I was straight faced told this in a pawn shop today
MsMorrisine
Posts: 33,088 ✭✭✭✭✭
We pay 25%-40% of what it's worth (gold coin)
Said they paid one guy $80 on a $300 coin & even told him what it's worth.
(Owner collects)
Can anyone beat these low, low prices?
Said they paid one guy $80 on a $300 coin & even told him what it's worth.
(Owner collects)
Can anyone beat these low, low prices?
Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
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Got quoins?
And Stan says there is no $10 oz silver.... Well maybe semantically, lol...
We got some GOOD stuff.
I tried to loan as HIGH as I could so I could (hopefully) drive it into default and get the coins to sell.
I remember one collection I romanced HARD!
Mint state seated stuff in half dimes, dimes, quarters, halves. GREAT stuff.
Offered to BUY but never could get the dang collection.
It was NICE!
Friggin criminal if you ask me, on the flip side, he's not forcing anyone to sell. Don't really know how much volume he does.
this.
Liberty: Parent of Science & Industry
They charge 150% of any pm given item, if you're me not me having built a relationship with them. It's called negotiation at that point.
<< <i>The best way to put rippers out of business is for people to get smart and do their homework before they go in to sell. >>
Who are you calling rippers??? And why exactly??? What kind of business's have you started and or run???
And for starters, but quite lame, the bombs will drop later... why don't people do their homework before they buy???
and they seem to be some Everyones Hero's...
But when a guy runs a store front business , spends thousands of dollars a month to keep the place open
not to mention 50+ hours a week of his time,
He is labeled a RIPPER for making offers on stuff he may or may not even want ?
Crazy World we live in...
LM-ANA3242-CSNS308-MSNS226-ICTA
and sells them at 105%...
And I am always being scolded on my low buy and high sell...
but still here after 33 years.. Smile...
LM-ANA3242-CSNS308-MSNS226-ICTA
<< <i>For the record, My store pays 95% for popular gold coins,
and sells them at 105%...
And I am always being scolded on my low buy and high sell...
but still here after 33 years.. Smile... >>
The practical matters are that they usually won't do better than 95% if selling on eBay and finding the one who'll pay the 105% is not easy for the average person.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>FWIW, retail outlets would not be in business long if they paid retail prices for their inventory. >>
True, but it's also true that they can't get that same deal from any other legitimate supplier. The best price for a 1 ounce AGE is spot + 3% from the Mint. An AP would have to mark that up too. Of course if an AP is buying from anyone other than the Mint then all bets are off about what they'll pay. You will get the most from them if you sell sealed tubes or in the case of ASEs sealed monster boxes.
<< <i>
<< <i>FWIW, retail outlets would not be in business long if they paid retail prices for their inventory. >>
True, but it's also true that they can't get that same deal from any other legitimate supplier. The best price for a 1 ounce AGE is spot + 3% from the Mint. An AP would have to mark that up too. Of course if an AP is buying from anyone other than the Mint then all bets are off about what they'll pay. You will get the most from them if you sell sealed tubes or in the case of ASEs sealed monster boxes. >>
but also keep in mind, Timing has a lot to do with cost...
If I have a buyer waiting for delivery of gold, I will pay plenty more to a supplier to get it...
If I already have more gold in stock than I need, I would want to buy yours cheaper just to sit on it...
LM-ANA3242-CSNS308-MSNS226-ICTA
<< <i>Fortunately, all storefront stores, get free rent, electricity, security, taxes, equipment, etc. and the owners/employees are more than happy, nay joyous to work for free and dumpster dive for food and clothing. They do it for the love of the business, bless them, each and every one of them. You need a minimum 30% mark up just to keep the doors open, Wharton 101. Sure there are rip off artists, but to expect a business to work on a slim margin is just being unrealistic. Open a store and spend some time in the trenches, that's wake up call 101. >>
Any idea of what percentage of inventory walks in the door vs that which needs to be ordered from a supplier?
<< <i>Why is it that these TV Clowns like Pawn Stars and Those Pickers, buy stuff at 30 to 50 %
and they seem to be some Everyones Hero's...
But when a guy runs a store front business , spends thousands of dollars a month to keep the place open
not to mention 50+ hours a week of his time,
He is labeled a RIPPER for making offers on stuff he may or may not even want ?
Crazy World we live in... >>
I don't find those television clowns to be heroes. I find those guys to be scripted television ignorance. I wouldn't trust sending any uniformed person to them.
I'm not saying all business owners are rippers. I am talking about the ones who lowball uninformed people that walk through their doors, and prey on them like vultures. If you aren't one of them, then my comments never applied to you from the start.
I commend honest business owners. I just happen to live in an area where those rippers are taking advantage of people who don't know any better. Then they brag about it every chance they get. Those types disgust me.
<< <i>I'm sure they would pay face on gold if they saw a glimmer of a chance. >>
And I'm sure you would to, Kettleman...
<< <i>
<< <i>Why is it that these TV Clowns like Pawn Stars and Those Pickers, buy stuff at 30 to 50 %
and they seem to be some Everyones Hero's...
But when a guy runs a store front business , spends thousands of dollars a month to keep the place open
not to mention 50+ hours a week of his time,
He is labeled a RIPPER for making offers on stuff he may or may not even want ?
Crazy World we live in... >>
I don't find those television clowns to be heroes. I find those guys to be scripted television ignorance. I wouldn't trust sending any uniformed person to them.
I'm not saying all business owners are rippers. I am talking about the ones who lowball uninformed people that walk through their doors, and prey on them like vultures. If you aren't one of them, then my comments never applied to you from the start.
I commend honest business owners. I just happen to live in an area where those rippers are taking advantage of people who don't know any better. Then they brag about it every chance they get. Those types disgust me. >>
Lol, what about the ones that don't brag?, but do 10000x better?... And have nothing to do with pm buying or selling....
Edit to add - the ones you frequent...
Shops I go to all have to hold stuff they buy for 30 days . I don't really blame them for paying low prices in light of that. If they pay low prices it means I can buy for 11x face then I'm happy with how they work.
Its 2015 why would anyone need to sell their stuff to a shop for 50% of melt? Don't buy things that are hard to move and make your life easy.
just this week I sold 2 $10 face lots of 64 kennedy halfs on ebay for $155 each . Both buy nows sold within a day of listing them. Why drive down to a shop to get offered $80 each?
Makes no sense at all.
90% is easy to move , I tried selling some 1 oz government style bullion for a premium and got no real interest . Lesson learned . No more noah's ark coins , no more fiji turtles , no more maples , no more ASE's even. Thats just the normal bullion ........ Try selling those big ugly 5 oz quarters and be prepared to take 2 months for them to move .
<< <i>Shops I go to all have to hold stuff they buy for 30 days . I don't really blame them for paying low prices in light of that. If they pay low prices it means I can buy for 11x face then I'm happy with how they work.
Its 2015 why would anyone need to sell their stuff to a shop for 50% of melt? Don't buy things that are hard to move and make your life easy.
just this week I sold 2 $10 face lots of 64 kennedy halfs on ebay for $155 each . Both buy nows sold within a day of listing them. Why drive down to a shop to get offered $80 each?
Makes no sense at all.
90% is easy to move , I tried selling some 1 oz government style bullion for a premium and got no real interest . Lesson learned . No more noah's ark coins , no more fiji turtles , no more maples , no more ASE's even. Thats just the normal bullion ........ Try selling those big ugly 5 oz quarters and be prepared to take 2 months for them to move .
Lots of wisdom right there, well done.
Liberty: Parent of Science & Industry
mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>90% is easy to move , I tried selling some 1 oz government style bullion for a premium and got no real interest . Lesson learned . No more noah's ark coins , no more fiji turtles , no more maples , no more ASE's even. Thats just the normal bullion ........ Try selling those big ugly 5 oz quarters and be prepared to take 2 months for them to move . >>
Let us repeat:
90% is easy to move
Gonna be more so, too.
I have the coin ( I bought from them at 300), and now have the guy comin to me with what's left, although very little left. the other shop crushed him on the morgans.
He was the grandson of a collector who used to buy from my long time dealer mentor friend of mine who is no longer in business, but he just went to the closet place to sell when he inherited the coins last week.
jim
<< <i>We pay 25%-40% of what it's worth (gold coin)
Said they paid one guy $80 on a $300 coin & even told him what it's worth.
(Owner collects)
Can anyone beat these low, low prices? >>
I could never work in a coin or pawn shop, most people have an inflated idea of what their trinkets are worth and that look of disappointment in low or NO offer would break my heart
Liberty: Parent of Science & Industry