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 Replies: 11 / Views: 1,700 |
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Valued Member
United States
63 Posts |
as the title says..there's a local pawn shop a few miles from my house and I noticed last time I was there that they had a large case full of coins...so today I figured I'd stop in because I believe silver & gold will skyrocket once the federal reserve does another dose of quantitative easing.
that being said...I picked up the following:
2 '64 Kennedy- paid $18 (melt was $17.09 when I bought them)
1 '71 & 1 '74 Ike- paid $16 (melt was $14.92 when I bought them)
1 '53 & 1 '62 Franklin- paid $18 (melt was at $17.09 when I bought them)
1 '41 & 1 '44 Walking Liberty- paid $18 (melt was at $17.09 when I bought them).
my total cost at the shop was $72..they charged me $2 because I paid on a CC. I think I did pretty good..opinions? Edited by andrewjs18
10/27/2010 6:52 pm
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Pillar of the Community
United States
4846 Posts |
well melt value now is $66.19 and you paid $72 so you got them $6.19 above melt, I would be on the edge about buying these, because silver might not go up anytime soon. but, silver isn't everything, depending on condition, these could have a premium over melt.
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Valued Member
 United States
63 Posts |
keep in mind that if I had cash on me, I would of only paid $70, not $72..they charged me $2 for using my CC.
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Pillar of the Community
United States
4846 Posts |
but you still paid the $2
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Pillar of the Community
Canada
3692 Posts |
I hope they were in good numismatic condition. Price will fall faster than it rises.
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Valued Member
United States
426 Posts |
Whenever I have a doubt as to whether I should of spent so much on silver at current melt prices I just don't go out to eat that night and voila! I immediately saved whatever I might have "overspent" on the coins!  |
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Pillar of the Community
United States
6326 Posts |
I wouldn't say that folks generally get "ripped off" at most pawn shops, but I would say that I wouldn't generally expect a REALLY good deal for the customer from those types of businesses.
They're gonna get their money from BOTH ends usually.
Pawn shop guys have seen it all and have a general wisdom about coins, because it's their business to know, as so many people bring them in to them.
Coins & jewelry make sure they are always up to date on the current market spot prices.
But there's also the fact that a lot of them will just plumb try to make as much money as possible on something whether it's warranted or not.....it's just capitalism....and it's just business.
Many of them ARE shysters too.....it's always buyer beware though.
I would just say that, you didn't spend too much money, so it isn't that big of a deal anyway. And when Silver drops back down to $12.85 an oz., you may wish you'd have just waited to buy "junk silver". (if this is indeed what they are).
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Valued Member
United States
99 Posts |
To give you an accurate assessment on this purchase we would need to see (pictures)the condition of this lot. It's really the only way to give you an answer you might like. As strictly the spot silver value I wouldn't pay a cent over it for a G-F coin. If you have XF or better coins I would say you did well. Having said that, I for one, like the long range forecast for silver. I see it doing well in the next few years. But that's just an opinion not a fact!
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Pillar of the Community
United States
880 Posts |
I hope silver drops back down to $12 something an oz. I know most of you guys don't, but I just decided to start investing into something other than my 401k. If I could get prices of silver back down that low, it'd buy me a lot more.
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Pillar of the Community
United States
687 Posts |
I'd be more concerned with the extra $2 for using a credit card! Maybe pawn shops are somehow different, but if a retailer tried to do that, they'd be in jeopardy of losing their merchant account.
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Pillar of the Community
Canada
3692 Posts |
It's buyer beware. If you know more about the item than the seller you have the upperhand unless the seller has a ridiculous price that doesn't budge meaning s/he got stuck paying too much for it. Markets are volatile, too. In a month you might be thinking you ripped HIM off.
Do you factor in the gasoline burned to get to and from the pawn shop?
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Pillar of the Community
United States
625 Posts |
Unless these coins are in good shape, I think you overpayed. I buy silver from time to time from pawn shops. Usually they are just a bit over melt and I will counter about 10% below. Never have been turned down. I have noticed they tend to jack up premiums on common worn Morgans and Walkers and are no where near melt. One place I went to had a 1964 Kennedy for $20. I asked the guy if it was a joke. His explanation was silver was not in demand and he never gets any in so he has it priced high? I just turned around and left. If these were slabbed MS coins now it would be a different matter.
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Replies: 11 / Views: 1,700 |
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Posted 10/27/2010 7:04 pm
