would you buy $400 in silver coins for 20x face

[treeslayer]

I was in the bank and a teller had alot of silver. she said she wanted 20x for it, i bought it. Its not a great deal, but i think i did OK. Any opinions. Thanks and HH.

 

[quiksilver]

being that it is currently worth 25.5x face [90%] i would say it is worth it

 

[Yougot]

All day every day

your paying $28 an ounce for widely recognized silver. If you want you can go list it on craigslist right now and get 25x

 

[jim4silver]

If you don't recognize that as a great deal, you need to study the PM market more thoroughly.

Were you expecting face value?

I bought some late year Franklin Proof sets today at 26X face (on the silver coins) when silver dipped to $34 per ounce momentarily. I thought I got a great deal, but your deal is better.

Jim

 

[timbobwey]

I would have bought it for sure, then I would probly sell enough to make my money back and keep the rest for free. Free silver that way. Or you can sit on it for a while and see if silver goes up.

 

[Marchas45]

I'm interested in the Teller, was it her silver or the banks? That's an interesting scenario. Teller selling her own silver at work or the bank selling silver at a profit. Mmmmmmmmmmm is that legal?

 

[jim4silver]

I'm interested in the Teller, was it her silver or the banks? That's an interesting scenario. Teller selling her own silver at work or the bank selling silver at a profit. Mmmmmmmmmmm is that legal?

I cannot speak for this OP's teller, but I know several tellers from my CRHing experience who tell me they have culled silver coins over the years. I have offered to buy from some of them and they never take me up on it. They always say they are saving them for their kids, grandkids, etc. These are the tellers who ask "are you looking for the silver ones?" when I would ask for halves. Fortunately, many of them that know about pre 1965 silver don't know about 40% silver halves, and I have scored some of them from tellers who would say "I already checked them for silver and there aren't any in there".

Over the course of a few years I imagine that an aware teller can accumulate a decent amount of silver coins.

Jim

 

[CHAINCHOMP]

definitely! you got a great deal! congrats! keep it up and hh! [R.I.P. Rich Hartford]

 

[clovis97]

Like someone else said...I'd do that deal all day long.

My local shop was paying 23X face last Saturday, but some silver buyers at a local flea market are paying 30X face or more.

That is a deal ready for a fast flip, or save it until silver hits $75.

 

[db23]

I'm interested in the Teller, was it her silver or the banks? That's an interesting scenario. Teller selling her own silver at work or the bank selling silver at a profit. Mmmmmmmmmmm is that legal?

This is what I'm thinking!

I'd tell her to give it to me at face or I report her and the bank!

I will not pay a teller one penny over fv just on principle.

 

[jim4silver]

I'm interested in the Teller, was it her silver or the banks? That's an interesting scenario. Teller selling her own silver at work or the bank selling silver at a profit. Mmmmmmmmmmm is that legal?

This is what I'm thinking!

I'd tell her to give it to me at face or I report her and the bank!

I will not pay a teller one penny over fv just on principle.

That makes no sense at all. If the teller owns silver coins, why should he/she have to sell them to you at face. Many CRHers on here in the past have expressed an interest in trying to buy silver coins from tellers at a reduced rate compared to what would be paid from a regular coin dealer (much like what the OP reported here). Being able to buy silver coins at a 5X face discount over melt is a gift.

How is this any different from offering to buy a car a teller might have for sale, or something else? If the coins belonged to the teller (say his/her own coin collection and not coins sitting in their till) you would have no claim to them anyway.

Jim

 

[db23]

I'm interested in the Teller, was it her silver or the banks? That's an interesting scenario. Teller selling her own silver at work or the bank selling silver at a profit. Mmmmmmmmmmm is that legal?

This is what I'm thinking!

I'd tell her to give it to me at face or I report her and the bank!

I will not pay a teller one penny over fv just on principle.

That makes no sense at all. If the teller owns silver coins, why should he/she have to sell them to you at face. Many CRHers on here in the past have expressed an interest in trying to buy silver coins from tellers at a reduced rate compared to what would be paid from a regular coin dealer (much like what the OP reported here). Being able to buy silver coins at a 5X face discount over melt is a gift.

How is this any different from offering to buy a car a teller might have for sale, or something else? If the coins belonged to the teller (say his/her own coin collection and not coins sitting in their till) you would have no claim to them anyway.

Jim

Well if it the tellers silver then fine, they can sell it all day long. But if it's the banks silver that is sitting in the tellers drawer, no way. I also have a problem with a teller trying to sell their own silver while working. Then again I think it's inappropriate for tellers to be cherry picking to begin with. If I walk up to them and see silver in their tray or drawer and don't have it in my hands at fv, I'm talking to a manager - if I have an account at said bank.

 

[TheRandyMan]

I was told a story recently about a person who went into a bank wanting to buy some halves. The teller initially told him they did not have any but said she would check the vault. She came out with a box of halves that she had not expected to be there and sold it to him. The box was chock full of silver as if the rolls had been culled and stacked in the box...lots of end silver and a lot in the middle...a "Dream Box", if you will...

The next time he went in he was told, by the teller that sold him the box, that she had accidentally sold him the head teller's "special box" that she had set aside in the vault. The head teller had been gone to lunch when he came in and the regular teller did not know about the special box that was set aside for the head teller...

The moral of the story is...go to the youngest, newest teller available at lunch time...get lucky...

 

[FormerTeller]

But if it's the banks silver that is sitting in the tellers drawer, no way. I also have a problem with a teller trying to sell their own silver while working. Then again I think it's inappropriate for tellers to be cherry picking to begin with. If I walk up to them and see silver in their tray or drawer and don't have it in my hands at fv, I'm talking to a manager - if I have an account at said bank.

Generally, tellers are allowed to cherry pick, in their spare time, provided they replace the coins they picked with their own cash. Nothing wrong or immoral about it. If you think about it, it would be just as easy to have a friend or relative come in and give them the silver as change. However, I strongly suspect that trying to sell anything on company time in their place of work would be a violation of company policy. By ratting them out to the manager, you could surely get them in trouble, but account or no account it would make you persona non grata in that bank as far as the rest of the tellers were concerned.

The next time he went in he was told, by the teller that sold him the box, that she had accidentally sold him the head teller's "special box" that she had set aside in the vault. The head teller had been gone to lunch when he came in and the regular teller did not know about the special box that was set aside for the head teller...

It sounds like the head teller did not cash out the silver with her own money, but basically stored some of the bank's money in a special place in the vault. She took her chances, and she paid the price.

 

[clovis97]

I'll chime in on this one:

If a teller is finding silver and wants to buy it for their self, I have no problem with it. I'd rather NOT have the competition, but in reality, if a family member of yours worked at a bank, wouldn't you teach them how to search for silver?

My big gripe is when a teller finds silver, and they let it accumulate in their tray to buy it later. A silver seeking teller should be buying the silver the minute they get it, and taking it to their car ASAP.

 

[Numismaniac]

Regardless of all the other discussion, you got a great deal! Good buy.

HSH and RIP Rich

 

[jethro1469]

Maybe we should draft and distribute a list of rules for tellers so that they don't make this kind of mistake again. Once they realize their place in CRH and stay out of our way, maybe we will all find more Ag.

 

[TheRandyMan]

Maybe we should draft and distribute a list of rules for tellers so that they don't make this kind of mistake again. Once they realize their place in CRH and stay out of our way, maybe we will all find more Ag.

 

[OmegaMan]

I'm interested in the Teller, was it her silver or the banks? That's an interesting scenario. Teller selling her own silver at work or the bank selling silver at a profit. Mmmmmmmmmmm is that legal?

This is what I'm thinking!

I'd tell her to give it to me at face or I report her and the bank!

I will not pay a teller one penny over fv just on principle.

That makes no sense at all. If the teller owns silver coins, why should he/she have to sell them to you at face. Many CRHers on here in the past have expressed an interest in trying to buy silver coins from tellers at a reduced rate compared to what would be paid from a regular coin dealer (much like what the OP reported here). Being able to buy silver coins at a 5X face discount over melt is a gift.

How is this any different from offering to buy a car a teller might have for sale, or something else? If the coins belonged to the teller (say his/her own coin collection and not coins sitting in their till) you would have no claim to them anyway.

Jim

Well if it the tellers silver then fine, they can sell it all day long. But if it's the banks silver that is sitting in the tellers drawer, no way. I also have a problem with a teller trying to sell their own silver while working. Then again I think it's inappropriate for tellers to be cherry picking to begin with. If I walk up to them and see silver in their tray or drawer and don't have it in my hands at fv, I'm talking to a manager - if I have an account at said bank.

Doing things like this is why Banks are turning down coin orders and charging. The more people doing this crap will end roll hunting forever.

 

[yonico]

A. if a teller finds silver and buys it for himself, that's fine. if he sells it to costumers, at the bank, during his paid hours, that is NOT ok.

B. i'd buy silver at 20x face all day long, in fact let me make an offer to you, i'll take all the 90% silver you have at 22.75x times + i pay shipping. PM me if you're interested no but i'm serious