Unknowledgeable trader working at APMEX

bushmaster8 · February 12, 2011 11:30PM

So I call Apmex Friday wanting to sell some 40% IKES.

The trader gives me a low quote.

Turns out he was trying to give me the buy price for 40% Kennedy halves.

I told him repeatedly that that is wrong, because one 40% IKE contains about 10% more silver than 2 40% halves.

"NO...this is what we pay for 40%", he says.

I could not convince this pinhead of his error and finally had to hang up.

Maybe I'll try again Monday, but sure left a bad taste in my mouth.

coindeuce · February 12, 2011 11:48PM

Wether you have 40% JFK 50c. or 40% Ike $1, the multiplier of face value would still be very similar (probably around 8X-8.25X). Did you expect the multiplier to be higher for Ikes?

BST transactions: ao39,Bajjerfan,Barndog,Batman23,Blackhawk,
Braddick,brokezorro,cohodk,CoinsAreNeat,Coinlearner,cucamongacoin,DoubleEagle59,
Ducky1100,EvilEmpire,eyoung429,greencopper,grip,jakeblue,JonathanB,Kalshacon,
Keets,kryptonitecomics,KSteelheader,LasVegasTeddy,LeeG,
LucyBop,mach19,magazineman,MisterTicToc,
Nocerino18,Numisma,oldwestgold,oreville,PreTurb,
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bushmaster8 · February 12, 2011 11:54PM

Yes. It should be higher.

At $29.90 spot $1 face of Kennedy = $8.84

$1 face of IKE= $9.46

I dont consider that an insignificant difference!

CaptHenway · February 13, 2011 12:40AM

You are, of course, absolutely correct, but I am not surprised that he did not have 40% dollars on his buying sheet. Until the recent runup in silver nobody sold 40% dollars as bullion. They had something of a numismatic value.

Things have changed. As I was clearing out my desk in December I was throwing full rim good Barber dimes and quarters in the silver bucket and tubing up 90% silver Proof coins to sell with the BU rolls of silver.

TD

coindeuce · February 13, 2011 12:42AM

Only problem with your assessment is the perception that Ikes trade readily on the same level as 40% half dollars. They don't. I don't recall ever having seen a bid on the CCE for a bag quantity of 40% Ikes. You're better suited to offer the Ikes to J6P. That's just the way it is.

BST transactions: al410,ao39,Bajjerfan,Barndog,Batman23,Blackhawk,
Braddick,brokezorro,cohodk,CoinsAreNeat,Coinlearner,cucamongacoin,DoubleEagle59,
Ducky1100,EvilEmpire,eyoung429,greencopper,grip,jakeblue,JonathanB,Kalshacon,
Keets,kryptonitecomics,KSteelheader,LasVegasTeddy,LeeG,
LucyBop,mach19,magazineman,MisterTicToc,
Nocerino18,Numisma,oldwestgold,oreville,PreTurb,
Rob41281,Robb,robkool,RPMHunter,RTS,
SeaEagleCoins,steelielee,Stone,sToner,smittys,tydye,Walkerguy21D

savoyspecial · February 13, 2011 1:15AM

as the hobby (industry, if you prefer) moves from collectible to bullion driven the chance of getting a true numismatist on the other end of a phone greatly decreases......they are reading from a sheet, trust me

do you think the "experts at Goldline" are really experts??

CaptHenway · February 13, 2011 11:06AM

<< <i>Only problem with your assessment is the perception that Ikes trade readily on the same level as 40% half dollars. They don't. I don't recall ever having seen a bid on the CCE for a bag quantity of 40% Ikes. You're better suited to offer the Ikes to J6P. That's just the way it is.

BST transactions: al410,ao39,Bajjerfan,Barndog,Batman23,Blackhawk,
Braddick,brokezorro,cohodk,CoinsAreNeat,Coinlearner,cucamongacoin,DoubleEagle59,
Ducky1100,EvilEmpire,eyoung429,greencopper,grip,jakeblue,JonathanB,Kalshacon,
Keets,kryptonitecomics,KSteelheader,LasVegasTeddy,LeeG,
LucyBop,mach19,magazineman,MisterTicToc,
Nocerino18,Numisma,oldwestgold,oreville,PreTurb,
Rob41281,Robb,robkool,RPMHunter,RTS,
SeaEagleCoins,steelielee,Stone,sToner,smittys,tydye,Walkerguy21D >>

Good point. You can get Buy/Sell spreads for $1,000 face bags of 40% halves, but I've never seen a bag of 40% dollars offered to Buy or Sell.
TD

shottaker · February 13, 2011 11:17AM

unless I had a bullion client that wanted them I would probably send them to melt and take an appropriate hit and tie up my money far longer than a bag of halves. So the extra 5% profit would make up for that (assuming 95% on a silver melt lot as I'd toss it in with other junk). I have tried to sell $100 to $1000 face in 40% dollars on cce. There are a couple buyers if you call around but the number is usually only nominally higher.

jdimmick · February 13, 2011 12:30PM

You know up until this thread, I have never actually thought about this , but you are exactly right. Same principle applies to 40% $, as it does for 90% that 1 $ is more silver than 2 halves etc.

I have been scrapping tons of Ikes the past 4-5 months and have been selling them at the regular 40% rate with out even thinking!!!!! DUH

CaptHenway · February 13, 2011 12:47PM

<< <i>You know up until this thread, I have never actually thought about this , but you are exactly right. Same principle applies to 40% $, as it does for 90% that 1 $ is more silver than 2 halves etc.

I have been scrapping tons of Ikes the past 4-5 months and have been selling them at the regular 40% rate with out even thinking!!!!! DUH >>

When you say "scrapping," I assume you do not mean "sending them to the refiner"?

AMRC · February 13, 2011 1:08PM

Call them back and ask to talk to a Manager. Nathan and Scott over there will make it right. No worries. Selling IKEs as bullion is kind of new to alot of people.

bushmaster8 · February 15, 2011 4:07AM

Thanks To ARMEN!

I did indeed talk to Nathan at APMEX today and he did make everything right.

AMRC · February 21, 2011 12:21PM

One of the few companies that has paid me BEFORE I shipped.

PawPaul · February 21, 2011 11:22PM

...should have waited ; silver is surging

Unknowledgeable trader working at APMEX

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