A Change In Attitude - Coin Community Forum

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Author	Replies: 9 / Views: 1,498
snitchard Valued Member United States 420 Posts	Posted 04/30/2013 12:53 pm Good Morning - Recently I purchased 2 American Silver Eagle ( ASE) Coins from a local coin shop and learned something about ASE coins in the current market and about myself. I used to live and breathe by the spot price of silver and only paying so much over spot, etc. Well I learned that at the moment ASE coins are in short supply and high demand and they bring a numismatic premium that silver rounds don't have. Where I live there happen to be three coin shops I can buy coins from. Each shop is different in their overall offerings but all three shops offer ASE coins. The coins I purchased were gifts so I didn't exactly have time to comparison shop all that much. Two of the local shops were completely sold out of ASE coins and the shop I purchased from I ended up buying their last two pieces for the years I needed. I considered going the online route but I learned a long time ago that adding shipping costs just adds to the overall price of the coin and I prefer to see what I'm buying before I buy it. I paid $33 per coin even though the shop is selling them for $34 a coin. I have been going to this shop since I began collecting in 2008 so sometimes they will give me a discount, like in this particular case. When I bought those coins this past weekend silver was at around $24 per ounce so I paid $9 over spot. Did I get ripped off? Do I care? The ASE coin is a beautiful coin and has both numismatic value and precious metal value and that being the case I don't mind paying a premium. The way someone explained it to me was that when silver was $50 an ounce no one wanted to buy but everyone wanted to sell. Now that silver is half of that no one wants to sell but everyone wants to buy. Would I spend $59 on an ASE coin if silver was $50 an ounce? Yes, just like I paid $33 when silver was at $24 an ounce. I watch the spot price just to get an idea of how much I'm willing to spend but I'm a collector and care more about the coin than the value of the silver in the coin. If I ever want to sell my silver ASE coins that attitude of course will change but for now I'm good. Thank You, Rich Rich M. - Collector since 2008 Report this Post to the Staff

skyshark124 Pillar of the Community United States 1109 Posts	Posted 04/30/2013 2:09 pm Everywhere around here that sells silver has it for about the same amount over spot. I went to one place a few days ago and the shop owner flat out told me, "You don't want to pay our prices right now." I corrected him and said I would pay his $9.00 over spot if he had what I needed for my ASE set. He didn't. The theme is the same around here though (Fort Worth, Texas area) in regards to high premiums and short supply of silver. In a way, I kind of want silver to go back up a little just to stabilize the market a bit. Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 04/30/2013 4:15 pm Quote: When I bought those coins this past weekend silver was at around $24 per ounce so I paid $9 over spot. Did I get ripped off? Reminds me of the old joke "Why are you at $9 an oz over spot? The other dealers price is only $3 over." "So why don't you buy them from him?" "because he doesn't have any." "Well, when I don't have any I sell them for $3 over too." It's supply and demand. The demand is high because the spot price is down, but the supply is down as well. Low supply and high demand means higher prices. Report this Post to the Staff
miket Valued Member United States 258 Posts	Posted 04/30/2013 5:57 pm Condor.When is was in the automotive parts business some would as why my parts was $$ and the guy around the corner only wanted $$.I say buy it from him he says he doesn't have one.I said if I didn't have it it would be free Report this Post to the Staff
BamaBlue Pillar of the Community United States 624 Posts	Posted 04/30/2013 8:09 pm If you're investing, then you have to be very careful about pricing. If it is something you love and the coin makes you happy... Buy it as a present for yourself and don't give it another thought. Enjoy your coin! Report this Post to the Staff
Libertad Pillar of the Community Canada 3692 Posts	Posted 04/30/2013 8:19 pm These metals are quite useful if you know what to do with them. The majority of the people here, though, are collectors or hoarders and have no actual use for them other than to stash them away or look at them once in a while. That leads me to rethink why people buy these metals at all. To keep them? And do what with them? Report this Post to the Staff
jack jeckel Pillar of the Community United States 5202 Posts	Posted 04/30/2013 8:21 pm My 3 rules of retail. Rule #3 of retail: we're having a take it or leave it sale. If someone had it cheaper you would have already bought it there. Rule #2 of retail: 1 minute rule. If they don't know what they want in the first minute you will be there for 45 minutes going in circles. I don't want to here about your drive in, your dog, what you ate for breakfast just get to the point. "Can I help you? What are you looking for. Yes I have it or no I don't" Rule #1 of retail: 3 time rule. If you ask the same question 3 times or I have to give you the same answer 3 times and you ask the same question the 4th time there is no getting through to you and I don't have 45 minutes to explain it to you. Do you have a coil for my lawnmower. Do you have a part number. No. We don't look up parts over the phone. Well its just the coil. Do you have a part number? You can look it up on our website. Well I have a model number. We don't look up parts. We're done. 3 time rule. Go to you local dealer and talk to him for 45 minutes if he doesn't know about rule #2. Sometimes I hate to be rude but when I have 10 hours of work to do in 4 hours I don't have time to make new friends. Report this Post to the Staff
BamaBlue Pillar of the Community United States 624 Posts	Posted 04/30/2013 10:15 pm Jack Jeckel... I have shopped at places like you describe in your rules of retail and I also grew-up in a family business. I realize that some people don't have respect for people there buying from; sometimes people selling stuff don't have respect for their customers. I don't give businesses that don't respect me as customer a second chance to earn my business. When I am a buyer, I truly believe that I 'vote' with my dollars. If you can't provide a service to a customer, then you need more employees or a better business model. Report this Post to the Staff
jack jeckel Pillar of the Community United States 5202 Posts	Posted 04/30/2013 11:34 pm In a perfect world I would love to be able to spend 8 hours to sell you a $5 item. However when you work somewhere for 13 years at a family business (not your family) and they go through 68 documented transients in 7 years while you are the only constant employee (I have a list to prove it) and they try to run a multi million dollar internet based business with 3 employees I tend to side with my business model when I drive a $900 rusty Toyota pickup while the "family" drives Lexus' an Mercedes and Infinity SUV's. After being told to get bent after asking for a raise several times only to find they hired the latest transient they found on Craigslist who never operated a computer in his life (we are an internet based business) and they offered him more money than I make I wish all of their future customers good luck and I am sure this is not new to most American businesses where the rich get greedy and the rest of us get the short stick and pass it on. Report this Post to the Staff
just carl Bedrock of the Community United States 20753 Posts	Posted 05/01/2013 12:16 pm Interesting post. Started out about coins and ended up trying to buy lawnmower parts. I guess the idea here is the change you get when you do finally buy the lawnmower part. Report this Post to the Staff
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