Home U.S. Coin Forum
Options

Ya gotta love the Gold buyers!!!

keetskeets Posts: 25,351 ✭✭✭✭✭

So a customer comes into the shop, has a $50 AGE in a bezel they want to sell/pawn. I look at it, flip it over and ask about the dark spot on the reverse. She tells me they just came from "Cashland" and the guy there scratched it to make sure it was OK. I asked her why he did that and she said the guy didn't even ask, she handed him the coin and when he returned it was scratched and had a dark spot from acid.

Nice!!

Al H.

Comments

  • Options
    keetskeets Posts: 25,351 ✭✭✭✭✭

    **I think you should ask **

    that is what the customer said, she handed it to him and before she really knew what was happening he walked away to a back room and then returned.

  • Options
    Walkerguy21DWalkerguy21D Posts: 11,150 ✭✭✭✭✭

    And then he apparently made a lowball offer to boot....

    Successful BST transactions with 170 members. Recent: Tonedeaf, Shane6596, Piano1, Ikenefic, RG, PCGSPhoto, stman, Don'tTelltheWife, Boosibri, Ron1968, snowequities, VTchaser, jrt103, SurfinxHI, 78saen, bp777, FHC, RYK, JTHawaii, Opportunity, Kliao, bigtime36, skanderbeg, split37, thebigeng, acloco, Toninginthblood, OKCC, braddick, Coinflip, robcool, fastfreddie, tightbudget, DBSTrader2, nickelsciolist, relaxn, Eagle eye, soldi, silverman68, ElKevvo, sawyerjosh, Schmitz7, talkingwalnut2, konsole, sharkman987, sniocsu, comma, jesbroken, David1234, biosolar, Sullykerry, Moldnut, erwindoc, MichaelDixon, GotTheBug
  • Options
    BryceMBryceM Posts: 11,733 ✭✭✭✭✭

    Imagine if it had been a high-grade Lib or Saint.

    When God handed out brains, he used a teaspoon on some people.

  • Options
    BAJJERFANBAJJERFAN Posts: 30,989 ✭✭✭✭✭

    @BryceM said:
    Imagine if it had been a high-grade Lib or Saint.

    When God handed out brains, he used a teaspoon on some people.

    A lot of them coin dealers.

  • Options
    BAJJERFANBAJJERFAN Posts: 30,989 ✭✭✭✭✭

    @AUandAG said:
    To the Cashland guy it is gold, to you it's a coin. Big difference.

    bob :)

    Smoe folks is persnickety about their bullion and some not. The same school of folks who say it doesn't matter would most likely use it as a reason to lowball you.

  • Options
    Batman23Batman23 Posts: 4,999 ✭✭✭✭✭

    Maybe she should get a written offer from you and take that to Cashland for compensation of damages!

    How stupid to deface someone's jewelry piece without talking price and terms before doing so.

  • Options
    tommy44tommy44 Posts: 2,195 ✭✭✭✭✭

    The Cashland person certainly should have asked but even without the spot does anyone buy common AGEs in bezels for more than melt?

    it's crackers to slip a rozzer the dropsy in snide

  • Options
    musstangrmusstangr Posts: 61 ✭✭✭

    I've often wondered how many gold libs/eagles continue to be melted by these gold buyers. This guy obviously didn't intend to resell the eagle after "testing" it this way. Not that there's a shortage of AMG's, but still.

  • Options
    Batman23Batman23 Posts: 4,999 ✭✭✭✭✭

    @tommy44 said:
    The Cashland person certainly should have asked but even without the spot does anyone buy common AGEs in bezels for more than melt?

    I would guess that Cashland did not even offer melt.

  • Options
    KccoinKccoin Posts: 1,086 ✭✭✭✭✭

    Years ago a metal buyer acid tested some silver of mine before buying. I was naive then and said go ahead. After it tested fine, I didn't even want the coin anymore.

  • Options
    1Mike11Mike1 Posts: 4,414 ✭✭✭✭✭

    Lacks respect and appears to try to take advantage of people by partially destroying the value of their items. Typical douche.

    "May the silver waves that bear you heavenward be filled with love’s whisperings"

    "A dog breaks your heart only one time and that is when they pass on". Unknown
  • Options
    TwoSides2aCoinTwoSides2aCoin Posts: 43,848 ✭✭✭✭✭

    Not professional according to how I was raised, with established standards. At the very least tell the customer it needs testing if one is to buy it. Secondly, not in defense of damaging the item, but numismatically, it was already damaged by insertion into said bezel. Hence, a lot of good coins get taken out of the collectible market this way. Thirdly, the person selling it doesn't seem to have much "sentimental" value attached. And finally, it's a value measured by weight. So the bezel needed testing, too. Right ?

  • Options
    No HeadlightsNo Headlights Posts: 2,039 ✭✭✭✭✭

    Common sense in many instances is uncommon.

  • Options
    JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭

    When you walk into a Cashland I believe you should expect to walkout scarred. Candyland different story.

    m

    Walker Proof Digital Album
    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......
  • Options
    keetskeets Posts: 25,351 ✭✭✭✭✭

    it was already damaged by insertion into said bezel.

    a few people have said this, I didn't inspect it closely after seeing the "Cashland damage" but from what I saw there was no damage. absent the scratches/acid damage we would have resold it, now it goes to the smelter.

  • Options
    jdimmickjdimmick Posts: 9,601 ✭✭✭✭✭

    Here is one, was in one of the local gold buying shops earlier this week, guy comes in with three postal commem gold coins , the 1 oz ones, guy tells customer they are gold, but really hard to move, offered him 500 bucks, and they guy took the offer.
    that's for all 3

  • Options
    jwittenjwitten Posts: 5,077 ✭✭✭✭✭

    @jdimmick said:
    Here is one, was in one of the local gold buying shops earlier this week, guy comes in with three postal commem gold coins , the 1 oz ones, guy tells customer they are gold, but really hard to move, offered him 500 bucks, and they guy took the offer.
    that's for all 3

    Ouch

  • Options
    BillDugan1959BillDugan1959 Posts: 3,821 ✭✭✭✭✭

    Postal commem gold coins?

    My shy friend asked me to ask you what you're referencing.

  • Options
    BAJJERFANBAJJERFAN Posts: 30,989 ✭✭✭✭✭

    @jdimmick said:
    Here is one, was in one of the local gold buying shops earlier this week, guy comes in with three postal commem gold coins , the 1 oz ones, guy tells customer they are gold, but really hard to move, offered him 500 bucks, and they guy took the offer.
    that's for all 3

    And you gritted your teeth, clenched your fists but kept quiet.

  • Options
    BillDugan1959BillDugan1959 Posts: 3,821 ✭✭✭✭✭

    @BAJJERFAN said:

    @jdimmick said:
    Here is one, was in one of the local gold buying shops earlier this week, guy comes in with three postal commem gold coins , the 1 oz ones, guy tells customer they are gold, but really hard to move, offered him 500 bucks, and they guy took the offer.
    that's for all 3

    And you gritted your teeth, clenched your fists but kept quiet.

    Should he have gone postal?

  • Options
    ChrisRxChrisRx Posts: 5,619 ✭✭✭✭

    I would have said SOLD

    image
  • Options
    BillJonesBillJones Posts: 33,484 ✭✭✭✭✭

    Remind me not to go to Cashland if I need to get some money out of my collection. :o

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • Options
    1Mike11Mike1 Posts: 4,414 ✭✭✭✭✭

    @jdimmick said:
    Here is one, was in one of the local gold buying shops earlier this week, guy comes in with three postal commem gold coins , the 1 oz ones, guy tells customer they are gold, but really hard to move, offered him 500 bucks, and they guy took the offer.
    that's for all 3

    No wonder these businesses are popping up all over. 3 ounces of gold for $500. Unless the coins were stolen, the seller was very desperate or very uneducated on moving gold.

    "May the silver waves that bear you heavenward be filled with love’s whisperings"

    "A dog breaks your heart only one time and that is when they pass on". Unknown
  • Options
    291fifth291fifth Posts: 23,942 ✭✭✭✭✭

    @1Mike1 said:

    @jdimmick said:
    Here is one, was in one of the local gold buying shops earlier this week, guy comes in with three postal commem gold coins , the 1 oz ones, guy tells customer they are gold, but really hard to move, offered him 500 bucks, and they guy took the offer.
    that's for all 3

    No wonder these businesses are popping up all over. 3 ounces of gold for $500. Unless the coins were stolen, the seller was very desperate or very uneducated on moving gold.

    Businesses like this don't always succeed. There was one (an independent) located next to my dentist's office for several years that went out of business about a year ago. The location now appears to be in the process of being converted into a "marijuana dispensary" medical supply business.

    All glory is fleeting.
  • Options
    BillDugan1959BillDugan1959 Posts: 3,821 ✭✭✭✭✭

    As for 'postal commem gold', still very unclear exactly what was being sold.

    It would be nice to know in case I would see one someday.

    Here in the Midwest, the number of gold buyers with shops peaked several years ago. There are fewer today and some of the survivors need additional/ other product lines to get by.

  • Options
    thebeavthebeav Posts: 3,753 ✭✭✭✭✭

    @291fifth said:

    Businesses like this don't always succeed. There was one (an independent) located next to my dentist's office for several years that went out of business about a year ago. The location now appears to be in the process of being converted into a "marijuana dispensary" medical supply business.

    I think there has always been more money in 'pot' than in gold...... ;)

  • Options
    ARCOARCO Posts: 4,311 ✭✭✭✭✭

    Sort of like movies of the old west, where the suspectful merchant puts a light tooth bite on the gold coin to make sure it is real. In this modern version, the merchant just ruins a coin because is a complete moron.

  • Options
    ElKevvoElKevvo Posts: 4,064 ✭✭✭✭✭

    I haven't thought about it in a while but there have not been any ads for the mobile gold and silver buyers that would set up shop in a parking lot for the weekend in some time. Must be because the price is low.

    The Cashland guy had no business putting acid on the coin until an agreement was reached in principal depending on test results. He could have weighed it and made an contingent offer, then if the customer agreed tested it. If it was not genuine, no deal and nothing of real value defaced.

    K

    ANA LM
  • Options
    TwoSides2aCoinTwoSides2aCoin Posts: 43,848 ✭✭✭✭✭
    edited October 20, 2017 8:33AM

    Had a woman bring me a key date AU 1911 D $2.5 gold Indian, to get graded. I submitted it to PCGS for her. It came back Ex Jewelry. There was damage on the edge from previously being in a bezel. It got AU details. I asked how it was damaged. She told me the dealer up the street took it out of the bezel. I bet a good jeweler could have removed it without damaging it, but not the bullion dealer. And I won’t name names. In the end, she didn’t like my offer (after submission) and kept the coin.
    ... also, the other damage wasn't the other dealer's doing, or fault.

    Here is the photo from that submission.

  • Options
    rickoricko Posts: 98,724 ✭✭✭✭✭

    Certainly the dealer that damaged the coin was wrong to do it without advising the customer prior to the action. That being said, there are a lot of schlock shops out there. I looked up 'postal gold coins' and found this...'Postal Gold Coins are a great, affordable way to own gold at $15.95 Over Spot Per Ounce!
    These US Postal Gold Coins contain 1 Troy Ounce of Pure Gold Mixed with Copper to add durability! Designs will be random.
    Produced at West Point from 1980 to 1984, the United States Mint issued a series of 1 Oz American Arts Commemorative Gold Medallions, honoring the nation’s most accomplished musicians, painters, authors, architects and actors.'..... Looks like $500 for 3 tozs. of gold was a good deal.....for the buyer. ;) Cheers, RickO

  • Options
    tennbjjtennbjj Posts: 94 ✭✭✭

    @291fifth said:
    Businesses like this don't always succeed. There was one (an independent) located next to my dentist's office for several years that went out of business about a year ago. The location now appears to be in the process of being converted into a "marijuana dispensary" medical supply business.

    I'd love to see how the new business tests for authenticity B)

  • Options
    keetskeets Posts: 25,351 ✭✭✭✭✭

    the United States Mint issued a series of 1 Oz American Arts Commemorative Gold Medallions

    that is what I thought they were but I have always called them what is on the packaging, American Arts Commems. in one regard the story related by jdimmick is accurate, the AAC's are a tough sell so they get a lower bid from us, usually $5-10 under spot and I think we sell them around $15 over. they usually sit.

  • Options
    CaptHenwayCaptHenway Posts: 31,557 ✭✭✭✭✭

    @BillDugan1959 said:
    Postal commem gold coins?

    My shy friend asked me to ask you what you're referencing.

    Look up "American Arts Gold Medallions." When these first came out in 1980 you had to order them by mail and, because the price of gold changed every day, you had to get your order form date stamped at the post office. It was the most ridiculous way of selling gold ever created.

    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • Options
    U1chicagoU1chicago Posts: 5,609 ✭✭✭✭✭

    Here is a recent article with pictures that MintNewsBlog did about these “postal coins”

    http://mintnewsblog.com/revisiting-the-mints-american-arts-gold-bullion-medals/

  • Options
    BillDugan1959BillDugan1959 Posts: 3,821 ✭✭✭✭✭
    edited October 20, 2017 7:59AM

    @CaptHenway said:

    @BillDugan1959 said:
    Postal commem gold coins?

    My shy friend asked me to ask you what you're referencing.

    Look up "American Arts Gold Medallions." When these first came out in 1980 you had to order them by mail and, because the price of gold changed every day, you had to get your order form date stamped at the post office. It was the most ridiculous way of selling gold ever created.

    I do know what the 'American Arts' bullion is, but had never heard them called 'postal commem gold' before now.

    I was initially thinking of the tinny stuff churned out by the so-called 'Postal Comemorative Society'.

    In 1980-81, an older friend asked me how to sell two full bags of Uncirculated Morgan Dollars. Wowser. I put him together with a Dealer who I knew was properly capitalized and wouldn't cheat my friend. After the deal was done, the Dealer slipped me two Marian Anderson golds as a 'finder's fee', which I was not expecting but happily accepted.

  • Options
    BAJJERFANBAJJERFAN Posts: 30,989 ✭✭✭✭✭

    @ElKevvo said:
    I haven't thought about it in a while but there have not been any ads for the mobile gold and silver buyers that would set up shop in a parking lot for the weekend in some time. Must be because the price is low.

    The Cashland guy had no business putting acid on the coin until an agreement was reached in principal depending on test results. He could have weighed it and made an contingent offer, then if the customer agreed tested it. If it was not genuine, no deal and nothing of real value defaced.

    K

    Or they could do it right and buy a non-destructive PM tester.

  • Options
    BillDugan1959BillDugan1959 Posts: 3,821 ✭✭✭✭✭

    @BAJJERFAN said:

    @ElKevvo said:
    I haven't thought about it in a while but there have not been any ads for the mobile gold and silver buyers that would set up shop in a parking lot for the weekend in some time. Must be because the price is low.

    The Cashland guy had no business putting acid on the coin until an agreement was reached in principal depending on test results. He could have weighed it and made an contingent offer, then if the customer agreed tested it. If it was not genuine, no deal and nothing of real value defaced.

    K

    Or they could do it right and buy a non-destructive PM tester.

    Those non-destructive testers are probably worth more than the automobile that the 'We buy Gold' guy happens to drive.

    Typically a notoriously undercapitalized business.

  • Options
    JBKJBK Posts: 14,771 ✭✭✭✭✭
    edited October 20, 2017 9:18AM

    Wow - I learned TWO things today...

    1) that those gold buyers will not only rip you off but they will also ruin your stuff (important to know in case you hare not committed to selling).

    2) that the American Arts gold medals, which I do remember, are also called Postal Commemorative gold.

    Now I have to figure out which two things to forget to make room for this new information....

  • Options
    keetskeets Posts: 25,351 ✭✭✭✭✭

    **Those non-destructive testers **

    they are also not infallible. I would never just test with the gun and nothing else. in our store I tend to be over-cautious with my boss' money so I will test on a small machine we have after locating a hallmark and then scratch with acid. even after all that and having my several years of seeing jewelry some stuff still needs to be cut.

    gold filled is the worst for the gun to scan.

  • Options
    1Mike11Mike1 Posts: 4,414 ✭✭✭✭✭

    @291fifth said:

    @1Mike1 said:

    @jdimmick said:
    Here is one, was in one of the local gold buying shops earlier this week, guy comes in with three postal commem gold coins , the 1 oz ones, guy tells customer they are gold, but really hard to move, offered him 500 bucks, and they guy took the offer.
    that's for all 3

    No wonder these businesses are popping up all over. 3 ounces of gold for $500. Unless the coins were stolen, the seller was very desperate or very uneducated on moving gold.

    Businesses like this don't always succeed. There was one (an independent) located next to my dentist's office for several years that went out of business about a year ago. The location now appears to be in the process of being converted into a "marijuana dispensary" medical supply business.

    Investment wise, health services seems to be where its at the past few months. Go from gold bullion to Columbian gold. :)

    "May the silver waves that bear you heavenward be filled with love’s whisperings"

    "A dog breaks your heart only one time and that is when they pass on". Unknown
  • Options
    jdimmickjdimmick Posts: 9,601 ✭✭✭✭✭

    I don't like them either, but would have paid the guy at least 90% of (melt)gold price, are wholesaler only pays us 95% of melt for these, luckily I don't get that many, but this gold shop sells the gold he takes in for at least what I can get, honestly, he probably gets a percentage or two more than I can , due to his volume.

  • Options
    coinpro76coinpro76 Posts: 366 ✭✭✭

    A customer brought in a fruit bowl from 1859 Imperial Russia Winter Palace silver collection complete with hallmarks stamps .875 marked right on the dish oh and the Romanov family imperial seal all over it. A piece of 1 of 1000 items estimated to still exist cataloged of the families historical silver.

    Earlier that day the customer had brought the dish to a local hotel where some out of town "antiques, jewelry, gold buyer, coin professionals promised to pay $$$$ Top Dollar Cash for your goods." the people that come in for a weekend and buy up all the locals antiquities and gold for 1/50th of its actual value before skipping town to the next major city meanwhile bouncing checks across the country.
    She explained that one of the "Professionals" had taken a file to the corner of the dish, Filed it right down and poured silver tester on it and offered $200 for the dish......

    all around collector of many fine things

  • Options
    1Mike11Mike1 Posts: 4,414 ✭✭✭✭✭

    @coinpro76 said:
    A customer brought in a fruit bowl from 1859 Imperial Russia Winter Palace silver collection complete with hallmarks stamps .875 marked right on the dish oh and the Romanov family imperial seal all over it. A piece of 1 of 1000 items estimated to still exist cataloged of the families historical silver.

    Earlier that day the customer had brought the dish to a local hotel where some out of town "antiques, jewelry, gold buyer, coin professionals promised to pay $$$$ Top Dollar Cash for your goods." the people that come in for a weekend and buy up all the locals antiquities and gold for 1/50th of its actual value before skipping town to the next major city meanwhile bouncing checks across the country.
    She explained that one of the "Professionals" had taken a file to the corner of the dish, Filed it right down and poured silver tester on it and offered $200 for the dish......

    Bizarreness

    "May the silver waves that bear you heavenward be filled with love’s whisperings"

    "A dog breaks your heart only one time and that is when they pass on". Unknown

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Emoji
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file