Signs of economic distress at the coin shop.
291fifth
Posts: 24,820 ✭✭✭✭✭
Some comments from my local dealer regarding what he is being offered/not offered:
He is starting to see some selling caused by economic distress.
Much of the selling involves bullion related items.
Most of the numismatic coins being offered are second rate material that they should have gotten rid of long ago.
Hardly any nice coins are being offered.
He is starting to see some selling caused by economic distress.
Much of the selling involves bullion related items.
Most of the numismatic coins being offered are second rate material that they should have gotten rid of long ago.
Hardly any nice coins are being offered.
All glory is fleeting.
0
Comments
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
People buy and sell all the time..
<< <i>I guess that means that for us remaining collectors, the hunt for the "better" coins just got a lot tougher!! >>
You have to wonder if the "real distress" has even set in yet. I wonder how many dealers are using this to take advantage of distressed seller and screwing him even more with lowball offers?
``https://ebay.us/m/KxolR5
TD
Knowledge is the enemy of fear
roadrunner
<< <i>My local dealer told me a story last week of a couple who brought in all their jewelry to meet a financial debt. They were a little short, so they both took off their wedding bands and scrapped them. The wife turned to the husband and said "Dont worry honey, I dont need the ring to tell me we love each other." >>
<< <i>They were a little short >>
And to think the dealer made a nice profit to boot...
It probably would have bankrupt him to save the bands for a few weeks to give them a chance to find the extra funds..
It is people like this that has ran our economy into the ground.. Pure selfishness and greed...
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<< <i>My local dealer told me a story last week of a couple who brought in all their jewelry to meet a financial debt. They were a little short, so they both took off their wedding bands and scrapped them. The wife turned to the husband and said "Dont worry honey, I dont need the ring to tell me we love each other." >>
<< <i>They were a little short >>
And to think the dealer made a nice profit to boot...
It probably would have bankrupt him to save the bands for a few weeks to give them a chance to find the extra funds..
It is people like this that has ran our economy into the ground.. Pure selfishness and greed... >>
I would not be too quick to condemn the dealer, without knowing the full facts and how much he paid. For all we know, he may have tried to give them as much as he could. The bottom line... the dealer has to make a profit to stay in business, or he also could be having a 'distress' sale.
And another thing to remember.... at least the couple had a place they could go to, to be able to sell and get the cash they needed. If the dealer was not there, who would they then go to? A pawn shop?? I seriously doubt the pawn shop would be a better choice. A hotel room where some buyers have temporarily set up buying operations? Definitely will get screwed over in that case.
These are tough times for many individuals. Even those who are doing ok are very concerned about preserving what they have, etc. And that includes the dealer. He cannot afford to subsidize those who are down on their luck, and hope to stay in business very long. (It would have been a very considerate thing to do... to save the rings for a specified time though).
<< <i>My local dealer told me a story last week of a couple who brought in all their jewelry to meet a financial debt. They were a little short, so they both took off their wedding bands and scrapped them. The wife turned to the husband and said "Dont worry honey, I dont need the ring to tell me we love each other." >>
That is a shame they had to resort to that, no one should ever have to.
I sure hope I don't see sad sales like this.
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<< <i>My local dealer told me a story last week of a couple who brought in all their jewelry to meet a financial debt. They were a little short, so they both took off their wedding bands and scrapped them. The wife turned to the husband and said "Dont worry honey, I dont need the ring to tell me we love each other." >>
<< <i>They were a little short >>
And to think the dealer made a nice profit to boot...
It probably would have bankrupt him to save the bands for a few weeks to give them a chance to find the extra funds..
It is people like this that has ran our economy into the ground.. Pure selfishness and greed... >>
I would not be too quick to condemn the dealer, without knowing the full facts and how much he paid. For all we know, he may have tried to give them as much as he could. The bottom line... the dealer has to make a profit to stay in business, or he also could be having a 'distress' sale.
And another thing to remember.... at least the couple had a place they could go to, to be able to sell and get the cash they needed. If the dealer was not there, who would they then go to? A pawn shop?? I seriously doubt the pawn shop would be a better choice. A hotel room where some buyers have temporarily set up buying operations? Definitely will get screwed over in that case.
These are tough times for many individuals. Even those who are doing ok are very concerned about preserving what they have, etc. And that includes the dealer. He cannot afford to subsidize those who are down on their luck, and hope to stay in business very long. (It would have been a very considerate thing to do... to save the rings for a specified time though). >>
If a couple of hundred bucks would put this dealer into a distress sale, then so be it.... I hardly doubt a couple hundred bucks
out of the thousands he has probably made off poor widows in the past would have made a difference.
I guess that is why I am a blue collar worker and not a business owner.... I only call them how I see it.
The local B@M shop I go to will rape you out the door and into your car if they think they can get away with it. While the owner
leaves everynight in his new extended Escalade....
I understand the need to make a profit. And I am not anti-business. And I imagine it is not everyday they see married couples
come in and strip their wedding bands off their hands to get a little more money. So I would imagine the owner would not have
been out of business next week had he held them from the smelter.
I guess it would also matter how old the couple were... If they were 20's to 30's I probably would had treated it the same way.
If they were in their 50's to 60's I would have bought them and then gave them right back....
This country is going to hell in a hand basket quick....
``https://ebay.us/m/KxolR5
Two folks walked in while I was there, trying to sell jewelry. Since I was studying a box of cool medals, I did not get the full story.
One person had a single platinum ring. And was advised by the owner to NOT sell it right now, as platinum is at a very low price.
Another person walked in with a handful of gold rings. He jingled them once. Now, I don't really know what the sound should be, but I did not like the sound I heard. The owner said that he could test them for metal content.
In both cases, I don't think any deal was made. The person with the jewelry walked out soon afterwards and if a sale had been made, I suspect that the folks would have been there for a longer amount of time.
I was bad, and purchased no coins. Just six way-cool medals. Camera time.
Oh, yeah. I also asked the owner if I could purchase _all_ of his silver bars and rounds. He told be in a light hearted way to 'get out of here'. Apparently, everyone wants silver bigtime. Nobody has it.
[edit] Actually, he has silver. He is underwater on it, and of course, will not take a loss. Not with other parts of the business going well.
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<< <i>My local dealer told me a story last week of a couple who brought in all their jewelry to meet a financial debt. They were a little short, so they both took off their wedding bands and scrapped them. The wife turned to the husband and said "Dont worry honey, I dont need the ring to tell me we love each other." >>
<< <i>They were a little short >>
And to think the dealer made a nice profit to boot...
It probably would have bankrupt him to save the bands for a few weeks to give them a chance to find the extra funds..
It is people like this that has ran our economy into the ground.. Pure selfishness and greed... >>
Yeah, blame coin dealers and not the dummies that made bad financial decisions that got them in debt.
Oh, it's run, not ran.
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<< <i>My local dealer told me a story last week of a couple who brought in all their jewelry to meet a financial debt. They were a little short, so they both took off their wedding bands and scrapped them. The wife turned to the husband and said "Dont worry honey, I dont need the ring to tell me we love each other." >>
<< <i>They were a little short >>
And to think the dealer made a nice profit to boot...
It probably would have bankrupt him to save the bands for a few weeks to give them a chance to find the extra funds..
It is people like this that has ran our economy into the ground.. Pure selfishness and greed... >>
I would not be too quick to condemn the dealer, without knowing the full facts and how much he paid. For all we know, he may have tried to give them as much as he could. The bottom line... the dealer has to make a profit to stay in business, or he also could be having a 'distress' sale.
And another thing to remember.... at least the couple had a place they could go to, to be able to sell and get the cash they needed. If the dealer was not there, who would they then go to? A pawn shop?? I seriously doubt the pawn shop would be a better choice. A hotel room where some buyers have temporarily set up buying operations? Definitely will get screwed over in that case.
These are tough times for many individuals. Even those who are doing ok are very concerned about preserving what they have, etc. And that includes the dealer. He cannot afford to subsidize those who are down on their luck, and hope to stay in business very long. (It would have been a very considerate thing to do... to save the rings for a specified time though). >>
If a couple of hundred bucks would put this dealer into a distress sale, then so be it.... I hardly doubt a couple hundred bucks
out of the thousands he has probably made off poor widows in the past would have made a difference.
I guess that is why I am a blue collar worker and not a business owner.... I only call them how I see it.
The local B@M shop I go to will rape you out the door and into your car if they think they can get away with it. While the owner
leaves everynight in his new extended Escalade....
I understand the need to make a profit. And I am not anti-business. And I imagine it is not everyday they see married couples
come in and strip their wedding bands off their hands to get a little more money. So I would imagine the owner would not have
been out of business next week had he held them from the smelter.
I guess it would also matter how old the couple were... If they were 20's to 30's I probably would had treated it the same way.
If they were in their 50's to 60's I would have bought them and then gave them right back....
This country is going to hell in a hand basket quick.... >>
You sound like a UAW member.
During the Great Depression, “...Divorce rates plunged – it was too expensive to set up two households. The birth rate also dropped as the future lost its promise and children became more of a luxury to raise. Money became tight as the attitude of retrenchment spread. People held on to what they could and placed strict priority on spending. Immediate needs came first – the future was unknown and might be worse. For most coin collectors, those whose collections were composed largely of coins picked from circulation, or purchased from the mint as minor and possibly silver proof sets, collections were likely converted to spendable assets. Proof coins purchased in better times, were still legal tender at face value and a quarter could feed a family for the day if properly managed. There are few anecdotes about ordinary collector’s coins being sold or used as cash during the depression. It was probably not something people thought much about.”
[Above is a copyrighted excerpt from a book progress.]
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<< <i>I guess that means that for us remaining collectors, the hunt for the "better" coins just got a lot tougher!! >>
You have to wonder if the "real distress" has even set in yet. I wonder how many dealers are using this to take advantage of distressed seller and screwing him even more with lowball offers? >>
Exactly... I'm fairly sure there's a certain coin that was purchased at $150 that's now being offerred at $600. I'm keeping an eye on it to see if it sells... L
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I understand the need to make a profit. And I am not anti-business. .... >>
You hide it so well.........
winter considering how much oil has gone up.