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 Replies: 30 / Views: 6,235 |
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Valued Member
United States
148 Posts |
A friend of mine's dad had 70 ASE he got form his elderly mother and is selling for college money for his younger kids and he says he got offered $18 apice from the pawn shop. I can't believe it. What a JOKE! I told him the coin store offers 96% of spot and I'd give him more if he wants to sell to me. It's a good friends dad so we'll have to figure outsomething fair if he wants to deal with me, but I'm guessing the wife won't let me buy them all. But wow, seriously $18 apice from the Pawn Shop? |
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Bedrock of the Community
13014 Posts |
Thats not that uncommon theres coin shops that will make offers like that too. Of course that pawn shop would probably be the one to try and turn around and sell them for 50
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Valued Member
 United States
148 Posts |
Quote:
Thats not that uncommon theres coin shops that will make offers like that too. Of course that pawn shop would probably be the one to try and turn around and sell them for 50 Maybe you're right. Coin shop offered me 96% of spot when I asked what they pay, but perhaps they think I know what I'm doing. My buddy's dad is a super nice guy, but he looks and acts like he just fell off the turnip truck so maybe he'd get a lower price because they figure he doesn't have a clue what he has or the value of it. |
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Pillar of the Community
United States
615 Posts |
While $18 might seem low, this is why I hate dealing with silver. There's so little wiggle room for making a profit, I have to either buy it outrageously less than spot, or not waste my time. I'd much rather sell something for it's collectable value than it's metal value. I stay away as much as possible.
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Valued Member
United States
456 Posts |
Berk, the pawn shop rip off might just turn out good for you. If you could get them at spot it's a win/win. He gets more than he could otherwise, and you get them cheaper than you could otherwise.
Every shop I've ever talked to about Eagles offers at least spot. The main shop I go to buys at spot + $1.
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Valued Member
United States
148 Posts |
That's my thought is offer spot +1. It's a shame really that people don't financially plan and have to sell the sliver eagles their deceased mother left them because that's all they have to pay for their kid's education.
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Valued Member
United States
292 Posts |
I don't know about wiggle room. Just checked my LCS website. They are paying exact spot for Eagles and Maples, (sell for $4 over) Pay $1 under spot for rounds - sell for $2 over spot. I assume they are happy with that.
I would gladly pay $1 over spot for those all day long.
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Bedrock of the Community
United States
36828 Posts |
Pawn shops are never the best place to sell coins. Most coin dealers in this part of the state pay spot to $1 over for ASE's. |
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New Member
United States
5 Posts |
I agree, stay away from pawn shops and go to a coin dealer. Mine pays spot.
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Pillar of the Community
United States
1511 Posts |
Ya I agree, stay away from pawn shops..
In my home area all coin shops pay 1-3 dollars over melt.. Even for scrap silver.
I was crusing Craigslist a while back and some of the offers on there are HORRIBLE too... People like "I pay better than stores"... Bla blah blah. I usually post a add steering people what from those, and email the people if its outrageous... (Lol, sorry if it was anyone on here.. I just can't stand that)
But anyways.. One guy I wrote who "offered more than stores" I actually talked to and apparently in his part of the state (other side) LCS's only offer a fraction of spot.. While everyone I've been to has offered at least a few dollars over... & he sold a bunch of scrap silver each month so I told him it might be worth stocking up and making the trip out here once or twice a year.... He'd get more...
So I think where you live could factor in also.. (But I could be wrong... Lol)
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Pillar of the Community
United States
1721 Posts |
I must be the exception to the rule. I own a small pawn shop and I just bought a tube of 20 ASE for 640 dollars. That was 40 dollars over spot. If they are slabbed and graded I'll try to pay less than ebay average. Most of the coins and eagles I put away in the bank vault. I'm using those towards retirement. Even with better coins, I'm more than willing to allow my customer to search ebay with me. Then they can compare my offer to what they bring on ebay. When I ask someone what they are trying to get, you'd be surprised how often I hear: "I don't care." Then I do my best to pay a fair price. I have a low overhead but I still need to pay bills. This business of gold/silver buying and selling has changed so much over the last 5 years. There are gold buyers on every corner. I have to beat all their offers and I have to offer I higher price from the start. If the customer decides to shop my offer around, they'll come back when low balled by the other dealers. My scrap numbers are way down. Actually, all my numbers are down. This economy can hurt a pawn shop too. The people who need money have nothing of value to pawn or sell and the people who don't need money, want too much for their junk. Then when you want to sell something you have to give it away otherwise it sits on the shelf. And like I always say: " You Can't Pay Bills With Inventory." |
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Bedrock of the Community
13014 Posts |
Quote:
Maybe you're right. Coin shop offered me 96% of spot when I asked what they pay, but perhaps they think I know what I'm doing. My buddy's dad is a super nice guy, but he looks and acts like he just fell off the turnip truck so maybe he'd get a lower price because they figure he doesn't have a clue what he has or the value of it. Theres definitely a lot of places like that who will offer lower prices if they dont think you know whats its worth, I've had it happen to me and no longer give any business to that shop. I see it just like every other business, some are honest and a pleasure to deal with and others will do anything to make a dollar. Finding the good ones is the trick. For your friends dad though hed be better off selling them on ebay if theres no where around offering more. I can understand with falling silver shops may be offering lower to protect themselves from price falls, but thats basically offering half price and absurd |
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Valued Member
United States
492 Posts |
I was just at my local shop tonight and someone came in asking how much they gave for ASEs. I was a little disapointed to hear them say $25 each. But $18 each? That's highway robbery!
Edited by TJB17
01/12/2013 7:47 pm
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Pillar of the Community
United States
919 Posts |
APMEX is paying $32.20 so not sure why anyone would take less. Pretty easy item to sell back.
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Bedrock of the Community
13014 Posts |
Im pretty sure you have to have at least 500 dollars worth or more to sell to APMEX |
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Pillar of the Community
United States
1721 Posts |
tpg22, When people need money, they need it now. Sometimes they sell at their first stop because they don't have the time or the money to shop it around. Not everybody is smart and this is why they need money. The coin shop in my area pays 20 dollars for Morgans regardless of what it's worth. He pays about 25 for ASE. Not all coin shops are fair, not all pawn shops are fair but most of all, life's not fair. Edited by mds308
01/12/2013 8:00 pm
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Replies: 30 / Views: 6,235 |
Posted 01/12/2013 3:09 pm
