Tried to sell silver to LCS today...bad to worse news

It's all about the venue. LCS's have access to more people and have overhead, so they offer a lower price and sell at a higher. Honestly, I also try to only buy at under melt, as I never expect to be able to sell over melt. That's also why I rarely buy silver. Sorry for your frustrations, but try somewhere else like CT.

 

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Unless you are stacking bullion for protection against economic collapse or that sort of thing, this thread is an example of why physical gold and silver are a terrible investment. The transaction costs are too high, which is not surprising for something that needs to be retailed in an actual store. My preference is to invest in gold and silver ETF’s on Robin Hood where the transaction cost is exactly zero.

 

Of course, if there is "economic collapse or that sort of thing", all those ETF shares would presumably vanish. Just like banks, dollars, and civilization.

I read a lot of post-apocalyptic stories when I was younger. After we survived the second half of the twentieth century, I feel like my attention and resources are better focused on more likely futures. I make some allowances for bad surprises, but I don't count on them.

 

Plated items are not worth the ime it takes to weigh them the gold or silver layer is so thin there would be nothing left after melting. copper is around$3.55 per pound market price. So the copper items are bargain box items.
You didn't describe what type your casino tokens are if they are like this
The insert is generally .5/.6 of an ounce of silver. Unless LCS has a buyer for the insert gaming tokens most won't buy them. Some pawn shops buy them but they sell at lower prices at having them for a long while
If they are like this
they are cu-pro nickel and unless has some thing of high interest will bring only a couple of bucks.
The rest I can't hep with as I don't do coins.
I do buy rounds and art bars on occasion for the grand kids. but that is a long term deal, and it should go up in market price. The silver market price has been falling last week or so it just started back up today. $25.05 currently with an LCS premium of $3.00/oz. Everytime you buy it you are losing money unless you are a long term holder.

 

In response to "baseball21" you are right on point. We have a coin store in my location "Springfield, MO" who claims to know what is going on but actually could not find his butt with a compass. The other now thankfully out of business, used to advertise if you don't know your coins you better know your dealer. Unfortunately several customers got to know him and paid the price. His entire store is now up for bids on one of the bidding sights, WORD OF WARNING, he was overloaded with fakes and the auction house is covering there backsides with "all items sold as is" which means if you land on one of the fakes, you own it.
I work with a store that does buy silver and gold and he pays a percentage back of spot and will purchase all you want to sell to him. Not really interested in "slabs or the numismatic value" but will purchase all your junk silver. Patriots Gold and Silver in Springfield, MO. Nice guy and FAIR.
Semper Fi
Stay Safe
Phil

 

I'm selling my PM's and buying toilet paper. The whole world has turned upside down. What was once considered valuable is worthless and vice versa. I'm kidding of course about the butt wipe, I love my classic commemms and SLQ's. I don't collect to make money, when I die, my family will liquidate...or not.

 

Around here, 1940-1962 Washington quarters have a numismatic value of melt. There is really no premium. Any time we sell to someone who is going to resell we are not going to get full value. In my area everyone is a "dealer." Finding the end user is a challenge. Sorry you did not have a good experience.

 

Based on what you were trying to sell I can figure out why he may not have been interested in a number of items. Gold coins whether buying or selling are expensive and the dealer may not have customers that would buy them. The 1923 Peace dollar is a very common dollar and he most likely put it in a old cigar box with other common dollars and sell them for less than $25.00 each. This is a very common practice. Not a lot of profit in doing that. Same with the Washington quarters because they are considered junk silver. Junk silver is bought below spot and generally sold at spot or not much more. The Mexican Olympic silver coin would fall into the same category of junk silver. He may not have wanted it because he had no buyers. The casino tokens and off metal bars wouldn't appeal to most collectors so they have no value to the dealer. Those are considered novelty items of little to no value. Honestly I don't think the dealer treated you poorly I think what you offered him was stuff he would be stuck with. I think he was being fairly honest with you. As a final note about 12 years ago I wanted to buy some silver bullion and went to a dealers shop that I've been going to for many years to see what I could pick up. I notice he had a lot of modern commemorative silver dollars that I know he had for a very long time. These were still in mint packaging and in both proof and mint state format. I ended up buying about 50 of these 90 percent silver dollars for between $14.00 and $16.00 dollars in the mint packaging. The dealer was happy to get rid of them. I still have them and still consider them as just bullion. BTW most dealers would also.

 

Do I understand correctly that you tried to sell him some bars that you thought were silver that turned out not to be?

 

Just be sure to store and handle it properly. The value takes a big hit once it's, um, "circulated".

 

1 Credit Suisse ounce bar with .999 fine gold printed on it. But, my LCS guy could see the copper underneath through the serial no. I inherited it and presumed when I should not have, and did not put it under the scope or loupe...just my bad not researching carefully enough...Spark

 

I have met people in the parking area of the local leo's.

 

I have a silver dollar as you described. It is disguised by silver I believe and it must be over copper because it doesn't stick to my magnet either. I took it to my local dealer and he has an expensive device that measures the silver content. He Said--"IT'S NOT SILVER"
that said I asked why not attached to my magnet. "COPPER"

~$5 A POUND.

 

wait wait wait wait wait....

you walked into a LCS, with "a. gold-plated 1 oz copper bar and b. nickel-plated brass." and some casino tokens, then you expected them to Take your gold coins seriously or even your silver???

You are lucky they bought the Peace Dollar for $1 under melt and would have probably gave you $75 for the quarters.had you wanted to sell those too for that.

no way they are going for the gold knowing you walked in with gimmicky plated bars, at that point everything you walked in with is highly suspect as being a fake.

"hi, I have this gold plated bus token, I'd like to sell it, and while I'm at it how about these other gold coins I have just laying around, swear those are real!?"

"Yeah. Not interested today, don't feel like spending to time to verify it's genuine and it all checks out, take it to the crack dealers buddy!" LOL

I am seriously not trying to be mean about it, maybe a poor attempt at comedy though, but that's the reality, You went in there looking sketchy to begin with, with what you were looking to sell, and they treated you as sketchy, Next time, make sure what you are selling is real, and stick to an only gold or only silver transaction per visit of stuff you know for a fact is real. the moment the bar is plated and he knows it, everything is plated as far as they are concerned and they are only buying if it's a great deal for them and they really think it's going to be legit.... and not stolen.

 

I agree unless they are in MS condition or higher grade proofs. The OP's were not.

The rule of thumb I apply to this is the dealer is going to have coins like this melted for the silver. The smelter takes 10% and the dealer should make 10%. That means they should be buying at 20% below melt to make an acceptable profit. That's my rule for fair and would not baulk at a dealer that expected to buy at this price. That said, I can always find someone to buy for melt. This is only my opinion and respect that others may have a different opinion.

 

Lets face it we all have a bucket of coins that are close to being worthless that we bought when we first started yet we keep them. They are junk that craps up your other wise nice collection. There is no place to sell your crap I repeat no place. Give it away to kids or to relatives. Douche your junk at all cost it is a cancer . You will never miss it. As for the gold the lcd is broke. A lot of lcd are bad business men that don't realize they went out business years ago. pick a price to buy and more inportaint a price to sell and sell it no second guessing.

 

You should check out this site called eBay.

 

Our local numismatist is honest and up front whether you are buying or selling. First, he inspects the item to determine if it is worthy of further discussion. Secondly, he determines if he is interested and ask what your thoughts are. Finally, he explains the resell value and what percentage is practical for his business. He will also ask if you have had a second opinion, if not, he will suggest that you consider it. You have to realize, if a dealer purchases an item and places it on display, the longer it remains on the shelf, the longer he has to wait for a payday. Great post thanks and best of luck to you.

 

I usually figure the recent eBay sales less 15-20% costs less 10-15% more just because
With $25 silver, caution is advisable
And I probably won’t ever have to forced sell
For those who may have to someday cash out, CAUTION!