"we Buy Gold" Roadshow Crooks

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Author	Replies: 7 / Views: 3,493
mikem Valued Member Canada 176 Posts	Posted 03/05/2024 11:10 pm I decided to have some fun last weekend. One of the "We Buy Gold" companies (not saying which one, but it's on the other side of the river from Quebec City) was coming into town for 2 days. I grabbed a few coins and showed up, posing as an uninformed seller (this was part of my late brother's collection) - LOL Predator series bullion 6-coin set 2011 $20 Tulip with Venetian Glass Ladybug 1914 Premium Hand Selected BOC $5 gold How much do you believe I was offered for this small offering? $500 - ($25 for each silver coin and about $360 for the gold) Little more than melt value and he tried to make me feel like he was doing me a favor with this great offer. I feel sorry for anyone who is uninformed and has to deal with these companies - what a bunch or crooks. Word to the wise, and I know most readers here know this already, tell your heirs to get the collection properly appraised before disposing of it. I know my kids will be cursing me when they get their hands on mine Report this Post to the Staff

I6609 Pillar of the Community United States 940 Posts	Posted 03/06/2024 04:20 am Your kids won't be the only ones Report this Post to the Staff
Silveroid Pillar of the Community Canada 6763 Posts	Posted 03/06/2024 07:20 am Very educative experiment, thanks for details. But let's assume, you'll want seriously sell it to get some funds. What are the prices would you accept for fast transaction? (keep in mind that they also buying for a profit) Report this Post to the Staff
hfjacinto Pillar of the Community United States 7057 Posts	Posted 03/06/2024 08:44 am These guys aren't coin buyers they are Gold/Silver buyers. That's the going rate, if you want a fair price you need to go to a dealer that specializes in coins/currency. Gold/Silver buyers will give you the same price as most pawn shops. Its not that they are crooks. Its their business model. Its like selling a tiffany bracelet to a gold/silver buyer, they will give you spot value. But if you sell it yourself you can make much more. If I had a Louis Vuitton purse to sell would you give more than a few loonies? Probably not but I can sell it on Poshmark or Rakotin for much more. Most people wouldn't now about any premium and would sell it for the bullion value. My Slabbed Dansco 7070 with Gold Page My Slabbed IHC Set My Slabbed 20th Century Type Set Report this Post to the Staff
oriole Pillar of the Community Canada 5045 Posts	Posted 03/06/2024 08:58 am A reputable coin shop would pay 85-90% of melt. So for the $5 you should be getting at least close to $600 for melt alone. The offer was absurdly low. Report this Post to the Staff
mikem Valued Member Canada 176 Posts	Posted 03/06/2024 09:53 am Quote: But let's assume, you'll want seriously sell it to get some funds. What are the prices would you accept for fast transaction? (keep in mind that they also buying for a profit) If I really needed the cash, I wouldn't sell for less than 50% of the going rate for the coins ( the LadyBug goes for about $650, the $5 Gold goes for at least $800), so we're looking at about $800 total (including the bullion). And that's a desperation offer. Would I sell for less - not unless I was about to be thrown out of my house for non-payment. I'm not opposed to someone making a profit, I'm just opposed to someone making a profit off of fire-sale offers to the uninformed. I do know a few local coin dealers, so would rather sell to them than these opportunists. Quote: Most people wouldn't now about any premium and would sell it for the bullion value. That's why I'll be leaving a note to my kids with instructions on who to consult! (And tell them not to break open the coin rolls just to spend the Twonies and Loonies ) Edited by mikem 03/06/2024 2:48 pm Report this Post to the Staff
tripoli Pillar of the Community Canada 862 Posts	Posted 03/06/2024 1:18 pm These pirates come thru every so often here in Vancouver. They must do ok in smaller towns where there is no LCS.....but seriously, the amounts they offer are almost criminal. They probably get a lot of stolen stuff that LCS and pawn shops won't touch. Edited by tripoli 03/06/2024 1:19 pm Report this Post to the Staff
AK_BC New Member Canada 5 Posts	Posted 03/08/2024 10:56 pm I get the same flyer every few months usually advertising the 1976 Olympic set my mom has. I want to get a few coins graded and sell a few do you recommend any shops in Vancouver? Report this Post to the Staff
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