Purchasing Silver Coins From "We Buy Gold & Silver Places"

In my area (coastal VA) not very many gold buyers sell their silver or at least I haven't found one yet. nlp

I've had great luck in the past buying from these types of places. I typically have better luck at the smaller places, rather than the large chains. The large chains usually have deals worked out with large coin shops or refiners. I have several places will call me anytime they get anything in. I stop in occasionally to just to chat and maintain a relationship. I pay more than the coin shop/refiner will pay while still coming out cheaper than if I had bought them somewhere else.

My sister used to work at one and would let me have first dibs on anything that came in. The owner would never let my buy anything, but I had her keep some junk silver with her to swap out in case something good came in. I scored a ton of Morgan/Peace Dollars, commemorative halves, and many other decent silver coins.

It never hurts to go in and ask and don't be afraid to leave your number. They are in the business to make money and typically operate on narrow profit margins, so if they see a way to make a bit extra, they'll give it some thought.

So after a few convo's a a few purchases later he still wont give me a percent but I have been able to score about $6 face. A mix of franklins, kennedys, washingtons, standing liberties, rosies and mercs. all in all averaging about $14.50 per $1 face. None of the coins are anything to right home about but still better then buying on ebay. Hes also got some ASE's hes going to let me get for $18 next week.

If you do JoggingLiberty, post your results. I'minterested. I'mwondering if Maybe I should go hit up a few different ones in my area and check prices out. I might be able to find one that will sell cheaper.

Just keep in mind that the bulk of The Black Cabinet's holdings have come from cash for gold establishments. :-)

Was at my LCS yesterday after getting an oil change on my truck.
Once again he's out of stock in junk silver.

There's just no demand.

Duncanbishop- if you run across 12.5x facevalue let me know. The lowest I have found is 14.14x face. But I'mimpatient I guess. The .86 extra I'mpaying is worth having it in my hands at the time of the transaction.
JDK- I wish I had a LCS. The closest one to where I live is about 45 min away and he is way way overpriced. An old man that is more of a collecter then a dealer. I think he's loaded and the only reason he has a shop is to see what he can buy for himself.

Yes, we're talking about the places with the big signs saying "We Buy Gold". Like I said previously, it is a bit of a hit or miss whether or not they will sell to you. Some have deals set up already with refiners or coin shops and don't want to compromise that. The place I visit frequently bases the prices they give me off of what they would be getting from the coin shop that they would selling to otherwise. We come up with a price between what they would get from the coin shop and what I would pay if I bought it from the coin shop. It's been a few months since I bought anything from them, but last time I paid $18-$20 for VF-XF Morgans and AU-BU less common Peace dollars. They had someone bring in like 95 Morgan/Peace with most of them Peace dollars. At the time, I could only afford 12 or so of them, so they allowed me to cherry pick the best ones.

The other benefit I've noticed from building a relationship with these gold/silver places is that many times when people bring in coins to sell, not all of them are gold or silver. In these cases, this shop isn't interested, but since I've built a relationship with them, they'll give me a call when someone brings in anything they're not interested in. I haven't scored anything spectacular yet, but at least I'm open to the opportunity.