Discussion in 'Bullion Investing' started by jlogan, Jan 1, 2016.
Today, LCS was selling Eagles for 19.65, Rounds for 18.15, and 90% for 12.05.
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I bit the side of my tongue while eating today.
What was your hurry?
Relax and enjoy the food.
Today, LCS selling Eagles for $20, Rounds for 18.50, 90% at 12.30.
I have been paying melt for my last few 90% purchases. Premiums have gone way done in the last year. Demand for this stuff is stymied. Crap, demand for physical silver is garbage right now too. Unless it is a novelty item like a Lord of the Rings Coin from Mugatu Land it's going to be discounted significantly.
Wow Great Thread, just learned a lot. I have never paid attention to dimes until just recently when I sorted out a coffee can of dimes and found my first and only Mercury dime, and a few 1946 thru 1964 Roosevelt. The bug hit, so I have been searching online for silver Roosevelt dimes. One of the things I am doing is putting together some starter sets for a couple of nephews that have just started cub scouts, and want them to start off with as much silver in their sets as I can give them. Once again Thanks for the great information, I know I will be referring back to this before I make the actual purchase.
Got 3.9 FV from a local pawn store for 10x per face value!!! Been able to get great deals once in a while from this place so I'll keep hitting them up!
Pawn shops are great place to get silver, and sometimes you get a great collectable because they don't realize what they have.
As I pass thru Maricopa county Arizona I spot a We Buy Gold & Silver store.
The place should have been open but a Sign on the door reads running really late Don't Wait.
as I was headed out to my car a lady pulls up and asks if there open.
I said nope looks like there running late and I turned toward my car.
I figured id Ask IF She was looking to sell as I was looking to Buy.
She had some silver (coins I ask?) Yes some silver coins...
I asked How Much?
She said Make me an offer, I had less then half a minute to look at a ziplock bag of silver coins and said $40...she hold's out her hand and receives the 2 $20 bills.
Here is the list and a picture of the $9.65 face value when I got home.
+ face value when I got home.
1925 peace dollar
1911-s barber half
2-1967 Kennedy halfs
1953-d Franklin half
2 no date standing liberty quarters
2-1943 Washington quarters
1 no date buffalo nickel
1946 roosevelt dime
All for $40 and she was really happy with the offer.
I wouldn't do that because my livelihood depends on word of mouth that I pay high and fair.
I need repeat business also.
BGASC is selling 90% silver coins for pennies above melt + 6.95 shipping http://www.bgasc.com/category/on-sale?r=e20180206
I use an upper limit of 2% premium for dimes and quarters, 5% for halves when buying the Constiutional silver in bulk
Provident has junk for melt. The link has gone up a few times.
I dunno, man. If you asked how much she wanted and she said $40, maybe that's OK. I'd be uncomfortable making an offer that low, though; I'm pretty sure my local pawn shop would offer more than that (barely 5x face, less than half melt). That Barber half looks like it has enough meat to go well above melt.
As an eBay BIN? I'd be all over it. Even with the recent drop, I'll pounce on anything 10x or below, and consider paying 12x if it looks like there might be some goodies in the lot. Higher if there are definite goodies visible.
I wouldn't even do that.
I'm expected and acknowledged to be an expert and knowledgeable about the market.
That wouldn't be a good thing to get around the neighborhood.
Good thing I'm from out of town then.
With the wife patiently waiting in the car,I didn't have much time to look at the lot.
I counted $5 face value in larger coins and threw out my offer.
The lady was more then happy with the offer, so that maked me wonder if I missed something on the 3 hour drive home.
I did good, there is about $100 In silver value and I didn't piss off the wife waiting too long.
I have the impression that not all dealers have realized this.
I've wondered how ethical dealers handle someone coming in off the street with a big bucket of random stuff. I'd get hours of enjoyment picking through it, but while that time pays me, it costs a dealer. Is it even possible, never mind practical, to give such a customer a better deal than "looks like XX ounces of silver, I'll give you (going buy price/oz) * XX"?
I know a couple of dealers at local shows to whom I'll turn with stuff deserving of expert attention, but surely the buckets of junk must get tiresome...?
You're not a Dealer, you were in the street. You asked if she was selling and she said yes. You made a quick on the spot decision on what to offer her. She was happy with your offer, and as it turns out you got lucky with what you got. I don't see a problem, it was a win-win situation.
Only if they are unsorted Lincoln cents. Heh.
Seriously though, it's not often people bring in buckets of junk. I won't sit and pick wheat cents out for someone either.
But these are people of my community. They come to me for help. Yes, there is lots of junk but there are some cherries too. How would you feel if you weren't a coin collector and you sold your coins to find out later that your neighbor got 3x from me for the same thing at the same time.
.......and this doesn't apply to everyone. If you consider yourself a dealer, whether or not you have a shop, I will treat you differently. If you are selling me a collection of bust half dollars, I will not feel obligated to point out the rare varieties to you. Do your homework.
But this doesn't apply to mistakes. If something is included that wasn't paid for or visa-versa, I make good and expect you to also. If a mistake is made in math? Same thing.
It shouldn't have to be discussed to death. We learned all this stuff in grade school.
It makes a difference when one is a dealer. Yes.
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