Dont sell your silver to coin shops.... At least not this one!

[Numismaniac]

Don't sell your silver to coin shops.... At least not this one!

I'm on my road trip this week for my work (managing to squeak some work in around my CRH...) Anyways, I'll post results when I get home with Pics, but I usually stop in a few coin shops to see what they are selling 90% for. Sometimes I've caught them sleeping a bit when it goes up quickly like it's doing. So, I stop into a shop today and there is a lady in there selling a bunch of silver to the guy. I tried not to be too nosy, but I did hear that she was having a bit of a tough time financially, and I caught that the guy was paying her 10 times face! I mean that seems a bit crazy given that it's worth at least 17 times face.

So she leaves (just sold a ton of silver to the guy) and I ask him how much he's selling 90% for and he looks straight at me and says he doesn't have any.....

I would have given her 16 times face.... How do I get in on this scam? Just rent a little shack somewhere and hang out a sign that says "buying silver and gold" then start ripping people off

That's my rant for the day.

 

[Bigj5731]

Re: Don't sell your silver to coin shops.... At least not this one!

So when you say that this person was ripped off....

You can also argue that the bank rips people off because they only pay face value for the silver coins.

I think this coin shop guy hit a jackpot at only 10x face. He'll make a killing when he goes to sell at 17x

 

[skelly9131]

Re: Don't sell your silver to coin shops.... At least not this one!

Not a ridiculously low ball offer of 10X face.

10x face is not a ridiculously low ball offer. This guy is running a business and has to make a profit. I'm constantly amazed by all the righteous attitudes on here whenever this topic comes up. This women made an exchange that she apparently was happy with. What she could have or should have done with the coins is irrelevant. Would you defenders of the faith prefer that she bring him to her local bank instead so that you could get them for face, or would the bank be doing her wrong as well?

 

[AGCoinHunter]

Re: Don't sell your silver to coin shops.... At least not this one!

Not a ridiculously low ball offer of 10X face.

defenders of the faith

LOL...

 

[cheese]

Re: Don't sell your silver to coin shops.... At least not this one!

I am always looking for deals. I try to buy my stuff for less than what it's worth. That's the name of the game. If I see some silver in the register at the convenience store and exchange them some clad for it, did I rip off the convenience store? When you take your car to the dealer and they only give you $2500 trade in for it when you can sell it at the curb for $4000, and you sell it to them, did they treat you immorally? Just like the cash no for structured settlement businesses... if they offer you 300K for a 550k settlement and you say ok, it's your fault as the seller if you are unhappy with the result. I do agree, however, that if I tell them it's only worth X amount and then offer it to them, knowing it's worth more, then that is unethical. The coin shop buying for 10X face when it's worth 17X face is not bad... considering that many retail stores pay 50% or less of asking price for what they sell. A $1200 sofa may only cost the dealer $450. The lawnmower blades you buy at the mower shop for $13 a piece only cost $3. The coin shop was giving her a better deal than that.

 

[chow]

Re: Don't sell your silver to coin shops.... At least not this one!

From a business owner's perspective, I have no problem with that transaction as long as he didn't lie to her. However, he sounds like a d!ck by the way he responded to you. What a dbag...

She could get more, but it would take more work and effort on her part - most likely she would have no idea where to start. Or, she could walk out of there with cold hard cash and no hassle. No different than a pawn shop buying low and selling high.

If I was in that business, I would probably post the spot price from yesterday and say that I buy at 65% of spot - cash on the spot...

 

[SFBayArea]

Re: Don't sell your silver to coin shops.... At least not this one!

From a business owner's perspective, I have no problem with that transaction as long as he didn't lie to her. However, he sounds like a d!ck by the way he responded to you. What a dbag...

She could get more, but it would take more work and effort on her part - most likely she would have no idea where to start. Or, she could walk out of there with cold hard cash and no hassle. No different than a pawn shop buying low and selling high.

If I was in that business, I would probably post the spot price from yesterday and say that I buy at 65% of spot - cash on the spot...




Yes.. as long as they didn't lie or were deceptive about their prices. Putting statements on ads "Top Prices Paid" are a lie if Joe's fair shop down the street offered better prices. Some dealers are scammers and jerks. One local dealer told me that some of them read people to figure what price they think they can get the coins at from them. He told me a story where another dealer told some old lady who had a bunch of red seal notes and silver certificates that "Roosevelt re-called those notes" and he bought those notes for less than face value from her. He probably read into the lady's naiveness and scammed her.

 

[quiksilver]

Re: Don't sell your silver to coin shops.... At least not this one!

you could take an add out , put a flier in the local supermarket , or go to a coin show and eavesdrop for someone sshopping for buy prices.