Is bulk silver unsearched?
ElKevvo
Posts: 4,120 ✭✭✭✭✭
Hi,
Last week my better half wanted to look at some watches and so we went up to a "Gold and Jewlery Exchange' store. We ended up getting there at around lunch time and since they had some coins there I spent some time over at the counter where the coins were while my wife looked at watches. The clerks were very busy buying bulk silver coins from people, people were walking in one after another. Since the place was so crowded it was impossible not to hear what was going on with the purchases. Anyway, one guy had some Mercs, some SLQ's, a few Walkers, etc. and the buyer offered 8.4X for them. The man sold them and the same buyer asked me if he could help me and while we were talking I asked if they looked through the coins for anything of numismatic value or not. He told me 'No, most of the stuff people bring in has already been searched through over and over so it is not worth looking through again." The guy also had some misc copper, a couple of large cents and some buffalos that the man did not buy. Said the cents were not worth much of anything and the buffs were worth a dime apeice but they were not buying any.
Is it typical not to have someone look through the stuff, even to give it just a cursory glance? This place is a pretty big operation from the looks of it...
Just curious.
K
Last week my better half wanted to look at some watches and so we went up to a "Gold and Jewlery Exchange' store. We ended up getting there at around lunch time and since they had some coins there I spent some time over at the counter where the coins were while my wife looked at watches. The clerks were very busy buying bulk silver coins from people, people were walking in one after another. Since the place was so crowded it was impossible not to hear what was going on with the purchases. Anyway, one guy had some Mercs, some SLQ's, a few Walkers, etc. and the buyer offered 8.4X for them. The man sold them and the same buyer asked me if he could help me and while we were talking I asked if they looked through the coins for anything of numismatic value or not. He told me 'No, most of the stuff people bring in has already been searched through over and over so it is not worth looking through again." The guy also had some misc copper, a couple of large cents and some buffalos that the man did not buy. Said the cents were not worth much of anything and the buffs were worth a dime apeice but they were not buying any.
Is it typical not to have someone look through the stuff, even to give it just a cursory glance? This place is a pretty big operation from the looks of it...
Just curious.
K
ANA LM
0
Comments
Yes, that is how it goes when you are buying and selling that fast.
They make their money off the buy/sell spread or margin.
They don't have time to search stuff and not keep working. You could look through a presearched bag and waste a day.