Buying silver rolls

[Humboldt]

One of my tellers found several rolls of silver dimes and halves a few months back and has offered to sell them to me.

I'm seeing outrageous prices for rolls on ebay but very few bids.

Never bought rolls from anywhere other than the banks and am wondering what to offer.

Checked cointrackers.com and am thinking 3x or 4x face.

Any suggestions appreciated.

Thanks

 

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[Mr. Silver Stash]

Nice score

 

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[fistfulladirt]

You did score, but she would have done even better at a coin shop or even cash-for-gold place, sad to say.

 

[Humboldt]

You did score, but she would have done even better at a coin shop or even cash-for-gold place, sad to say.

We discussed their value and looked at cointrackers and coinflation right there in the office.

The $200 was her offer, not mine.
I even told her I was willing to pay more if she wanted to go higher, and she said the $200 was fine.

 

[Patrick Star]

I only crh for my silver not buy it, but you did good, congrats.

 

[Iamrussell]

If $200 is all she wanted after seeing conflation then so be it- she's happy and boy you can't beat buying ag for less than half spot
Nice job congrats

-------------------------------------
just keep stacking, just keep stacking, stacking stacking stacking

 

[FormerTeller]

We discussed their value and looked at cointrackers and coinflation right there in the office.

The $200 was her offer, not mine.
I even told her I was willing to pay more if she wanted to go higher, and she said the $200 was fine.

That being the case, I'd buy her a bouquet of flowers, or bring in a party tray or cookies or something. Tell her you found a rare merc for your collection, and wanted to express your gratitude. This makes her feel good, and removes any possible lingering guilt.

 

[Humboldt]

That being the case, I'd buy her a bouquet of flowers, or bring in a party tray or cookies or something. Tell her you found a rare merc for your collection, and wanted to express your gratitude. This makes her feel good, and removes any possible lingering guilt.

That's a good idea, I did tell her the next time I see her at the brewery the beer is on me.
I have no problem bringing her something at work, just don't want her to feel I'm hitting on her.

I have no guilt. She made a ton of money considering what she paid for the coins, and it leaves me with a good amount of silver to stash away.
I paid what she asked for the coins, after looking at the current melt value with her right there. Looked up the dimes and the halves.

She was happy, I was happy.

I'm still happy.

 

[Mr. Silver Stash]

It's relative. She is happy to get a decent payday for something that cost her little and what she had she didn't want to deal with much to find other buyers etc.

Most people here know all the coin values, the markets to sell in, and have considerable investment in coins. Not every teller cares that much.

Considering we pay face value, and so did she, it is all profit for everyone in this transaction. Again, you did well.

Sometimes we pay 5x face and sometimes we face a seller who wants melt. I wouldnt feel bad for giving someone $200 for $40 of coins.

 

[baddbluff]

Go Pawn Stars on her:

You: "What were you looking to get from them?"
Her: "I'd like to get 15x face."
You: "I bet you would. I'm a buyer at 2x face."
Her: "But they're silver. How about 10x face?"
You: "Maybe if they were all new. Look how dirty they are. And they're all dinged up. How about 3x face?"
Her: "They have to be worth more than that. Can you go 9x face?"
You: "Look lady. I'm not a collector. I've gotta make some money on these. It cost me $ just to drive my car over here today. I'll probably put a price tag on them for 5x face and they will sit in the case for who knows how long until the right customer comes along and offers me 4x face which I'll probably let them go for. I'm taking a shot in the dark with these. I can go 3.5x face an that's the absolute best I can do."
Her: "Okay, I guess I can do 3.5x face."
(You shake hands.)

Seriously though - ask her what she wants first. If its really low, offer her a fair price. If it's really high, offer her a fair price. Even Rick on Pawn Stars won't blatantly rip people off.

 

[50cent]

Go Pawn Stars on her:

You: "What were you looking to get from them?"
Her: "I'd like to get 15x face."
You: "I bet you would. I'm a buyer at 2x face."
Her: "But they're silver. How about 10x face?"
You: "Maybe if they were all new. Look how dirty they are. And they're all dinged up. How about 3x face?"
Her: "They have to be worth more than that. Can you go 9x face?"
You: "Look lady. I'm not a collector. I've gotta make some money on these. It cost me $ just to drive my car over here today. I'll probably put a price tag on them for 5x face and they will sit in the case for who knows how long until the right customer comes along and offers me 4x face which I'll probably let them go for. I'm taking a shot in the dark with these. I can go 3.5x face an that's the absolute best I can do."
Her: "Okay, I guess I can do 3.5x face."
(You shake hands.)

Seriously though - ask her what she wants first. If its really low, offer her a fair price. If it's really high, offer her a fair price. Even Rick on Pawn Stars won't blatantly rip people off.

I only saw the show a few times, but I remember the one episode where the old guy buys like a meat processing machine. A serious piece of equipment. He outright says, "i'll give ya 20 bucks for it", and the fool said thats fine. he blatantly ripped that guy off.

 

[Humboldt]

Seriously though - ask her what she wants first. If its really low, offer her a fair price. If it's really high, offer her a fair price. Even Rick on Pawn Stars won't blatantly rip people off.

So, in your opinion I blatantly ripped her off?

I did ask her what she wanted first.
She told me, we looked at what the current value was, and she was still comfortable with her asking price.
Offered more and she said no.

Both of us made money, both of us were honest.

 

[boristhespider88]

Go Pawn Stars on her:

You: "What were you looking to get from them?"
Her: "I'd like to get 15x face."
You: "I bet you would. I'm a buyer at 2x face."
Her: "But they're silver. How about 10x face?"
You: "Maybe if they were all new. Look how dirty they are. And they're all dinged up. How about 3x face?"
Her: "They have to be worth more than that. Can you go 9x face?"
You: "Look lady. I'm not a collector. I've gotta make some money on these. It cost me $ just to drive my car over here today. I'll probably put a price tag on them for 5x face and they will sit in the case for who knows how long until the right customer comes along and offers me 4x face which I'll probably let them go for. I'm taking a shot in the dark with these. I can go 3.5x face an that's the absolute best I can do."
Her: "Okay, I guess I can do 3.5x face."
(You shake hands.)

This is all I could think about when I read that.

http://9gag.com/gag/5123337



- DS

 

[boristhespider88]

Still reluctant to give me a price but eventually said she'd take $200 for them.
She knew they were worth more but didn't want to go through the hassle of a coin shop.

4 rolls of dimes (actually only 198 coins, she mentioned one roll was 2 short, but she also pointed out 3 mercs)
2 rolls of uncirculated 1965 halves.

So she got 5x face to put towards grad school.
I got $430 of silver melt for $200.

We both came out ahead.

I think you did great!

You got a bargain and an addition to your collection and she got some extra money.

- DS

 

[baddbluff]

No, I think you did just fine. You did the right thing by offering her more, but she was happy to get what she originally asked for. Like you said, both of you were honest. Sounds like a good transaction to me.

 

[baddbluff]

I only saw the show a few times, but I remember the one episode where the old guy buys like a meat processing machine. A serious piece of equipment. He outright says, "i'll give ya 20 bucks for it", and the fool said thats fine. he blatantly ripped that guy off.

A meat processing machine may be a serious piece of equipment, but how often does someone walk into a pawn shop and ask for a meat grinder? Its not like the old man just threw a price tag on it an put in the case with the Patriots Superbowl ring and the blunderbuss. He would have to do quite a bit of legwork to sell the thing. He would be earning the additional profit above and beyond a typical 100% profit on a pawn shop transaction. He didn't blatantly rip the guy off. People who sell things to pawn shops generally fall into two categories: 1) people who steal and want to sell something for a quick buck, and 2) people who are too lazy or ignorant to get top dollar for their item. There are a million better ways to sell something of value than going to a pawn shop (i.e., eBay, auction houses, classified ads, Craigslist, trade shows, etc.). And what Rick says is often true: they take a risk by buying a lot of the things they buy. It costs money to carry inventory. They make money by turning over inventory (like any business), not by taking up space with conversation pieces (like meat grinders). As a side note, I actually know Rick Harrison and he is a decent guy. (Unlike a lot pawn brokers out there.)

 

[fistfulladirt]

A meat processing machine may be a serious piece of equipment, but how often does someone walk into a pawn shop and ask for a meat grinder? Its not like the old man just threw a price tag on it an put in the case with the Patriots Superbowl ring and the blunderbuss. He would have to do quite a bit of legwork to sell the thing. He would be earning the additional profit above and beyond a typical 100% profit on a pawn shop transaction. He didn't blatantly rip the guy off. People who sell things to pawn shops generally fall into two categories: 1) people who steal and want to sell something for a quick buck, and 2) people who are too lazy or ignorant to get top dollar for their item. There are a million better ways to sell something of value than going to a pawn shop (i.e., eBay, auction houses, classified ads, Craigslist, trade shows, etc.). And what Rick says is often true: they take a risk by buying a lot of the things they buy. It costs money to carry inventory. They make money by turning over inventory (like any business), not by taking up space with conversation pieces (like meat grinders). As a side note, I actually know Rick Harrison and he is a decent guy. (Unlike a lot pawn brokers out there.)

I have to agree. Seems like many think these place operate on zero overhead costs, such as bricknmortar coin shops. As for dealers "ripping people off", sellers are not being held at gunpoint.