Interesting conversation, update with picture!

[peanuttom]

I was making my Saturday rounds at the banks, asking for halves when a head teller overheard me and asked if I was looking for silver coins. I said yes, among other things and she said had "tons" of them. I asked how long she had worked in banks and she told me 32 years. She then goes to her desk and produces several baggies and dumps them on the counter. 2 silver dollars, a barber dime, several silver halves and a large cent (never seen one in person). She said the coin shop down the street gives her 3X, $1.50/per, for Franklins.

I wrote down my phone number, told her I'd pay her more than the dealer, and said I'd buy as much as she was willing to sell. She said she'd definitely call me. Will definitely offer her at least 4X, but don't want to screw this up. Gut says offer 5 and hope she says yes. Advice?

 

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[coinmojo]

Re: Interesting conversation, I'm holding my breath waiting!

Don't hold your breath. You might expire.

 

[jim4silver]

Re: Interesting conversation, I'm holding my breath waiting!

Here is what I recommend as a possible strategy.

Ask her again what the coin shop offered her (3X), then ask her how much she wants for them.

She might say 5X face, 10X face or 100X face, you never really know. If she comes up with a low number (like 5X face), I would say to her "oh, I was gonna give you 6X face so here" (then give her the 6X face). You will still be getting a great deal and she will feel like she got extra.

Some here will tell you to offer right away near what a legit dealer will pay (11X, etc), I would not offer that up front. If she requests it because she has called legit dealers and got high offers, and you want the coins then it is still worth buying perhaps. But if you make a high offer like that she is gonna think you are screwing her for some reason I cannot explain. I know it seems counter-logical but that is how people often think in situations like this. She is used to hearing 3X face, then you offer her a much bigger offer at 11X face, and instead of her grabbing your offer she will do more thorough research and turn you down (even if your deal is fair in the end). I don't know why it is that way, but I would ascribe it to the "no good deed goes unpunished" law of the universe.

Don't bet against yourself by offering first. If she is satisfied with what you pay her, she will probably sell to you in the future and might give your name to the other tellers.

Just my 2 cents.

Jim

 

[Silverminer]

Re: Interesting conversation, I'm holding my breath waiting!

I think Jim has a good approach and a fair one to the banker.
Good Luck!

 

[fistfulladirt]

Re: Interesting conversation, I'm holding my breath waiting!

Yes, tell her you will beat all offers. ffd

 

[ArkieBassMan]

Re: Interesting conversation, I'm holding my breath waiting!

Here is what I recommend as a possible strategy.

Ask her again what the coin shop offered her (3X), then ask her how much she wants for them.

She might say 5X face, 10X face or 100X face, you never really know. If she comes up with a low number (like 5X face), I would say to her "oh, I was gonna give you 6X face so here" (then give her the 6X face). You will still be getting a great deal and she will feel like she got extra.

Some here will tell you to offer right away near what a legit dealer will pay (11X, etc), I would not offer that up front. If she requests it because she has called legit dealers and got high offers, and you want the coins then it is still worth buying perhaps. But if you make a high offer like that she is gonna think you are screwing her for some reason I cannot explain. I know it seems counter-logical but that is how people often think in situations like this. She is used to hearing 3X face, then you offer her a much bigger offer at 11X face, and instead of her grabbing your offer she will do more thorough research and turn you down (even if your deal is fair in the end). I don't know why it is that way, but I would ascribe it to the "no good deed goes unpunished" law of the universe.

Don't bet against yourself by offering first. If she is satisfied with what you pay her, she will probably sell to you in the future and might give your name to the other tellers.

Just my 2 cents.

Jim

As usual I agree with Jim 100%. Let her tell you what she wants for them. Obviously in the past, she was satisfied getting 3X face. You may very well get all she has (and will find) for 4X face or possibly even less. As Jim said, don't bid against yourself by making the first offer. You did exactly the right thing by simply telling her that you would beat the coin shop's offer. Good luck and keep us posted!

 

[jrf30]

Re: Interesting conversation, I'm holding my breath waiting!

I was making my Saturday rounds at the banks, asking for halves when a head teller overheard me and asked if I was looking for silver coins. I said yes, among other things and she said had "tons" of them. I asked how long she had worked in banks and she told me 32 years. She then goes to her desk and produces several baggies and dumps them on the counter. 2 silver dollars, a barber dime, several silver halves and a large cent (never seen one in person). She said the coin shop down the street gives her 3X, $1.50/per, for Franklins.

I wrote down my phone number, told her I'd pay her more than the dealer, and said I'd buy as much as she was willing to sell. She said she'd definitely call me. Will definitely offer her at least 4X, but don't want to screw this up. Gut says offer 5 and hope she says yes. Advice?

I think if you get them for less than 10X face, you are getting a BARGAIN. I just paid 12X face for some Franklins. Pay 10X face for Kennedy and other coins (dimes, quarters). Obvioulsy, the loewr the better. But, also think of this. If you offer 4X face and GET them, and then she hears form someone whos ays they would pay 10X face, you are now the BAD guy.

If you let HER come up with a price, increase it a little (Like stated earlier, with 5X face vs 6X face) then even if someone else comes up with a higher number, you were offering her everything she wanted PLUS MORE. NOt offering a low ball offer. YOu'll still be the good guy.

So let her say what she wants. And if it is more than you want to pay (Like 8X face, and you only want to pay 5X face) let the board know. I know that for me I"ll pay that and you can ship them to me and make a spread for doing the deal. PUt some money in your pocket for no risk. But hopefully they will go cheap enough for you to buy them yourself and get a great deal. :-)

 

[peanuttom]

Re: Interesting conversation, I'm holding my breath waiting!

Thanks for all the replies. The way I see it is she has been accumulating these for a number of years, she obviously knows they have value. She told me that she could hear them when they came across the counter. I'm not looking to screw her, but if she thinks 3-5X face is a good price, then who am I to argue! I will let her name her price first, thanks for that. Still crossing my fingers and hoping she'll call soon. I will certainly follow up if she doesn't.

 

[rileyboy]

Re: Interesting conversation, I'm holding my breath waiting!

Jim's got it right on the head. Let her tell you what she wants for the coins
and if it is within reason then you look like the good guy. I bet she's now
asking around to try and find out what other people know about coin prices
and silver etc. You'll make out well in the end. Good luck and keep us posted.
rileyboy

 

[CHAINCHOMP]

Re: Interesting conversation, I'm holding my breath waiting!

i agree...have her come up w/ price, then offer a 'lil more than that just to top it off.

 

[quiksilver]

Re: Interesting conversation, I'm holding my breath waiting!

Just decently beat the dealer and you will be fine.

 

[peanuttom]

Bump, update.

I went to the bank today and the teller was waiting for me. She was willing to sell almost all of her silver. Long story short, I ended up with:

10 X Silver Dollars
275 X '64 Kennedy
103 X Franklin
55 X Walker
78 X Quarters, including 1 Liberty
19 X 40%

I offered 6X face for the 90%, $1 each for the 40's, $8 each for the dollars. She was happy to get the cash, and needless to say, I'm a happy camper tonight! She still has a fat bag of dimes, but said she wanted to hold onto those for now. Total silver, give or take for wear, 181.25 oz.

 

[Silverminer]

Nice score and reasonably priced for you.
Cheers!

 

[fistfulladirt]

You ripped her off, I would have offered at least 10X face. Congrats on a great deal.

 

[Diver_Down]

Congrats on great deal, but you definitely took advantage of the sellers naivete. To redeem yourself, head to the nearest soup kitchen and replenish your karma. Great deal and great stash, but you know what is fair.

 

[silvereagle78]

Wow, that was a great score. I guess you beat the dealers price. Just think of how many other people have sold to that same dealer for 3x face.

 

[jim4silver]

Great score. As far as anyone saying you took advantage of her I say no way.

In this day and age, anyone with internet access or a telephone can find out what they can get for coins or PMs in an instant. If this teller chose not to exercise the slightest bit of effort to find out what her coins are worth then that is too bad.

Assuming she got them at face value she made a profit. If she was happy with what you paid her then it is a win/win in my book.

Jim

 

[twinsrule]

Are any of those dollars Morgans? Any good dates?

 

[peanuttom]

There are 3 Morgans. Picture's kinda fuzzy. A clean 1882, a beat up 1890, and a clean 1921. No Carson Cities. Believe me I looked!

 

[maine_Jim]

Not a bad deal for both of you. You paid her twice what she was offered so she got 6 x face for most of it. If you sold it now you would likely make about the same profit margin she did. Just think of all the bank customers that handed her that silver and she didn't think nothing of buying it at face.

Maine_Jim