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 Replies: 8 / Views: 1,465 |
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Pillar of the Community
United States
2661 Posts |
There is this one shop in town that I do coin business with. I stop by every other Friday. I usually have to pay melt plus 5%-10% which I am okay with because I have gotten some good deals on semi keys there. A couple of weeks ago I went in and bought a bag full of mostly Mercs, 2 rolls of Gem BU Roosevelt's, and a bunch of 80% Canadian dimes. I was short on time so I asked for a price and it seemed reasonable so we shook on it, I paid and was in and out in less than 5 minutes. When I got them home and counted them up and ran the numbers I realized that I had paid $4.53 over melt on nearly $6 face of 80% & 90% silver.
But here is where it gets weird I stopped in this past Friday and bought all they had, 7 Morgan/Peace, a Merc and SLQ, both of which had been polished. I asked for a price and was quoted $70! Since I had already checked Kitco before leaving work I knew what the melt was for each coin and ran the numbers in my head and realized that it was far below melt, over $21 below melt actually. I was not about to try and haggle the price down so I paid and left.
I have weighed them out, checked diameter, and looked for all the tell tell signs of counterfeits, and they all look legit. I have known these guys to buy counterfeits before and when they realize that they are fakes they call up the people who bought them and ask them to bring them back to get a refund then they send them off to be melted. I just wonder if dude just cut me a deal because I am a loyal buyer or what. They have told me on numerous occasions that I am their favorite coin guy. Edited by Tim Stroud
06/21/2015 10:55 am
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Pillar of the Community
United States
6478 Posts |
Now that is a deal! Wouldn't complain a bit. Maybe they just like you? I guess. A shop probably wouldn't make a mistake like that.
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Pillar of the Community
United States
509 Posts |
Keep buying what they have quick and hopefully they keep hooking you up. They are likely buying very low and still making nice margins realizing they can flip it to you quick without tying up their capital for more than a few days. They are a pawn shop and not a dealer, the person selling to them is the one getting the raw deal
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Pillar of the Community
 United States
2661 Posts |
I have been dealing with these guys for about ten years now. They pay 50% of melt, and is higher than the other shops in town pay. They have to hold them for 7 days but are looking to flip them as fast as they can after that, this much I know. The other shops are paying 30%-40% of melt and then try to sell at Red Book prices. One shop has had the same ASE's for over a year, still asking $60 a piece for them. |
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Pillar of the Community
United States
632 Posts |
They PAY %40 of melt price!?!?
Wow, just solidifies again that if your going to sell your coins than a pawn shop might be the worst possible place to do it.
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Pillar of the Community
United States
623 Posts |
Tim if they pay 50% of melt...which is horrendous they might have paid cash to the seller. Then you pay cash and the transaction never hits the books. I know the game...
Edited by Russ789
06/21/2015 12:28 pm
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Pillar of the Community
United States
7375 Posts |
Soulds like you have a goose that lays golden silver eggs.  |
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Pillar of the Community
United States
2661 Posts |
Quote:
Tim if they pay 50% of melt...which is horrendous they might have paid cash to the seller. Then you pay cash and the transaction never hits the books. I know the game... That is exactly how it works. But what I find puzzling is that the last 2 trips I have paid less than I normally do. |
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Pillar of the Community
United States
623 Posts |
Quote:
That is exactly how it works. But what I find puzzling is that the last 2 trips I have paid less than I normally do. As long as the coins checkout then enjoy the discount! |
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Replies: 8 / Views: 1,465 |
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Posted 06/21/2015 11:03 am
