What’s the lowest offer a dealer gave you to buy your bullion?

Oops that was my bad I typed “10%” and it auto corrected to “15%”.

Either way though he’s still ripping people off.

 

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Ok, just confirming that the shop is not worth the trouble.

3 years ago I used to go into a pawn shop in California and ask for silver.
One time they had a few interesting vintage art bars and rounds so I paid up for them.
I talked the girl behind the counter and told her I didn't need a record/receipt/paying cash.
She knocked off a $1 an ounce and I bought twice as much, figured it would be a good opportunity to buy silver.
Next time I was in the area I stopped by, she said they didn't have anything in stock.
I asked her if the had anything else in the back that they hadn't brought out and the owner came up from the back room...said someone else came in the other day and bought what they had.
Next trip 6 months later same story from the owner.
6 more months/ same thing happened, someone else bought it all.
I think I must have upset the apple cart and Got on the do not sell at any price list.

 

You just had a similar offer happen to you awhile back, I'm not gonna look for the thread but going to sell silver rounds or bars or any PM's at a coin shop is a terrible idea! You can only get a decent deal from a coin shop if they are your friend and they truly want to buy what you have. Otherwise, you're gonna take it in the shorts. Times have changed, especially with silver.

 

I assure you I did not have anything nearly as lowball as this. I might have posted another thread about a bad offer but this was just so crazy I felt I had to post it so no one else gets screwed by these kinds of dealers.

Where do you think people should sell if not coin & bullion shops?

I've actually got better deals from APMEX than coin & bullion shops but that's about all I can think of aside from privately selling to an individual online.

 

I sell very little.
I belong to a local coin club and they have monthly auctions for members, so that's a good place to sell some stuff.
The classifieds section on various coin or PM fourms is also

 

Good job on the walk away
Gam3rBlake
..from this rip off dude.. See this where my mouth would of have come in handy or would probably would have been asked to leave. Either way I would have got a point across about 30% of spot. I would have mouthed that dude all the way out the door. This makes my blood boil thats worst I have heard of.

 

I'll guess the dealer was broke and did not have cash to buy. Maybe he had already bought all he could handle. It's a shame he said it was a fair offer. I feel that's where he crossed the line of being honest.

 

I do not plan on selling any of my PM's but I constantly check with the two shops in my town to see what they are paying and then I call a couple of the bullion dealers like Kitco etc to check their offer and they have ALWAYS beat he local prices that I was quoted. It pays to check things out.
Stay safe.

 

30 Cents a # for cans in my area, it's a Rural area and the owner knows it too! Back in the 70's i worked part time (after School) for a Family owned Scrap yard, the amount of daily Cash that business generated was like Wow! When the old Man died he was worth a few Million, and who knows how much Cash he had hidden at the Bank of Sealy!

 

Knowing your LCS's owners and having a good relationship with them can make a difference when you go to sell or Buy!!

 

Wow, what a rip, you were smart to walk away gam3rblake.

 

Not doubt that's a crazy offer, but not everyone in the coin world is fair and honest at all! There's a dealer around a mile away from me who is a total ripoff! You can definitely sell right here on this forum. It may take a couple of listings before you get any bites but you will sell if you ask a fair price.

 

The LCS nearest to me offers 60% of melt for sterling silver items (spoons, bowls, cups, etc.) - I've never tried to sell any silver bullion or 90% cull coins, but I imagine he would pay a bit more than for sterling because of the numismatic interest - https://www.centraljerseyrarecoins.com/

 

30% is standard for those ripoff "We Buy Gold and Silver" popups.

 

Yeah I mean if he just had so much that he didn’t want more so he made a lowball offer that would be one thing.

But to try to convince me that it’s a fair offer because he has overhead is definitely where it crossed the line of honesty.

 

I’m guessing sterling is paid less than .999 fine because it costs money to send it in for refining.

It’s a lot easier for a dealer to sell a 10 oz bar of .999 silver than it is to sell 10oz of sterling silver spoons and forks.

 

Wow really?

The lowest offer I’ve gotten prior to this was 70% of spot.

I usually go to Vermillion Enterprises though since they pay spot + $55 for 1oz AGEs in BU condition and spot + $2 for ASEs in BU condition.

 

Agreed - sterling is .925 pure vs. coins at .900, but scrap sterling always trades for lower prices than cull 90% coins.

 

Really?

Hmm maybe that is because coins have a larger demand.

I don’t really see many people these days buying sterling silver tableware and that kind of stuff so common in Victorian times.

 

When my first wife died I scrapped all of her jewelry because I didn't want anybody else wearing it. Since I was working at a coin shop this was not a problem, but just because I was wondering how big of a ripoff those "We buy gold" booths at the malls were, I took the two heaviest pieces, tested and weighed them at the store, and then asked for offers at two different malls. Both offers were within one percent of 30% of melt value. Now the booths may have been run by the same backer, but that is what they offered me.