit. As Scottishmoney pointed out, there are places/people paying less, so while this person’s offer may be low, it is likely not the worst around. Being that the ad is on craigslist, anyone who would respond must have internet access, and in the amount of time took to find his ad, they could just as easily learn the melt value of any silver they may have. If you are concerned that he is going to "rip off" an unsuspecting person, why not take the opportunity to post your own ad offering whatever you believe to be a fair value?
