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 Replies: 15 / Views: 1,914 |
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Pillar of the Community
United States
3843 Posts |
Over the past few years I've been wanting to visit some of these gold/silver buyer establishments to see what kind of coins they were offering and at what prices. The first few I tried didn't have any coins for sale and looked at me like an alien when I asked if they sell to the general public. Another shop had jewelry and cheap dvds and other electronics but no coins or bullion. Today I went into a shop after seeing them mention on Facebook that they had plenty of junk silver for sale and to come on in and see what they had. Well their junk silver was priced the same as the local coin shop so I didn't purchase any but they had some numismatic coins that I looked over. As usual with these types of establishments some were priced to high while others looked decent for the price. They had Morgan dollars for $23, Peace dollars for $20, Stone Mountain commems for $40, junk silver for 13X, steel cents for 10 cents each, and so on. Here is what I purchased at fair prices, probabily 20-30% less then what some of the local coin shops are asking. Nothing too great but I'll have to put it on my list to stop back in.       |
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Pillar of the Community
 United States
3843 Posts |
They were not very busy. I was looking at what they had for 30 minutes and they didn't have any other customers. I wonder if the people in my area that would consider selling at these types of places are out of things to sell. I would have thought that the Christmas rush would bring out some sellers.
As always your thoughts are welcome. Tell me the good, the bad, and the ugly.
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Pillar of the Community
United States
3210 Posts |
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Rest in Peace
United States
18456 Posts |
Nice ,but it all depends on what you paid for each coin.
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Pillar of the Community
United States
3843 Posts |
I paid $70 for the half, $20 for the dime, and $16 for the 3 cent silver. In retrospect I probably should have passed on the 3 cent silver.
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Pillar of the Community
 United States
5828 Posts |
Not bad  |
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Pillar of the Community
United States
4587 Posts |
3cs is WAY better than AG. VF20.
Notice how there is still separation between the shield line and the star? Also on the reverse, the wear goes into the two bars at top & bottom - those need to be untouched to be better than F15/VF20.
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Pillar of the Community
United States
2130 Posts |
I think you paid a pretty fair price. I would have snatched that dime up real quick for $20. That is my favorite out of the group.
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Pillar of the Community
United States
4963 Posts |
Not too bad. I'm surprised you got an OK deal from a cash for gold place.
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Pillar of the Community
United States
898 Posts |
3c is definitely better than AG. Lots of detail left.
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Pillar of the Community
United States
1911 Posts |
The capped bust dime is the last dime I need for my 7070 and that would be an awesome price!
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Pillar of the Community
United States
1590 Posts |
As a dealer I go to these shops all the time. Or did till recently. Generally they priced their coins based on spot, with a few having "special pricing". Generally they sell their Morgans and Peace dollars for $20 to $22. Recently a Coin Collector bought three local chains, and ordered that all new purchases sent to him. The coins he decides not to keep the sends out to the shops for re-sale. Now that is probably a good thing for him. What is not good is that his prices are sooooo high that six months after he took over, he has had to shut down two of his stores. His Peace and Morgans that he sells are now start at $42 dollars; with most being in the $70 to $80 range; for xf to au common dates. His modern proof sets went from $5 a set to $25 dollars a set. Proof ASE's starting at $100. My guess is that he is keeping so much that his inventory is way down, so he making up for it with higher prices. Anyway, those coins you bought are really nice and at a fair price. |
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Pillar of the Community
United States
3843 Posts |
Thanks for the comments everyone. A few of the "We Buy Gold" establishments in my area have ebay stores where they ask outrageous prices for their coins. Buy it now listings for circulated common Morgans at $40+ and the dreaded 1980's and 90's proof sets at $15+. It is clear that most of them are not that skilled in numismatics. Perhaps they are making enough money on jewelry and bullion to totally disregard coins and then wholesale them later. jmkendall do you have any insights that you could share on getting the best deals at these types of establishments? I'm going to make sure to stop in every few weeks in the hope of becoming a good regular customer in their eyes and then perhaps I'll get better pricing after we get some cash flowing. I would think that as a collector I could offer them more than their end user which is almost certainly a wholesaler. The person that I dealt with seemed to have some authority to haggle and seemed eager to give a discount off of their marked pricing so I think I'll continue to go in on her days working. Not sure if she was the owner or a manager. Should I ask them what their best price is or should be more direct and for example ask if they would take $20 each for some of their circulated Morgan dollars currently priced at $23? |
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Pillar of the Community
United States
4932 Posts |
Jmkendall - No one buys at book value, that's what the guy's doing.
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Pillar of the Community
United States
4963 Posts |
Those prices are insane. No wonder he had to shut down two locations.
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Pillar of the Community
United States
4337 Posts |
$20 for that Capped Bust Dime is incredible. That's easily $60 at any auction. Great pick up!
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Replies: 15 / Views: 1,914 |
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Posted 12/12/2015 6:46 pm
