Think twice before buying GOLD Maple leafs

Discussion in 'Bullion Investing' started by mpcusa, Jun 24, 2022.

  1. GoldFinger1969

    GoldFinger1969 Supporter! Supporter

    If so, then I stand corrected.

    $30 would be under 2%, acceptable.
     
    mpcusa likes this.
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  3. baseball21

    baseball21 Well-Known Member

    You're mixing up threads. It was fretboard in post number 32 that said:
    "Per coin, whether you get it or not depends, but that's usually what I'm willing to offer at my LCS. Brick and mortars only pay 70% maximum for the gold coins they buy, so in my mind they're still making a nice profit. It's still their choice but I'm surprised how many are willing to sell asap as they have bills to pay just like everyone else."

    https://www.cointalk.com/threads/what-is-a-fair-price-over-spot.396238/page-2
     
    GoldFinger1969 likes this.
  4. rte

    rte Well-Known Member

    I picked up some coinage from a local guy.
    I offered 80% because there was a few pieces that I wanted.
    I told him that was better than the gold and silver store would pay and had him go check their prices again.
    He came back and said he wasn't exactly sure what they were paying, but my offer was better.
    After I bought the stuff, the seller said my offer was WAY better.
    Hmmm.
    Interesting, I checked the coinage out six ways to Sunday and it looked good to me.
    We were both happy with the deal.
    He will probably return if he comes across more.
     
    -jeffB and mpcusa like this.
  5. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    I still think the deduction is bogus though, its bullion and should be treated as
    such, condition should not play a factor.
     
  6. CaptHenway

    CaptHenway Survivor

    So you personally are willing to buy damaged goods at full spot and then sell it for less than spot, which is all that the real world will pay, out of the goodness of your heart? That is very generous of you.
     
    GoldFinger1969 likes this.
  7. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    It shouldn’t matter on the condition as 1 OZ
    of GOLD is worth 1 OZ of gold, but I guess
    not when it comes to maples…LOL
     
    GoldFinger1969 likes this.
  8. GoldFinger1969

    GoldFinger1969 Supporter! Supporter

    I guess the belief is that while you can always sell it to a jewler or smelter for full bullion value....someone wanting A COIN might be turned off. They'll either want a discount or they will pass.

    If you have too many damaged coins that you can't sell, it ties up your capital. Hence, the discounts.

    Now, my guy sends to a company that melts bullion pretty regularly. When I had an unusual commemorative that was pretty much gold if he had to buy it for even bullion value he might be holding it for years. By being able to sell it to the smelter pretty quickly, he was able to give me like 100% or 99.5% of bullion, I forget which.
     
  9. -jeffB

    -jeffB Greshams LEO Supporter

    Bang up one of your AGEs or Krugerrands. Have one acquaintance take the banged-up one to the dealer, and another acquaintance take a pristine example. See what the dealer's story is then.
     
    GoldFinger1969 likes this.
  10. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Shouldnt matter when it comes to bullion
    as condition isn’t the main focus !
     
  11. -jeffB

    -jeffB Greshams LEO Supporter

    And yet, the dealer told you and that other customer that it DOES matter, but only for Maples.

    I think he was lying. I think he'd try the same trick regardless of the type of bullion a customer brought in.

    But I haven't dealt with him, and you have. You seem to believe what he said -- that condition matters, but only for Maples. I don't believe that's true. I don't think anyone else on the thread does, either.
     
  12. slackaction1

    slackaction1 Supporter! Supporter

    Yeah it kind is Mpcusa... and you use to think grade bullion was damaged...lol
     
  13. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"


    That’s why I don’t but maples…
     
  14. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Any trains around…LOL
     
    slackaction1 likes this.
  15. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Have heard that many times before, but this
    was my first experience in actually seeing
    the process in action, don’t shoot the messenger..LOL
     
  16. -jeffB

    -jeffB Greshams LEO Supporter

    Thing is, your message wasn't "think twice about doing business with this dealer", it was "think twice before buying gold maples". And you just said "that's why I don't buy maples".

    Unless we start hearing about other dealers saying the same thing, it sounds like you took away exactly the wrong message -- "take what this dealer says as gospel", rather than "expect this dealer to tell you whatever will maximize his profit".
     
  17. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Simply making a statement on what I over heard is all so you can put what ever spin
    on it as you want, I am not the one buying
    the coin my LCS is and he can buy what he
    likes and what he doesn’t.
     
    Andy and -jeffB like this.
  18. -jeffB

    -jeffB Greshams LEO Supporter

    OK, my mistake here -- when you said just now "have heard that many times before", I thought "that" was "shop owners lying". I went back to your OP, and I see that you'd heard Maples lose more value when they're damaged or circulated before. Sorry for losing track. :sorry:

    So I think we're back to a straightforward difference of opinion -- you agree with the shopkeeper that Maples lose value more quickly if they're imperfect, and I think it's the same for most bullion. But that's kind of a dumb hill for me to die on, because I haven't bought and sold that much bullion, whereas you've bought more; I don't have the experience to defend my position.

    I'm hoping others will weigh in. I haven't bought any non-US gold bullion coins yet, and if I'm wrong about the market for such pieces, I'll want to find out about it BEFORE buying!
     
  19. Kentucky

    Kentucky Supporter! Supporter

    Condition always plays a part when you are trying for a re-sale.
     
    GoldFinger1969 likes this.
  20. fretboard

    fretboard Defender of Old Coinage!

    As far as Canada and Maple Leaf's go, don't get much love but I really like their $5 and $10's! Suckers are pricey as well, here's one below but not mine tho'. Just showing something I'd like to buy! :D

    canadaa.jpg canadab.jpg
     
    -jeffB and GoldFinger1969 like this.
  21. Andy

    Andy Coin Collector

    Beautiful coins.
     
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