As most of you know silver has been rising like crazy lately. So yesterday at the long beach show, I was looking for deals on silver. So i found this dealer that was selling maybe 5 silver washingtons for 1.50 each. I knew I had to buy them, because they were such a great price. So i did. Then I turned to his morgan and peace dollar section and found some of them for 11 dollars each! I scooped up another 5 of those, and realized now i didnt have any money to buy any other coins. So I walked around the show and asked how much dealers would pay for 90 % silver coins. some said 10X face, but i finally found this guy that would buy all i could give him for 11.5X face value. I sold him the coins I found and made about 15 dollars, then went and actually bought what I wanted for my type set. This whole process only took about 20 minutes, so I felt like i made out pretty well. Does anybody else do this kind of thing? Buy cheap at one dealer, walk to another dealer and sell for more? Then go get what you really want with the money you make? I think it's a great way to make money, and have fun doing it. What do you think? monkeyman
I rarely do it, but I have a friend who does it regularly. When I buy something, I tend to keep it--- Sometimes too many things.
I'm just amazed the guy sold them for those prices- as silver has been increasing in price I've occasionally found dealers with coins marked at or below spot at a few shows... only about half of them will actually sell them for the marked price and the others wanted to reprice them over melt value.
I think I would have kept the morgans and washingtons, but that's just me and I would never recommend that anybody do what I do.
Some small dealers are nervous about having large stocks of silver or gold over the weekend, in case the market price should suddenly drop while the U.S. markets are closed, and their inventory drops below their "buy" price. My local shopowner was concerned about this, after he bought a lot of silver on a Saturday. So reselling for a small margin of profit would not be a surprise. The dealer offering more must have deeper pockets.
I bought a 1987 Silver Eagle at an action over the weekend for 17.00 -silver spot was 17.10 at Friday's close! I also piced up a 1925-S Peace dollar (Fine) for 13.25. I am always looking for (and find) lots of under-priced silver. Look at dealer forgein coins - lots of underpriced silver there I bet!
HMMMM. Makes me think. I've never even thought of it at a coin show. However, at camera shows I used to do that a lot. I remember one time I purchased 11 Pentex screw mount lenses for $5 each and sold them all for $10 before I left the show. Now you gave me an idea for the next coin shows I go to.
I was looking at some coins at the last show I was at and told the dealer he had alot of silver in his low end binders that were below spot, He pulled them all thanked me and proceeded to ignore me after that. Watch what happens next time I see something of his that is mismarked.. (I'll show pictures)
LOL man, you should have picked those coins up right away. I figure, if coins are priced under melt, then the dealer didnt want to put the time into changing the price. Which means, that if i take the time to find coins that are priced under melt, then i did the work, so I should get the coin for the price marked. monkeyman
that sounds great and while i agree the dealer would most likely try to change the prices on them when you tried to buy them.
