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 Replies: 16 / Views: 3,334 |
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Valued Member
United States
124 Posts |
I though this was a $1000 coin according to the RedBook, greysheet etc. But coin dealers only want to pay gold for it. Is this normal? Is the $1100 price bid on greysheet wrong? NGC verify on my coin says it's a $1500 coin in PR 69 early release 2008-w $10 1/4 Oz gold buffalo. Is the $1000+ price is what a collector will pay and not what a dealer will pay? This coin dealer also only pays silver for ms70 silver eagles. Is this dealer a ripoff or is this normal for a local coin shop.  *** Moved by Staff to a more appropriate forum. *** |
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Pillar of the Community
Canada
3049 Posts |
The dealer isn't a ripoff.. they're just applying a singular code of dealing with PM's... paying spot price ...
Getting bullion graded and selling for numismatic value is a tough way to make a profit....
My best advice is if you see anyone that's praising the glories of graded bullion ask them what they would buy your stock at... and see if they'll hold true to their words of praise...
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Pillar of the Community
United States
3755 Posts |
Do NOT try to sell to a dealer. they will perpetuate this notion of these coins only are worth spot. Bull crap. I guarantee that if he was selling it, it would have an 1100.00 price tag on it. No, they cant pay you full value, but this spot thing is a huge load of steaming poop.
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Pillar of the Community
United States
992 Posts |
Take some good photos of your coin, and put it on ebay for whatever price you want, BIN or auction. Ship on clearance of funds. |
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Pillar of the Community
United States
7618 Posts |
It is a 1000$ coin no matter what the dealer says.
You just have to find the right, honest dealer that needs it or sell it yourself online.
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Bedrock of the Community
United States
10982 Posts |
Quote:
Is this dealer a ripoff or is this normal for a local coin shop. It's possible they don't know what it's worth but that offer (melt) is absurd. 1/4oz proof buffs are worth multiples of melt. Around $1,000 retail. |
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Pillar of the Community
United States
1071 Posts |
A 2008-W in PCGS PR70DCAM sold for $418 on ebay this month. There's no dealer bid on products like this. The Early Releases label means little in the industry in the aftermarket. The dealer will not get $1100 for the coin. The retail price being quoted on this thread and in periodicals is not in line with reality. Seldom is with modern coins. |
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Bedrock of the Community
United States
10982 Posts |
Edited by BH1964
04/24/2016 3:52 pm
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Pillar of the Community
United States
1071 Posts |
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Pillar of the Community
United States
1071 Posts |
oh, I see. you are right. still tough to find dealers to buy these modern slabbed bullion coins and proofs.
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Pillar of the Community
United States
7390 Posts |
Hey Charles, you don't show up too often. Nice to see you around! Op, there's also a similar thread going in the modern forum about a dealer offering melt for a 1991 ms70 ASE currently Edited by Cascade
04/24/2016 5:24 pm
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Valued Member
United States
403 Posts |
Same OP, and probably same LCS/dealer. The consensus is that the dealer is following a singular (and clueless) code as a buyer.
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Valued Member
United States
477 Posts |
silver is silver I guess. Also graded bullion is kind of a scam some think? So maybe that's what they thought. I read some were that most bullion coins are 69 or 70 and that a 68 would be a poor strike. So I can understand the grade not mattering to them but suprised not some premium for the coin aspect as apposed to a round. Do they pay spot for rounds to?
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Valued Member
Canada
117 Posts |
Most coin dealers only offer spot price regardless of the PM premium. This is the way they make profit.
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Valued Member
Canada
117 Posts |
Rip off? Yes, because they know you need quick cash badly.
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Valued Member
 United States
124 Posts |
I don't need cash badly I just lost interest in the coin.
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Replies: 16 / Views: 3,334 |
Posted 04/24/2016 01:49 am
