| Author |
 Replies: 24 / Views: 3,198 |
|
Pillar of the Community
United States
2130 Posts |
In this weeks paper there was an advertisement that ran like this "Ohio Valley Gold & Silver Refinery Arrives Today in Troy for a 5 Day Event"  Well I had some time to kill and decided to take some things down just to see if they were on the up & up  . I brought with me 6 Peace dollars 1922 p/d/s,23 p/s, 25 p (these 6 have had some cleaning), 4 Morgan dollars 1890 cc EF 91 cc VF, & 2 21 p (also cleaned). And last I brought a 1860 Seated Liberty dollar PF63 ANACS  . I thought I would get at least spot and I also knew that what ever they offered on the 1860 PF would not be acceptable. But hey you never know  . He priced the 10 silver dollars as a lot and offered me $170, spot was $181.92 for 10 silver dollars. I know they are in it to make money,so $1.10 under spot per coin wasn't all bad. He then proceeded to offer me $175 (this isn't a typo) for the 1860 PF  . I almost fell out of my chair, but, I held my composer  . That is a whopping $345  . I said that I would have to think about it. Then the manager said that they would be willing to go to $400   . I asked if that was for the 1860? His reply was "No,$400 for the lot ."I told him that 2 of the Morgans were CC mint , he then offered me $30 each  . I told him that his price was an insult [B)and ask him "How do you sleep at night?" I told him that the 1860 is listed on Grey Sheet for $4,000.  And walked out. Edited by chris12018
01/13/2011 8:00 pm
|
|
|
|
Pillar of the Community
United States
4989 Posts |
Wow those guys are morons ... if they had any knowledge (or even a price guide handy), they would have jumped all over that Proof 1860 dollar !
|
|
Pillar of the Community
United States
4846 Posts |
what the law have to be? LOL!
|
|
Pillar of the Community
 United States
2448 Posts |
They were probably expecting you to be a felon. What a horrible outlook on humanity.
|
|
Pillar of the Community
United States
851 Posts |
I know the 1860 PF you're talking about :)
|
|
Moderator
 United States
187702 Posts |
Quote:
There ought to be a law My first thought was "The six most dangerous words to Liberty."  Quote:And last I brought a 1860 Seated Liberty dollar PF63 ANACS This coin was still in the slab and they still went that low? Being in a slab, they had to know you knew what you had. |
|
Bedrock of the Community
United States
14454 Posts |
I would go next door to where they are and offer to pay them a couple hundred dollars and set up a booth on their property with a BIG sign saying go to these guys and then come to me and I will usually offer you more money than they offer you. Since they already paid for all the advertising you don't need to do all of that, just sit there and wait for people to come to you for more money than they would have gotten from the other guys. The only thing is, you wouldn't be able to pay much more for common silver than they are but you could pay a little more and for collectible coins you could pay quite a bit more and still make money
|
|
Pillar of the Community
Canada
598 Posts |
|
|
Pillar of the Community
United States
4000 Posts |
Quote:
Ohio Valley Gold & Silver Refinery Doesn't their title say all we need to know? Doesn't sound to me like they are in the coin collecting business, except for collecting them to melt. |
|
Pillar of the Community
 United States
2130 Posts |
Quote:
I know the 1860 PF you're talking about :) Yes you sure do Quote:
Wow those guys are morons ... if they had any knowledge (or even a price guide handy), they would have jumped all over that Proof 1860 dollar ! I know they would low ball me.But, let's be serious, this is outright robbery without the gun. Edited by chris12018
01/13/2011 7:59 pm
|
|
Pillar of the Community
United States
3592 Posts |
[My first thought was "The six most dangerous words to Liberty/] So very true  |
|
Pillar of the Community
3660 Posts |
Quote:
Wow those guys are morons Maybe not... but they were probably hoping that Chris was. |
|
Pillar of the Community
United States
1510 Posts |
great story-- I liked the animation!
Retired USAF 1983-2003
|
|
Pillar of the Community
United States
1081 Posts |
There are ads in my local paper for similar things. The ad makes it look like a coin show, but really, they just by silver and gold and try to sucker people into a lowball price. I'm not surprised they didn't now the value of those coins, at least the Proof dollar, as they most likely don't deal with any sort of numismatic value. They are probably trained to say, it's an ounce of silver, so X amount of money.
|
|
Pillar of the Community
United States
6381 Posts |
Well, they obviously knew the proof was "special" since they offered more for that one than for the Peace and Morgan coins. If they had a realistic idea of its value they would have upped their bid. Heck, they could have paid $2000 and likely "flipped" the coin at any competent dealer for a quick $500 to $1000 profit.
Clearly they don't much care. They want to buy cheap and if they score some valuable numismatic items at melt that's just another day at work.
Your only defense is knowledge, both as a buyer and a seller. Good luck trying to get that concept into a law!
|
|
Pillar of the Community
United States
3592 Posts |
[Ohio Valley Gold & Silver Refinery /]
Not saying they are angels, but from the name, I don't infer that they are coin dealers or numismaticians.Not really sure I would expect better results than you got.Just as I wouldn't trade my 67 Camaro in to a dealer offering $1500 for any trade-in.
|
| |
Replies: 24 / Views: 3,198 |
Posted 01/13/2011 4:49 pm
