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If someone offered you gold or silver in payment of a debt ...

291fifth291fifth Posts: 24,332 ✭✭✭✭✭
in Precious Metals
1. Would accept it?

2. How would you value it?
All glory is fleeting.

Comments

  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭
    Ive only once offered bullion as payment once. I traded a few Silver Eagles for a 235ci inline 6 for my 1951 Master Deluxe. The guy loved the idea since he was thinking he should start buying some bullion.
  • 291fifth291fifth Posts: 24,332 ✭✭✭✭✭
    I'm thinking here about cash debts only, not trades for other collectible items.
    All glory is fleeting.
  • SaorAlbaSaorAlba Posts: 7,539 ✭✭✭✭✭
    I offered a couple of AGE's in payment for a $2500 car when gold was $1250 to a known bullion lover, but refused.



    But that said I settled debts in E. Europe easily with yellow metal.
    In memory of my kitty Seryozha 14.2.1996 ~ 13.9.2016 and Shadow 3.4.2015 - 16.4.21
  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    1. yes
    2. depends on physical form of the metal. I would normally place a value at spot since either he or I would face the expense of converting it to cash.

    "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

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,283 ✭✭✭✭✭
    Business is cashing out, for a lot of people. That's the way many folks stay off the grid (not paying their bills). They demand cash for gold to settle their debts all public and private. Enter the FRN.
  • BarndogBarndog Posts: 20,490 ✭✭✭✭✭
    I would take it, valued at spot
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  • rickoricko Posts: 98,724 ✭✭✭✭✭
    I accept it at spot.....I have offered it twice, and both times it was refused..... People unfamiliar with precious metals or coins are very reluctant to deal in that medium. Cheers, RickO
  • 291fifth291fifth Posts: 24,332 ✭✭✭✭✭
    I would probably accept gold but not silver, but at a discount from spot. Just how big the discount would be would depend on just what kind of bullion gold it was (I would NOT accept any that had a numismatic premium attached), how unsettled the metals market was, and the amount, less any expenses relating to its disposal, I could get for it in cash, quickly.

    I think allowing "melt" is too generous. If I can't pay bills with it it will be discounted.
    All glory is fleeting.
  • OPAOPA Posts: 17,119 ✭✭✭✭✭
    youtube...unable to sell 1 oz gold coin for $20
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • OPAOPA Posts: 17,119 ✭✭✭✭✭
    Trying to sell a silver dollar for 1$

    youtube
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • mbogomanmbogoman Posts: 5,182 ✭✭✭✭✭
    youtube...unable to sell 1 oz gold coin for $20




    I remember that story when it was on the local news (I live in the San Diego area). The ignorance of vast swaths of the American public never ceases to amaze. And just think, their vote counts just as much as yours or mine...

    mbogoman

    Asesabi Lutho

    https://pcgs.com/setregistry/collectors-showcase/classic-issues-colonials-through-1964/zambezi-collection-trade-dollars/7345
  • johnny9434johnny9434 Posts: 28,298 ✭✭✭✭✭
    if i knew the donor maybe and i would go by the price at current market levels. fwiw
  • PokermandudePokermandude Posts: 2,713 ✭✭✭
    I would. The average Joe certainly would not.
    http://stores.ebay.ca/Mattscoin - Canadian coins, World Coins, Silver, Gold, Coin lots, Modern Mint Products & Collections
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    My plumber insists on being paid in 90% once we talked about metals and he found out I was a metals guy too. Whatever his bill works out to be, I pay in 90% face based on the formula of Spot - $1 x .715 and he's good with that everytime.

    For the couple times a year I need his services, it works out good for both of us.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Originally posted by: mbogoman

    youtube...unable to sell 1 oz gold coin for $20




    I remember that story when it was on the local news (I live in the San Diego area). The ignorance of vast swaths of the American public never ceases to amaze. And just think, their vote counts just as much as yours or mine...




    Don't even get me started lol
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • BBNBBN Posts: 3,761 ✭✭✭
    If I were needing to use the money for something like a debt or buying something as soon as I got the money then no. If I weren't in a hurry to cash it out or can hold long term then yes at spot. For silver I might go 5% under. American Platinum Eagle, then absolutely yes at spot and then flip on eBay or find a local B&M dealer willing to pay a small premium which probably wouldn't happen.


    Positive BST Transactions (buyers and sellers): wondercoin, blu62vette, BAJJERFAN, privatecoin, blu62vette, AlanLastufka, privatecoin

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  • VanHalenVanHalen Posts: 3,945 ✭✭✭✭✭
    Yes and once confirmed genuine I'd value it at melt or slightly less for generic bullion.
  • BaleyBaley Posts: 22,660 ✭✭✭✭✭
    I don't take rocks or metals in trade or debt payment.



    Only seasoned firewood or live chickens.

    Liberty: Parent of Science & Industry

  • dpooledpoole Posts: 5,940 ✭✭✭✭✭
    I offered an AGE in partial payment for some jewelry once, but was refused. They didn't know what it was.

    Here's a warning parable for coin collectors...



  • coinspackscoinspacks Posts: 1,007 ✭✭✭✭
    i would accept it at spot price for a debt
  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    I would, at spot.



    I have paid tabs at my bars with silver and silver coin, as well as tips. These are long time bartenders though so they know the values and aren't the 'what is this junk' types.
  • jmski52jmski52 Posts: 22,814 ✭✭✭✭✭
    I generally avoid having people owe me any money.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • tneigtneig Posts: 1,505 ✭✭✭
    Considering several risks and extra effort, it would have to be at a low price.
    Otherwise, I'd tell them to cash it in themselves and pay me cash.
    COA
  • DoubleEagle59DoubleEagle59 Posts: 8,307 ✭✭✭✭✭
    I would take all the silver, gold or platinum anyone could give me for a debt owed or transaction made.

    I don't want that paper crap.
    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭
    Originally posted by: VanHalen

    Yes and once confirmed genuine I'd value it at melt or slightly less for generic bullion.




    Yep. If you can't sell it locally for more than melt or spot, then you shouldn't offer more than that for it.
    theknowitalltroll;
  • rpwrpw Posts: 235 ✭✭
    1. Yes
    2. Spot

    For at leat 7 years I have offered a variety of vendors a choice of gold, silver or Federal Reserve Units for a discount. Never had anyone take gold or silver. Most take FRN's for discounts between 5-50%
    imageimage Small Size National Bank Note Type Set $5-$100
  • Mission16Mission16 Posts: 1,413 ✭✭✭
    Originally posted by: Baley
    I don't take rocks or metals in trade or debt payment.

    Only seasoned firewood or live chickens.



    I took 1000 BF of curly maple lumber for a cash debt once.

    The only monster box of SAE's I've ever owned was part payment on a business debt.

    I would (and did) value it at spot.
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