overheard at the coin shop

[markmopar]

I was browsing at my local shop today and I heard the owner telling an older fellow that he would buy his silver art bars for $7.50 each. He told him that since they were art bars he'd have to sell them for less than spot(BS!) which at the time was $13.12. from the way they talked i could tell they had done business before.
I called this shop once and asked what they paid for silver. he said 75% of spot. today that would have been $9.82.
This shop is selling 2009 SAE's for $19.95 and I know damn well he'll be asking at least $15/ea for the art bars based on past pricing there.

I don't begrudge a guy making a profit, but it just made me uncomfortable. I buy and sell old car and bike parts and I want to maximize profits like any other guy but I won't lie to my customers to do it.
unfortunately, this is the only shop around for at least 30 miles so if I need supplies I'm kinda stuck dealing with them.

 

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[jim4silver]

I was browsing at my local shop today and I heard the owner telling an older fellow that he would buy his silver art bars for $7.50 each. He told him that since they were art bars he'd have to sell them for less than spot(BS!) which at the time was $13.12. from the way they talked i could tell they had done business before.
I called this shop once and asked what they paid for silver. he said 75% of spot. today that would have been $9.82.
This shop is selling 2009 SAE's for $19.95 and I know damn well he'll be asking at least $15/ea for the art bars based on past pricing there.

I don't begrudge a guy making a profit, but it just made me uncomfortable. I buy and sell old car and bike parts and I want to maximize profits like any other guy but I won't lie to my customers to do it.
unfortunately, this is the only shop around for at least 30 miles so if I need supplies I'm kinda stuck dealing with them.

A person should be able to get close to spot or better selling one ounce art bars now. Demand for silver is very high.
Since that guy is the only game in town sounds like he can set his prices for whatever he wants and get it.



Jim

 

[hit80s]

Sounds like one of the coins shops here in mt.

 

[seger98]

I would have waited for the guy outside & offered him more!

 

[mrs.oroblanco]

Don't mean to sound like hit80's, but, we have a coin shop like that in Rapid City.

And, this guy charges a lot over spot to sell - and I mean a lot!

And his coins are over-graded and over-priced even if they WERE of the grade they claimed.

B

 

[mistergee]

same here....greedy little buggers...my guy tried to tell me my AU almost MS Bens were only worth $2..when i mentioned the price of silver he said $2.50....how stupid does he think i am? at the time silver was real low but even the blue book at the time said $6.00....but he too is the only game in this side of town and he knows it.

 

[jim4silver]

If all your local shops are bad, there are always online dealers or ebay. I feel that those dealers that overcharge when you buy and underpay when you sell do it because they can. They must be getting suckers in otherwise they would have to pay more and sell for less. I don't blame them for making as much as they can as long as they are not lying to the customer or breaking any laws. You would think though if they ripped off enough people over time, word would get out and the locals would stop going there.

I believe it is up to us to find the best deal and not just walk in and believe what the dealer says. Unfortunately, many people are too lazy to shop around and walk in and take whatever they are offered, or perhaps there is only one store in town and they feel they have no other option.

Jim

 

[Gettintoknowsomethin]

Don'T feel bad I tried to sell a 1915 Indian head $5.00 gold coin in VF condition at a coin shop and the guy said he would give me $75.00 for it! Those coin dealers are shysters!. Needless to say, I still have the coin in my collection. I guess I will burry it in my new coin garden for testing my Safari!