Is this a NEW gimmick for LCS's

[Dozer D]

Stopped at one of my branch banks on Sat to get my dime boxes, got 2. The teller that I've got to know over the past 3-yrs told me about a LCS owner (several towns over) has set up shop within a small bank in that distant town ( has his own cubical to do his coin business) to which he is offering to buy people's coins or appraise them. I saw his list of what he is buying ( nearly all types of silvers ) at about 9.5 x FV. She said that the bank doesn't mind him doing this, as a matter of fact, has helped in promoting his buying of coins from bank customers, then they in turn re deposit the money into their checking/savings accounts. The bank even goes to the extent to help advertise on a flyer notice on the bank door/window of the next date/day/time when Mr Coin Buyer will be in to buy your old coins.
Has anyone else seen this happen? Not a bad gimmick idea to get into, a Win Win situation for all 3 parties (the customer=he gets higher $ for his silver coins instead of FV from the bank, the LCS coin buyer=he's getting silver at under melt & maybe some rare valuable coins, the Bank=wherein they get their customers to bring in some coins get a bigger return and then deposit bigger money in their account). NOT A BAD IDEA
Your comments for discussion.

 

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[fistfulladirt]

I quit hunting almost five years ago, and at that time a local rural bank called Independant was doing just that, as far back as about 2012 if I remember correctly. Not sure if they still do, as I haven’t been to a single bank since I quit.

 

[TxAg]

I think it’s a great idea. I personally wouldn’t do it because I would have to get into the sales side of coin collecting to get rid of the surplus coins I did not want to keep. Plus I like getting my silver for face value from CRH, lol. But for a coin dealer, this is a great idea. Similarly, our local dealer sets up in a gun shop every Tuesday from 4-6 pm to sell and buy coins, gold & silver bullion, and gold and silver jewelry. He does a brisk business buying and selling a large volume making a small margin on the exchange. I’ve bought a number of Morgan’s from him at very good prices (10-20% under GreySheet) for my Morgan Album. One downside to a regular setup like the bank or gun shop situation is the risk of getting robbed in the parking lot or after getting followed home. Not a huge worry in my small town, but might be a concern in a big city.

 

[Megalodon]

I've thought about leaving a card on the local coinstars on which I offer to pay a multiple of face value for silver rejected by the coinstars. My major concern that offering to pay nearly spot value in hopes of getting the occasional rare date is that it might encourage theft of a collection. Also, one of our coinstars is closely monitored by the homeless, and I am nervous about dealing with the drug addled or psych damaged out there. More trouble and risk than potential reward?

 

[TxAg]

I've thought about leaving a card on the local coinstars on which I offer to pay a multiple of face value for silver rejected by the coinstars. My major concern that offering to pay nearly spot value in hopes of getting the occasional rare date is that it might encourage theft of a collection. Also, one of our coinstars is closely monitored by the homeless, and I am nervous about dealing with the drug addled or psych damaged out there. More trouble and risk than potential reward?

A creative idea Meg, but I think you pegged it with your concerns. You’d have to find a safe place to meet your “customers” where you could make the purchase. I would think it’s not worth the risk not to mention getting calls at any hour.

 

[Dozer D]

The idea is great, BUT, the downsides seem to far outweigh the gains. I'll pass on this one, no thanks.