Local Coin Shop (LCS) experience:

Discussion in 'Bullion Investing' started by Dow Jones, May 22, 2022.

  1. Dow Jones

    Dow Jones New Member

    I went to my local coin shop, but I'll just say today. I asked "how much over spot are American Silver Eagle (ASE) selling for?" They stated we have to check online and responded "$17 over spot is what they are selling for online. I believe I said "Whisky Tango Foxtrot." I wanted to support local business, but that was no longer an option @ $17 over spot, and them having to check online hurt my soul. I would like to say I purchased a tube, but..........
     
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  3. desertgem

    desertgem Senior Errer Collecktor Supporter

    You can put an advertisement in the Wanted Forum here once a week free, or daily if you are a paid sponsor. Check what eBay seller ask ( include shipping) before doing an ad. and decide what you will offer. Jim
     
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  4. baseball21

    baseball21 Well-Known Member

    Absurd price. Online has selling fees and “free shipping” a lcs doesn’t.
     
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  5. tibor

    tibor Supporter! Supporter

    Locally here a $20 premium over spot is the going rate from
    LCS, pawn shops and flea markets. Not sure what the premium
    was at Central States or what it will be at Whitman/Balt.
     
  6. 1865King

    1865King Well-Known Member

    Silver eagles are way overpriced. The price above spot is nuts. I talked to a LCS owner about what he buys eagles for when a someone comes in the sell them to him. He told me he pays spot or slightly more. If damaged or mishandled, then 10 to 20 percent below spot because they are hard to sell. The US silver eagles have always sold above spot but nowhere near as much as they are today. About two years ago I noticed a big jump in the pricing of silver eagles. It seems they average about $15.00 above spot and I've seen them higher and some lower. However, dealers aren't making a ton of money off them.
     
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  7. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    I would check other local shops in your area the prices vary with the wind, some
    dealers are there to help others not so much :(
     
  8. Dow Jones

    Dow Jones New Member

    Gave in on the dip, and went with a 100 Korona Hungary and a 20 Pesos Mexican from Bullion Exchange/APMEX.
     
    mpcusa likes this.
  9. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    I am also trying to complete my Peso set, started at the top with the 50 peso
     
  10. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

  11. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

  12. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

  13. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

  14. GoldFinger1969

    GoldFinger1969 Supporter! Supporter

    I'm still shocked the premium hasn't faded or the price of silver risen to narrow it.

    I never heard of a premium dislocation lasting 3 years.
     
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  15. baseball21

    baseball21 Well-Known Member

    As long as people buy no reason to lower it. Realistically until gas and cost of purchasing it comes down I doubt the premium is going anywhere this year
     
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  16. crazyd

    crazyd Well-Known Member

    Large Coin dealers and LCS buying at $21 and selling at $35 is why so many people have moved to Reddit, Cointalk and other places to buy and sell.
     
  17. Mr. Flute

    Mr. Flute Well-Known Member

    Yep. Especially when you look at the actual business strike mintage numbers for just most of the ASE years from like 2012-2020. Huge numbers (2020 is ~30,000,000 mintage alone).

    So, really, ASEs aren't even actually scarce, but perhaps they're scarcely found?

    Except the brick and mortar stores I go into always have a bunch of supply readily available.
     
    Last edited: Jun 27, 2022 at 7:28 PM
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  18. -jeffB

    -jeffB Greshams LEO Supporter

    At $15 over melt? Yeah, that's one way to preserve availability, isn't it?
     
    Mr. Flute likes this.
  19. Mr. Flute

    Mr. Flute Well-Known Member

    Yep. The stores are consistent with the general market right.

    That’s why I prefer buying 1970 Panama 5 Balboas for essentially melt. These coins have just over 1oz ASW at 92.5% purity and have about an order of magnitude less mintage.
     
    Last edited: Jun 27, 2022 at 8:23 PM
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