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 Replies: 34 / Views: 3,901 |
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Valued Member
United States
277 Posts |
*** Moved by Staff to a more appropriate forum. ***
Ok so I have one of those sleepless nights ( I got a migraine and it was my first one, I feel bad for you people who deal with this all the time) Well once it started to feel slightly better I could turn the brightness on my computer screen down and try to buy some silver.
I go to craigslist (which I hate) but I was out of places to search. I see a posting for 100 dimes for 260 dollars, I thought ok this person wants melt maybe I can get them down to 225 or 230 so I feel alittle better about it. I email this person and he proceeds to tell me he won't take under 260 because he already has a coin dealer that offered him 257.60 for the coins.
I email him back and say if a dealer already offered you melt value for the coins why are you here? I asked him who this dealer was because I have some silver I will sell him because I have yet to have a dealer offer me over 24 times face and that was one guy most offer me 20 to 22 times face.
He emails me back and tells me that if I want the deal he can mail the coins out today. I chuckle and email back that I live in the same area as you and would rather see the coins first and second I am not paying 260. I told him to really think about what he is saying here, you could already have sold the coins for 257.60 but you took the time to make a craigslist posting so you could get 260 dollars?
No one likes to get ripped off, but if I was to get ripped off I would like to look at a silver lining and be able to look back at what happened and be like... wow, now that is clever. If that person actually took the time to do something with their life they would already be rich, and they made me smarter for it. Instead I get to deal with con artists that try to convince me they took that much time to post on craigslist and respond to emails for the extra 2.40 in their wallets.
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Pillar of the Community
United States
6326 Posts |
Well, there are some "bad" points to the World Wide Web.....the exposure to bad elements of society, charlatans, scammers, cheats, dangerous, or just plain uncouth people, are much more accessible to us. Though I've never bought anything from ebay, Craigslist, or anything else "online" (except the U.S. Mint), stories like yours certainly dissuade me from trying it. I know it's a "buyer beware" world out there....but unscrupulous sellers give EVERYONE a migraine I think ! ...   |
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Pillar of the Community
United States
1000 Posts |
I agree that this seller probably did not have a dealer offer at 25.7x face.....  But I am confused why you think this guy was scamming or trying to rip you off. The way I see it: *His price was 1% under spot. *You wanted it for 14% under spot. *He said no and tried to use some made up story to put the hard sell on you. *You called him out on his buhla buhla story. *He came back, basically saying do you want the dimes or not. Just really don't know why this situation is causing you to lose "faith in humanity" Not trying to be contrary....just a little confused. |
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Pillar of the Community
United States
958 Posts |
yea the guy had the dimes listed for 260.... you offered 30-40 dollars less he said no.
dont see how he stole faith from anyone...
Only one trying to steal silver was a guy trying to get $263 worth of silver for $225
Edited by coppertop5150
03/23/2011 10:16 am
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Pillar of the Community
United States
759 Posts |
I'm with Mint_Marq on this one. Unless you feel he wanted a mail only transaction and was going to send clad dimes, I don't see any issue. Rather than lose faith in humanity, I think I'd just say "I just don't get some people."
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Rest in Peace
United States
3039 Posts |
You were astute enough to question the transaction. Besides CAVEAT EMPTOR, coin collectors should remember part of the medical credo "...not as a stranger."
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Bedrock of the Community
United States
12437 Posts |
I fail to see the problem here The guy was selling for 26x face(a reasonable price) and you lowballed him. He refused your offer but somehow he is the bad guy here? |
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Valued Member
United States
439 Posts |
I saw a guy on CL offering to buy silver quarters for 4x face.
He responded to one of my ads once and said he "truly believed this is the best
offer I will get". I am sure you know what I told him.
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Pillar of the Community
 United States
2448 Posts |
I, for one, understand exactly what he saying. First, you old timers are forgetting one very important fact about buying silver when in coin; a silver coin that has been relegated to the "silver" trade does not have the same amount of silver as when it was minted. Secondly, unless you know the total weight of the coins offered, how do you know what they are really worth? If you think both questions are not material, you're wrong. I too will do everything I can to get my best deal. I just weighed a Poor to About Good Merc. It weighed 1.9 grams. I also weighed an About Good Rosie and it weighed in at 2.0 grams. Gee, what happened to that other .5 gram of metal? Everyone wants to sell at X time face when in fact the metal is not there to support the price. You can still offer that deal, but you should still know the condition of the coins so you can understand the true value and negotiate the X x face melt price. That said, I wonder what the total weight of those 260 dimes was? Does anyone think it's anywhere near the 650 grams that he wanted X x face for? I'll wager that the condition of the coins he offered was probably closer to Poor and AG than a mint state. So that means they're 130 grams light for the melt trade. Last time I looked, at $1.78 per gram for Silver, that's about $150 in negotiating range. I don't do the "Melt" game anymore unless you tell me what the coins weigh. And you "betcha" I'll be asking. "rkrj", in my opinion, your bid was probably $100 too high. |
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Pillar of the Community
United States
2335 Posts |
You might want to check your math again. Having said that.....I see where you are coming from & think that at some point in the future coins will be sold by weight & not by XXX times face. Right now the XXX times face is still the accepted method of selling/buying coins.
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Pillar of the Community
United States
2448 Posts |
Whoa, you're right! I used the calculator on my computer and it comes out 650 instead of 550 every time. Time for a new computer!
"You catch my drift" though, if you know what the approximate grade of the coins, you can still determine a relative value no mater which way you go.
So what "rkrj" offered was probably right on the money for the value. I think many of us are tired of people demanding an "X x Face" price based on a mint state coin.
By the way, the Refiner I work with pays up to 90% of silver weight. "X x Face" isn't the only way to sell coins.
Edited by carmykle
03/23/2011 3:51 pm
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Bedrock of the Community
United States
10982 Posts |
Yes, avoid slicks when buying silver coins but as long as they're in VG/Better condition there's not a problem. Significant weight loss doesn't begin until you drop below VG on most series'. The 0.715 multiplier allows for 1.2% weight loss and that's how bags are bought and sold. It's works fine.
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Pillar of the Community
United States
2448 Posts |
BTW, my original math was correct! I used two other computers and then long division. Based on $36.50 as the spot, 120 grams is a significant difference! You still made a decent offer way above spot!
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New Member
United States
10 Posts |
I have read the posts and I understand your point but you made a big assumption and an offer without seeing the coins (unless he described the condition and that detail is missing). They could have been all MS67 Rosie's. I sold 90 rosies last night for $237.50. Silver went up over $37.00 today so the person I sold them to has already made a profit. You would have too. Unless they are completely slick and your buying by the 100's is I don't think it's enough to worry about IMHO.
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Bedrock of the Community
United States
12437 Posts |
Quote:
a silver coin that has been relegated to the "silver" trade does not have the same amount of silver as when it was minted. Of course worn coins will have less silver but that is accounted for when dealers quote a face value multiplier. There is a standard figure when dealing with bulk silver coinage, $1000 face value(no dollars) in average circulated 90% silver is assumed to contain 715 ounces of pure silver vs. 723.5 ounces for unc silver coins. Obviously, low grade culls will contain less silver but many dealers will simply either not purchase low grade culls at all or have a much lower buy price for them. |
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Valued Member
 United States
277 Posts |
The part of the story that got me was he had them sold to a deal for 257.60 and instead of saying great thanks he went home put them on craigslist for 260 dollars. So for 2.40 he took them home from where ever he drove them too and took the time to put an add on craigslist so he could make 2.60. I am not mad he said no to my offer I would have probably gave him 240 or 250 for all the coins, but you can tell something is up when he had an offer for 257.60 and said no so he could make 260 dollars.
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Replies: 34 / Views: 3,901 |
Posted 03/23/2011 09:45 am
