http://honolulu.craigslist.org/oah/clt/2335762663.html He's offering $27 for Morgans in XF or worse condition. The kicker... he's offering "Up to $35 in Mint condition." He also offered 22x face on 90% when silver was at $38. Aren't the "Cash4Gold" folks offering better rates than that?
If someone was willing to sell you 90% silver for 22x face would you buy what you could? He's fishing ... If he gets a bite I'm sure the person selling is happy in selling otherswise he wouldn't have contacted him... At least the person had the sense to sell above face value and not cash in at the bank for face value...
Yeah, I'm sure some ppl will read his ad and think it's a great stress free offer and never think twice about selling for more money. That said, I'm sure his sellers are few and far between, but that's just a guess.
I need to clarify what I said. He posted 22x face, but then he would ask to see the coins and offer 18x face if they weren't at least AU. (I had some Mexican coins that he agreed to buy, so I thought I'd see what he was actually offering on US silver.) So, not only is he "fishing" as you say... he's switching his bait, while at it.
I was at my local coin shop last week when three old folks came in with "junk silver".. They had been to the bank to try and cash it in. The teller told them to go to a coin shop to get more money. I saw my coin dealer tell them to go buy that bank teller a $50 gift card to Starbucks for making them much more money... and he handed them an offer of ~$3000. They couldn't believe it. Edit: The point is: fishermen fish to catch fish. And you know what? The fish are biting.