bank manager said "i need to see you in my office" today

[silvercop]

bank manager said "i need to see you in my office" today

went in my main supply bank today to pick up 3K in halves and 2k in dimes. while i was speaking to the vault teller the manager came out and said "i need to see you in my office when you get finished" i said ok, and thought oh crap guess another bank is going to balk on me. so after i got done i went to the manager's office. she closed the door and i was thinking---here it comes. she then went to her desk and took out a box. she said i know you can tell me what these are. i know they are silver and worth money but i just wanted someone to tell give me an idea. she then pulls out 100.00 worth of halves rolled. they were walkers and bens. she also had 400.00 face of rolls of mercs and rossies. i asked her where she got them and she said an elderly lady came in and wanted to cash them out. she said she told the lady that they were worth more than face and the lady said she did not care she just wanted to get rid of them. she asked me what they were worth and i told her that i would give her 4K for them now. she said that she was going to save them for her grandchildren she just wanted to know what they were worth. i told her to call me if she changed her mind. she then said i wonder why the elderly lady cashed them in. i told her that based on what she had told me she probably did not need the money. my theory is that her husband was a collector and he is gone now. she probably resented him spending time and money in the hobby and just wants to get rid of the coins. anyway they sure were nice. only dream of running across something like that in a box. goes to show it is still coming into the banks, but the bank employees are getting it now.

 

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[sensesfailed069]

Re: bank manager said "i need to see you in my office" today

I would have had to wipe drool from my face.

 

[jrf30]

Re: bank manager said "i need to see you in my office" today

went in my main supply bank today to pick up 3K in halves and 2k in dimes. while i was speaking to the vault teller the manager came out and said "i need to see you in my office when you get finished" i said ok, and thought oh crap guess another bank is going to balk on me. so after i got done i went to the manager's office. she closed the door and i was thinking---here it comes. she then went to her desk and took out a box. she said i know you can tell me what these are. i know they are silver and worth money but i just wanted someone to tell give me an idea. she then pulls out 100.00 worth of halves rolled. they were walkers and bens. she also had 400.00 face of rolls of mercs and rossies. i asked her where she got them and she said an elderly lady came in and wanted to cash them out. she said she told the lady that they were worth more than face and the lady said she did not care she just wanted to get rid of them. she asked me what they were worth and i told her that i would give her 4K for them now. she said that she was going to save them for her grandchildren she just wanted to know what they were worth. i told her to call me if she changed her mind. she then said i wonder why the elderly lady cashed them in. i told her that based on what she had told me she probably did not need the money. my theory is that her husband was a collector and he is gone now. she probably resented him spending time and money in the hobby and just wants to get rid of the coins. anyway they sure were nice. only dream of running across something like that in a box. goes to show it is still coming into the banks, but the bank employees are getting it now.

You only offered 8X face for them?

Let's hope she doesn't check with a dealer that offers her 11X and then thinks poorly of you. It could happen.

KNowing I can sell for 13.5X face on nUcleo (And maybe more for Bens abd Walkers. PROBABLY more), I'd have offered about 11X myself. Left some profit on the table but maybe got the deal done. PLus made a bank employee feel better about my pricing. If she still said no but later got another bid, and it was 11X or 10X face (Or less), she'd feel I was giving her a good price. That could go a long way.

I think you offered pretty low. But ... still nice to see all that andknowthat it happens. Maybe next time someone cashes in like this the teller that takes them won't open them, and they'll come to one of us. It fuels the dream. :-)

 

[silvercop]

Re: bank manager said "i need to see you in my office" today

i did a low ball on purpose in the hopes that she would counter my offer. i would have given her 10X face right there. just wanted to feel her out. i told her to let me make an offer if she changed her mind about selling. i know what the pawn shops pay in town and it is no where near 8X face, more like 3X face. don't think she would be savey enough to check apmex or anywhere like that. the fact is if she was asking me about it she has no idea what she has, what it is worth, or where to take it to sell if she wanted to sell them.

 

[NoNeck]

Re: bank manager said "i need to see you in my office" today

Guy's I went to my back today and asked for pennys, dimes, nickle's, quarter's. Got home with it and nothing good in there pennys, and dimes were all brand new 2010. How do I ask for and or get older rolls?

 

[AGCoinHunter]

Re: bank manager said "i need to see you in my office" today

Yes, thanks to AG prices and the press that AG has gotten (not to metion our inevitable dollar crash on its way) AG is being snapped up by those who see it first....the tellers. We only get what gets by them now.

 

[DrDetector]

Re: bank manager said "i need to see you in my office" today

Unless you are in the business of or were planning to immediately turn all that silver over then I think your offer was fair. Silver is too volatile to make an offer that close to melt value if you wanted to keep them for a little while. Heck even if you WERE planning to turn them over 8x face is still a FAIR offer. I would have countered w/ a 10x face offer after she declined your 8x. Most kids would rather have $5K in cash than to have a bunch of dirty coins but we all know that already.

 

[Rich Hartford]

Re: bank manager said "i need to see you in my office" today

I would have told her that that they were worth 10 grand before all the silver refineries went bankrupt. Then offered her $25.00 over face as a favor.
HH
Rich

 

[Diver_Down]

Re: bank manager said "i need to see you in my office" today

Pfft... with all the skunks you have been getting, you should have offered 6x face. If she accepted the offer, then it serves her right. At least you can count on those coins getting cashed in 20 years from now when her grandkids get them. You should offer to appraise certain coins and cherry pick through the Merc's. Be up front and tell her you expect some coins in return for you service. There could be a 16-D or 21s in the rolls.

 

[silvercop]

Re: bank manager said "i need to see you in my office" today

i am not into buying and re-selling silver. when it comes to walkers, bens and mercs i am a collector. the only silver i have sold or would sell at this point is the 40% kennedy's. i thought my offer was fair too since she did not know the value and she got it all at face. there is not a pawn shop in town here or in the town down the road that would have offered her that (i know what they pay). also many people think that old coins are worth thousands and most of the time it is just not the case.
i have been a collector since i was 5 years old. i am 42 now. times have been hard at my house. my wife has been laid off for 3 months this year and the only new coins i have been able to purchase have been the proof and mint sets and the silver eagles that come out during the year. the only old coins that i have gotten have come from coinroll hunting. like i said i have sold some 40% halves to apmex but that is it. i mainly did that to have money to coinroll hunt with and get rid of the loan i had at the bank to do it. the expenses have really added up too with the dumping. if i skunk out next week on the halves i am decreasing my order to 2K a week and will hold it there until it picks up.

 

[jim4silver]

Re: bank manager said "i need to see you in my office" today

Interesting story. But here is what I wonder:

If she is the manager and not a teller, how did she get them, did she buy them from a teller?

I wonder if that the old lady brought in a bunch and they were divided amongst the teller(s) and the manager?

I would imagine that many tellers are as much or more of CRHers than most of us here. And they are in a better position to get first dibs on stuff.

Thankfully not all the tellers are keen on silver and it finds its way to us.

I also think it was smart to not offer too much for them. We have seen from many of Mojo's attempts (that he has mentioned here) that offering what they are worth does not lead to success very often.

Jim

 

[silvercop]

Re: bank manager said "i need to see you in my office" today

the bank manager said the lady came to her. i guess they knew each other. small town i live in. the tellers would have snatched them up fro themselves at this bank. i know all 4 of the tellers there and all of them are in the game. they even check and save currency. this bank is kind of small. a branch of a main bank in the northern part of the state. last week one of the tellers there showed me 5 silver eagles someone came in and cashed out at face. teller said she looked like a crack head.

 

[Jimmy@romega]

Re: bank manager said "i need to see you in my office" today

Now thats a nice bonus for the year I'm guessing around 4,000 in profit. I've seen silver dimes go for 1.00 on average on ebay usually 55.00 to 60.00 per roll. A roll of silver halves like that averages 135.00 on ebay. My guess after ebay fees and shipping she could get 4,000 or so.

 

[SFBayArea]

Re: bank manager said "i need to see you in my office" today

I guess this is a prime example of why tellers shouldn't be educated on this sort of a thing. That's probably why we get less keepers in the boxes we order. Tellers are taking everything. I almost would've not given her a price or offer $1000 for all of them and down play them. Guess it didn't matter since she was saving them for grandkids.

 

[SFBayArea]

Re: bank manager said "i need to see you in my office" today

You'd think she'd at least give you one of the mercs or roosies for the info you gave her since she has so many of them. There has to be a little give for valuable info she got from you. For me if everyone at the branch knows about this and is in the game.. it automatically becomes my dump bank.

 

[silvercop]

Re: bank manager said "i need to see you in my office" today

it would have been nice if she had sold me a few or at least let me cherry pick the dates, but overall i am happy with this bank. they have never given me any problems, the vault teller always orders for me and i can order as much coins as i want. i said this before but about a year ago when the boxes were producing 10-20 keepers each i asked the vault teller (as a joke) to order me 50 boxes of halves for the next week. without batting an eye she wrote it down. i had to tell her i was only joking and just order my usual 20. she said that if i wanted 50 it would not be a problem. almost wish i would have ordered them then when the silver was being found in the boxes. only problem would have been the dumping.
i wish i could make arrangements to buy the half bags off the coin star machines. that is about the only way to beat the tellers at getting the silver

 

[coinmojo]

Re: bank manager said "i need to see you in my office" today

Well I'd be remiss if I didn't say this.
Shame on the Bank manager.

"said she did not care she just wanted to get rid of them"... I've heard this line from tellers before?

" I guess she didn't need the money" Who doesn't need money that's just stupid.

It appears as though this Manager felt the coins had some value but just doesn't know how much. So she snapped them up for herself. Then asks you to tell how much they are worth. When you offer 4k her eyes should have lit up. But the reality is that most of us could get 6k for those coins pretty easily today.

$500 face of 90% silver @12 x face = $6000

That's a hell of a windfall for a small town bank manager. One who should now realize that she took advantage of a, in your words ("the bank manager said the lady came to her. I guess they knew each other. small town") old lady that she knows.

She did a disservice to a bank customer as an acting Bank Manager. IMHO

Back to your situation. Now that the bank manager did the dirty deed.

Perhaps you can convince her to cut loose with 1/2 the booty. Same offer 8x face for $50 in halves and $200 in dimes. It would seem to be the best of both worlds for both of you, she gets a $1750 bonus immediately and still keeps $250 in old silver coins for the kiddies. In the end it's a great deal for her, because not only does she realize an instant profit of $1500 but she gets to keep half of the booty.

The icing on the cake would be if she let you cherrypick. I would not wait to long to propose this to her. The few times I had tellers show me a little pile of silver that they want to sell, they usually want to keep some of it.

Mojo

 

[SFBayArea]

Re: bank manager said "i need to see you in my office" today

I understand about the ordering thing.. sometimes it's a challenge to get orders at banks so I understand the relationship. To get the $500 in 90% dimes, tell her to order you $500,000 in dimes in return and accept the dumps too as a favor in return.

 

[timbobwey]

Re: bank manager said "i need to see you in my office" today

I would go with Mojo here. Ask her if you can buy half of them. That's a nice chunk of money for her, and still a nice collection for her and her family down the road. She can't loose, but you still win. That's probly your best bet.

 

[jim4silver]

Re: bank manager said "i need to see you in my office" today

I think many here are under estimating the level of knowledge the bank manager has.

I don't know her or anything about this situation other than what I have read posted by silvercop. But based on general knowledge I would think there is a strong likelihood she knows exactly what they are worth. If she didn't know before she spoke to silvercop she knows now.

Anyone who manages a bank would know how to do a basic Google search to see what the coins are worth. Or she could call a local coin store or speak to any coin collector who will tell her the truth.

There is even a slight chance she just wanted to show off the collection to silvercop because she knows he likes coins.

All of the above are mere speculations on my part and I don't know for sure. But I would bet that she knows by now what she can get for them and why would she take less? I think silvercop has a zero chance at scoring them from her at this point. But it would not hurt to try I suppose.

Just my humble 2 cents.

Jim