Done with my LCS

[Jason in Enid]

Since the price of silver has been dropping I wanted to buy a little more for my stack. I stopped in to my local coin shop because I always like to support local every chance I can. I couldn't believe his prices! He used to sell for spot, but now everything had a $2 per ounce premium! Junk silver, generic rounds, bars.... all of it was $2 above spot. We were both looking at the current spot online so I know it wasn't an error. I just don't know how someone can expect to sell like that? You know damn well that he paid someone a couple $ under spot for those too.

I went to my plan B and ordered silver rounds online for 40 cents above spot. I can live with that premium.

 

Amazon Forum Fav 👍

Diving for Pleasure and Treasure - Grab it through Amazon!

[Terry Soloman]

Capitalism. What are you going to do?

 

[vpnavy]

If you are "Done with my LCS" - I hope you let him (or her) know why you are leaving - maybe the LCS would adjust the amount just for you...

 

[jim4silver]

Since the price of silver has been dropping I wanted to buy a little more for my stack. I stopped in to my local coin shop because I always like to support local every chance I can. I couldn't believe his prices! He used to sell for spot, but now everything had a $2 per ounce premium! Junk silver, generic rounds, bars.... all of it was $2 above spot. We were both looking at the current spot online so I know it wasn't an error. I just don't know how someone can expect to sell like that? You know damn well that he paid someone a couple $ under spot for those too.

I went to my plan B and ordered silver rounds online for 40 cents above spot. I can live with that premium.

Jason,

I can understand you not liking the change in circumstances, but there aren't many stores that sell silver for spot. I get great wholesale deals locally and don't get spot except on rare occasions. If your guy was selling for spot I would like to know what was paying sellers? I honestly don't know how a brick and mortar dealer could survive selling at spot unless he was paying way back of spot to sellers who came into his store.

Having said that, $2 premium on generic is kind of high. New bullion sells for $1 over spot here give or take. I think you are smart buying online for what you paid. That is still a very good price.

Just my opinion.

Jim

 

[Jason in Enid]

If you are "Done with my LCS" - I hope you let him (or her) know why you are leaving - maybe the LCS would adjust the amount just for you...

No, I didn't. I have purchased a lot of silver from him over the years, including buying out ALL the silver he had back on a price drop years ago. He is free to charge what he feels he can or needs to. I chose not to pay his asking price.

Jason,

I can understand you not liking the change in circumstances, but there aren't many stores that sell silver for spot. I get great wholesale deals locally and don't get spot except on rare occasions. If your guy was selling for spot I would like to know what was paying sellers? I honestly don't know how a brick and mortar dealer could survive selling at spot unless he was paying way back of spot to sellers who came into his store.

Having said that, $2 premium on generic is kind of high. New bullion sells for $1 over spot here give or take. I think you are smart buying online for what you paid. That is still a very good price.

Just my opinion.

Jim

I know he buys low because I have wanted to slide a few customers a few more dollars for a parking lot buy of what they were selling to him, but alas, I have more tact and respect than that. If he had even been $1 over spot, I probably would have bought what he had in the case, but the difference of ~45 cents verses $2 is too much.

I had stopped into another small town coin shop last year to see if they had any silver bullion for sale. They did but wanted about $4 over spot, when I asked how they could ask so much, they said it was what they had paid for it. Personally, I don't give a crud what a dealer (claims to have) paid. If the current spot market is too low, pull it until the market bears the extra price. Just hoping for an uneducated person to pay an outrageous amount is wrong. I haven't bothered stopping in that store since then.

 

[TheCoinKid]

I have a buddy who's settling a family estate and took a pile of silver coins (Morgans, Peace, assorted halves, assorted dimes) to his local LCS/Jeweler last week and was offered 75% of spot for the lot. I took them off his hands for spot +$2 for each silver dollar and spot for the halves, which made us both happy. I just don't see silver dollars in the $15 range anymore. I passed on the dimes (several hundred, about half Barbers) which he would have given to me for what the LCS offered (75% of spot, which was just under $1 each). I'm still second guessing myself on the dimes, but I really didn't want them.

 

[Marchas45]

Jason I agree with you 100% I can get it cheaper than any LCS. Just bought 20 rolls of dimes at $61 a roll, yea it's just a little over spot shipped but not like an LCS's overhead. Happy Thanksgiving.

 

[jim4silver]

I have a buddy who's settling a family estate and took a pile of silver coins (Morgans, Peace, assorted halves, assorted dimes) to his local LCS/Jeweler last week and was offered 75% of spot for the lot. I took them off his hands for spot +$2 for each silver dollar and spot for the halves, which made us both happy. I just don't see silver dollars in the $15 range anymore. I passed on the dimes (several hundred, about half Barbers) which he would have given to me for what the LCS offered (75% of spot, which was just under $1 each). I'm still second guessing myself on the dimes, but I really didn't want them.

TKC,

You basically threw away free money. I don't get that? All the coin stores here, even bad ones, pay melt or better for rosie/merc/barber dimes.

Just my opinion,

Jim

 

[TheCoinKid]

TKC,

You basically threw away free money. I don't get that? All the coin stores here, even bad ones, pay melt or better for rosie/merc/barber dimes.

Just my opinion,

Jim

As if I needed any more ammunition to second guess myself, HA! It's just that I'm not interested in holding dimes or quarters for silver value. I don't flip purchases, and, in fact, have yet to sell a single coin or silver holding. I though about buying them to search for collector values, as they were collected from circulation many years ago and clearly not searched. If say, there were 300 dimes on the table (I didn't count them), I guess I probably passed up around $90 bucks, based on spot.

 

[fistfulladirt]

I have never found a shop that sells for spot. My LCS charges a premium on the 90% I quit paying attention but I think it's a couple bucks. I don't complain because I get to cherry pick halves. I'll never go to the store north of me ever since they charged me a 10% 'sorting fee' over the regular premium, because I wanted only Kennedy halves that were mixed with Walkers and Bens.

My gripe is that I have in the past, made offers on private estate sales that plan on selling to the LCS, stating that I will beat the best.
They end up still selling for less than what I would have paid.