So a guy walks into a coin shop (silver price quesion)

Discussion in 'Bullion Investing' started by crazyd, Mar 3, 2019.

  1. Pickin and Grinin

    Pickin and Grinin Well-Known Member

    That's pretty much all the dealers, as I can remember.
    ASE and bullion might just sell better where you are.
     
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  3. juris klavins

    juris klavins Well-Known Member

    Until we get back to $20 silver, you'll always be offered less than you paid for generic bullion - on eBay, better 1 oz. bullion bars (Johnson-Matthey, Engelhard, USVI A-Mark chunky bricks, etc.) always sell for $20+.
     
    Last edited: Mar 3, 2019
  4. crazyd

    crazyd Member

    Interesting point - Provident who I have occasionally bought from is offering $16.95 per ASE, but wants a minimum of $1000 on any buy back. Plus my cost of shipping and insurance. So about 60 ASE's would be needed I think to get this price.

    I am in Chicago-land general area.

    My questioning is just for me to learn from all of you. I am not actually selling right now.

     
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  5. NLL

    NLL Well-Known Member

    The coin shop I live next to in the Denver area buys at 6 to 8 times face depending on spot and always sells for 20 times face.
     
  6. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Every shop is different, some are just more honest about doing business
    Then Others.
     
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  7. myownprivy

    myownprivy Well-Known Member

    It's sounds like your guy really sucks.
     
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  8. Pickin and Grinin

    Pickin and Grinin Well-Known Member

    I am glad I don't live close to that guy.
    But I have an idea who it is.
     
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  9. Clawcoins

    Clawcoins Well-Known Member

    Oddly, my last sell back to Provident was around $920.
    They didn't complain. And I didn't notice until someone else after the fact brought it to my attention that it was below their buyback $.
     
  10. Clawcoins

    Clawcoins Well-Known Member

    there are various places around here you can buy/sell coins/bullions.

    Some are below spot, others at spot.
    One place is below spot for silver & ASEs.
    The other at spot for ASEs
    another slightly above for ASEs
    Gold for each varies too.

    it depends upon their clientele both selling and buying and the general wealth of the surrounding communities varies greatly between them.
     
    SLACKACTION likes this.
  11. NLL

    NLL Well-Known Member

    That sums it up nicely.
     
  12. Revi

    Revi Mildly numismatic

    Eagles are going for around $22.50 each, which is way over spot.
     
  13. juris klavins

    juris klavins Well-Known Member

  14. yakpoo

    yakpoo Member

    I would guess the ASEs were more than the Canadian bar because the U.S. dollar is worth more. :confused:
     
  15. CoinBlazer

    CoinBlazer Professional Teenager

    My LCS sells generic silver rounds Spot +2 and ASE Spot +4
     
  16. medoraman

    medoraman Supporter! Supporter

    That absolute is simply not how it works. Others here have attested to it. I would say Pandas almost always sell for over spot, but everything else "it depends".

    Besides pandas, I have bought everything else on your list between spot and $1 over. I simply do not ever pay over that. Yeah, I buy silver coins with animals on them for the kids for them, but for me I am hard at $1 over. I always buy from dealers or other collectors wishing to sell like on CT, but to me they are all similar and I am interested int he bullion. I have many dealers who will contact me and tell me when they have some walk in the door and their price. If less than $1 over I usually buy them, if at spot I always buy them. They know they can flip them quick, get their money back and a little profit, (since I am certain they paid less than spot), and retain a good customer. The only difference between all of them listed is I usually want a deeper discount or refuse the maple leaves since the milk spotting crud ticks me off and they look ugly either now or in the future. The last maple leaves I bought I objected and got them $1 back of spot, (and didn't even want them then, but bought them to be a good customer and as part of the group).

    What are the seller's alternatives? Sell on Ebay, put up with the 10% expense and hassle of nonpaying bidders, etc to collect $2-3 over spot?

    If a dealer near you pays OVER spot for common date examples of these coins, I would sell. How can he make money unless there are a bunch of dumb collectors locally willing to pay $4-6 over spot for a common issue? Dealers need to make money. They have to eat, rent is expensive, and they always have to worry about the cost of getting stuck with fakes. WHY pay more for stuff walking in the door, subject to fakes, when they can buy from a certified dealer for less? I sure the heck wouldn't. I would buy ASEs for close to spot, but $1 or less back on everything else at the MOST. Bars are even worst since they are more susceptible to faking since less controls the dealer can rely on to ensure its not a fake.
     
  17. Numiser

    Numiser Still Getting Old

    I made the rounds today to my local coin/pawn shops. One place wanted to sell me mystery mint buffalo rounds for $20, and beat up ASE's for $25.

    Spot was approximately $15.00 at the time.

    I'm getting ready to leave, empty handed of course, and a guy walks in with a dozen or so ASE's.

    The shop offers $4.00 a piece, the buyer and seller agree, no questions asked.
     
    Last edited: Mar 7, 2019
  18. T-roy W

    T-roy W New Member

    providential metals pays very well in their buy back program.

    metals don't have to be bought from them.

    before shipping costs its about 35 cents under spot for generic rounds
     
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  19. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Going to be dumping some of my Silver portfolio, mostly some ASE,S and
    Some generic bricks, so that might be the way to go :)
     
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  20. JCKTJK

    JCKTJK Supporter! Supporter

    [QUOTE="Numiser,

    I'm getting ready to leave, empty handed of course, and a guy walks in with a dozen or so ASE's.

    The shop offers $4.00 a piece, the buyer and seller agree, no questions asked.[/QUOTE]

    $4.00 a piece?? legalized robbery! The seller must have been really desperate or just big time stupid, maybe both? The buyer is also a crook! is this pawn shop in a drug area? I am thinking the seller is an addict with stolen ASE's and the shop owner took advantage. Very sad!!
     
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  21. Numiser

    Numiser Still Getting Old

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