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 Replies: 59 / Views: 13,495 |
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Pillar of the Community
Canada
650 Posts |
I am in Windsor, they were here last spring. I was tempted to bring some stuff down, just because I felt something shady, and wanted to check it out. I did pop in briefly. Would hate to think what went on.
The fact that they are using someone elses trade name should be a clue, this would not add up to a financialy sound way to dispose of anything.The reality is the public, in general has no idea what they have.
And Bigfred is right, there is heavy duty cost with a scoop like this, they would have to buy at 50% of value at best.It's just the reality of it. The more important question is,are rare pieces ever bought for more than discounted bullion value.It's a shame.
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Pillar of the Community
Canada
617 Posts |
we at the forum know that these @#$%### people are just cashing in on the high silver /gold prices and actually know nothing about coins. I can't help but wonder how many key dates or other beautifully preserved coins will be sold for melt and be lost forever.
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Pillar of the Community
Canada
617 Posts |
I'm sorry to carry one like this but I hate to see people taken advantage of for profit.
It's times like this when I wish the guys who monitor this site might let me away with a curse word or two because that is the best way to describe these low life bottom feeders.
anyway.....there I feel a little better now.
as a group I think the best thing we can do is to steer people away from scams like this.
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Valued Member
United States
333 Posts |
I'm with bigfred on this. They have to give that much just to get ahead. Sure it might be "unfair" for a person to offer $12 for a BU Morgan, but isn't it just as unfair to never look at what you have and hope for a miracle? The people that take coins to these places just want a few bucks, and that's what they get. There is an old poem that goes like such:
"I bargained with life for a penny.
And life would pay no more
However I begged at evening
When I counted my scanty store.
For life is a just employer
He gives you what you ask.
But once you have set the wages,
Why you must bear the task.
I worked for a menial's hire.
Only to learn dismayed,
That any wage I had asked of life
Life would have willingly paid."
Sorry, but it is true. If you ask them what something is worth and they lie, that is a different story, but if they give offers below market... what can any reasonable person really expect?
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Valued Member
Canada
76 Posts |
One of these outfits set up in Brandon, Manitoba at the Canadainn, out of curiosity I took in a 16 gram 96.5% gold bracelet which I found on Huntington Beech California, Gold was hitting $1900 an ounce In short they offered me $400 for a bit better than a half ounce of gold which I turned down. I then asked if they were looking to sell any gold or silver that the had purchased after all at those kind of prices I couldn't loose. The appraiser there informed me that they don't sell any it all gets melted down into bullion.
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Rest in Peace
United States
9104 Posts |
Just to play the Devil's advocate here: Last I heard, it's a free country, and there's nothing to keep the complainers from singly or collectively setting up shop. Offer 50% more than they do, still make a great profit, and help the public at the same time. Just keep in mind that you'll prolly be a few grand in the hole before buying your first coin. Why are these places successful, even in towns with dealers? The average dealer works on too small a profit margin and does little or no advertising, with no reachout to the non-collecting public. An ad in Coin World doesn't reach millions of people with billions of coins worth selling. |
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Rest in Peace
United States
9104 Posts |
Quote:
I don't take guys like this lightly so I hung around near his booth for awhile and every time a "customer" walked over and he started to bull them I would step in and tell them the truth about what they actually had..needless to say he didn't get much business after that That's a quick way to get ejected from a show. He paid to conduct business there, you didn't. Just a warning, I don't have a dog in this fight. |
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Pillar of the Community
Canada
2781 Posts |
people only get taken advantage of if they let people take advantage of them.
its not cool if they are posing or immitating a well known trusted company but they wouldnt be the first to use similiar fonts/colors/icons and riding on someone else's coat tails.
sorry, while I try to do business honestly (to a fault most of them time) these guys do have overhead. travel & advertising probably account for a lot. anyone ever check to see how much a full page ad costs in the paper? or renting a banquet room at a hotel? what happens when you shell out THOUSANDS for ads and very few people show up? you make it up on the next one.
no one has a gun to the head of the customers, and some of the customers might end up making their otherwise missed mortgage payment or feeding their kids for the week.
do I agree with what they do? NO
should anyone sell to them? probably not
but this witch hunt is like blaming mcdonalds because their customers are fat.
the responsibilty is on the SELLER. period.
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Valued Member
Canada
76 Posts |
My beef is that when I checked out the one that set up in Brandon they were telling people that they pay the most by metal content. This is far from the truth and many vulnerable people take their word at face value. Entering a customer into a agreement under false pretenses is a scam and the way I understand it illegal.
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Valued Member
Canada
91 Posts |
20% that is the point at which I'm ok with ppl. A %20 profit margin is very good and acceptable. Can ppl sell there stuff for more... yes then can and if they take there time they should. Do ppl sell there stuff with a %20 margin... YES they do and dont kid yourself ALOT of places offer this up and ALOT of ppl take the offer. From what I know a coin store has to buy the item Lets say silver coins, Then they have to HOLD the item for x amount of time before they can sell or melt. This is the law so as police can check for possible stolen goods if needed. now when holding silver/ gold prices are always on the move. a few weeks back silver dropped from about 32 down to 26-27 in just over a week. (yes it came back up, I'm just making a point.) Buyers have to deal with possible losses from such drops. so I say %20 off melt is fine. HOWEVER from what I hear these guys offer melt for key dates and quality coins as well, this is what makes me mad. I can just imagine some person comes in with a 1948 silver dollar and only gets $6-$10 for it.... and I'm sure its happened...
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Pillar of the Community
Australia
7096 Posts |
After 4 pages of this and the solution is obvious.
Why not the refiners put out an add for scrap silver coins with their going rate and cut out these entrepreneurs / Sharks.
After a few adds listed every quarter the general public will become aware of an honest outlet to sell to.
Another good idea would to put in the add to consult with your local coin guy to check for rare coins before they send them to melt.
That way they appear to be doing a public service and they get more stock to refine.
In Aus you can sell your silver coins and scrap jewelry directly to the mint, if not in person then by consignment.
There you go dead easy, It will be a K.I.S.S solution
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Pillar of the Community
Canada
2781 Posts |
"Why not the refiners put out an add for scrap silver coins"
while not enforced, I am pretty sure it is techincally still illegal to melt currency that is not demonetized.
now if the MINT were to do it... they could still make decent profit (and the politicians could give themselves another raise!)
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Rest in Peace
United States
9104 Posts |
It's legal to melt US silver coins.
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Rest in Peace
United States
9104 Posts |
Quote:
they were telling people that they pay the most by metal content. This is far from the truth and many vulnerable people take their word at face value. I have actually had people ask "do you pay top dollar?" By definition, no reseller can say "yes" to that. I pull out a handful of bills and reply "you can have the top dollar, the bottom one, or one in the middle, whatever you like." They think for a second, then realize that "top dollar" is meaningless. |
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Replies: 59 / Views: 13,495 |
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Posted 09/11/2011 01:49 am
