Ohio Valley Gold and Silver Refinery in town ripping off people

[silvercop]

The Ohio Valley Gold and Silver Refinery is in town and have set up shop at the local Hampton Inn in Lanett, Alabama this week. They have taken out full page ads in the newspaper urging people to bring in their silver and gold for top prices. well, after much thought i was considering selling some silver to buy gold like rich hardford did a few months ago. i was thinking about this because my floor safe is almost full and i needed some space. i thought the idea of trading silver to buy gold was good so i went to check them out.
i went in and asked one of the dealers how close they pay to spot. he replied we are right on the spot price minus melting fees, and shipping fees. i asked him how much he paid for kennedy halves. his reply was 2.00 each for 1964's and 1.00 each for the 40%. i said wait a minute according to spot a 1964 was worth 6.72 each and he said oh, nobody pays that much. i told him i had 2K in 1964's and almost 7K in 40's. he said oh well you have alot i could come up some and i said how much. he said well bring it in first and i will tell you.
i don't think it would be worth my time or energy to fool with these people. bad thing is the place was packed with people selling to these clowns. i bet they are making a killing

 

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[favored papa]

a few (10+) years ago when gun by back were the big thing, a guy I met, a Gun Dealer, went to where a radio station was giving people a flat rate $100. I think it was. He walked up and down the line of sellers. He payed a much fairer price and got a lot of decent Guns which he then sold through his shop. It has to be a real junk gun to be worth 100 or less. no one gave him any .....

 

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[Tattooguy67]

Thanks for the info on this, they have been running an ad in the Kalamazoo paper for all of this week, they are here for 5 days and i was curious about what they paid, i was thinking about going down and parking there with a sign in the window saying "see what they offer you, then come see me" or some such, and if they are paying that little i could pick up some good stuff, maybe........

Chuck.

 

[how u do n]

We all know that these guys pay pennies on the dollar.
In the last year I have started to buy gold and silver in my pet shop.
You would be surprised at how many come to my shop now.
I do not run any adds in the paper or radio. I only use word of mouth,
and a sigh in the front of my shop.
One thing you have to know is that you must know what you are doing.
It is very easy to be fooled with all of the different kinds of marks on the gold.
I bought a gold test kit that tells me what karat the gold is and this was not cheap.
It cost me close to $600 wholesale.
The other thing is you need to have a lot of cash on hand for you never know
what is going to come in through the doors.
I pay almost twice what the local jewelers pay.
These guys come into my town and yes they do get a few people to sell,
but thank goodness the word does get around they pay pennies on the dollar.
To go head to head with them is possible but you must have lots of cash on hand,
and know what you are doing to not loose money.
Gl everyone .
HH Dan

 

[oroh2o]

These crooks set up in a small town in South Dakota last summer. After they left the local paper wrote a glowing story about an elderly farm couple that sold silver dollars and got a good price.......$3.50 each!!!!!!!!!!! I don't know how to stop these theives, but have seen this all across the country the last few years.

 

[bag and drag]

We all know that these guys pay pennies on the dollar.
In the last year I have started to buy gold and silver in my pet shop.
You would be surprised at how many come to my shop now.
I do not run any adds in the paper or radio. I only use word of mouth,
and a sigh in the front of my shop.
One thing you have to know is that you must know what you are doing.
It is very easy to be fooled with all of the different kinds of marks on the gold.
I bought a gold test kit that tells me what karat the gold is and this was not cheap.
It cost me close to $600 wholesale.
The other thing is you need to have a lot of cash on hand for you never know
what is going to come in through the doors.
I pay almost twice what the local jewelers pay.
These guys come into my town and yes they do get a few people to sell,
but thank goodness the word does get around they pay pennies on the dollar.
To go head to head with them is possible but you must have lots of cash on hand,
and know what you are doing to not loose money.
Gl everyone .
HH Dan

dude if you paid $600 for a gold test kit you got burned for about $575 since they cost very little.try "goldbuyersupplier.com" acid kits are $23 if you think you need needles the are $60 each

 

[Jimmy@romega]

It's like any other business there in it to turn a profit. 1.00 for 40% and 2 for 90% is bout what I would pay for kennedy halfs. If you do the math in a resale the profit margin is still very little. Cost of motel room, gas, advertisement, monthly payment for a business and after paying a small amount for halves they would have to resale it on ebay or at their business for profits. It be nice to know there would be some people out there that would pay us BIG BUCKS for kennedy halves but they ain't out there. I wouldn't get too fussy bout some of these people that go up there to cash in their coins. I know a few people who flat out just don't care bout what their coins is worth they got other issues in their lifes. Just like if I had a old stamp that is worth a few buck I'm not going to go all out and buy stamp red books and call all the stamp stores in town to get the best price possible.

We just got to remember people have to eat too which is another saying work. If all they done is gave us a great deal and they end up breakin even in profits where has that gotten them?

 

[jrf30]

It's like any other business there in it to turn a profit. 1.00 for 40% and 2 for 90% is bout what I would pay for kennedy halfs. If you do the math in a resale the profit margin is still very little. Cost of motel room, gas, advertisement, monthly payment for a business and after paying a small amount for halves they would have to resale it on ebay or at their business for profits. It be nice to know there would be some people out there that would pay us BIG BUCKS for kennedy halves but they ain't out there. I wouldn't get too fussy bout some of these people that go up there to cash in their coins. I know a few people who flat out just don't care bout what their coins is worth they got other issues in their lifes. Just like if I had a old stamp that is worth a few buck I'm not going to go all out and buy stamp red books and call all the stamp stores in town to get the best price possible.

We just got to remember people have to eat too which is another saying work. If all they done is gave us a great deal and they end up breakin even in profits where has that gotten them?

Jimmy,

There are people on Craig's List in almost every major city offering 10 - 12X face value for 90% silver. So $2 for a 1964 is NOT close to the norm, and i disagree with your "It be nice to know there would be some people out there that would pay us BIG BUCKS for kennedy halves but they ain't out there" statement. I know feebay charges some, but Craig's list does not. Even with Feebay you can net 10X face. Furthermore, I know people on HERE that have said they would pay 10X face.

I'd pay 9X face. And if it were more than a few bucks worth of 1964 halves, I'd pay 10X face. There you go. People ARE out there that offer the higher prices. WHy not? I can sell them for 13.5X face if i sell on the BID side of Nucleo today. Then I'd have some postage, but I'd net over 12X face, which is 20% gain if I bought at 10X face. So to say that "If you do the math in a resale the profit margin is still very little" when they buy at 4X face, that is just not true either.

Bottom line is that they are offering 4X face for items that are being requested by buyers on Craig's list, with no fees, at 10-12X face. Or here at 10X face (I just offered that!) That to me still says they are ripping people off. Pawn shops are offering more than twice what these people are offering! Pawn shops!

To me there is no justification for ANYONE offering 4X face when the price is so much higher than that and so easily attained from so many other sources that CAN be accessed by these sellers. They are uninformed sellers and this company is taking advantage of that at RIDICULOUS prices.

 

[SFBayArea]

You can make a killing too!! Just stand outside the place and tell people with silver that you'll pay $3 per 64 or before & $1.25 per 40%. Tell them to compare their prices with those sellers and when they come back out.. they'll sell to you instead of them!!!

Reminds of a skit on an episode of MTV's Jackass where there was an "Undercutter's Pizza" where they followed Pizza delivery guys to houses and then offered the people ordering a better deal. You can do that too and make a killing. Just gotta watch out for hotel security. LOL

 

[greg23]

I run ads on the internet,advertising to buy Silver and gold coins.before the price dropped yesterday,I was paying 10.2 times face and 11.5 for U.S.I did some fishing and asked a few people what they were paying.One person told me 9.5 for Canadian,and another person told me 8 times face for Canadian..I cant believe people still sell to these guys.I can pay as much as I am, and still make money at it.I only have 1 person in my area who price matches me all the time.I have bought from the same person about 7 or 8 times.He keeps calling me back because I pay a fair price.Ive probably bought al least $2,000 face in Canadian silver,4 gold coins,and 2 100 oz bars.When you ripp people off,word of mouth spreads fast.Also you have to consider 1 out of every 5 households has some sort of silver or gold.It is just a question of how much money it will take for them to part with it.

HH

greg

 

[skatman]

I have a little story that might make you smile a little.
OHGSR recently came to my area. I saw where they were also buying older comic books (10 and 12 cents).
I went through some doubles in my collection, and took in over a dozen comics. Of course, I knew how much they were worth on the market, but I wanted to see what they'd offer.
Surprisingly, they didn't know how to appraise them properly. As a result, they offered me 5x what they were worth. I gladly accepted.
Not to bad, considering I expected a lowball offer, and fully expected to leave with the comics.

 

[ArkieBassMan]

Although 30% of spot, etc, is very low, at least the folks that sell to them are doing better than the poor fools who cash in their silver coins at the bank for face value (but I am glad they do-especially the halves ).

It is up to people to educate themselves as to the value of their belongings. With all the info available today on the web, at the local library, and in many areas page size ads from coin stores in newspapers who list decent prices, there is no excuse for being unlearned about coin values if you have some and want to sell. I don't blame these companies at all. As long as they keep finding suckers, they will continue.

It is sad though for the poor people who could get much more for their PMs. But what can you do? If they would pick up a phone and call every coin store within a certain radius of where they live (for most areas) they could get a ballpark decent price (maybe not the most they could get, but not 30%).

A fool and his money (or PMs) are soon parted I guess.

Jim

I agree 100%.

 

[golden silver]

Yep, but some people just want to turn a quick profit or unload there silver for some quick money. Think about. Most of what we find in our boxes or in hand rolls comes from people just turning in there silver for face value. It still amaizes me we can find silver out there. At least you have done your homework and know better.

Golden Silver

 

[Chug And Red]

Yep, i took the item in my avatar to be appraised and the place i took it didn't buy at the time and said that a place down the mall did i took it there and they offered 345.00 scrap value minus the stones the price of gold then was 1,135 per ounce now its over 1,200!!!!
\

30.6 grams

MMMMMMMMM cost of handling and processing NOT!!!!!!!

I might be --deleted-- I@G@N@O@R@A@N@T at times on somethings but I'm not stupid enough to sell to scalpers!!!!

If the moderators choose to delete this post because i am calling my self --deleted-- please do, i couldn't figure out why the word was deleted!!!! other that i was saying that i may not be edjucated enough!!!

I understand that this word may be used in ways that are unacceptable in certain ways but i would not use them that way!!!

 

[dave5710]

They recently set up in Peoria, East Peoria, and Morton on the same weekend. Full page ads in the Peoria Journal Star. Another thing you have to realize is not only do they pay 3x face for your 1940 to 1945 Mercury dimes. They will also give you 3x face for your 1916d Mercury dime. People who have no idea what silver is worth, will have no idea which coins are truly rare.

Someone here in Central Illinois is setting up at different area banks on Saturday mornings. The bank puts up signs and flyers letting people know that an appraiser will be at this location, on this date. Anyone who wants to have their coins or jewelry appraised, can bring it in that morning and if you wish, the appraiser will buy it from you.
I did speak to one lady who said she sold 1964 Kennedys for $5.50 each. So at least he was legit.

 

[Paul in WA]

I work in commercial property management, and these companies come to our malls all the time. each mall see's one come in quarterly. yes, they pay very low prices......yes what I think they do is borderline theft......but they really arent doing anything that a lot of other business do. Car dealers are the worse by far! some car dealers will bend you over much further than the gold buyers will. Bottom line is DO YOUR HOME WORK!!! know what your coins, gold, silver, (or cars) are worth. I'm not defending these companies by any means, but the sellers need to take some responsibility as well.

I often think about posting a sign right outside their door that states what each type of coin , or gold is REALLY worth, and a list of what other options are available.........just for fun of course

 

[dave5710]

Good idea Paul, except that the sign would last about 10 minutes, before the goons would rip it down.

 

[Paul in WA]

Good idea Paul, except that the sign would last about 10 minutes, before the goons would rip it down.

Being that I am the property manager, it would be a bad idea for them to do that

 

[CHAINCHOMP]

dang, that is so rude to rip people off so much, and so obviously! i understand buy it norm. price, ($5-6) and sell for a few cents more, but that is just horrible!

 

[coinhunter1931]

ohio valley gold and silver refinery big 5 day buying event . riffed off everyone who sold to them. they bought gold and silver and paid with a worthless check ! local police trying to get peoples money back ! Oregon Illinois

 

[BuffaloBoy]

this is messed up... I would rather go to a dealer who is personable and sell my coins for a few cents less anyway, I'd rather give the honest man more profit than the scum that tries to rip people off.
Are thes the people who put out full page ads about buying all coins from $1 to $1,000,000, or something along those lines?