LCS Premiums

usernameerror · Apr 20, 2013

Just visited my local coin shop and left disappointed. Was looking to buy some junk silver. Not a huge amount. Maybe a few Peace or Morgans. I asked the owner if he had any culls. He was charging me $13 over spot! I shook my head and politely walked out. Would love to take advantage of these prices but all the shops are charging ridiculous premiums. On the way home I stopped by a pawn shop. The owner was hoarding all his silver and was only selling graded ASEs for $80.

BuffaloBoy · Apr 20, 2013

I visited my LCS today too, they were selling 2013 ASE's for spot+$7.00... not a price I am willing to pay..
hh
buff

Numismaniac · Apr 20, 2013

I've got a good LCS. Bought a bunch of merc dimes yesterday for $1.70 each. I picked out the nicer ones. Just depends....

Iamrussell · Apr 20, 2013

Numismaniac said:
I've got a good LCS. Bought a bunch of merc dimes yesterday for $1.70 each. I picked out the nicer ones. Just depends....

Wow that is a pretty good price- especially if they let you pick your own

theekman · Apr 20, 2013

My LCS is kinda weird, the owner seems like its a hassle for her to help customers. I try to go in as little as possible, but i went yesterday to see what they had, junk coins were 20x face put dimes at $2 and quarters at $5. But they wanted $36 for morgans and peace dollars! I asked them if the sign was old and if they where 20x face. Nope, so i politely thanked her and walked out.

Iamrussell · Apr 20, 2013

usernameerror said:
Just visited my local coin shop and left disappointed. Was looking to buy some junk silver. Not a huge amount. Maybe a few Peace or Morgans. I asked the owner if he had any culls. He was charging me $13 over spot! I shook my head and politely walked out. Would love to take advantage of these prices but all the shops are charging ridiculous premiums. On the way home I stopped by a pawn shop. The owner was hoarding all his silver and was only selling graded ASEs for $80.

WOWZERS $13 over spot? I'd report him for highway robbery ;-)
That ridiculous

Joe777Cool · Apr 20, 2013

$28.50 for ASE today, I passed. He was paying 18x fac, selling at 20

GlenDronach · Apr 20, 2013

Joe777Cool said:
$28.50 for ASE today, I passed. He was paying 18x fac, selling at 20

That's a pretty good deal actually, 18face and sell for 20.

Numismaniac · Apr 20, 2013

I'm amazed he was paying18 times face. That's more than most places pay.

GarouLady · Apr 20, 2013

Yeah that sounds like my LCS near my workplace. They have 2013 ASEs that they are selling at 40 bucks apeice but they point out this is numistic prices not silver spot. I have bought ASEs from their junk pile but they still charge 4-5 bucks over spot, not a price I am willing to pay. I am thinking about searching for another LCS that I have had wonderful luck with. Sadly they moved closer to me only to move farther away less than 2 months later. If anyone in Traverse City, michigan knows where Coins and Collectibles shop is. PM me and let me know. PLLLEAASE!!!

Thanks a bunch,
GarouLady

silas1128 · Apr 20, 2013

found a local shop that had $3.50 premium over 'damaged' ASEs and generic rounds. They had over a dozen painted ASEs. I bought 6 a cleaned them with acetone. They look brand new! But they also wanted $35 for all cull morgans and peace dollars... I didn't bother to haggle, but I feel like I night be able to. But just got laid off, so im looking for work at the moment.

Joe777Cool · Apr 20, 2013

Numismaniac said:
I'm amazed he was paying18 times face. That's more than most places pay.

I actually asked him he was paying way over spot and he said he had to because nothing was coming in. when places like that are working on a $2 spread they need to have stuff moving.

fistfulladirt · Apr 20, 2013

I bought 10 ASE's at $28.50 this week, LCS broke open their last roll and I bought half. They said all gold and silver bought out there, and nothing coming in all week. Get it while you can at these premiums because I think they will spread much more. I also had 20 more ASE's come in from Provident that I'd ordered almost 3 weeks ago, at $31.50 ea, but spot was higher when I had placed my order.

RVA · Apr 20, 2013

proof that physical silver prices are not being affected like the silver shares. I thought as much.

Ive had a bit of luck getting some franklins and kennedys at a little over melt value on ebay (itd be nice to find some for 50 cents a piece like so many others on here....), thats the best ive been able to find so Im just sticking to that a little bit to get a few while the price is down. no shop around will sell at spot, and almost all the ASE online suppliers are low or out of stock.

I know most of yall are just coin rol hunting and stacking that, and getting .999 bullion and so on, but Ive been slowly accumulating liberty/franklin/kennedy 90% and morgan/peace 90%, when the price is right. I think their premiums will always stay around where they are and only rise as time marches on and they are fewer and farther between, as well as the potential increase of silver prices..... am I alone here?

44_Dimes · Apr 21, 2013

When silver was at about 24-25 my LCS was charging 21.5x face. Then add in tax and it becomes nearly $9 spot.

Joe777Cool · Apr 21, 2013

44_Dimes said:
When silver was at about 24-25 my LCS was charging 21.5x face. Then add in tax and it becomes nearly $9 spot.

that makes ebay look like a good deal

Joe777Cool · Apr 22, 2013

My LCS called me today, offered me $29.50 in quarters for $490! Thats 16.6 x face for those of you without a calculator handy. I also have another that will sell to me at spot, and since I do alot of business with him it usually ends up below spot after he throws in an extra Merc or two.

There are also shops in my area that will try to rip you off. Keep in mind antique stores and trading posts can be very good places to get a deal.

HH!