teller wants to sell

[norcalsteve]

One of my favorite tellers at one of my pick-up banks pulled me aside today and asked me if I would be interested in buying silver dimes and quarters from her. She has been a teller for over 30 years and has been pulling out the silver in her try. She said that she doesn't check rolls but whenever she sees silver in her tray she has been buying it. She said she wants 9 times face. She knows it is more than what the lcs will pay but is less than melt value. If I am not interested she will just keep it and leave it for her grand kids.
It is more than I would like to pay but it still is less than melt and I do think silver is about to go back up some.
She is going to call me to tell me how much she has.
She told me that she has never checked the dates. So there might be some key dates.
What do you think?

 

[JeffG]

Tell her you feel comfortable with 8x and see what she says. I usually pay close to that when I buy from tellers

 

[CC-Hunter]

I would pay 9x face. Last weekend my LCS was paying 11.5x face.

 

[kingskid1611]

I would take it and look for key dates. You will still have value either way.

 

[mxh5891]

Offer her 7x and then you can meet in the middle at 8x face. It sounds like a great deal. Where else can you buy silver cheaper? Besides CRH.

 

[GlenDronach]

I'd pay 9x face.

Pigs get fat, hogs get slaughtered.

It can build a relationship too- you may get more in the future from her or other tellers there.

 

[ugotit22]

I'd take it.
I almost bought $390. Face of 90s last week for 110% of melt and I got gun shy bc it was over melt. Ended up costing myself roughly $400 in profit bc silver went up $1.40 since last week

 

[Greastart]

I'd take it. If teller has been saving it for 30 years you don't know what you might be buying. Price is down now, but we all assume it's going back up. Practically a sure win. Plus, there's the good chance for some choice finds.

 

[Dozer D]

I'd take it. Assume it be $500 FV of silver and you pay 9x for $4500. Sure it's a big outlay of cash, but consider how long it's going to take you to find that much, how much in gas, trips, time. But best of all, 30 possible years worth of unsearched AG. You could always sell some of it if silver continues a slow climb upwards to offset the big cash outlay.

 

[Joe777Cool]

Id buy everything she had at 9x and sell it for 12x. You are CRAZY if you dont buy it!

 

[Avago]

As others have said, even if you are uncomfortable paying the 9x face to hold it, you could easily flip it to another collector for 12x. I've asked every teller that I know hoards silver if they're willing to sell what they've collected, but none so far have been. It seems like they know enough to pull it from circulation but they don't know exactly why. So they just keep holding onto it, which is extremely frustrating. Count your blessings that you've even come across a teller willing to sell.

 

[GMan00001]

If you want to play hard ball, you could try to offer less, but if it's someone you have a relationship with, I think the 9x face price is fair.

I haven't had any trouble selling silver for melt or slightly above melt on craigslist, so that would probably be 12.5x to 13x face at today's prices. My take would be to buy it, look for key dates and either sell all of the junk silver or enough of it such that you have your initial investment back, leaving you with essentially "free" silver. Of course, if you like to hold, nothing wrong with that either, just more risky investment wise as silver could go down.

 

[TheMastermind]

Like others have said, take it at 9x and try to flip it at 12x. I'd keep any key dates or anything in really nice condition and flip the rest.

 

[Ben Cartwright SASS]

Here south of Boston MA it is 15x face

 

[trdking]

Hey Norcal Im in Socal If you don't want it or can't front it I will go in with you if you are interested. I am always in for a quick flip. lemme know

 

[weighit]

I always pay 75% of melt value, and today that would be .91 cents, or in your case 9 times face, I think that is a good deal. Don't think you can lose.

 

[norcalsteve]

Thanks all.
Im waiting to hear from her and I will buy all she has. I will post when I hear from her.

 

[mxh5891]

Please do norcal. I am very interested as to what she has saved up. Hope you get some great rare coins!

 

[scruggs]

Can't wait to here!!! Wish you luck with many key dates!!!

 

[Oquario79]

Thanks all.
Im waiting to hear from her and I will buy all she has. I will post when I hear from her.

Hey Norcal I know almost a year has passed but what happened with the teller and her offer?