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 Replies: 12 / Views: 2,148 |
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Valued Member
United States
327 Posts |
*** Moved by Staff to a more appropriate forum. ***
I see all these "we buy gold and silver!" places and I have to wonder, how many of these places have any clue about coins, or are they shipping all of it back for melt?
I cringe when I think of people consigning Grampa's old coin collection to the Silver Sharks.
Hmmm...maybe some of them could be persuaded to hold coins until told they have no numismatic value? *puts on thinking cap* Perhaps I need to visit these guys.
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Pillar of the Community
United States
759 Posts |
They work on volume so it's a long shot they'd agree to slow down their business, buy hey, can't hurt to ask. Maybe shoot for stopping in sometime to just glance at the day's take. To be honest though, if I was running that type of business, I'd say no. Too much hassle, including liability and shrinkage, and not much in it for me.
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Pillar of the Community
United States
1000 Posts |
One of these places actually have an office in the building I work at. I actually went up to talk to them 6 months ago...They pay like 50%-60% spot but disguise it in this great per gram price so no one has a clue.
I asked what they do with the silver coins...they said they send it directly to the refinery (which I know for a fact pay 80% spot).
I left my card and said I collect coins and would be willing to pay spot for any coin that comes in, they smiled. I never received a call....I guess I was not worth their time and they smiled at how silly I sounded.
Good luck, but I think these guys could care less about saving a coin...They get an instant 20%-30% margin and don't want to be bothered with us silly coin collectors.
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Pillar of the Community
United States
2335 Posts |
Quote:
they said they send it directly to the refinery (which I know for a fact pay 80% spot). Interesting. I don't send coins to my refinery, mainly because I can sell them for more through other venues. However, I know for a fact that the refinery I do business with pays 90% of spot for silver. |
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Pillar of the Community
United States
3184 Posts |
Actually these people know what they are doing and in fact I heard that one of these places sells on ebay. Buy cheap from the public and then put it on ebay and make double or more depending on what they pay. Ridiculous and people need to stop giving these cash for gold or those places that set up at hotels any money!! |
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Pillar of the Community
United States
3184 Posts |
Also some refineries pay more than 80% spot. There are some refineries that I have seen pay up to 95+%.
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Pillar of the Community
United States
1000 Posts |
The one I have dealt with for getting rid of scrap broken gold jewelry was paying 95% on Gold and 80% on silver.
Just looked and now they are paying 90% on silver due to a "70th anniversary celebration" or could it be that silver has doubled? Who knows.
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Pillar of the Community
United States
672 Posts |
Te refineries I deal with have tiered prices depending on if your silver assays above or below certain thresholds. B/c of this I usually have to throw in some .999 bars in with it to bring up the purity for the top % tier.
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Valued Member
United States
109 Posts |
I Spot at a jewelry Shop With Sign last Week, They Told Me They Don't Look at The Dates Just Buy For Silver, I Left my Business card, But He Did Say They Had Someone They Call That Takes all The Silver Coins at Spot. Hope They Give Me a Call. I Did Pick up There Card. Going To Call Them every Week See If I Can Get My Foot In The Do. We Will See
Boatman
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Rest in Peace
United States
9104 Posts |
If grandpa's stuff is going to silver sharks, it's because they're running a business while coin dealers are playing games. We used to advertise in every yellow pages within 50 miles.
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Pillar of the Community
United States
1348 Posts |
I walked into a pawn shop and asked them what they pay for morgans and they said $12. I gave them my card and said I will buy the ones you buy and pay you 100% profit. He smiled and said I know I can do better. I smiled back and said "then you know your a crook"
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Rest in Peace
United States
9104 Posts |
Quote:
they said they send it directly to the refinery (which I know for a fact pay 80% spot).
I left my card and said I collect coins and would be willing to pay spot for any coin that comes in, they smiled. Refinery pays 80% to WHO? We used to get 99%. They prolly smiled because if they get $500,000 in a day, it's unlikely you could handle it. I used to deal with a guy who was one of six firms in the world that Comex accepted his lead seal on a bag of silver coins. In one day at the 1980 peak, he turned 1000 bags of 90%, buy 24, sell 25. That's $25 million, not counting other silver or gold. |
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Rest in Peace
United States
9104 Posts |
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I smiled back and said "then you know your a crook"
No, he's a businessman. Most stores double their money on products that they choose. For some reason, people expect coin dealers to make 10% or less on whatever they want to get rid of. I guarantee the big name dealers don't do that. Look at the auction houses that make 15-25% plus another 15% buyer's fee on stuff they don't even risk their money in. Those in the know figure the Redfield buyer paid 1/3 of bid. At one point, a dealer bought a vault full of Confederate bonds. Several major dealers were retailing them for $40, selling them to smaller dealers for $20. Dunno their cost, but the original dealer paid $4 per. |
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Replies: 12 / Views: 2,148 |
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Posted 03/07/2011 1:40 pm
