I got fingerprinted today
IrishMike
Posts: 7,737 ✭✭✭
Decided to take advantage of the price of silver and unload some SAE's at $13 (bought at 6) and headed to the one and only local coin shop. Not only did I have to produce a drivers license, which he photographed but had to sign a receipt, give him my phone number and place a thumb print on the sheet. When I asked him why he replied the South Bend police department required it as a discouragement against theft. Anyone else have a similar experience?
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Comments
<< <i>Decided to take advantage of the price of silver and unload some SAE's at $13 (bought at 6) ? >>
You sold silver at a roll price of $260 for SAE's? Man you should have posed that on the BST they wouldn't have lasted an hour.
<< <i>Decided to take advantage of the price of silver and unload some SAE's at $13 (bought at 6) and headed to the one and only local coin shop. Not only did I have to produce a drivers license, which he photographed but had to sign a receipt, give him my phone number and place a thumb print on the sheet. When I asked him why he replied the South Bend police department required it as a discouragement against theft. Anyone else have a similar experience? >>
Not bad at all.
Try buying a full auto UZI and see the hoops you have to jump thru.
<< <i>Decided to take advantage of the price of silver and unload some SAE's at $13 >>
$13 is a buck below spot. A Silver Eagle at spot should get you $15+ a piece.
What kinda dealer is that?
<< <i>
<< <i>Decided to take advantage of the price of silver and unload some SAE's at $13 >>
$13 is a buck below spot. A Silver Eagle at spot should get you $15+ a piece.
What kinda dealer is that? >>
One I'd never buy any coin from. You can see he sells high and buy way low. I'd dump him, a stange coin shop should give you more unless their crooks IMO.
- Marcus Tullius Cicero, 106-43 BC
"Do you have your papers?" at every step along the way. Banks, airports, DMV. etc. etc.
Call the coin shop back on Friday and ask how much he's selling the year you just sold for...it will be at least 16 bucks I bet.
<< <i><< Decided to take advantage of the price of silver and unload some SAE's at $13 >>
$13 is a buck below spot. A Silver Eagle at spot should get you $15+ a piece.
What kinda dealer is that? >>
A dealer that would like to make a profit so he can stay in business?
Russ, NCNE
<< <i>
<< <i><< Decided to take advantage of the price of silver and unload some SAE's at $13 >>
$13 is a buck below spot. A Silver Eagle at spot should get you $15+ a piece.
What kinda dealer is that? >>
A dealer that would like to make a profit so he can stay in business?
Russ, NCNE >>
Not around here Russ, that dealer would be out of bussiness period. This stuff is too easy to sell and most walking into shops buy stuff like this.
On a side note, I was killing time in my local coin show last week, when these 2 characters walk in and ask if he buys gold and diamonds. He does, and takes a look at what they have. He said he would buy them, and weighed the gold on a scale and quotes them a price. They say okay.
Then my dealer asks for a driver's license or identification, and guess what, both these characters don't have any identification on them. They complain, but my dealer won't budge. So they say they have identification in their car, and take the jewerly with them saying they will be right back. Of course, they never show back up. So I do believe in some form of identification.
<< <i><< << Decided to take advantage of the price of silver and unload some SAE's at $13 >>
$13 is a buck below spot. A Silver Eagle at spot should get you $15+ a piece.
What kinda dealer is that? >>
A dealer that would like to make a profit so he can stay in business?
Russ, NCNE >>
Not around here Russ, that dealer would be out of bussiness period. This stuff is too easy to sell and most walking into shops buy stuff like this. >>
You think two to three bucks profit on these is excessive? You should seriously consider taking a business course.
Russ, NCNE
<< <i>
<< <i><< << Decided to take advantage of the price of silver and unload some SAE's at $13 >>
$13 is a buck below spot. A Silver Eagle at spot should get you $15+ a piece.
What kinda dealer is that? >>
A dealer that would like to make a profit so he can stay in business?
Russ, NCNE >>
Not around here Russ, that dealer would be out of bussiness period. This stuff is too easy to sell and most walking into shops buy stuff like this. >>
You think two to three bucks profit on these is excessive? You should seriously consider taking a business course.
Russ, NCNE >>
$16 from a dealer is a pipe dream at these prices but 15% is high on a commodity like silver or gold. These aren't rare coins ya know and easy to hock. Singles are higher than rolls that are $300+ and shipping, I hope Mike calls on Friday, he maybe surprised at the deailer ask price.
There's no guessing at it's worth or waiting for the right client.
<< <i>$16 from a dealer is a pipe dream at these prices but 15% is high on a commodity like silver or gold. >>
A margin of 15% is not "high" for anything. In some business, that margin would be the rapid transit lane to bankruptcy.
Russ, NCNE
<< <i>
<< <i>$16 from a dealer is a pipe dream at these prices but 15% is high on a commodity like silver or gold. >>
A margin of 15% is not "high" for anything. In some business, that margin would be the rapid transit lane to bankruptcy.
Russ, NCNE >>
Well you can sell your stock at a 15% loss if you want but 90% of all customers here at coin shops are either buying or selling. Our coins shops here don't like to take 40% Kennedy's but they will for less than that and bulk sell them when they get a bag or half a bag just to keep their customers.
-Paul
<< <i>I agree with Russ, this allows a little cushion for the dealer too if prices were to fall before he was able to wholesale them. He's in business to make a profit, not simply break even.
-Paul >>
Hey PM me with these stupid prices, I need to make a little fast money. Just goes to show you collector shouldn't be commodity investors or investors shouldn't be collectors expecting to make money.
The issue is the fingerprinting and invasion into his privacy for selling the silver at spot. I hope they at least gave you a certificate for a Happy Meal™.
``https://ebay.us/m/KxolR5
<< <i>Mike sold his silver at 13 which he bought at 6. The issue isn't whether he got ripped, because he didn't.
The issue is the fingerprinting and invasion into his privacy for selling the silver at spot. I hope they at least gave you a certificate for a Happy Meal™. >>
Did silver drop almost a buck? Really in this case Mike would have made less than 6 bucks more but avoided a hassle, that's ok but this isn't a dealer I'd ever do bussiness with since you can see his model and ethics. Most people with real coin shops trade at the rate to draw customer and keep them coming back, this isn't one of them. I alway call all coin shops in my area to check the price and deliver within the hour and they honor they're quote on the phone, glad I don't live in some of you people's areas.
Geez if they made a killing off them at that price good for them, so did I, we both won.
<< <i>
<< <i>Mike sold his silver at 13 which he bought at 6. The issue isn't whether he got ripped, because he didn't.
The issue is the fingerprinting and invasion into his privacy for selling the silver at spot. I hope they at least gave you a certificate for a Happy Meal™. >>
Did silver drop almost a buck? Really in this case Mike would have made less than 6 bucks more but avoided a hassle, that's ok but this isn't a dealer I'd ever do bussiness with since you can see his model and ethics. >>
With your assessment, I somewhat agree, but Mike took his stuff in tow and when a guy does that, you can expect he will always sell low. This is not a question of ethics but of economics. I didn't hear Mike complaining about the price he received.
The fingerprinting was established because of unethical behavior on the criminally minded and I doubt the dealer or Mike feel deviant or victimized in their transaction... and the law has established some semblance of order by trying to keep track of the movement of BULK. It's all okay
Respectfully,
Joe
``https://ebay.us/m/KxolR5
As far as pricing goes, a 15% margin is nothing. In manufacturing, a 4X markup is common to cover all of your expenses and still make money.
<< <i>I don't see the fingerprinting as an invasion of privacy. It's not your address is embedded in it. Should a crime have occurred and this was stolen silver, they could track you down. What's the big deal? >>
Not only did I have to produce a drivers license, which he photographed but had to sign a receipt, give him my phone number and place a thumb print on the sheet. When I asked him why he replied the South Bend police department required it as a discouragement against theft.
It's no big deal to me, boo boo
I didn't start the fire.
``https://ebay.us/m/KxolR5
<< <i>Decided to take advantage of the price of silver and unload some SAE's at $13 >>
Why would you sell SAEs at $13?! You would've done much better on the BS&T.
Shoulda read the whole thread....
My icon IS my coin. It is a gem 1949 FBL Franklin.
<< <i>One I'd never buy any coin from. You can see he sells high and buy way low. I'd dump him, a stange coin shop should give you more unless their crooks IMO. >>
Oh ya..the dealer made a killing....if he wants to sell them to a bullion buyer, they'll pay the dealer .20-.30 back of spot.
What's silvertowne paying for SAE's these days??
The fact is that very little of dealer purchases are sold retail but are sold wholesale.
<< <i>The helll if I would have done that. Thats BS if you ask me. I would have walked out. >>
Why? Got something to hide? The government after you or something?
My prints are on file from the US Military when I was in. Wouldn't make a bit of added difference to me.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
-David
Camelot
When I got my concealed carry permit, they took prints from all of my fingers and opened a file at the FBI.
Big Dave
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"Seu cabra da peste,
"Sou Mangueira......."
Having recently bought some coins from members of the general public, I realized I had no way of telling whether what I had just bought was stolen or not. If I were a regular shop owner instead of an absentee antique mall consignor, I would probably photocopy driver's licenses when buying coins from folks, just to cover my own butt.
In fact, a funny thing happened to me recently when I was out metal detecting in the park. A fella I'd met once before rode up on a bicycle and there, in the middle of the park, offered to sell me a 1901 Liberty nickel. It was a decent Fine coin. We haggled and I gave him something like three bucks for it.
I found the whole idea of doing a coin deal in the middle of the park so amusing that I took the guy's picture, bicycle and all. I was gonna post it as part of the tale of one of my "Digger's Diary" episodes, with a tagline like, "I was looking for coins and this one came looking for me!".
The guy posed for my picture, but the minute I mentioned how it would make a humorous Internet posting, his whole demeanor changed and he got downright antsy. I finally promised him I would not post his photo on the Internet. He was a nice fella and I always assumed he was on the level, but I am a trusting soul. After seeing his change in behavior, I wonder if he really "found that coin in an abandoned house" like he said, or took it from a not-so-abandoned house. Hm. Sometimes I am too trusting.
Collector since 1976. On the CU forums here since 2001.