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 Replies: 28 / Views: 6,863 |
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Pillar of the Community
United States
876 Posts |
I just made my first purchase from SD Bullion, and my last. Normally I go to my LCS to purchase silver but SD Bullion appeared to have a good buy. Here's the deal. I have stepped away from 90% due to ridiculous premiums and gone to silver Sovereigns. My favorite LCS sells them for spot + $7 across the board. Spot on 13 Oct at time of purchase was $18.78 making Sovereigns $25.78 @ LCS. SD Bullion offers Britannias @ 26.48. A little higher but tolerable as a better deal on Krugerands ($24.18) and Philharmonics ($24.18) would even it out. I would have skipped the Britannias but only needed 2 to top off tube. The order before payment (which locks in for 5 minutes) was, Britannias x2 @ $26.48 Philhormonics x4 @24.48 Krugerands x3 @24.18 Not bad so I submit payment within the 5 minute window. Then I receive order confirmation. It looks like this; Britannia x2 @ $29.24 Philharmonic x4 @ $27.16 Krugerand x3 @ $26.74 Then tax! $17.34. The prices changed after I submitted payment from the original invoice. Free delivery over $200.00. Well they got that part right. I got ripped off and probably have no recourse. I have made online Bullion purchases from a couple other dealers and never had this happen. SD Bullion is deceptive and dishonest. How can they get away with this crap? Avoid this dealer. Fool me once, shame on me. Do the math a see how much they ripped me off for. From now on I will stick to my LCS. As they say, if a deal looks to good, it probably isn't. Lesson learned. |
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Moderator
 United States
94636 Posts |
Thanks for that info - and what to look for from adding to cart to checking out the cart..
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Pillar of the Community
United States
2213 Posts |
Most online coin dealers list their coin.prices "low as" or similar, depending on how many you buy or payment method. The orders are shown assuming the buyer is going to use the cheapest method, paper check by mail, electronic check. At checkout, if you change this to credit card or Paypal, that increases the cost. Dealers don't absorb card or Paypal fees, they pass them on to the buyer at final checkout. Maybe this is what happened. Other online dealers do the same thing. SD Bullion is not being dishonest or deceptive. These cost differences are clearly shown in the listings before you add to cart and in terms of use. It's up to the buyer to back out of order, ask to cancel it or accept it. My LCS does it too, a buy with cash/check price or 3% added charge for credit cards. As for taxes, my state does not have sales tax on coins, others do. I assume your state charges taxes on coins, but you can check to be sure because sometimes a dealer makes a mistake which states charge tax and which don't. I've bought from SD Bullion with no problems. Other dealers I like are Liberty Coin, Bullion Exchanges, Hero Bullion. I sometimes buy from APMEX and JM Bullion but they tend to be higher unless they have a sale. I always check several online dealers and ebay to find best deal that day. On ebay I usually only buy from the bigger dealers that offer returns or a seller I know about. Edited by livingwater
10/15/2022 1:13 pm
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Pillar of the Community
 United States
876 Posts |
I also check several dealers before pulling the trigger. This was a debit/checking account purchase. No method of payment supports these increases. If hidden charges are explained on tiny print somewhere in order to take advantage then I will stick to LCS an look the seller eye to eye. As I said. Lesson learned. Got screwed on the find print. There was not minimum quantity specified for the prices. Many purchases from APMEX, JM Bullion, others,same payment method, no shenanigans. So this is my fault you are staying? I see a price, I purchase, price changes. Fist time for me. Debit checking is instant payment. My account was debited instantly. Sounds like you work for these guys The order is on hold awaiting delivery to the seller. If they have not received delivery of the product, should I not be able to cancel the order and they can unload it on the next suckered and still increase their profit? |
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Pillar of the Community
United States
2213 Posts |
It's nobody's fault. No I don't work for any dealer, just a customer. Call SD Bullion, if the package has not been mailed, you may be able to cancel. Here are screen shots of SD Bullion, APMEX, JM Bullion with Britannia. They all show the different price levels depending how you pay. At checkout by default it shows the lowest price paper check/wire check unless you choose to change payment to crypto, charge card, Paypal, then the final higher cost is calculated. I assume the misunderstanding is using your debit card which is considered a charge card by banks. Banks charge businesses fees for using debit cards and credit cards. Both go though the credit card network. Use your debit card at a store and they don't openly show the bank fees but the store is paying them. A wired electronic check must be activated, is electronically different, it routes through ACH automated clearing house. My LCS charges extra 3% for using both debit card and credit card to cover bank fees. I pay cash or write a paper check to avoid the 3%. Perhaps coin dealers should make it more clear a debit card has fees like a credit card. With debit card the money is taken out of checking account. With credit card the money is charged to that account. But hey, if I'm wrong about this please someone share.    Edited by livingwater
10/15/2022 3:54 pm
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Pillar of the Community
United States
1143 Posts |
I have used SD Bullion many times without issue and agree that they would likely cancel your order if you were to call and it had not shipped. |
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Pillar of the Community
United States
2829 Posts |
@Dowhat.... I'm not attempting to dissuade you from investing in bullion (as I too appreciate silver in-hand) but considering the cost issues associated w/ purchasing physical silver, have you contemplated or looked into the stock market, specifically the $SLV aka the Silver ETF (electronically traded fund) ? As of Fridays close, it is currently trading at $16.81 per share (which nearly tracks 1:1 price per ounce). That is a tremendous discount vs. buying physical. https://bigcharts.marketwatch.com/q...how=&time=12 |
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Pillar of the Community
United States
876 Posts |
I will state again. This is a debit checking account. I have a checking account # and a routing # for this account. I could have paid with E check on this card. E check takes a couple days to clear. Debit checking clears right now. No wait time. How does that cost them more? Certainly not any where near the market up added on. Really? Again, lesson learned. I got ripped off, plain and simple.
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Pillar of the Community
 United States
5177 Posts |
As far as I can see, the cheapest 2022 Canadian Silver Maple Leaf is $25.83 (eCheck) from silvergoldbull.com
The cheapest 2022 Austria Silver Philharmonic is $25.41 (eCheck) from herobullion.com
The cheapest 2022 Silver Britannia is $24.39 (eCheck) from BGASC.com
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Pillar of the Community
United States
2213 Posts |
I'm sorry. I guess I'm not explaining this very well. The extra fees are shown online with the dealers in their payments info. All the coin dealers I know give a discount when using paper check or eCheck which are different than a debit card or credit card. It's not SD Bullion's fault, it's common practice with coin dealers. The banks require fees for some payment methods including debit cards which are passed on to the buyer. I don't know why coin dealers offer discounts but I'm glad they do rather than just charging everyone the same higher cost no matter what payment method. It would be nice if stores like Walmart offered discounts for using paper check or eCheck but they don't. Here are screenshots from SD Bullion, APMEX, JM Bullion, they all charge an extra 4% if a buyer does not use paper check or eCheck. In SD Bullion's info it says debit/credit cards are not eligible for the 4% discount. This 4% charge is added at final check out.    Edited by livingwater
10/16/2022 06:57 am
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Moderator
United States
54280 Posts |
Quote:
The order before payment (which locks in for 5 minutes) was,
Britannias x2 @ $26.48
Philhormonics x4 @24.48
Krugerands x3 @24.18 These were the prices for 500 or more of each. Your disdain for SD Bullion is based on not understanding the pricing structure. Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Pillar of the Community
United States
2213 Posts |
Yes, the price difference between buying less than 25 compared to buying 500 is significant, paying 4% more for using debit/credit card adds some.
Edited by livingwater
10/16/2022 09:51 am
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Pillar of the Community
United States
7273 Posts |
The dislike sounds like buyer error. The buyer makes a mistake and it's the seller's fault?
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Pillar of the Community
United States
876 Posts |
Looks like I screwed that one up huh. My apologies to SD Bullion. I should just stick with the LCS.I can see what I am getting and know the cost. |
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Pillar of the Community
United States
2213 Posts |
No problems. We all mess up sometimes. I learn from mistakes buying then have buyer's remorse, bid too high on auctions then regretted it.
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Pillar of the Community
United States
4867 Posts |
I just placed my first order through SD Bullion... 10 2023 Silver Britannia's with the queen. Even better it looks like they are based in Michigan, the state where I live so hopefully delivery times will be swift. |
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Replies: 28 / Views: 6,863 |
Posted 10/15/2022 12:54 pm
