cash for gold places?

[theekman]

I think this may have been brought up before, but has anyone here tried to go to one of these places to buy/trade?

Im assuming they melt down whatever they get and sell it off to jewlers or for industrial use, and probably get right around spot.

I would be interested in buying or trading for some morgans and peace dollars. And i wouldnt mind buying at spot, + $1 or $2. Who knows maybe get a key or semi key date as well. I know if i owned one of these places and someone walked in and offered to trade 1oz of silver or maybe even 1.1 oz for 1 oz of silver, as long as its not a huge hassel I'd probably have no problem with it.

Is this a possability or am I in la-la land.

 

[TheNotoriousA.G.]

I haven't tried one of those rip-off-the-uneducated places yet, but I did call a PM house near me who would not sell me 40%ers for spot plus $1 even though the send them off to melt for spot -5% in shipping.

You would think ANY business in these times would say YES to something that positively impacts their bottom line...

 

[gunner45]

All I can say is stay away! They are rip offs and prey on the ignorant. Trust me, I know a couple owners and they brag about ripping people off.
I.e one guy told me he bought silver dollars off an old lady for $3 a piece last year.
Enough said

 

[theekman]

All I can say is stay away! They are rip offs and prey on the ignorant. Trust me, I know a couple owners and they brag about ripping people off.
I.e one guy told me he bought silver dollars off an old lady for $3 a piece last year.
Enough said

WOW, some meth head crawls into your shop its one thing, but scamming a little old lady...

 

[mercury1]

I think this may have been brought up before, but has anyone here tried to go to one of these places to buy/trade?

Im assuming they melt down whatever they get and sell it off to jewlers or for industrial use, and probably get right around spot.

I would be interested in buying or trading for some morgans and peace dollars. And i wouldnt mind buying at spot, + $1 or $2. Who knows maybe get a key or semi key date as well. I know if i owned one of these places and someone walked in and offered to trade 1oz of silver or maybe even 1.1 oz for 1 oz of silver, as long as its not a huge hassel I'd probably have no problem with it.

Is this a possability or am I in la-la land.

Yes this has come up before and you might be able to score. They are terrible places to sell to but if you know coins you might score. If they sell to a refiner, they get less then melt. If you offer melt or at least close to melt, why wouldn't they go for it? Selling to a refiner probably involves a paper trail vs you paying cash they probably don't report. Win win. Just bring a magnet to check for fakes.

 

[fistfulladirt]

All I can say is stay away! They are rip offs and prey on the ignorant. Trust me, I know a couple owners and they brag about ripping people off.
I.e one guy told me he bought silver dollars off an old lady for $3 a piece last year.
Enough said

I agree. Unscrupulous at times...but, the OP has asked if anyone has ever (bought) from one of these places, not sold. I have made offers to buy, paying more than their refiner. They may be under contract? I have never been called back. Of course it could be because, "I'm not a licensed buyer."

 

[Generic_Lad]

Yep, I frequently buy from one (not a chain, fair prices) and occasionally I unload some scrap gold/silver there (for nearly a 1:1 trade!) whenever I get some gold/silver at garage sales. I've gotten stuff ranging from sterling jewelry for spot, junk silver for spot, heck I even got a semi-key Carson City quarter for scrap there!

Its a great place to buy, although selection ranges from huge tubs of silver to a single '64 Roosie depending on the week.

 

[TheNotoriousA.G.]

Yep, I frequently buy from one (not a chain, fair prices) and occasionally I unload some scrap gold/silver there (for nearly a 1:1 trade!) whenever I get some gold/silver at garage sales. I've gotten stuff ranging from sterling jewelry for spot, junk silver for spot, heck I even got a semi-key Carson City quarter for scrap there!

Its a great place to buy, although selection ranges from huge tubs of silver to a single '64 Roosie depending on the week.

Now you got me thinking. I pass at least 5, if not ten, of these things on the the common road from work to the highway going home. Cash in hand I'd take every 90%er they have for spot.

 

[FAL guy]

There are honest buyers out there, you just have to shop around. I frequent a place that sells me bars, rounds, and 90% much, much cheaper than I could get it online. He also pairs a fair price when I sell items I've found detecting. A few months ago he swapped me halves for quarters and dimes, dollar for dollar.

 

[rpg25]

I think this may have been brought up before, but has anyone here tried to go to one of these places to buy/trade?

Im assuming they melt down whatever they get and sell it off to jewlers or for industrial use, and probably get right around spot.

I would be interested in buying or trading for some morgans and peace dollars. And i wouldnt mind buying at spot, + $1 or $2. Who knows maybe get a key or semi key date as well. I know if i owned one of these places and someone walked in and offered to trade 1oz of silver or maybe even 1.1 oz for 1 oz of silver, as long as its not a huge hassel I'd probably have no problem with it.

Is this a possability or am I in la-la land.

Good luck man. When I was looking to buy Morgans and Peace dollars recently I figured I would pay comparable prices. This was when it was slightly higher, like $18 in silver a coin. I couldn't for the life of me find anything even relatively close to spot. EVERYONE (pawn shops, eBay, online, Craigslist, LCS, etc) all wanted anywhere between $25 to $28. One guy would even said $30! In the end, I bought terrible condition cull Morgans and Peace dollars for $21 and sold them the next day for $29 because I knew that's what anyone would have to pay if they wanted them. Seriously, look around. $1 or $2 over is not gonna happen. These coins have a premium.

 

[Redeemedbaker]

I recreationally look for "diamonds in the rough", and work daily with a lot of these pawn guys in the Detroit area (NO I don't deal with American Jewelry & Loan). I've noticed that the Detroit market has gotten pretty competitive as far as not completely screwing the public due to the extreme flood of new shops opening. As far as getting some of these coins for $1-$2, it would be a trick. Probably because a lot of these "green" shop owners are too ignorant to know that they melt them down for less.