Dealings with American Rarities, Inc.

Discussion in 'Bullion Investing' started by sonlarson, Jun 6, 2019.

  1. sonlarson

    sonlarson World Silver Collector

    Good morning.

    This is not about bashing a dealer, that's not my style. But, I would like to hear from anyone who has had positive results dealing with American Rarities when attempting to sell your Silver bullion and/or Silver collector coins. I recently uploaded several photos of my Silver Bullion and Silver collector coins to obtain an evaluation and/or an interest is buying. The reply I got back was less than positive. If fact I was insulted.

    "The items you have presented have minimal to no extra collector value or bullion value"

    Many of you have seen photos of my coins here on this site. I guess I am like most of you and am proud of my collection. All of the coins I uploaded were Silver, so I don't understand the lack of bullion statement. Most of the coins fall in the "collector" category. Many are Key dates and several have mintages of less than 10,000. Very few are only worth "melt". Several have retail values exceeding $100 or more.

    I truly feel that no one even looked at the photos and that I got a "canned" reply.

    Yeah, my feeling are hurt, but I'll get over that. I was just shocked to get such a blanket, we are not interested, response.

    All of the online reviews that I could find were from their website. No external reviews.

    That leaves me curious as to what kind of company they are really like to deal with, and what type of products are the really interested in. I never got to present any of my slabbed U.S. Coins since the initial inquiry turned me away.

    Thanks for your comments.

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  3. ddddd

    ddddd Member

    I haven’t dealt with that company, but in general when someone advertises that they buy “everything” and “pay top prices,” I’ve noticed it’s rarely true. Many of these companies are looking for easy money via quick flips. Premium world silver is usually worth melt or less to them. Many might not even know the metal content or rarity (and not feel like it’s worth it to look up...I guess whatever they are doing currently works for them and they don’t see the need to put in extra effort).

    Ebay or finding other collectors via forums/shows will normally net you the most if trying to sell these items. A big coin show could also have a few dealers that specialize in certain segments and would offer more than a generic dealer.
    spirityoda likes this.
  4. sonlarson

    sonlarson World Silver Collector

    I have shown some to "specialty" dealers in the past, and yes, they do tend to stick in their areas of specialty.

    I didn't think about the possibility that what I was was showing, got them out of their comfort zone. They may have realized that what I had to offer was not what they are used to seeing.

    But that still doesn't excuse the reply. They are free to explain what they want etc., without offending potential customers.
  5. ddddd

    ddddd Member

    I agree completely.

    Unfortunately quite a few people in the coin business don’t really care how the reply sounds. Making the next score is what’s on their mind. I’ve dealt with a few similar replies and I know that it gets frustrating. I understand that some dealers get inundated, but that is part of the job when one makes their living buying and selling.

    You deserved a better reply. At least you can put a positive spin on it by learning which dealer isn’t worth selling to.
    Randy Abercrombie likes this.
  6. Mr Roots

    Mr Roots Underneath The Bridge

    A mintage of 10,000 is in no way rare, not even remotely.

    Show us the pictures.
  7. Santinidollar

    Santinidollar Supporter! Supporter

    All I can suggest is keeping your bullion dealings and your collectible coin dealings separate. I’m sure this dealer would have loved to get your entire stash at melt price.
  8. goldcollector

    goldcollector Member

    Don't expect a dealer to jump up and down because you want to sell him silver. They can buy silver all day every day even with spot under $15. They already have tons of silver noone wants.
  9. fretboard

    fretboard Defender of Old Coinage!

    An ounce of silver is never worth more than an ounce of silver. All are only worth melt. I know you're proud of your collection but when you go to sell, the buyer will always look at the situation as I have underlined and bolded. That's a good reason to only buy ASE's. Better luck next time! ;)
    Last edited: Jun 7, 2019
  10. FryDaddyJr

    FryDaddyJr Junior Member

    wouldn't generic 10 ouncers be even cheaper?
  11. ddddd

    ddddd Member

    To some that is true, but it's a slippery slope to make it a broad conclusion. On the extreme end, one can say any coin isn't worth more than the metal value. However, we know that is not the case in the overall coin market. Many coins, including those silver ounces, sell for multiples of their metal content. The typical LCS or coin show dealer will not see it that way, but enough specialist dealers and collectors do value these coins enough to push values above melt (often significantly; just look at what Chinese Pandas can sell for as one example...and I even know dealers that will pay multiples over spot for those Pandas).
  12. ddddd

    ddddd Member

    Yes they will likely be cheaper per oz.
    For stacking purposes, it all depends on the premium over spot, where you plan to sell, and liquidity. Generic might sell for a lower amount over spot, but you'll mostly get spot or less when selling. Eagles will often bring spot or a bit over when selling, but have a higher premium when purchasing. They also tend to be easier to sell (more recognition, more demand). One has to do the math and research before settling on what option is best for them.
  13. green18

    green18 Sweet on Commemorative Coins Supporter

    C'mon Mike......silver eagles as 'rarities? You've been around here long enough to know that ain't true. And conditional (so called rarities) don't 'buy it' either. Bullion is bullion, and the collecting community is loath to accept these coins as 'collectible'.......but you and me's knows different and remains hopeful.........
    goldcollector likes this.
  14. ddddd

    ddddd Member

    I don't believe he was talking about Eagles as rarities. That was brought up by others later on. The original post was talking about world silver coins. Take my example of Chinese Pandas or Australian Lunars. Yes they are 1 oz silver, but they have numismatic status (or semi-numi as some say). There are many collectors and the market has shown that they consistently sell for multiples of spot.

    By the way, I believe enough people have accepted Eagles as collectible based on the prices some of the 70 graded examples bring (and I'm not commenting on the merits of it, I'm just noting what the market has shown).
    green18 likes this.
  15. green18

    green18 Sweet on Commemorative Coins Supporter

    Point well taken DDDD....But the reality is, most folks don't take bullion as collectible seriously.
    ddddd likes this.
  16. ddddd

    ddddd Member

    That is true and that is why we see many discussions like the one in this thread. People are free to decide on the status of bullion as they see fit. I'm just pointing out that enough people see certain coins as more than bullion and the market prices are evidence to support that.
    green18 likes this.
  17. fretboard

    fretboard Defender of Old Coinage!

    Fair enough but the point I was trying to make is if you're gonna buy shizzle like in the pic I posted below. ;) Then you better sell when the item is hot or you will end up being disappointed. :( That's the bottom line, a good case in point is Norfed dollars. When they were hot I was buying them and paying a premium as well, but look at what's happening to Norfed dollars now. :D My point is, if you're gonna stack silver, it's best to stick to American Silver Eagles. thuxmb.gif

    green18, slackaction1 and ddddd like this.
  18. ddddd

    ddddd Member

    I agree that quite a few items (silver or not) do peak in price early after release and then go down soon after (see pretty much every US Mint offering over the last several years) . I don't believe the original post was mentioning Norfeds or Silver Shield. He very likely had world silver coins that sell in a certain range above spot and was expecting a dealer that seemed to sell such items to offer a fair price (not retail, but also not spot/under spot).

    By the way, despite some Norfeds being close to melt value, others still sell for a significant premium. I have seen earlier dates (1998-2000) and some of the specialty issues go for $100 or more each on eBay (for the 1 oz Silver).
  19. fretboard

    fretboard Defender of Old Coinage!

    No, he didn't mention Norfeds or Silver Shields, I did because to me, they're all a wasted premium paid. If you're trying to change my mind on my opinion, you won't. ;) I am speaking from experience, therefore I agree to disagree with you. ~Cheers! :D
    mpcusa likes this.
  20. ddddd

    ddddd Member

    Can I disagree to agree to disagree? :D

    I do believe we mostly agree. I think the silver shield and most Norfeds were a wasted premium. I also see that there are plenty of 1 oz Silver coins that sell for multiples over melt. You don’t need to agree that they are worth that premium but we can all agree that the market has placed a value above melt on those coins based on countless sales across multiple platforms.
  21. fretboard

    fretboard Defender of Old Coinage!

    Yeah, we can do that. :D I really think the OP is talking about silver bullion as he mentioned, "one piece was rare because there were less than 10,000 pieces minted." Not all silver is worth buying as you'll never get the premium paid that's my point. ;)
    ddddd likes this.
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