Discussion in 'Bullion Investing' started by hotwheelsearl, Jan 26, 2021.
Is that alright or did I get taken?
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NGC places current melt value at $3.78.
Anything over face is good if all you paid was face.
one of those online calculators I get about $3.75 melt value per coin. $1.50 each doesn't sound like much to me, but I'm not a dealer trying to make a living in this business. I guess trying to get a couple competing quotes would be safer.
For comparison, I know my local dealer buys general wheat cents for 2 cents each each and sells them for 3. That's a 50% gross margin, but barely enough profit in an absolute sense to be worth bothering.
Who buys anything with no numismatic premium at spot?
“Do your research!”
At least it was only $10 face. Lesson learned.
Also, be wary of this LCS in the future. They clearly value immediate profit over patronage.
By my calculation, with spot at $25.45, the dealer was paying other dealers ~$3.60 per 40% Half (when selling at least $50 face value worth).
(25.45-1.05)*.295 = $7.21 per $1 face value = ~$3.60 per half dollar
I actually walked in with 40, but only sold 20 of them because at that point I felt bad about laying them all on the table and taking them back. Lol.
Never feel bad about walking out on a bad deal.
You know that shop owner didn't feel bad about taking you for a ride.
In the future, don't feel bad about taking something back if the offer is too low. It took the dealer minimal effort to quote you a price for 40 of the same type of coin.
That's a great way of looking at it. Never again...
This is the type of person I am. TOtally what I'd do and I hate myself for it. I always have trouble saying no.
You left a little money on the table today.
I got an email from Allstate car insurance company today with a due bill.
Seems that when I (paid my policy in full for 6 months) then opted out of the auto pay option back in August 2020 (that auto dropped the discount)
Cost me $40 extra didn't hear anything about it for 5 months?
Still not exactly sure why that was an issue?
You bet I'm going to complain about it and get a solid answer.
Doubtful it will do any good as insurance companies are basically a one way street to throw away $$.
Interesting. I work for geico, but in the claims department so not too familiar with billing.
My guess is they do that normally, hope you don’t notice the extra (I’m sure many people don’t).
not THAT much of a discount. I got 3x as a polite "don't want them, go away" offer at a local show when silver was around $16, and ended up selling them for around 4.1x, when "full melt" (as shown on Coinflation) would've been a bit under 5x. Today, I'd expect to get at least 6x at the show (if it hadn't been canceled).
Selling 40% to a local shop is usually a losing proposition, because they don't want to deal with it. Apmex and JM Bullion pay much closer to melt, but at a minimum transaction of $1000 I think. (This is from a year or two ago, which was the last time I remember checking.)
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