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 Replies: 14 / Views: 1,734 |
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Valued Member
United States
286 Posts |
Today I decided that I would take a trip down to my local coin store to see how the pickings were. Arrived about 3 minutes after opening, had the store to myself(and the guy behind the counter) started looking through the world coin bin, and perusing the panama/germany coins. Over the course of 5 minutes, 5 new groups of people arrived, all of which were looking to buy silver. Another 5 minutes and another guy came in and was trying to purchase some gold commemorative coins for BELOW SPOT, he did not seem to understand that since gold had gone up the past couple of days they were worth more, kept saying "But the tag says..."
Anywho, they sold out of all their junk silver (about 12 rolls of dimes, 7 of halves, and about 60 silver dollar coins) and a couple of their 1oz gold eagles; all within 30-40 minutes....
Has anybody else noticed a surge in business at your local coin store of people looking to get in on what is happening to silver?
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Pillar of the Community
United States
802 Posts |
Ooooh yea. Silver and gold will be going up big the next few weeks/months... Even previous metal companies can't fill all orders, they don't have the supplies.
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Pillar of the Community
United States
1150 Posts |
I live in Bremerton, Washington. I like to hang out in a local coin shop and shoot the bull for hours with the dealer. He still has silver but he is actually having to be selective on who he sells it to. For instance, since I buy from him regularly, I can get a roll of silver eagles from him. However, when someone else comes in and asks him he says he is out.
He is definitely running low and I see a lot of people come in and buy. I would estimate 80% of his business to be selling silver. He gets a lot of what I call 'recycled' silver, too. People who he sold to months ago will come in and sell him back the same silver.
Things are getting pretty wild...it is going to be an interesting ride!
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Bedrock of the Community
United States
10034 Posts |
The other day when I was in a coin shop, it was the first time in many years I can remember having to wait my turn. There were 3 people ahead of me. I do not live in a large city.
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New Member
United States
32 Posts |
I live in a rural area. The closest town to me is about a 15 minute drive away, and it's a relatively small town, maybe 5-6k people. There has been one coin store downtown next to the old theater for years, but in the past year 2 others have opened and all the pawn shops have signs outside advertising that they buy gold. Crazy that even in a little town like this silver and gold is booming enough to create new businesses.
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Pillar of the Community
United States
1080 Posts |
my place never has 90% half dollars because they sell fast. They have a rapid turnover of ASEs and silver dollars. But no seems real interested in the dimes, so that's what I pick through when I visit. Fins proof dimes for melt, Barber dimes for melt... good times. |
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Valued Member
United States
287 Posts |
Pretty amazing demand all around it seems!
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Valued Member
United States
277 Posts |
It is pretty easy to get silver at the two coin dealers near me at a flea market they are always selling it 3 to 5 percent over melt (even for the junk) and they refuse to cut any type of deal even if you want to buy it in bulk. Back when silver was about 26 times face I offered to buy all junk silver quarters (88)and all the junk silver dimes (43), and three packs of 2 x 2's. I asked what kind of deal I could get, the total was 689.80 and he said he would throw in one of the 2 x 2 packs for free. (he was charging 2 bucks per)
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Pillar of the Community
United States
2049 Posts |
Quote:
Another 5 minutes and another guy came in and was trying to purchase some gold commemorative coins for BELOW SPOT, he did not seem to understand that since gold had gone up the past couple of days they were worth more, kept saying "But the tag says..." The dealer could easily avoid this by marking the coins "Spot times X" for coins where the value is tied to the bullion value. For example, the biggest dealer in town charges spot x 0.76 for a BU roll of Franklin halves. Or for a British Sovereign he may charge Spot x 0.245. Doing it this way makes sure he is not selling it below spot price and will lessen the chances of hard feelings. Vice versa, him putting a fixed price on an item assures he will not sell below his buying price and therefore take a loss. |
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Pillar of the Community
United States
737 Posts |
Silver sales (on either end) are still going strong at the shops that I visit.
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Valued Member
United States
140 Posts |
Well, our coin shop seems to have a lot of silver and gold here lately. This is really no surprise as they have upped their premiums, and unless you are buying $10K at a time you get treated like dirt. Not sure if this is the norm or not, but here is what they are charging. 90% is Spot plus 50 cents if they pick it out, Spot plus $1.25 if you pick it out. Bars and Rounds are Spot plus $2.50 an ounce. Gold is spot plus $100 an ounce. Morgan and Peace dollar prices vary depending on condition. (This one doesn't really matter as they never seem to have any) As for what they pay for silver, that's anybody's guess. As of this past Thursday they were at 26-28 times face. A guy came in there the other day when I was there. He had 125 Morgan dollars. I believe most were vf-xf. Dealer offered him 28 each. Edited by Dkillett
05/01/2011 12:51 pm
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Valued Member
United States
136 Posts |
There is a coin store in a little town about 25 miles from my house. They always seem to have EVERYTHING!! Whatever your looking for! They also have a *website* if anybody's interested. I'm not sure what this sites policy is about that kind of thing. Just trying to help out.
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Pillar of the Community
United States
1231 Posts |
Dam I guess I need to get to a coin shop and stock them up on some silver I want to unload. The two places I called were low offers of 26X face for 90% silver. Still looking for a shop to buy at 30+X face
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Pillar of the Community
United States
2541 Posts |
Yep - the small store near me has slim pickings of junk silver these days. I've been 2 or 3 deep a couple of times. The owner said that he was offering an ASE on Saturday for $47 and a customer called him a crook! That was below melt, and I said I would have taken it from him, but someone else got to it first. |
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Valued Member
United States
136 Posts |
You could try silvertowne.com. I always go to the actual store but I know they have special internet deals. They buy and sell. Always busy.
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Replies: 14 / Views: 1,734 |
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Posted 04/29/2011 02:52 am
