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Exchanging Silver For Gold At LCS ?

 
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United States
19 Posts
 Posted 01/09/2020  08:49 am Show Profile   Bookmark this topic Add justdano to your friends list Get a Link to this Message
Anyone exchange of your silver for gold at LCS ?

I was thinking of converting some of my silver into gold using gold to silver ratio and then seeing what the LCS would want on top of that to make the deal. In terms of cash, what have any of you paid for this service? Assuming the LCS would even want to.
Valued Member
United States
163 Posts
 Posted 01/09/2020  12:01 pm  Show Profile   Check Lancek's eBay Listings Bookmark this reply Add Lancek to your friends list Get a Link to this Reply
With my guy, I think he would just treat it as two transactions, with no real discount. Spot for the silver and apply whatever that was to the gold plus his gold premium. Which, like most dealers, varies based on how much gold you buy.
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 Posted 01/09/2020  12:03 pm  Show Profile   Bookmark this reply Add hcmusicguy to your friends list Get a Link to this Reply

Quote:
With my guy, I think he would just treat it as two transactions, with no real discount. Spot for the silver and apply whatever that was to the gold plus his gold premium. Which, like most dealers, varies based on how much gold you buy.
.
I'd be inclined to agree. It works the same way if I'm exchanging 90% junk for bullion, ASE, silver dollars, etc.
Oldest circulation finds: Cent 1902; 3CN 1867; Nickel (Buffalo/no date); Dime 1914; Quarter 1876; Half 1936; Dollar 1900; Banknote 1928 $2; Foreign 1917 3d (United Kingdom)
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 Posted 01/09/2020  5:48 pm  Show Profile   Bookmark this reply Add thq to your friends list Get a Link to this Reply
There's never been any bartering at my LCS. Sell one, buy the other, according to the prices posted on the screen.

That said, the prices differ according to the source. There is some difference between Pandas, Eagles and Krugerrands. Scrap sterling flatware and gold jewelry sell considerably below coin too.

I found a ring in a parking lot after snow melt one year. The dealer weighed it, paid me, and tossed it in a little pasteboard box. Very similar to curbside recycling....it was all going to the melter....
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
01/09/2020 5:53 pm
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 Posted 01/09/2020  5:58 pm  Show Profile   Bookmark this reply Add CoinCollector2012 to your friends list Get a Link to this Reply
At the coin shop I work at, we treat it as 2 separate transactions, one where we are purchasing coins from you, and another where you are buying from us.
Sets in progress... Mercury dimes, Washington quarters, 7070 Type Set, WLH Short Set
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ANA: 3183215
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United States
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 Posted 01/09/2020  6:11 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
What coin collector said. I traded junk silver for ASE, I got a fair value for the coins I traded and paid a fair price for the coins I received.
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 Posted 01/09/2020  6:31 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
No, because almost all lowball. If you want to get 95% or better, try CCF, or secondly, Provident Metals.
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Roll hunting since '77
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United States
287 Posts
 Posted 01/24/2020  3:08 pm  Show Profile   Check jimineez's eBay Listings Bookmark this reply Add jimineez to your friends list Get a Link to this Reply
Agree with fistfull, Provident ( JMBullion) have pretty fair prices on both buy and sell so you could have a baseline there. You may find selling there and buying elsewhere to be somewhat better. Better yet, find an individual on the forums that is looking to go the other way on a trade and you may both win.
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