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Pillar of the Community
United States
4008 Posts |
Quote:
Meh. I suppose I could buy a bag of "junk" silver, but my heart just really isn't into it... OK, so if you are in the market for a bag's worth of "junk" silver but your heart just isn't into it, buy 10 rolls of the proof 90% silver Statehood Quarters from APMEX. They are GORGEOUS coins and a very convenient size for collecting, barter, making change, etc. Best of all, they cost less to buy than the crummy looking circulated Washington quarters.  |
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Pillar of the Community
United States
5866 Posts |
Quote:
Hmmm... this is sounding like, "Yes, we have those in stock but don't really want to sell them at the current silver price" to me. :-/ Yeah, they advertise themselves as a precious metal "exchange," which implies that prices reflect the current market plus service fees. In fact, though, they are just retailers like any other coin dealer who can't afford to sell low after buying high. This isn't just my opinion, btw. I just had a little "live chat" with an account representative expressing my displeasure: Quote:Brad: Welcome to APMEX! Brad: My name is Brad. How may I help? Barry: I was hoping to buy a bag of AU Morgan dollars this morning, but just as the price of silver dropped the cost of the bag went UP $200+. I was a bit disappointed, needless to say... Brad: How may I help? Barry: Is that standard operating procedure? Brad: It's not standard. The price was lowered for a period of time. Brad: We took it off the lowered price at 8:30 this morning. Barry: So... The price was lowered while silver was higher and raised when silver dropped? Barry: And yes, 8:30 was when I was about to make my purchase. Brad: The price is adjusted when we loaded more product on the site. Brad: It isn't a matter of what spot price is, it is a matter of what we pay for the product when we buy it. Brad: Our profit margin stays the same. Barry: Can you tell me if there are plans to lower the price again? That's an awfully high premium over spot, especially given that silver has been plummeting like a stone through a wet paper bag today. Brad: We buy and sell these products every day. It depends on the next batch we are able to buy at what price point we get them for. Brad: If it is a lower price and our margins stay the same, you should see a reduced price. Brad: If we have to pay more than usual, you will see an increase in price. Barry: All right, I guess I have to stop thinking of you guys as an actual exchange where the prices reflect the market price and more as pure retailers who have to make a profit. Thank you for the info. Barry: Good bye. |
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Pillar of the Community
United States
5866 Posts |
Quote:OK, so if you are in the market for a bag's worth of "junk" silver but your heart just isn't into it, buy 10 rolls of the proof 90% silver Statehood Quarters from APMEX. They are GORGEOUS coins and a very convenient size for collecting, barter, making change, etc. Best of all, they cost less to buy than the crummy looking circulated Washington quarters. I have considered it, believe me! I'm not all that comfortable buying post-1964 90$ silver coins, however. The nice thing about buying pre-1964 coinage is that everybody knows that they are 90% silver and valuable. I really worry that I might meet resistance down the road if I needed to sell these quarters. Sure, dealers and collectors will know, but they may not be the people I am trying to sell to. I'll keep thinking about it. I just really had my heart set on a big bag full of bright and shiny Morgan dollars... |
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Pillar of the Community
United States
5866 Posts |
Well, I ended up not buying anything yesterday. Silver is up a bit today, but I'm hoping it still has a ways to fall before the end of the year.
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Pillar of the Community
United States
1391 Posts |
I ended up not buying anything yesterday either. I hope I don't end up regretting it but I am saving up for some other larger items.
Barryg, I wouldn't worry to much about people not knowing the value of post-64 silver coins if times got that bad. There are plenty of reference works out there for people to check. If you look at colonial and early American republic history you will find lists of published foreign coin exchange rates that people used. I've even seen some with Egyptian coins listed. In my mind Egypt of pretty remote for early America but apparently enough of their coins made it into our economy that people needed to know what they were made of for trade. The smart people will quickly adapt and get to know their coins, or get to know people who know. The dumb ones will just be dumb and make life difficult for the rest of us. But I guess that isn't any different than now.
Funny thought, if times got bad enough that people started using silver coins again, all those Liberian silver coins that were minted will probably be cracked out of their cases and enter into circulation in America.
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Pillar of the Community
 United States
3670 Posts |
May wanna grab something while it is under 30, if you can find a good deal that reflects the price, as I figure two things happen the rest of this day an tom. One, it will quickly correct an go back over 30, or it will dip again today an more Friday down to 26 or so, then it may start back up rapidly to start the new week, as too me 25 dollar silver is a mental number many big smart money is waiting on to pull the trigger on some large silver.... Barry G, have you ever looked at Provident metals, as I can watch silver fall say fifty cents, and you can then refresh your provident page of the silver you are looking at, and the price is IMMEDIATELY ADJUSTED, as their prices are real fair IMO and their selection is spot on.... It or Silvertown is the only big corp PM company that I will ever consider buying from. APMEX charges too much on shipping to get my bus.... Edited by Silverhawk74
12/15/2011 1:32 pm
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Pillar of the Community
United States
5866 Posts |
Quote:
Barry G, have you ever looked at Provident metals, as I can watch silver fall say fifty cents, and you can then refresh your provident page of the silver you are looking at, and the price is IMMEDIATELY ADJUSTED, as their prices are real fair IMO and their selection is spot on.... Yep, in fact I bought some ASEs from them a couple of weeks ago. I just checked, and their price for single BU pre-1921 Morgan dollars is $45.99, which is exactly the same as it is at APMEX right now. |
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Pillar of the Community
United States
2168 Posts |
I got an 1880 silver dollar for $40 a few weeks ago in a plastic holder in beautiful shape. The Peace dollars were 28 each. That was when silver was in 33 or so per oz. What what I see here it sounds like a good price? Just wondering. Are you all able to purchase at the lower prices? My local dealer is spot plus 3 percent and available. I just recall some posters having a problem getting at all last dip |
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Pillar of the Community
United States
3670 Posts |
Well Angel, seeing as how I think a Peace dollar is roughly 3/4 silver content, and forgive me as I am very less knowledgeable on the silver pieces which contain less then 100% of pure silver, but that seems just about right to me.... I saw a local guy on Craigslist who claims he has 100,000 dollars in pre 64 silver dollars, halves, quarters, and dimes, and he wants to meet at a bank, and wants to not waste time on multi small sells, as he is lookin for serious big money investor.... He says in his listing Franklin halves at 12 bucks each, and I did a little ebay research and the average or lowest buy it now on those these days is around 18 bucks, so seems like good deal.... Any thoughts all? He says his silver quarters are 6 bucks each as well.... Sounded to good to be true, and now the add is gone, and I spotted it two days back. I bet someone either bought him out or he was a fraud.... Edited by Silverhawk74
12/15/2011 2:01 pm
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Pillar of the Community
United States
2168 Posts |
I just wonder about deals for something like PM with a large cash transaction. Well a little while ago a friend bought quarters for about 5.35 each at a coin shop so to me really not a good deal I guess plus I just wouldn't deal in a parking lot for PMs with a stranger. Do you have a local shop?
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Pillar of the Community
United States
1391 Posts |
Silverhawk, I sometimes see ads like that on my local craigslist. Nothing to that extent. Had a guy wanting to sell 10,000 oz. of silver a while back. Wanted it all in one go. He had pictures posted and had a lot of stuff I would have liked to get but you know how that goes. I have no where near that kind of money. I wonder if your guy was legit? One thing is for sure. I would only meet at a bank and then I would have a safety deposit box ready. The silver would go in there until some later date. No way I would take it home with me right after the the transaction. I would also make sure the guy left before I did and then drive to the mall or something, go get an ice cream.
I know that sounds paranoid but I swear I had some punk try to follow me home from the coin shop one time. I drive a very indirect route because I like to avoid traffic. Mr. baggy pants was in there selling some junk silver or gold and left before I did. I think he stayed in the parking lot and waited for a customer to leave. I noticed the car was behind me so I took a very senic route home.
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Valued Member
United States
333 Posts |
Yeah, sounds like a good way to get yourself killed or robbed. Sometimes paying a little more through an online dealer is worth the premium.
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Pillar of the Community
United States
3670 Posts |
Oh yes, I have a good relationship with my local dealer at Southern bullion, a real nice fellow who always gives me good deals on items, via buy or sell, as I sold him a couple of silver eagles before I decided to get back into silver, back when I was into gold, and he gave me a real fair price, like a dollar under spot one day when I needed some cash asap, seems like 31 each, and silver was just barely over 32 an oz....
And I agree with you about meeting strangers, and was no in position to make the amount of cash transaction he was looking for, just was curious if the prices he was claiming to offer were about right or not. I would be ultra WEARY AN CAUTIOUS of meeting anyone from Craigslist, even inside the safe zone of a bank....
Edited by Silverhawk74
12/15/2011 2:57 pm
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Pillar of the Community
United States
4008 Posts |
Quote:
I saw a local guy on Craigslist who claims he has 100,000 dollars in pre 64 silver dollars, halves, quarters, and dimes, and he wants to meet at a bank, and wants to not waste time on multi small sells, as he is lookin for serious big money investor.... My thought on this is that a lot of claims get made on Craigslist and, who knows? Some of them might even be true! The thought of going somewhere with a lot of cash and meeting a stranger who knows that I have a lot of cash with me does not appeal to me at all. Even if you did this dozens of times and had it work well each time, it only takes not working once to make you very sorry that you did it. I'm wondering what this guy would say if you asked for references from those with whom he had dealt before. Could he supply any? I would much rather go to a coin or gun show and buy coins there. Most of them are well set up and often have armed security guards who will walk you to your car if you ask them. If I had a lot of valuables with me, that would seem a prudent step. Tipping the guy $10 would also be a good idea. Showing that you appreciate someone's help or some extra service is never a bad thing. |
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Rest in Peace
United States
9104 Posts |
Quote:Well, this sucks! I've been keeping my eye on the $100 bags of Morgan dollars over at APMEX and, as I said, the price for the AU coins has been tracking the cost of silver while the BU coins has remained steady. So, I decided to go ahead and buy a bag of AU coins when the price got low enough. The price of scrap steel goes up and down, but the store still wants the same price for a steel wheelbarrow. Accept the fact that BU dollars are not bullion, and go from there. |
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Posted 12/14/2011 5:33 pm
