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 Replies: 14 / Views: 1,759 |
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Pillar of the Community
United States
1804 Posts |
Finally a coin dealer paid a very small profit on Ikes. In my judgement they were BU. Naturally on the phone he was willing to pay more. I let him knock the price down to $310 for the 300 Ikes. Still, all in all, the best dealer profit so far. $1.033333 per coinLately coin dealers don't even want them at face. NOTE: When we just spend them, we aren't using the credit cards that pays very nice CASH REWARDS. We get 1.5% cash back on one card and 5% on one CATEGORY (gasoline) The 300 Ikes I did not spend will yield another $10 for sure, in cash rewards. So the net gain (on 300 Ikes) will be $20 (approx)  |
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Pillar of the Community
United States
1903 Posts |
My LCS pays $1.10 for just about any IKE you walk in with...guess I am lucky.
Just FYI....those rewards Credit Cards. Do you know where that reward money comes from? it does NOT come from the Credit Card Company, it is paid by the retailer that you used the card at. For some mom and pop businesses this extra 2-4% loss of profit is a killer, and some, if not many are charging extra now for CC use to compensate for this hit. Take it from a guy who works in retail and owned a mom and pop business...those rewards cards hurt. I used to own a sporting goods store and nothing bothered me more that to have a customer use a Cabela's rewards Visa card...because I know I was losing 3% of my sale only to reward the customer to buy at my competition....I started to refuse that card after a while.
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Pillar of the Community
 United States
1804 Posts |
unholelyroller Quote:
My LCS pays $1.10 for just about any IKE you walk in with...guess I am lucky. Lucky is not the half of it! You are able to shame me on your good fortune at 10 cents profit per coin. At that rate, on the last 4,000+ ikes I have spent or dumped, would amount to $400+ for me. Wish your LCD was here.  |
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Pillar of the Community
United States
1476 Posts |
I am REALLY JELLOUS !   I have found 1, count IT, ONE IKE and you "dump" them by the hundred's?  JUST Dar |
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Pillar of the Community
United States
1804 Posts |
unholyroller Quote:
Just FYI....those rewards Credit Cards. Do you know where that reward money comes from? it does NOT come from the Credit Card Company, it is paid by the retailer that you used the card at. For some mom and pop businesses this extra 2-4% loss of profit is a killer, and some, if not many are charging extra now for CC use to compensate for this hit. Take it from a guy who works in retail and owned a mom and pop business...those rewards cards hurt. I used to own a sporting goods store and nothing bothered me more that to have a customer use a Cabela's rewards Visa card...because I know I was losing 3% of my sale only to reward the customer to buy at my competition....I started to refuse that card after a while. I understand your ideas, needs, in your business. I had to have a FICO of 800+ to get that card. Not all consumers will qualify. Feel like I earned it by being financially responsible for decades. I will live well enough in this world without any merchant, who does not want-need my business A little history to remember In the 1960s Master card was the first CREDIT CARD in my little town. The discount rate was 7% and 8% depending on your monthly VOLUME. I was a merchant. It worked well for me. And I will add, not all merchants were given the chance to pay the 7%-8% fee. For what ever reason. The (local) bank offering the card, was picky. There were 7 business like my in town. Clothing. 5 stores did not get (or want) the cars business. Some of those poor devils were offering store credit. Guess at their collection rate === less than 90% Edited by Domain555
08/10/2014 6:06 pm
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Pillar of the Community
United States
1804 Posts |
Dar Quote:
I am REALLY JELLOUS !
I have found 1, count IT, ONE IKE and you "dump" them by the hundred's?
JUST
Dar May I please ask what you are doing to get your bags of Ikes at your bank(s) or Credit Union? I was very lucky to get $1,000 bags. It was not easy, nor was it just pick up the phone, and call the manager. Some times it takes 2+ months between the asking for a bag, and the time to get it. It is a consistent fight, and you need to be ready (cash in hand ready) to get one. I also am working on a second source at my Credit Union. That way, if one source is not able, maybe the other can deliver. I did get 100 ikes from her branch, last week. All were dumpers. (Maybe 1 PEGGER) My next planed order will be with source #1 in about 20 days. Have ready cash now. Just do not want to bother her too often. And I need to balance my personal cash flow, and the small number of Ikes I can keep. Just a poor boy.Edited by Domain555
08/10/2014 7:50 pm
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Pillar of the Community
United States
4691 Posts |
I was calculating how many of these transactions are needed to be a millionaire, but my calculator went into error mode!
Anyway -- thanks for posting.
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Pillar of the Community
United States
1804 Posts |
Jimbucks Quote:I was calculating how many of these transactions are needed to be a millionaire, but my calculator went into error mode! Anyway -- thanks for posting.  In truth I do not care to let my hobby cost me anything. Goes back to being a MERCHANT. Many here on CCF has said you can't be both a collector and a "business." Just pay FACE. One can, and I do. Never to be a millionaire. But at least my wife can spend-dump my small hoard, without a loss. After I'm gone. Today, I made $10 on a Brick and Mortar DEALER. Edited by Domain555
08/10/2014 9:47 pm
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Pillar of the Community
United States
1476 Posts |
Well, I do have cash on hand JUST for a bag, but I guess it's the same problem a lot of people face, Your lucky that a bank teller knows what they are and then the answer is NO, we don't/can't/won't get them. I even carry that ONE I do have in an airtight to show tellers and such. Mostly I get a "wow" and then a no. I am NOT giving up though.  |
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Pillar of the Community
United States
1804 Posts |
Dar Quote:
Your lucky that a bank teller knows what they are and then the answer is NO, we don't/can't/won't get them.
I even carry that ONE I do have in an airtight to show tellers and such. Mostly I get a "wow" and then a no. Please move away from the tellers. They have no authority or decision making powers. Nice for stuff in THEIR till. Little more than that. I got my first bag with the head teller. Then moved up to the bank branch manager. Move first up to the teller manager or supper Then get closely acquainted with the bank manager. You do not need an appointment to see these persons. Just take a seat and wait your turn. Press the flesh. Be nice. Smile. Muster all your respect. Be humble. Tell them HOW to ORDER. My best guess in many cases, the poor souls have not got a clue HOW TO ORDER via (BRINKS?) & then on to the FED |
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Pillar of the Community
United States
1476 Posts |
I was thinking about telling them How to order or even walk in with a few pre filled out request orders. Where would I be able to find such documents though is the question?
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Pillar of the Community
United States
1804 Posts |
Dar Quote:
I was thinking about telling them How to order or even walk in with a few pre filled out request orders. Where would I be able to find such documents though is the question? As usual, I am not organized. I may be able to cough up some info that will help Will take a quick look now |
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Pillar of the Community
United States
1476 Posts |
Thank You Sir.  |
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Pillar of the Community
United States
1804 Posts |
Dar,
Check your email.
This info is for the bank(s) to order them from the FEDERAL RESERVE BANK.
Once your Banker (Credit Union) knows you know how to do it, they can't throw that happy Cxxx back in your face. Then, if they won't help === time to move on
Remember do business ONLY with the branch manager on this level of info.
BTW Get her business card to see if she offers her EMAIL address on it
Edited by Domain555
08/16/2014 1:54 pm
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Pillar of the Community
United States
1476 Posts |
E-mail received! Thank you sir. Now Let's see what I can do. thank you again. |
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Replies: 14 / Views: 1,759 |
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Posted 08/10/2014 5:24 pm
