Anyone ever have any luck with these?

"He's already tryin to get rid of everything he just bought."

I understand the thought process. In the "olden days" of eBay, 8 or 10 years ago, before all their buyer protection, it was like the Wild West, and I loved it. You could key in on various lots with certain types of sellers, take an educated guess, and make some decent money breaking up the lots and flipping them right back on eBay. I did very well doing this. My favorite model was to buy a lot, flip what I needed to break even, and keep the rest of the lot for my collection so then it was like getting the remainder for free. I have quite a number of coins that I basically got for "free" compliments of eBay.

But now with the buyer protection, there's basically no risk in buying from a scammer, so "everyone" just bids on something knowing that if they don't receive it or don't like it, then they can return it or get their money back.

I prefaced this to say that in my opinion now on eBay, it is difficult if not almost impossible to make a buck buying a lot such as this. Especially from an established coin dealer. I wouldn't have bought this lot even in the olden days, but in any event, those mentioned eBay olden days are forever gone.

I've read here at CT where some buyers on the forum still find some great deals on eBay from sellers not catching a rare type of error or variety. Unfortunately for me, I don't have the coin skill needed to look for coins such as this. I still buy on eBay, but I just look for the best bargains I can, for the coins I want for my collection, usually on auctions in which the prices are still usually better than at coin shows and certainly better than at coin shops.

 

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Anthony's has been around forever and is a very large buyer and seller of coins with much experience. You can be very sure that they knew precisely what the value of that lot was and offered it and accepted an offer that would provide a decent profit for them. Nothing at all wrong with doing this and I notice that they accepted an offer from the BUYER. By the way, the set of mercury dimes missing the 1916 D was missing the majority of it's value in that one coin.

 

On ebay if it looks like a steal of a deal an its too good to be true then steer clear.

 

Be sure he weighs the lots in total. Of course it'll be difficult to determine just the weight of the albums. By the way, IF he has no interest in the currency then have him PM or start a conversation and I'll reply. I'm always interested in such and would like the opportunity to review what he received. Fair enough?

 

Did a bit more thinking and
1 pound avdp weight = 14.5833 troy ounces
Current buy rate for 90% silver is "about" $12
so, 14.5833 times $12 = $175
so, $175 times 218 pounds avdp = $38,150 approximate

What have I missed or miscalculated???
One precious metal dealer buying $1000 face 90% silver for $1,270
So, you'd have to have received over $6,000 face 90% to recoup the $7,000+
paid for the items.
Hmmmmmmmm,

 

1. The lot didn't state that there was 218 pounds of silver. It stated that the lot weighed 218 pounds. Much of the weight was rolls of cents and cardboard.

2. Current buys on bags of silver must be $12,700.00 not $1270.

One can be sure that Anthony's didn't loose any money on the deal, as they shouldn't.

 

Oooops. That should have been "$100 face 90% silver for $1,270"

A very CAREFUL reading of the ad is a MUST and it's important to note that there is no punctuation! To avoid any misunderstandings of what is contained in the item it could have read
"US Coin Collection Lot, 218 Pounds, Lots of Old Silver "

The commas would have been most helpful. Oh well.

 

I wonder how much cardboard goes for per pound nowadays

 

Well here's one final update. He's sending it back. He say because there was no profit that he could make.

 

Nothing for nothing.. That's just a 13 year old kid that has daddies money and has no idea what he is doing. He follows me on Instageam. Another one bites the dust as they say.

 

Well that is a down side to selling a lot like that on eBay. It would be hell to have to re-inventory the return for the seller and I bet the buyer eats quite a bit on the shipping.

 

I wonder how this is going to turn out. What is the reason he is going to use for the return? I can't imagine him making a case with eBay that he wants to return the lot because "there was no profit that he could make".

Looks like the only winner is the shipping company.

 

If I know eBay, he won't need a reason.

 

Could someone in your situation (Sully) purchase a larger/bulk lot from an established dealer that still has enough meat on the bone to pull down a reasonable profit? Absolutely... but this isn't one of them, and you're not likely to stumble upon one on ebay where they're usually offered for a reason. Point is that if your interest in such a thing is indeed rooted in your desire to sell, you would be wise to realize that the best opportunities are not going to come to you or simply fall in your lap.

Im sorry if this sounds harsh, but whoever purchased this, be it you or a "friend", was a fool to expect an easy profit. There are very good reasons for why some of us have been pressing you to learn before you leap, and this is a fine example of one. In the real world, where wonder-God ebay isn't there to protect idiots from themselves, this buyer would've just learned a rather expensive lesson and rightfully so.

 

I don't agree whatsoever with the lot being returned because your friend couldn't turn a fast profit. That was never guaranteed by the seller and it's frustrating to sell an item such as this and then absorb the cost of having it returned.

 

I have learned that it is better for me to sell to someone I know and trust, to allow a little more room for a quick, trouble less and solid sale than to try to squeeze every little dollar I can from each item. I also find that when I do that, when the buyer goes to sell (they always do, sooner or later) they very often come back to me. It's always a pleasure to buy back a coin or collection that I sold and sold right. Just a bit of my dealer philosophy.

 

We could have told him that before he even bid

 

It worries me that a collector with insufficient common sense to figure out the actual value of a lot like this has that kind of money to throw around so recklessly. If he didn't learn his lesson the first time, he's eventually going to get burned.

 

I hope the buyer eats a lot of crow in the return shipping costs. What a waste of time and effort to sell it and take back the return. Lots of money tied up and hassles on both ends.

The expectation that you're going to get rich flipping a large lot from a professional coin dealer is idiotic.

Returning it because there was no immediate profit in it for you is even worse.

Even I feel cheated out of my time for reading this thread. Bah...

Ask questions BEFORE you buy. And geez - buying a mystery lot without asking first?

What a maroon.....