<< <i>First of all, the offer is a tad low, but no body and I mean nobody has ever walked into my shop an wanted to buy 40% halves. I buy them much lower in relation to other silver items(maybe with the exception of sterling). I have to store them up until i get enough to ship out. And shipping cost is heavy and costly to the amout of money it is. >>
That is true. I can't remember the last time I sold any 40% retail at the store, and I remember offering one guy who was looking for a silver deal five BU rolls of 40% at melt.
I just checked my old dealer-to-dealer network, and I could buy solid bags of 40% for a dollar an ounce under spot and the seller pays the shipping.
TD
Numismatist. 54 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Also won the PNG's Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
Accumulate enough 40% to send off a shipment to the leading national buyer. Make 60% profit.
It's not the 1990's anymore. There are dealers advertising all over the internet a few clicks away who will buy most anything numismatic for a good price. Or take it to the next local coin show. I doubt you'd come home with it after pricing it around what the big boyz are paying. Life's so hard!
<< <i>Accumulate enough 40% to send off a shipment to the leading national buyer. Make 60% profit.
It's not the 1990's anymore. There are dealers advertising all over the internet a few clicks away who will buy most anything numismatic for a good price. Or take it to the next local coin show. I doubt you'd come home with it after pricing it around what the big boyz are paying. Life's so hard!
roadrunner >>
Sure.....go out and buy $990 face at 10x (plus shipping) so that you can sell it, and the $10 you started with, back at 9.8x (minus the shipping).
Do y'all work for the gummint?????
Numismatist. 54 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Also won the PNG's Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
<< <i>As an experiment, I walked into a local B&M place today that seems to specialize in gold and silver. I plonked down $10 worth of 40% halves and asked his buying price. After a diligent look at his computer, he said "Fifty dollars."
"Fifty dollars!" I exclaimed, barely keeping from laughing. "I think I'll keep it for that."
The guy looked a bit disgruntled and I wondered if I'd looked like such an easy mark! I also wondered if his look at the computer was really just taking a moment to see how much he could rip me off for.
Thoughts? >>
Crook? No.
Reason: With the economy still crappy these days, this guy was trying to get a deal on your 40%ers. Can't really blame the man for trying.
Not for nothing, but if you had taken those to a pawn shop they would have offered you $30.
What's the big deal? This low ball offer is typical for most B&M coin shops.
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
<< <i>40% is always discounted more than 90% or fine silver. And at these levels, the market could take a major dive at any minute. Any dealer is going to hedge himself, first in case he can't make a quick turnover, and second, in case of a big correction. Any time you are at the top of any market, you are on shaky ground....... >>
Yes, the (silver) market could take a major dive. OR, it could soar. That doesn't sound like ample justification to offer such a low price.
If silver prices were gyrating daily to the tune of double digit percentages, that would be different. >>
Been at this game a very long time....... since the 60s...... and have seen dealers and players alike soaked on market corrections. The smart ones hedge, while the others usually end up getting stuck with unsalable items or monetary losses. Anyone getting an initial offer from anyone is always welcome to counter-offer if they don't like the quote. As someone else mentioned, if there is a waiting period by local regulation, there is no way on earth anyone with a brain is going to buy into the top of a market while having to sit on the merchandise for 30, 60, or 90 days without a hedge. 40% is already a hard sell except in bag quantities, and I don't know of a dealer anywhere willing to pay anything even remotely close to spot. There are alot of factors in "justification", and I'm sure we are only getting part of the story here. Local market conditions can vary widely too from place to place too......... Too many people expect to walk in to a brick and mortar shop and get absolute maximum offers, even full spot, while never taking into consideration shop expenses, overhead, rent, utilities, taxes, fees, all of the unseen "pricing forces" that apply to that particular shop. None I know of is operating on a non-profit status, much less as a loss leader.
<< <i>If instead of the owner of the B&M who offered $50.00 working the counter, the counter was being worked by his part time, 19 year old new employee (with little or no training in spot prices of precious metals, nor of the difference between 40% silver halves and 90% 1964 silver halves); or by the shop owner's stay at home wife (who knows nothing about the business) for 90 minutes while the shop owner was away at a dentist appointment and you offered the $10.00 in face value 40% silver coins for $200.00 and the 19 year old or the wife said "deal" and took out two $100.00 bills to pay you, should you be called a "crook"? >>
BINGO ! Seems most folks like to whine and moan "foul" until THEY are the ones who have the upper hand......... then suddenly "ethics" are out the window.
No, not a crook, he's in business to make a profit, no profit no business. Cost for advertsing, rent, insurance, utilities, etc.. Like others have said, 40% is not really that desirable.
<< <i>Jake's Marketplace is paying about $84 right now according to their website. So- if the local guy didn't have customers in his store looking for 40% sliver and instead sold it to a place like Jake's, he'd make a whole $34 on the deal, less shipping, taxes, time spent on the deal, etc. Hardly a windfall, if you ask me. >>
I agree with the spud. You asked, he offered, you refused without haggling. sounds to me like you were simply baiting him so you'd have a "crooked coin dealer" story to tell.
so, to everyone crying 'foul' at this dealer i would ask this: would you push for the bullion industry to be federally regulated with mandatory spreads between BUY and SELL making low offers a thing of the past??
<< <i>so, to everyone crying 'foul' at this dealer i would ask this: would you push for the bullion industry to be federally regulated with mandatory spreads between BUY and SELL making low offers a thing of the past?? >>
Yes, more regulation is the answer to all of our problems. Then, i could quit my current job and get a job for the Feds as a coin shop inspector.
<< <i>Yes, more regulation is the answer to all of our problems. Then, i could quit my current job and get a job for the Feds as a coin shop inspector. >>
Thank God for us you won't be able to have collective bargaining. ;>
<< <i>Yes, more regulation is the answer to all of our problems. Then, i could quit my current job and get a job for the Feds as a coin shop inspector. >>
Thank God for us you won't be able to have collective bargaining. ;> >>
Thanks for the lively discussion everyone! I've learned a lot.
I still suspect, however, that there must be an efficient 40% silver pipeline out there that dealers can use. After all, there are MILLIONS of these things out there. But, a topic for another thread...
I once was negotiating with this fella over an item I wanted to buy. He preceeded to take the item across the room and held it up under the lamp twisting and turning it while mumbling. Five minutes later he cames back and stammers out a price which was VERY high. I in turn said, "Can you go back and ask the lamp for a better price?". True story...............MJ
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......
As an experiment, I walked into a local B&M place today that seems to specialize in gold and silver. I plonked down $10 worth of 40% halves and asked his buying price. After a diligent look at his computer, he said "Fifty dollars."
My thoughts....
What do you mean "As an experiment" you did this? Do you feel that this is an appropriate use of your time and the time of the B&M's?
Do I think the guy is a crook: NO. Sounds like he's a guy trying to run a business.
Do I think you like wasting people's time on silly "experiments": YES!
<< <i>I still suspect, however, that there must be an efficient 40% silver pipeline out there that dealers can use. >>
Supposing for a moment this is true. Do you have any evidence the dealer you talked to was aware of it? If he was, don't you think he'd likely have made an you offer that would have assured him of 1) a purchase and 2) a profit?
I mean- among the reasons for having a coin store in the first place is to be able to buy stuff for resale. The fact he didn't buy your coins (or even try very hard, according to your post) seems to be a clue that he possibly didn't think the deal would be worth the trouble, even at the price he quoted. More than once, I have heard dealers say (not to the prospective buyer) "I hope the guy doesn't take my offer. I don't really want the stuff that much".
<< <i>As an experiment, I walked into a local B&M place today that seems to specialize in gold and silver. I plonked down $10 worth of 40% halves and asked his buying price. After a diligent look at his computer, he said "Fifty dollars."
My thoughts....
What do you mean "As an experiment" you did this? Do you feel that this is an appropriate use of your time and the time of the B&M's?
Do I think the guy is a crook: NO. Sounds like he's a guy trying to run a business.
Do I think you like wasting people's time on silly "experiments": YES! >>
To clarify, by experiment, I meant that if I felt he offered me a reasonable price on these, that would allow me to bring him other things in the future. Who are you, hiding behind your new moniker, anyway?
<< <i>I meant that if I felt he offered me a reasonable price on these, that would allow me to bring him other things in the future. >>
You might want to rethink your strategy here. If you had told him you had more to sell than just what you brought, he very well may have considered offering you a better price in order to keep you coming back. As it is, you probably appeared to be a one-time seller with a small quantity of less desirable material.
Sure- the dealer shouldn't judge you based on just this one deal, but to be fair, that's exactly what you did to him.
I took a gold bracelet to a shop that buys gold and silver. The bracelet appraised at $4400 by a profession appraiser. The guy at the coin shop offered me $400 for it. Do you think he was a crook? No, he just was saying he didn't really want it, but had I said ok he would have paid me for it. I still have it.
"If I had a nickel for every nickel I ever had, I'd have all my nickels back".
<< <i>I meant that if I felt he offered me a reasonable price on these, that would allow me to bring him other things in the future. >>
You might want to rethink your strategy here. If you had told him you had more to sell than just what you brought, he very well may have considered offering you a better price in order to keep you coming back. As it is, you probably appeared to be a one-time seller with a small quantity of less desirable material.
Sure- the dealer shouldn't judge you based on just this one deal, but to be fair, that's exactly what you did to him. >>
Good advice.
I just can't help wondering, based on all the dealer feedback here, if there isn't a fortune waiting to be made? If a dealer could figure out a good, streamlined way to send this stuff directly to the smelter, there must be thousands of people in my position with just a roll or three to sell.
If the OP's "strategy" was indeed what he claims, it is hopelessly flawed. Further, this whole experiment sounds like a game of 'gotcha', and I hope his future experiments are conducted with more logic and reason.
If the OP's "strategy" was indeed what he claims, it is hopelessly flawed. Further, this whole experiment sounds like a game of 'gotcha', and I hope his future experiments are conducted with more logic and reason. >>
It's strange so many (presumably dealers) think their customers are out to get them. On the contrary, customers are looking for fair--and yes, friendly--dealers to work with. Why on earth would I or anyone else waste my time playing "gotcha"? I can tell you that ANY businessman who treats me with friendliness and fairness is someone I am eager to go back to. Common sense.
As for my "hopelessly flawed" strategy, that is a hopelessly dealer-oriented perspective--one which will lose someone many customers over time. Really, circling the wagons around a "the customer is an idiot" theme is a losing game, and smart dealers understand that.
<< <i>Really, circling the wagons around a "the customer is an idiot" theme is a losing game... >>
Pointing out that there might have been a better way to approach the deal is not the same as calling the customer an idiot, you know.
I imagine this thread might have gone in an entirely different direction if, instead of being titled "Would you call this guy a crook?", you had titled it "Do you think my expectations are unreasonable?"
<< <i>As an experiment, I walked into a local B&M place today that seems to specialize in gold and silver. I plonked down $10 worth of 40% halves and asked his buying price. After a diligent look at his computer, he said "Fifty dollars."
My thoughts....
What do you mean "As an experiment" you did this? Do you feel that this is an appropriate use of your time and the time of the B&M's?
Do I think the guy is a crook: NO. Sounds like he's a guy trying to run a business.
Do I think you like wasting people's time on silly "experiments": YES! >>
To clarify, by experiment, I meant that if I felt he offered me a reasonable price on these, that would allow me to bring him other things in the future. Who are you, hiding behind your new moniker, anyway? >>
So, let's recap. You disguised yourself as someone meriting a minimum of the dealer's valuable time, and were treated accordingly.
What is your complaint????
Numismatist. 54 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Also won the PNG's Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
That dealer could spend less than a minute with you explaining why 40% isn't really what he's looking for and why he's offering a low price. In-person communication is one of his major Aces in the competition between the internet buyers/sellers. And he's squandered that.
Every customer contact counts. First time in the store? Look at the glass half full: That is an opportunity for him to forge a trusting relationship with a potential customer. If he takes it as glass half empty, well you'll just do your business online. And you'll tell all your friends why he's a jerk to deal with.
Plus, I think that 40%s do have a place in B&Ms. Sure, you're not going to make much money at it, but hey. Look at the price of silver--ASE bullion for $40? When I was a kid, I kind of liked buying ASEs. I would buy them one at a time for about $5 or $6. That's not possible anymore. But what is? 40% Kennedys could be sold singly for $6 or so. Those 40% Kennedy halves are great buys for the kids wanting silver because ASEs and silver dollars aren't really all that affordable anymore. A great way to invest in future customers!
Successful transactions with keepdachange, tizofthe, adriana, wondercoin
<< <i>I took a gold bracelet to a shop that buys gold and silver. The bracelet appraised at $4400 by a profession appraiser. The guy at the coin shop offered me $400 for it. Do you think he was a crook? No, he just was saying he didn't really want it, but had I said ok he would have paid me for it. I still have it. >>
Here's a little secret about professional jewelry appraisals. "They aren't worth the paper they are written on". I worked a couple of years for a large jeweler who regularly wrote appraisals for his own goods, as well as those of others for insurance companies and individuals alike. Most would average 3 or 4 times what the "actual" replacement value was, sometimes more. Appraisals are more a marketing tool than an accurate portrayal of value.
<< <i>I took a gold bracelet to a shop that buys gold and silver. The bracelet appraised at $4400 by a profession appraiser. The guy at the coin shop offered me $400 for it. Do you think he was a crook? No, he just was saying he didn't really want it, but had I said ok he would have paid me for it. I still have it. >>
Here's a little secret about professional jewelry appraisals. "They aren't worth the paper they are written on". I worked a couple of years for a large jeweler who regularly wrote appraisals for his own goods, as well as those of others for insurance companies and individuals alike. Most would average 3 or 4 times what the "actual" replacement value was, sometimes more. Appraisals are more a marketing tool than an accurate portrayal of value. >>
There is a jewelry company here in the Chicago area that for years has been running ads that say that everything they sell above a certain price level is guaranteed to appraise at double their retail price.
I would assume that that does not mean that they will buy it back from you at double what you just paid for it.
TD
Numismatist. 54 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Also won the PNG's Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
<< <i>I took a gold bracelet to a shop that buys gold and silver. The bracelet appraised at $4400 by a profession appraiser. The guy at the coin shop offered me $400 for it. Do you think he was a crook? No, he just was saying he didn't really want it, but had I said ok he would have paid me for it. I still have it. >>
Here's a little secret about professional jewelry appraisals. "They aren't worth the paper they are written on". I worked a couple of years for a large jeweler who regularly wrote appraisals for his own goods, as well as those of others for insurance companies and individuals alike. Most would average 3 or 4 times what the "actual" replacement value was, sometimes more. Appraisals are more a marketing tool than an accurate portrayal of value. >>
There is a jewelry company here in the Chicago area that for years has been running ads that say that everything they sell above a certain price level is guaranteed to appraise at double their retail price.
I would assume that that does not mean that they will buy it back from you at double what you just paid for it.
TD >>
LOL......... not likely. One of our fine locals use to advertise gold chains at 90 percent off retail, until a competitor ran his own commercial showing the "bargain" chains FLOATING in a glass of water. The surface adhesion of the water was actually stronger than the weight of the gold in the chain.
<< <i>I took a gold bracelet to a shop that buys gold and silver. The bracelet appraised at $4400 by a profession appraiser. The guy at the coin shop offered me $400 for it. Do you think he was a crook? No, he just was saying he didn't really want it, but had I said ok he would have paid me for it. I still have it. >>
Here's a little secret about professional jewelry appraisals. "They aren't worth the paper they are written on". I worked a couple of years for a large jeweler who regularly wrote appraisals for his own goods, as well as those of others for insurance companies and individuals alike. Most would average 3 or 4 times what the "actual" replacement value was, sometimes more. Appraisals are more a marketing tool than an accurate portrayal of value. >>
There is a jewelry company here in the Chicago area that for years has been running ads that say that everything they sell above a certain price level is guaranteed to appraise at double their retail price.
I would assume that that does not mean that they will buy it back from you at double what you just paid for it.
TD >>
LOL......... not likely. One of our fine locals use to advertise gold chains at 90 percent off retail, until a competitor ran his own commercial showing the "bargain" chains FLOATING in a glass of water. The surface adhesion of the water was actually stronger than the weight of the gold in the chain. >>
The ol' "xx% off of retail" scam goes on and on. Back in 1991 or so my wife and I went to Hawaii. We were in an outdoor market while my wife was buying souvenirs for her co-workers back at the Sears Tower, and I wandered around and found a pushcart loaded with gold jewelry. Everything was "50% OFF!!!" . I said hello to the nice Asian-American young lady running the booth, then pointed to a common 1/10th oz. gold panda in a 14kt bezel and said "How much?" She whips out a calculator and spends 30 seconds crunching numbers and finally announces "$495!" . I say "That odd. At the coin shop I work at back in Chicago we sell the same thing for $99."
All of a sudden she could no longer speak English.
Numismatist. 54 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Also won the PNG's Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
Comments
<< <i>First of all, the offer is a tad low, but no body and I mean nobody has ever walked into my shop an wanted to buy 40% halves. I buy them much lower in relation to other silver items(maybe with the exception of sterling). I have to store them up until i get enough to ship out. And shipping cost is heavy and costly to the amout of money it is. >>
That is true. I can't remember the last time I sold any 40% retail at the store, and I remember offering one guy who was looking for a silver deal five BU rolls of 40% at melt.
I just checked my old dealer-to-dealer network, and I could buy solid bags of 40% for a dollar an ounce under spot and the seller pays the shipping.
TD
It's not the 1990's anymore. There are dealers advertising all over the internet a few clicks away who will buy most anything numismatic for a good price.
Or take it to the next local coin show. I doubt you'd come home with it after pricing it around what the big boyz are paying. Life's so hard!
roadrunner
<< <i>Accumulate enough 40% to send off a shipment to the leading national buyer. Make 60% profit.
It's not the 1990's anymore. There are dealers advertising all over the internet a few clicks away who will buy most anything numismatic for a good price.
Or take it to the next local coin show. I doubt you'd come home with it after pricing it around what the big boyz are paying. Life's so hard!
roadrunner >>
Sure.....go out and buy $990 face at 10x (plus shipping) so that you can sell it, and the $10 you started with, back at 9.8x (minus the shipping).
Do y'all work for the gummint?????
<< <i>He's not a crook. He just made you a low offer. >>
And that's why he is still in business
<< <i>As an experiment, I walked into a local B&M place today that seems to specialize in gold and silver. I plonked down $10 worth of 40% halves and asked his buying price. After a diligent look at his computer, he said "Fifty dollars."
"Fifty dollars!" I exclaimed, barely keeping from laughing. "I think I'll keep it for that."
The guy looked a bit disgruntled and I wondered if I'd looked like such an easy mark! I also wondered if his look at the computer was really just taking a moment to see how much he could rip me off for.
Thoughts? >>
Crook? No.
Reason: With the economy still crappy these days, this guy was trying to get a deal on your 40%ers. Can't really blame the man for trying.
Not for nothing, but if you had taken those to a pawn shop they would have offered you $30.
You just asked the wrong question.
<< <i>Would you call this guy a crook? >>
No. I'd call him a business man.
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
<< <i>
<< <i>40% is always discounted more than 90% or fine silver. And at these levels, the market could take a major dive at any minute. Any dealer is going to hedge himself, first in case he can't make a quick turnover, and second, in case of a big correction. Any time you are at the top of any market, you are on shaky ground....... >>
Yes, the (silver) market could take a major dive. OR, it could soar. That doesn't sound like ample justification to offer such a low price.
If silver prices were gyrating daily to the tune of double digit percentages, that would be different. >>
Been at this game a very long time....... since the 60s...... and have seen dealers and players alike soaked on market corrections. The smart ones hedge, while the others usually end up getting stuck with unsalable items or monetary losses. Anyone getting an initial offer from anyone is always welcome to counter-offer if they don't like the quote. As someone else mentioned, if there is a waiting period by local regulation, there is no way on earth anyone with a brain is going to buy into the top of a market while having to sit on the merchandise for 30, 60, or 90 days without a hedge. 40% is already a hard sell except in bag quantities, and I don't know of a dealer anywhere willing to pay anything even remotely close to spot. There are alot of factors in "justification", and I'm sure we are only getting part of the story here. Local market conditions can vary widely too from place to place too......... Too many people expect to walk in to a brick and mortar shop and get absolute maximum offers, even full spot, while never taking into consideration shop expenses, overhead, rent, utilities, taxes, fees, all of the unseen "pricing forces" that apply to that particular shop. None I know of is operating on a non-profit status, much less as a loss leader.
<< <i>If instead of the owner of the B&M who offered $50.00 working the counter, the counter was being worked by his part time, 19 year old new employee (with little or no training in spot prices of precious metals, nor of the difference between 40% silver halves and 90% 1964 silver halves); or by the shop owner's stay at home wife (who knows nothing about the business) for 90 minutes while the shop owner was away at a dentist appointment and you offered the $10.00 in face value 40% silver coins for $200.00 and the 19 year old or the wife said "deal" and took out two $100.00 bills to pay you, should you be called a "crook"? >>
BINGO ! Seems most folks like to whine and moan "foul" until THEY are the ones who have the upper hand......... then suddenly "ethics" are out the window.
Cost for advertsing, rent, insurance, utilities, etc..
Like others have said, 40% is not really that desirable.
<< <i>Jake's Marketplace is paying about $84 right now according to their website. So- if the local guy didn't have customers in his store looking for 40% sliver and instead sold it to a place like Jake's, he'd make a whole $34 on the deal, less shipping, taxes, time spent on the deal, etc. Hardly a windfall, if you ask me. >>
I agree with the spud. You asked, he offered, you refused without haggling. sounds to me like you were simply baiting him so you'd have a "crooked coin dealer" story to tell.
Just my eversohumble opinion.
Cheers,
Bob
www.brunkauctions.com
<< <i>so, to everyone crying 'foul' at this dealer i would ask this: would you push for the bullion industry to be federally regulated with mandatory spreads between BUY and SELL making low offers a thing of the past?? >>
Yes, more regulation is the answer to all of our problems. Then, i could quit my current job and get a job for the Feds as a coin shop inspector.
<< <i>
<< <i>Maybe he was expecting a little haggling? >>
Maybe he didn't really want them? >>
<< <i>Yes, more regulation is the answer to all of our problems. Then, i could quit my current job and get a job for the Feds as a coin shop inspector. >>
Thank God for us you won't be able to have collective bargaining. ;>
<< <i>
<< <i>Yes, more regulation is the answer to all of our problems. Then, i could quit my current job and get a job for the Feds as a coin shop inspector. >>
Thank God for us you won't be able to have collective bargaining. ;> >>
But you will have collection bargaining.
I still suspect, however, that there must be an efficient 40% silver pipeline out there that dealers can use. After all, there are MILLIONS of these things out there. But, a topic for another thread...
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......
As an experiment, I walked into a local B&M place today that seems to specialize in gold and silver. I plonked down $10 worth of 40% halves and asked his buying price. After a diligent look at his computer, he said "Fifty dollars."
My thoughts....
What do you mean "As an experiment" you did this? Do you feel that this is an appropriate use of your time and the time of the B&M's?
Do I think the guy is a crook: NO. Sounds like he's a guy trying to run a business.
Do I think you like wasting people's time on silly "experiments": YES!
<< <i>I still suspect, however, that there must be an efficient 40% silver pipeline out there that dealers can use. >>
Supposing for a moment this is true. Do you have any evidence the dealer you talked to was aware of it? If he was, don't you think he'd likely have made an you offer that would have assured him of 1) a purchase and 2) a profit?
I mean- among the reasons for having a coin store in the first place is to be able to buy stuff for resale. The fact he didn't buy your coins (or even try very hard, according to your post) seems to be a clue that he possibly didn't think the deal would be worth the trouble, even at the price he quoted. More than once, I have heard dealers say (not to the prospective buyer) "I hope the guy doesn't take my offer. I don't really want the stuff that much".
<< <i>As an experiment, I walked into a local B&M place today that seems to specialize in gold and silver. I plonked down $10 worth of 40% halves and asked his buying price. After a diligent look at his computer, he said "Fifty dollars."
My thoughts....
What do you mean "As an experiment" you did this? Do you feel that this is an appropriate use of your time and the time of the B&M's?
Do I think the guy is a crook: NO. Sounds like he's a guy trying to run a business.
Do I think you like wasting people's time on silly "experiments": YES! >>
To clarify, by experiment, I meant that if I felt he offered me a reasonable price on these, that would allow me to bring him other things in the future. Who are you, hiding behind your new moniker, anyway?
<< <i>I meant that if I felt he offered me a reasonable price on these, that would allow me to bring him other things in the future. >>
You might want to rethink your strategy here. If you had told him you had more to sell than just what you brought, he very well may have considered offering you a better price in order to keep you coming back. As it is, you probably appeared to be a one-time seller with a small quantity of less desirable material.
Sure- the dealer shouldn't judge you based on just this one deal, but to be fair, that's exactly what you did to him.
<< <i>
<< <i>I meant that if I felt he offered me a reasonable price on these, that would allow me to bring him other things in the future. >>
You might want to rethink your strategy here. If you had told him you had more to sell than just what you brought, he very well may have considered offering you a better price in order to keep you coming back. As it is, you probably appeared to be a one-time seller with a small quantity of less desirable material.
Sure- the dealer shouldn't judge you based on just this one deal, but to be fair, that's exactly what you did to him. >>
Good advice.
I just can't help wondering, based on all the dealer feedback here, if there isn't a fortune waiting to be made? If a dealer could figure out a good, streamlined way to send this stuff directly to the smelter, there must be thousands of people in my position with just a roll or three to sell.
Here's an article on 40%.
If the OP's "strategy" was indeed what he claims, it is hopelessly flawed. Further, this whole experiment sounds like a game of 'gotcha', and I hope his future experiments are conducted with more logic and reason.
<< <i>Well said!
If the OP's "strategy" was indeed what he claims, it is hopelessly flawed. Further, this whole experiment sounds like a game of 'gotcha', and I hope his future experiments are conducted with more logic and reason. >>
It's strange so many (presumably dealers) think their customers are out to get them. On the contrary, customers are looking for fair--and yes, friendly--dealers to work with. Why on earth would I or anyone else waste my time playing "gotcha"? I can tell you that ANY businessman who treats me with friendliness and fairness is someone I am eager to go back to. Common sense.
As for my "hopelessly flawed" strategy, that is a hopelessly dealer-oriented perspective--one which will lose someone many customers over time. Really, circling the wagons around a "the customer is an idiot" theme is a losing game, and smart dealers understand that.
Good article RYK!
<< <i>Really, circling the wagons around a "the customer is an idiot" theme is a losing game... >>
Pointing out that there might have been a better way to approach the deal is not the same as calling the customer an idiot, you know.
I imagine this thread might have gone in an entirely different direction if, instead of being titled "Would you call this guy a crook?", you had titled it "Do you think my expectations are unreasonable?"
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<< <i>As an experiment, I walked into a local B&M place today that seems to specialize in gold and silver. I plonked down $10 worth of 40% halves and asked his buying price. After a diligent look at his computer, he said "Fifty dollars."
My thoughts....
What do you mean "As an experiment" you did this? Do you feel that this is an appropriate use of your time and the time of the B&M's?
Do I think the guy is a crook: NO. Sounds like he's a guy trying to run a business.
Do I think you like wasting people's time on silly "experiments": YES! >>
To clarify, by experiment, I meant that if I felt he offered me a reasonable price on these, that would allow me to bring him other things in the future. Who are you, hiding behind your new moniker, anyway? >>
So, let's recap. You disguised yourself as someone meriting a minimum of the dealer's valuable time, and were treated accordingly.
What is your complaint????
Every customer contact counts. First time in the store? Look at the glass half full: That is an opportunity for him to forge a trusting relationship with a potential customer. If he takes it as glass half empty, well you'll just do your business online. And you'll tell all your friends why he's a jerk to deal with.
Plus, I think that 40%s do have a place in B&Ms. Sure, you're not going to make much money at it, but hey. Look at the price of silver--ASE bullion for $40? When I was a kid, I kind of liked buying ASEs. I would buy them one at a time for about $5 or $6. That's not possible anymore. But what is? 40% Kennedys could be sold singly for $6 or so. Those 40% Kennedy halves are great buys for the kids wanting silver because ASEs and silver dollars aren't really all that affordable anymore. A great way to invest in future customers!
<< <i>I took a gold bracelet to a shop that buys gold and silver. The bracelet appraised at $4400 by a profession appraiser. The guy at the coin shop offered me $400 for it. Do you think he was a crook? No, he just was saying he didn't really want it, but had I said ok he would have paid me for it. I still have it. >>
Here's a little secret about professional jewelry appraisals. "They aren't worth the paper they are written on". I worked a couple of years for a large jeweler who regularly wrote appraisals for his own goods, as well as those of others for insurance companies and individuals alike. Most would average 3 or 4 times what the "actual" replacement value was, sometimes more. Appraisals are more a marketing tool than an accurate portrayal of value.
<< <i>That dealer could spend less than a minute with you explaining why 40% isn't really what he's looking for and why he's offering a low price. >>
He could have, but after this response...
"Fifty dollars!" I exclaimed, barely keeping from laughing. "I think I'll keep it for that."
he probably figured it wasn't worth the trouble.
<< <i>
<< <i>I took a gold bracelet to a shop that buys gold and silver. The bracelet appraised at $4400 by a profession appraiser. The guy at the coin shop offered me $400 for it. Do you think he was a crook? No, he just was saying he didn't really want it, but had I said ok he would have paid me for it. I still have it. >>
Here's a little secret about professional jewelry appraisals. "They aren't worth the paper they are written on". I worked a couple of years for a large jeweler who regularly wrote appraisals for his own goods, as well as those of others for insurance companies and individuals alike. Most would average 3 or 4 times what the "actual" replacement value was, sometimes more. Appraisals are more a marketing tool than an accurate portrayal of value. >>
There is a jewelry company here in the Chicago area that for years has been running ads that say that everything they sell above a certain price level is guaranteed to appraise at double their retail price.
I would assume that that does not mean that they will buy it back from you at double what you just paid for it.
TD
<< <i>
<< <i>
<< <i>I took a gold bracelet to a shop that buys gold and silver. The bracelet appraised at $4400 by a profession appraiser. The guy at the coin shop offered me $400 for it. Do you think he was a crook? No, he just was saying he didn't really want it, but had I said ok he would have paid me for it. I still have it. >>
Here's a little secret about professional jewelry appraisals. "They aren't worth the paper they are written on". I worked a couple of years for a large jeweler who regularly wrote appraisals for his own goods, as well as those of others for insurance companies and individuals alike. Most would average 3 or 4 times what the "actual" replacement value was, sometimes more. Appraisals are more a marketing tool than an accurate portrayal of value. >>
There is a jewelry company here in the Chicago area that for years has been running ads that say that everything they sell above a certain price level is guaranteed to appraise at double their retail price.
I would assume that that does not mean that they will buy it back from you at double what you just paid for it.
TD >>
LOL......... not likely. One of our fine locals use to advertise gold chains at 90 percent off retail, until a competitor ran his own commercial showing the "bargain" chains FLOATING in a glass of water. The surface adhesion of the water was actually stronger than the weight of the gold in the chain.
<< <i>
<< <i>
<< <i>
<< <i>I took a gold bracelet to a shop that buys gold and silver. The bracelet appraised at $4400 by a profession appraiser. The guy at the coin shop offered me $400 for it. Do you think he was a crook? No, he just was saying he didn't really want it, but had I said ok he would have paid me for it. I still have it. >>
Here's a little secret about professional jewelry appraisals. "They aren't worth the paper they are written on". I worked a couple of years for a large jeweler who regularly wrote appraisals for his own goods, as well as those of others for insurance companies and individuals alike. Most would average 3 or 4 times what the "actual" replacement value was, sometimes more. Appraisals are more a marketing tool than an accurate portrayal of value. >>
There is a jewelry company here in the Chicago area that for years has been running ads that say that everything they sell above a certain price level is guaranteed to appraise at double their retail price.
I would assume that that does not mean that they will buy it back from you at double what you just paid for it.
TD >>
LOL......... not likely. One of our fine locals use to advertise gold chains at 90 percent off retail, until a competitor ran his own commercial showing the "bargain" chains FLOATING in a glass of water. The surface adhesion of the water was actually stronger than the weight of the gold in the chain.
That IS funny!
.
I said hello to the nice Asian-American young lady running the booth, then pointed to a common 1/10th oz. gold panda in a 14kt bezel and said "How much?" She whips out a calculator and spends 30 seconds crunching numbers and finally announces "$495!"
.
I say "That odd. At the coin shop I work at back in Chicago we sell the same thing for $99."
All of a sudden she could no longer speak English.
BTW: Cubby=Cub Fan
I wouldnt hazard a comment on the dealer's ethics (or your context of your offer of the coins) without more info..
offer some nice type coins, some gold, or a bag of 90%, and find out if he's straight as anarrow or crooked as madoff
Liberty: Parent of Science & Industry