I have some C series Engelhard 10 oz. silver bars. The local shop wants to give me market value.
IndyTexy
Posts: 4 ✭
I have some C series Engelhard silver bars, 10 oz. The local shop wants to give me market value. Is this a good way to go?
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If by market value, he means spot, then you can do better. The market value of these bars is a premium to spot.
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local shops are the low bidders. Sell retail.
"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
Yep... you can do better.... on ebay or probably right here on the forum or BST. Cheers, RickO
Coin shops buy at one price and (hopefully) sell at a higher price. That's how they make their money to pay salaries, rent, taxes, etc.
This offends the people who think that coin shops should be public charities willing to work for free. No doubt one of them will pay you the full retail price they think you should get for your bars.
Or you can try to sell them yourself, and listen to the same people whine that you are charging over spot and won't offer free shipping. Just explain to your local post office that shipping should be free!
Post them up here !
Explains why they are the low bidder. Fact remains they can most likely be sold for more elsewhere.
"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
Agree. No one should feel obligated to pay some coin dealer's salary, rent or taxes. Sell them where you can get the highest price. Put some good pics on the BST forum and the monthly BST thread here in the Precious Metals Forum. You should do better that the melt value that you are being offered.
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
By all means sell them on here for a few percentage more if you can get it!
But don't forget to charge the buyer your shipping cost, or you might end up with less.
And hope that the buyer's check doesn't bounce.
Or that the market doesn't drop out from under you while you are waiting for somebody to buy them, or that the buyer does not stop payment on his check if the bottom drops out of the market after you set a price because he no longer wants it at that price.
What could possibly go wrong???
Most sellers on the BST won't ship until after the check clears. Also, not every coin dealer check clears. A dealer friend once put a check from another dealer that bounced in his display case at a major coin show with a large "BAD" printed on the face of the check with a red magic marker. That check sure drew a lot of attention during dealer set up and it didn't take long before the dealer that wrote the bad check ran up with some cash to buy his check back. Another dealer friend got a bad check from another dealer and at the next big coin show he paid that dealer a visit. In short order he came back to his table with several nice coins that had a wholesale value equivalent to the value of the bad check. The chances of getting a bad check from a fellow forum member is extremely low especially consider that the check has to clear before the merchandise is shipped. Also as far as the market for silver dropping it could just a easily rise.
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
A few weeks ago I decided to scrap out two complete sets of the American Arts gold medallions, and out of the goodness of my heart offered to sell the better singles to collectors who needed them for $3-$5 each over melt plus actual postage costs. Couldn't move any.
Tom---You're comparing apples to oranges. There is virtually no demand for these medallions and they're essentially scrap gold. The Engelhard silver bars are very popular with silver stackers and are quite collectable and very liquid. They do bring a premium over their melt value in the marketplace.
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
Thank you all. I am new to the coin/bullion hobby. My dad gave me some coins and I'm going to see what they are worth as well. I will post some pictures as soon as I can figure out how. I am somewhat tech friendly, but I prefer old, simple things!!
Ok. Let me know if this worked.
I can see your pics well.
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
The seem rather large. I have 17 of them. All C series numbers.
Welcome to the PM boards IT.
You can definitely get over spot for these 17 bars, but with an estimated mintage of 450k of these commercial bars, don't expect more than a couple bucks over IMO........the poured bars are more collectible and bring larger premiums. Take the most common poured 10oz engelhard Bar with a 200k estimated mintage. These bars can be bought at $3- $5 over spot without much effort.
Some of the tightest asses on the planet are here. You are here. See ?
What @cmanbb said. A few bucks over, but fairly common.
A nice bar for the money in my opinion.
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It will be very interesting to see how much over spot, if any, he can get on here, and who pays the shipping.
Somebody please post the popcorn icon here.
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He should tAke spotcash and walk out the door...even spot -.50 is good
If you have a firm CASH offer for spot take the money and run. You can easily waste significant time and money trying to get just a bit more. Think about opportunity costs that you incur by waiting.
I have to side with capt on this on, I am a dealer (nothing wrong with folks seeking the best money for there stuff) but some people expect you too buy stuff at what you can sell it for , even sometimes way more.
Not PMs, but yesterday, guy comes in with three items, states what he has to have. 1878-cc Morgan Vf-25 wanting 300 no less, I said aint going to happen. Next pulls out an Ohio bank note, wants 300 bucks, looking at recent auction results at heritage showing 138-179. Tried to show him on the screen, gets furious, and calls me a low ball dealer
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