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Tried to sell silver to LCS today...bad to worse news
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<p>[QUOTE="buckeye73, post: 5254783, member: 93155"]This thread is quite interesting, and timely, since I have been appraising several estate coin collections, and subsequently been asked to liquidate most of them. I have taken the time to read each post. For the most part, many of the comments and opinions generally follow my experiences as follows.</p><p><br /></p><p>The appraisals are generally detailed and include both “Estimated Dealer Buy” and “Estimated Dealer Sell” pricing of the items. Since I have been a long time collector, I have several collector contacts, and those are the first potential customers, who truly buy collectibles. These buy at a price greater than dealer buy, but less than sell. Next, I go to a high volume bullion buyer shop, which will buy large mintage modern gold and silver commemoratives, with little or no collector premium at melt. Also, this shop buys circulated US and World gold with excessive scratches and dings at melt. Finally, this shop buys US 90% junk silver @ 69% of spot silver, which today translates to (.69)($25)spot, or $17.25 on a dollar face, vs. $15 more or less on a dollar face at the conventional LCS. I concentrate on truly junk silver at this shop, having offered the Mercs, Standing Libs., Walkers to the collector friends at a premium.</p><p><br /></p><p>Since I receive a fee or commission for the sales, I reserve the opportunity to buy coins at a discount, equivalent to the sales commission. </p><p><br /></p><p>In the end, I have a fiduciary responsibility to the Estate and make it a win-win for all involved.[/QUOTE]</p><p><br /></p>
[QUOTE="buckeye73, post: 5254783, member: 93155"]This thread is quite interesting, and timely, since I have been appraising several estate coin collections, and subsequently been asked to liquidate most of them. I have taken the time to read each post. For the most part, many of the comments and opinions generally follow my experiences as follows. The appraisals are generally detailed and include both “Estimated Dealer Buy” and “Estimated Dealer Sell” pricing of the items. Since I have been a long time collector, I have several collector contacts, and those are the first potential customers, who truly buy collectibles. These buy at a price greater than dealer buy, but less than sell. Next, I go to a high volume bullion buyer shop, which will buy large mintage modern gold and silver commemoratives, with little or no collector premium at melt. Also, this shop buys circulated US and World gold with excessive scratches and dings at melt. Finally, this shop buys US 90% junk silver @ 69% of spot silver, which today translates to (.69)($25)spot, or $17.25 on a dollar face, vs. $15 more or less on a dollar face at the conventional LCS. I concentrate on truly junk silver at this shop, having offered the Mercs, Standing Libs., Walkers to the collector friends at a premium. Since I receive a fee or commission for the sales, I reserve the opportunity to buy coins at a discount, equivalent to the sales commission. In the end, I have a fiduciary responsibility to the Estate and make it a win-win for all involved.[/QUOTE]
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Tried to sell silver to LCS today...bad to worse news
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