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 Replies: 64 / Views: 5,021 |
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Pillar of the Community
United States
1256 Posts |
At that age he might have gotten them for face :) If not I'd still bet he's profit margin is 300%.
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Valued Member
United States
361 Posts |
Bear in mind he may have paid $6-$8 for them if he bought them a few years back. Maybe at 90 he figures if he can double or triple his $ he is ok.
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Pillar of the Community
United States
509 Posts |
I commend you for even bringing it up and having reservations. Maybe the old fella does know the actual worth/maybe not. Ninety years old is really getting up there and if it were me, I'd feel more comfortable about it if I at least broached the subject. Who knows? Could be he's just benevolent. I recently had a similar experience and picked up 2 Morgans at $20 each from a pawn shop but the owner was many years younger and astute.
Edited by Sidekick-CA
03/02/2011 5:58 pm
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Rest in Peace
United States
5375 Posts |
Hmm...you could, but I agree that he's probably making a lot anyway. Those dealers are rough.
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Pillar of the Community
United States
952 Posts |
keep in mind that he is prob making soem decent $$ on them even @ $18 each.....he may very well have bought them at less than $10 each
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Pillar of the Community
United States
509 Posts |
I've got to conclude that he's either a benevolent philanthropist of some sort or he's lost most of his marbles and is not fully cognizant. I agree with ShadowCreator "Those dealers are rough". But I don't see anything rough about this particular dealer. Something else is at play. If he were really rough, he'd be selling them for at least melt value at minimum and probably more no matter what he paid for them. Buy low, sell high is the axiom. Why would he deviate from that if profit was his only motive?
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Pillar of the Community
United States
2130 Posts |
Meet him half way. Everyone wins.  |
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Moderator
 United States
16679 Posts |
I would buy them. If he is still able to run a coin shop and pay bills, paperwork etc., he would be competent enough I would think, to look up the spot price of silver and at least raise the prices to that. Buy away!
Nothing unethical about it IMO.
swcoin.ecrater.com
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Valued Member
United States
134 Posts |
Not want tell you what to do but don't be surprised if you don't hurry up and buy them someone else will I bet!
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Pillar of the Community
United States
508 Posts |
Buy the whole bucket before someone else does IMO.
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Valued Member
United States
489 Posts |
I applaud you for asking the question. In asking, I believe you already know the answer. I hope someone watches out for me when I'm 90 and try to continue doing what I've always done. In this situation I wouldn't set the price of my integrity at silver melt value. Just my opinion.
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Rest in Peace
United States
9104 Posts |
At 90, and being familiar with the business, he's a big boy and can make his own decisions. Dealers buy cheap from other dealers all the time. One time a dealer sold a few hundred "early wheats" to a huge volume dealer for around $12. A dealer friend of mine glanced at a few of them and asked the mega dealer what he wanted for them, and was told $20. He pulled out the money so fast that it almost ignited from friction.
Then he went home and pulled out dozens of 14d, 31s, 22d, 09s, 10s, 11s, 12s, 24d and a bunch of other semi-keys.
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Rest in Peace
United States
9104 Posts |
Quote:It's the same as buying stuff on ebay ending at 4 AM for really cheap; any decent seller should know better. I saw where someone got an old $5 gold piece for face, and another seller dropped their BIN price on a couple sovereigns to about 2/3 of melt. I was asking for discount postage at a stamp show, a dealer showed me $800 face in stuck pages and said he could sell them for 20%. 20% off? No, 20% of face. Gone! A friend of mine was yard saling, and mentioned he was interested in jewelry, guns and coins. The lady said her mom had some jewelry she hadn't put out yet. Mom brings out a box of high quality stuff and says she wants 50ยข each. He tells the daughter this was worth lots more, and she said "my sisters and I pulled what we wanted". He's sorting out the few pieces that were junk, mom came back and asks how many pieces he had, and he honestly told her he started miscounting around 50. She said, Ok, just give me $25 for everything. He got several thousands on ebay just for the Tiffany silver pieces. I forget how many ounces he said the karat gold was. |
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Pillar of the Community
United States
3592 Posts |
Maybe I'm reading it wrong,but it seems to me there is a double standard being set here. If the guy were offering $18 to buy a Morgan, he would be called a crook.But if we could buy it for that,no problem ?
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Pillar of the Community
United States
759 Posts |
Are they still even there?
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Replies: 64 / Views: 5,021 |
First Page
Posted 03/02/2011 4:12 pm
