Jewelry and Coin Thieves

[kleinerschmitter]

Called the Jewelry and Coin Exchange near my house last week when silver was a little under $35 an ounce looking for a place to sell my 90% halves plus some 90% proof halves I've got. Called them last week and they said they could swing $11 a coin. I was thinking, alright, I can work with that, they may have $13 silver content but subtract $1.56 in fees plus whatever I'd have to pay for shipping from feebay and I probably wouldn't get $11 for each of them. So, I take in all my halves today, and the same guy I spoke to on the phone says, "Oh, I can give you $8.50 apiece for them." I told him I talked to him last week when silver was $1 lower and he said he could give me $11 and now he's low balling me at $8.50 and then walked out the door. A man who's willing to go back on his word isn't going to be making any money off of me.

 

[Bigheed]

Ya i think those guys are to used to ripping off the average "Joe" who brings in their jewelry/coins desperate for cash or someone who inherited some and doesnt know what they are. Best to just walk away from those guys! Try APMEX you can lock in the price over the phone etc.

 

[DarkRider23]

Ya i think those guys are to used to ripping off the average "Joe" who brings in their jewelry/coins desperate for cash or someone who inherited some and doesnt know what they are. Best to just walk away from those guys! Try APMEX you can lock in the price over the phone etc.

They aren't ripping anyone off. They are running a business. If someone accepts the cash, that's all on the person selling it. It isn't the shop keeper ripping the guy off. If the guy had no choice and the shop keeper low-balled him, then it's ripping him off. It shouldn't be the shop keepers job to inform a customer of what they have. One quick google search in today's day and you have all the info you need about the coins. (I guess my definition of ripping off is different from others.)

Anyway... that's a really cheap tactic they use all the time. They quote you high on the phone and when you're in the shop, they low-ball you because they don't expect you to leave with nothing. It generally works too, which sucks. "Are you sure you want to drive back home with nothing" is one line I always get from people that try this on me or friends. I usually respond with "I'm going back home with my silver, you're the one with nothing" and it shuts them up just fine.

 

[ArkieBassMan]

They aren't ripping anyone off. They are running a business. If someone accepts the cash, that's all on the person selling it. It isn't the shop keeper ripping the guy off. If the guy had no choice and the shop keeper low-balled him, then it's ripping him off. It shouldn't be the shop keepers job to inform a customer of what they have. One quick google search in today's day and you have all the info you need about the coins. (I guess my definition of ripping off is different from others.)

Anyway... that's a really cheap tactic they use all the time. They quote you high on the phone and when you're in the shop, they low-ball you because they don't expect you to leave with nothing. It generally works too, which sucks. "Are you sure you want to drive back home with nothing" is one line I always get from people that try this on me or friends. I usually respond with "I'm going back home with my silver, you're the one with nothing" and it shuts them up just fine.

Agree 100%.

Business '101' - Buy as cheaply as possible and sell for as much as possible.

 

[quiksilver]

Try a decent show , i live in the tristate area and there are plenty of decent shows [ ny,nj,ct ]

 

[StevoCBR]

Amen brother, way to take a stand!

 

[hombre_de_plata_flaco]

Coin dealers are just feeling the squeeze eBay and other internet venues have put on their sales. They are very close to going the way of the dinosaur IMO. Coin dealers are useless in the internet age - everything you need to buy or sell is just a click away.

Walk away if you feel you are being taken and don't go back. There are plenty of places to sell precious metals and get what you are asking. Pay $5.00 for charter membership here and post a classified. There are also the other sites mentioned.

 

[drpineapple]

Seems to me a lot of people today compared to a long time ago are greedy and will rip you off like the coin dealers, though not everyone. They lack integrity and fairness. Someone quoting you a price over the phone and then in person not honoring it lacks integrity. Also why does little old lady who doesn't know or have a computer or someone who is desperate have to get screwed and taken advantage of? Remember at some time in one way or another we will all be the same as the old lady. Maybe not in regards to metals but the next time you go buy a car, plane ticket, or get your computer fixed and you are no more the wiser you just may get screwed too.

 

[clovis97]

I feel for you guys. I've got an awesome coin dealer in my town. He pays as much as anyone on the internet, and doesn't slick anyone.

 

[hombre_de_plata_flaco]

I feel for you guys. I've got an awesome coin dealer in my town. He pays as much as anyone on the internet, and doesn't slick anyone.

My local coin guy is creepy.

 

[JD-GA]

Im very lucky also. In my surrounding area we have lots of people who will buy your coins and every single one of them are shysters. This is allowing and forcing my business to thrive.

As an example. Last week I had a woman come in my store with 24x 1 oz .999 generic rounds, silver. She was offered $120 from the we buy gold store down the street and $85 from the pawn shop. When I payed $700 it not only earned me a customer forever but the shock of the payment difference has the client sending me friends and family.

And I know there are some who will say me making $4 a coin is still a rip off but consider all of your options and most will find it quite fair. No chance of losing those coins in the mail shipping them off, no fees to ebay, no paypal money reversals etc etc. And you lock in the price and are payed the instant you say lets do it.

Someone who throws out the word "rip off" may have differing opinions on just what it takes to be a rip off. To the posters above defending business practice I totally agree with you that a customer should be knowledgeable but for me there is a definite line between doing business and cheating people. Many of my clients who find me after doing business with we buy gold stores and pawn shops are telling me how much they were offered, how many grams they have, the purity of their gold, which items are plated and fake, and which coins no longer have a "good value". This is the education my competitors give them as to why their coins and gold arent worth anything. Every single week I get several folks whose gold weighs twice as much as they were told it weighed elsewhere. Folks who showed me plated stuff the we buy gold store offered $5 for that WASNT plated that was worth $200 + for just the one $5 item. Ya see that is lying. That isnt business.

 

[ivan salis]

thats not just lying my freind --thats out right theft / robbery , -- to short the weight of a person's gold item or gold content level or lie about a item being plated vs real gold content --is stealing and theft and is a CRIME-- theft / robbery by deceiption its called .---their not just simple lairs , their CROOKS pretending to be bussinessmen.

 

[Generic_Lad]

While there are a lot of unscrupulous coin dealers out there, I've found the majority of them to be pretty honest people. As for the offers, they can get away with low-balling because the majority of people will offer even lower. Try going to a "cash-4-gold" place and getting an offer. The low-balling dealer will sound top-dollar.

Yes, APMEX is a great place to sell, but you've got to sell in bulk, something that most people who inherited a handful of silver dollars can't do. The majority of dealers are just running a business, especially with a volatile silver market.

And really, especially for buying, a dealer is very valuable. For example, on Saturday I went to my local coin dealer and picked up an uncirculated 1999 silver Britannia for $40 (or $4 over spot), on eBay I can't find a silver Britannia of any year going for less than $60 and APMEX lists the '99 Britannia for about $150. I've had similar great experiences with buying from dealers, for example, when buying online junk silver if it is a "retired" design (Mercury, Standing Liberty, Walking Liberty, Bens, etc.) they want to sell it as a "collector" coin even though it has no real collector value beyond silver. At my local coin dealer I can get it for the price of other junk silver, just with a more attractive design. Plus, you've got the ability to inspect the coin in person before you buy it, something you can't do online. And yes, even slabbed coin can differ in eye appeal.

 

[Diggin-N-Dumps]

They aren't ripping anyone off. They are running a business. If someone accepts the cash, that's all on the person selling it. It isn't the shop keeper ripping the guy off. If the guy had no choice and the shop keeper low-balled him, then it's ripping him off. It shouldn't be the shop keepers job to inform a customer of what they have. One quick google search in today's day and you have all the info you need about the coins. (I guess my definition of ripping off is different from others.)

Anyway... that's a really cheap tactic they use all the time. They quote you high on the phone and when you're in the shop, they low-ball you because they don't expect you to leave with nothing. It generally works too, which sucks. "Are you sure you want to drive back home with nothing" is one line I always get from people that try this on me or friends. I usually respond with "I'm going back home with my silver, you're the one with nothing" and it shuts them up just fine.

Agree 100%.

Business '101' - Buy as cheaply as possible and sell for as much as possible.

Yea...its business...Just not Good Business...I sell Shii all the time and I would never go back on my Price to make a few bucks...customers are more important then a few extra bucks and the chance they would never come back..If the guy would have said that he would take 8.5 from the start thats different..Dont lie and have a person come waste their time driving there

 

[Emperor Findus Cladius]

They aren't ripping anyone off. They are running a business. If someone accepts the cash, that's all on the person selling it. It isn't the shop keeper ripping the guy off. If the guy had no choice and the shop keeper low-balled him, then it's ripping him off. It shouldn't be the shop keepers job to inform a customer of what they have. One quick google search in today's day and you have all the info you need about the coins. (I guess my definition of ripping off is different from others.)

Anyway... that's a really cheap tactic they use all the time. They quote you high on the phone and when you're in the shop, they low-ball you because they don't expect you to leave with nothing. It generally works too, which sucks. "Are you sure you want to drive back home with nothing" is one line I always get from people that try this on me or friends. I usually respond with "I'm going back home with my silver, you're the one with nothing" and it shuts them up just fine.

Agree 100%.

Business '101' - Buy as cheaply as possible and sell for as much as possible.

Yea...its business...Just not Good Business...I sell Shii all the time and I would never go back on my Price to make a few bucks...customers are more important then a few extra bucks and the chance they would never come back..If the guy would have said that he would take 8.5 from the start thats different..Dont lie and have a person come waste their time driving there

Bingo. Repeat business is a company life blood. If you treat someone like the OP was treated, then you lose business in three ways. First, you lose his original business. Then you lose his repeat business. Then you lose the business of his friends after he tells them of your bad business practice.

 

[DarkRider23]

This is the education my competitors give them as to why their coins and gold arent worth anything. Every single week I get several folks whose gold weighs twice as much as they were told it weighed elsewhere. Folks who showed me plated stuff the we buy gold store offered $5 for that WASNT plated that was worth $200 + for just the one $5 item. Ya see that is lying. That isnt business.

I wasn't defending that at all. That's being a liar and a cheat. Offering low prices w/ the truth attached, however, isn't a rip-off. It's business. I'll never defend people that lie to customers. I run a small business on eBay/Amazon and I've been head to head with a lot of cheats/liars on both those websites. The lengths some people go just to save $5 or $10 on a refund are absolutely ridiculous. I have had a seller outright claim that I purposefully damaged an item after it arrived damaged from UPS because I had buyer's remorse. My blood was boiling at that comment. I can't stand being called a liar at all.

 

[SFBayArea]

Called the Jewelry and Coin Exchange near my house last week when silver was a little under $35 an ounce looking for a place to sell my 90% halves plus some 90% proof halves I've got. Called them last week and they said they could swing $11 a coin. I was thinking, alright, I can work with that, they may have $13 silver content but subtract $1.56 in fees plus whatever I'd have to pay for shipping from feebay and I probably wouldn't get $11 for each of them. So, I take in all my halves today, and the same guy I spoke to on the phone says, "Oh, I can give you $8.50 apiece for them." I told him I talked to him last week when silver was $1 lower and he said he could give me $11 and now he's low balling me at $8.50 and then walked out the door. A man who's willing to go back on his word isn't going to be making any money off of me.

I've had the exact thing happen to me.. the dealer pulled a bait and switch on me. Gave me a quote on the phone and gave me a lower price when I showed up 2 hours later. Unfortunately, I had to sell at the time since I did need the funds. After another meeting where he tried to get coins from me for face value, I posted negative reviews about him on Yelp, Yahoo, and Google reviews. Yelp is corrupt where you post actual negative reviews about a place and they took it off later on probably because the guy paid them to take it off. Shame that the guy is running the place down hill. The local shop used to be a good one before this guy took over. I heard that other people didn't like this guy either. You can't try to be deceptive towards customers to get over on a couple deals. People find out and don't like it. Word of mouth will get around and you'll lose customers in the long run.