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 Replies: 34 / Views: 3,897 |
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Valued Member
United States
72 Posts |
Sorry for this being so long-winded but I'm confused.
I called a coin shop a couple months ago wanting to sell some of my gold coins, on the phone I was given a price that they would be willing to pay.
I jotted down the amounts and called a few others to see what they would give me and the first turned to be the best offer.
I called the guy back and asked exactly where they were located and told him I'd bring the coins to him. He told me that the numbers he gave me earlier were only good if I mailed the coins in and that he wouldn't be able to put them up for sale by law until a week after he received them.
He also stated that he doesn't know how much gold would be by then to which I replied "he doesn't know what gold would be worth by the time this phone call was done".
I refuse to mail my coins to anybody before having the cash in my hand and just want to know if any of you have run into this situation.
BTW, I'd wait and offer my stuff to the forum but it'll be a year or so before I have 250 posts.Not that that's a bad thing..lol
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Pillar of the Community
United States
4212 Posts |
It sounds fishy. Hang around, you'll be at 250 before you know it. It would be nice to see your gold offered here. And, you're likly to get more for it.
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Bedrock of the Community
United States
10284 Posts |
At least you posted here BEFORE you did that. Yes, please stick around. Almost always you'll find the answers here to help. No way would I mail my gold and wait a week for the price it got.
If it don't feel right, don't do it. Your guts must have told you to ask around as something isn't right with that dealer. Always go with your gut feeling but do use your head.
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Bedrock of the Community
United States
11951 Posts |
Maybe it is different ...state to state. Here in Florida, the dealers I buy from can sell me a gold coin as soon as he buys it. He does have to wait three weeks to sell the scrap gold.
And that is the first I have heard, having to mail it in.
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Valued Member
 United States
72 Posts |
Oh, I plan on sticking around either way. I'm finding this site quite informative and I'm amazed at some of the coins and paper I've seen here.
This didn't make any sense to me either, turns out it's a good thing I didn't sell any coins anyway. I know enough not to sell anything without getting the cash first. I figure mailing it in just allows them the opportunity to try and pull a fast one.
I'm slowly building a crude photography stand and honing my skills if for nothing else to be able to share pictures of some of my coins.
My Father left us a safe full of nothing but silver coins and proof sets, and I mean a full safe! I don't think there is anything rare but there is a lot coins!
I actually started buying stuff as gifts for my father and knew he had never had any gold so I bought him the 6 piece Mount Rushmore commemorative set. After that I started buying gold for myself along with some silver.
Thanks for the fast replies!
Edited by dzrick
10/08/2010 8:30 pm
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Valued Member
United States
72 Posts |
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Pillar of the Community
United States
1534 Posts |
If you want to sell them I'd take them to a shop. Given several members' posts here in the past offering gold, I doubt gold would sell well here. When you need to unload them, I'd try here first then ebay or a dealer. |
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Pillar of the Community
Thailand
1509 Posts |
If you get the chance I'd definitely try a dealer first with a few of them. At least you'd get a bottom value for them. Just tell him/her you'll think about it and walk out!
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Pillar of the Community
United States
1840 Posts |
It sounds like this dealer does not have the money to directly buy your coins and is trying to give himself time to receive your coins, sell them, then pay you. Either that or he is flat out trying to scam you. I'd keep shopping your coins around if I were you.
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Valued Member
India
265 Posts |
no way,dont sell it any dealer. you could exchange or swap with another collector for another interesting coin which you dont have. Save it till you get a good price.
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Pillar of the Community
United States
1534 Posts |
Quote:
no way,dont sell it any dealer. Dealers often pay fair prices for bullion. There's nothing wrong with selling to a dealer as long as you're happy with the price the dealer pays. |
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Bedrock of the Community
United States
20753 Posts |
I too think that what he told you is odd and really suspeicious. Something is really wrong there. Is he afraid you'll find he doesn't even have a store? Your coins lost in the mail? He sends you 1/3 of the value so what are you going to do about that? He contacts you and tell you all your coins were fakes and he had to turn them over to the government?
If your not in a hurry, just stick around here, ask questions, answer some and in in time you'll have thousands of posts.
If you have any and know how to find coin shows you may want to try them also. HOWEVER, even at a coin show I'd suggest you first check with as many dealers as possible for values.
Be carefull. Lots of scams out there.
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Pillar of the Community
United States
2661 Posts |
Quote:
BTW, I'd wait and offer my stuff to the forum but it'll be a year or so before I have 250 posts.Not that that's a bad thing..lol Welcome new members, post a few pics of those gold coins of yours, and just join in on a few discussions and you will have 250 posts in a month or so. The more active you are on the forum the quicker you can rack up the required number of quality posts. |
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Valued Member
United States
313 Posts |
If you need to sell I would take them to a FEW local shop's to get a idea of what you have.If you can post a few pic's on here you will get a very good idea of what you have and there worth.  |
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Bedrock of the Community
United States
10982 Posts |
You did the right thing by asking questions here and not selling to the dealer in question. I don't know the specific laws in your state but, any "buy" is based on current spot price and is "locked in" either as a written or verbal agreement. Mailing coins to a buyer (commercial buyer that is) and then receiving payment is pretty common however. Your dealer being local and making the type of statements he did, you're wise to stay away. I sell to APMEX, ModernCoinMart and other coin/bullion dealers regularly. We agree upon a price and I send them my coins, usually via USPS Registered Mail. About 2 weeks later a check is in my mailbox. Works great and I'm amazed at how close to retail some big shops pay. Often the Buy/Sell spread is only 10% on gold/silver U.S. Coinage. Best of Luck and Welcome to CCF! Brad |
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Valued Member
United States
72 Posts |
Thanks for all the feedback guys. I'm not in any big hurry to sell my stuff, I was looking to buy some more land at the time and figured selling some coins allow that. Brad, thanks for those names in case I do decide to sell sooner than later. Here's a picture showing most of the gold I've got, fatboy. I'm setting up to get some good pictures soon though.  |
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Replies: 34 / Views: 3,897 |
Posted 10/08/2010 7:58 pm
