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Learned something at my B&M today!

keepdachangekeepdachange Posts: 1,374
in Precious Metals
I'm in the process of getting rid of all my numismatic related bullion and using the funds to by bullion w/ no numismatic ties. So I have my proof gold buffs for sale on the bst and sold almost all of them and stopped into a local B&M today to buy some AGE's w/ the funds. Out of curiosity I asked them what their buy price would be on my 2008-W $50 Buff PR70DCAM. His answer was that he treats all gold buffalos as bullion so he pays no premium for them image He said that a "coinworld" article states that the mint only produced these for the purpose of being bullion so therefore he abides by that rule.
"If you hit a midget on the head with a stick, he turns into 40 gold coins." - Patty Oswalt

Comments

  • ProofCollectionProofCollection Posts: 6,117 ✭✭✭✭✭


    << <i>I'm in the process of getting rid of all my numismatic related bullion and using the funds to by bullion w/ no numismatic ties. So I have my proof gold buffs for sale on the bst and sold almost all of them and stopped into a local B&M today to buy some AGE's w/ the funds. Out of curiosity I asked them what there buy price would be on my 2008-W $50 Buff PR70DCAM. His answer was that he treats all gold buffalos as bullion so he pays no premium for them image He said that a "coinworld" article states that the mint only produced these for the purpose of being bullion so therefore he abides by that rule. >>



    Then tell him when he gets any in that I'll pay spot + 10%.
  • MeltdownMeltdown Posts: 8,789 ✭✭✭✭✭
    I think a lot of shops are starting to buy that way if they can.
    Quick turnover is the name of the game nowadays for B&M's with bullion.
    The amount of folks that walk into the shop willing to step up & pay the premiums are too few and far between.

    Click on this link to see my ebay listings.

  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    What a joke. So he knew that you know the game and STILL wanted to get over on you. Amazing the audacity some B&M's have!
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • TomBTomB Posts: 21,202 ✭✭✭✭✭
    The guy is being honest, what is the big deal?
    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • goingbrokegoingbroke Posts: 1,410
    YEA! those B&Ms should sell gold coins for $10.00 and be fair about it!
    Many successful BST transactions ajia
    (x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
    mariner67, and Mikes coins
  • curlycurly Posts: 2,880 ✭


    I don't know of any B+Ms that don't treat mint productions such as buffalos, President's wives, and so forth as bullion when they buy.
    Every man is a self made man.
  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    If you're going in to a shop to sell a bullionish mint item that's under 20 years old, expect spot, period.
  • renman95renman95 Posts: 7,037 ✭✭✭✭✭


    << <i>

    << <i>I'm in the process of getting rid of all my numismatic related bullion and using the funds to by bullion w/ no numismatic ties. So I have my proof gold buffs for sale on the bst and sold almost all of them and stopped into a local B&M today to buy some AGE's w/ the funds. Out of curiosity I asked them what there buy price would be on my 2008-W $50 Buff PR70DCAM. His answer was that he treats all gold buffalos as bullion so he pays no premium for them image He said that a "coinworld" article states that the mint only produced these for the purpose of being bullion so therefore he abides by that rule. >>



    Then tell him when he gets any in that I'll pay spot + 10%. >>



    I'll pay spot + 12%. image
  • BaleyBaley Posts: 22,660 ✭✭✭✭✭
    I'm in the process of getting rid of all my numismatic related bullion and using the funds to by bullion w/ no numismatic ties

    sounds like you're already there, at least according to the coin store guy (and many many others, probably)

    Liberty: Parent of Science & Industry

  • jdimmickjdimmick Posts: 9,674 ✭✭✭✭✭
    To be honest, I had exactly the same thing tonight.

    Went to view a large collection and all the gold which included Buffalo's. AGE, commem's etc were all NGC 70 stuff. I told him that I have no buyers locally for that , and I would treat them like bullion unless I knew there was a definite premiumon on a key issue or two like the fractional buffalo's. I suggested he sell them to national firm where he can maybe get a little premium above the bullion value.
    So I purchased a bunch of other and left the 70 stuff there.

    Had the same dang thing with the silver eagles. Bought all the raw eagles, and left the 70 slabs alone.

  • MeltdownMeltdown Posts: 8,789 ✭✭✭✭✭


    << <i>To be honest, I had exactly the same thing tonight.

    Went to view a large collection and all the gold which included Buffalo's. AGE, commem's etc were all NGC 70 stuff. I told him that I have no buyers locally for that , and I would treat them like bullion unless I knew there was a definite premiumon on a key issue or two like the fractional buffalo's. I suggested he sell them to national firm where he can maybe get a little premium above the bullion value.
    So I purchased a bunch of other and left the 70 stuff there.

    Had the same dang thing with the silver eagles. Bought all the raw eagles, and left the 70 slabs alone. >>




    Can't say I blame you, that's exactly what I've been seeing around town. There are buyers who will pay the premium,
    but it's a small percentage of collectors and not the plain jane bullion stackers.

    Click on this link to see my ebay listings.

  • cohodkcohodk Posts: 19,103 ✭✭✭✭✭


    << <i>

    << <i>To be honest, I had exactly the same thing tonight.

    Went to view a large collection and all the gold which included Buffalo's. AGE, commem's etc were all NGC 70 stuff. I told him that I have no buyers locally for that , and I would treat them like bullion unless I knew there was a definite premiumon on a key issue or two like the fractional buffalo's. I suggested he sell them to national firm where he can maybe get a little premium above the bullion value.
    So I purchased a bunch of other and left the 70 stuff there.

    Had the same dang thing with the silver eagles. Bought all the raw eagles, and left the 70 slabs alone. >>




    Can't say I blame you, that's exactly what I've been seeing around town. There are buyers who will pay the premium,
    but it's a small percentage of collectors and not the plain jane bullion stackers. >>




    Thats the way I see it also. Always be wary of paying a premium cuz that premium may be worthless when its time for you to sell.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • RMLTM79RMLTM79 Posts: 549 ✭✭✭
    Tell him the proofs were not intended as bullion, but as collector pieces, which is why they come in presentation boxes. Dealers like this give B&M's a bad rep.
    One dealer near me literally laughed when I brought in a proof buffalo and said "I'll give you melt for that". I looked at him for a couple seconds without saying a word and said
    "no thank you" and walked right out. He never saw me again.
  • PerryHallPerryHall Posts: 46,113 ✭✭✭✭✭


    << <i>Tell him the proofs were not intended as bullion, but as collector pieces, which is why they come in presentation boxes. Dealers like this give B&M's a bad rep.
    One dealer near me literally laughed when I brought in a proof buffalo and said "I'll give you melt for that". I looked at him for a couple seconds without saying a word and said
    "no thank you" and walked right out. He never saw me again. >>



    You should have laughed into that crook's face and said "You should be so lucky!" and than walk away shaking your head in disbelief.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    I'm surprised they are offering melt and not $25 back like I was offered for a 2006 MS70 Buff..

    This was at a Atlanta monthly coin show from a "big" bullion buyer/coin dealer.
    Avid collector of GSA's.
  • KonaheadKonahead Posts: 1,476 ✭✭✭


    << <i>Tell him the proofs were not intended as bullion, but as collector pieces, which is why they come in presentation boxes. Dealers like this give B&M's a bad rep.
    One dealer near me literally laughed when I brought in a proof buffalo and said "I'll give you melt for that". I looked at him for a couple seconds without saying a word and said
    "no thank you" and walked right out. He never saw me again. >>




    I have done the same thing. I will never go back!
    PEACE! This is the first day of the rest of your life.

    Fred, Las Vegas, NV
  • jmski52jmski52 Posts: 22,824 ✭✭✭✭✭
    This is the reason that ebay made it past the startup stage.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • AmigoAmigo Posts: 966 ✭


    I lost out on a large collection of type coins because he thought my spot + 75 for his NGC 70 proof AGE and Buffs were too low. It's tough from my perspective to purchase this stuff from the crowd that got all carried away with the nonsense of grading modern proofs. Actually, I don't think it's unreasonable for folks to buy modern gold 70's, it's just all the over-valued marketing hype that people bought into. IMHO, it's very naive people that pay large premiums for that stuff. Yeah, Yeah, Yeah, I know it sells for a premium on Ebay, but not nearly the premium the fools paid from the TV channels and national marketers. It's a huge scam.
  • Mission16Mission16 Posts: 1,413 ✭✭✭
    I remember some years ago at a show in Albany, one of the dealers there was offering 1/4oz 2004 Proof Platinums for spot. ANd not getting any takers.
    I remember thinking about buying a few but talked myself out of it as buying the proof 1oz each year was enough.
  • BochimanBochiman Posts: 25,377 ✭✭✭✭✭
    If he sells them near bullion price, IF he gets any, then he isn't a crook and that is just the way he does business.

    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

  • PerryHallPerryHall Posts: 46,113 ✭✭✭✭✭


    << <i>If he sells them near bullion price, IF he gets any, then he isn't a crook and that is just the way he does business. >>



    How many dealers do you know that sell proof gold buffalos near melt? I'd like to get their names.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • percybpercyb Posts: 3,324 ✭✭✭✭


    << <i>I'm in the process of getting rid of all my numismatic related bullion and using the funds to by bullion w/ no numismatic ties. So I have my proof gold buffs for sale on the bst and sold almost all of them and stopped into a local B&M today to buy some AGE's w/ the funds. Out of curiosity I asked them what their buy price would be on my 2008-W $50 Buff PR70DCAM. His answer was that he treats all gold buffalos as bullion so he pays no premium for them image He said that a "coinworld" article states that the mint only produced these for the purpose of being bullion so therefore he abides by that rule. >>



    What a salesman he is. What was the premium, if any, on the AGE you bought
    "Poets are the unacknowledged legislators of the world." PBShelley
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