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View Full Version : local silver buyers are paying XX so?


flhtquick
12-07-2010, 08:49 PM
Our local gold and silver stores when silver was $30 were paying between 12 and 14 dollars for face circulated pre 65 silver. I'm taking out a block ad in the newspaper that says something to the effect " Local collector buying gold and silver coins top dollar paid" and so on. I am thinking of one uping the gold stores and paying 15 face if silver is $30 and a varing amount if it is less or more say 14 face if silver is $28. So what do you all think about my idea and price structure? thanks david

H2SO4
12-07-2010, 09:17 PM
its all about the time. if you have tons of time to spend with people, meet them at their convenience, argue over a few cents, and the patience for idiots then I say go for it. But also be prepared for for little response if it is not a good week. I would be sure to mention higher prices paid than local pawn and coin shops.

jamesstacker
12-07-2010, 09:21 PM
I see an ad on craigslist 3x a day saying just that. The coin shops pay 18x when it's 20x and he offers 15x. At the same time "We buy gold" offers 12x.
I would just hit the coin shop. My theory is that anyone smart enough to look at the collectibles on craigslist to see who is buying silver already knows how to get to a coin shop.

coindog
12-07-2010, 09:29 PM
where I live, upstate n.y., the local shops were paying 19-19.5X face when silver was 28.00-29.00 OZ. the guys in your town sound like rip-offs. toobad every body loses in the end when business isn't fair to customers.

reptiles
12-07-2010, 09:37 PM
Our local gold and silver stores when silver was $30 were paying between 12 and 14 dollars for face circulated pre 65 silver. I'm taking out a block ad in the newspaper that says something to the effect " Local collector buying gold and silver coins top dollar paid" and so on. I am thinking of one uping the gold stores and paying 15 face if silver is $30 and a varing amount if it is less or more say 14 face if silver is $28. So what do you all think about my idea and price structure? thanks david

There are hundreds of "top dollar paid" ads -- why not state your terms in the ad, like "15 times face value" ? or 18x etc. depending on spot. Or state buying at spot -15% etc? Will you be reselling at spot or stacking for yourself? Will you be driving to respondents? Security considerations? I doubt you want them coming to your home.

How will you address worn coins? 715 oz per $1,000 face seems standard. Some dealers assume 700 oz per $1k face if there are lots of slicks or dateless coins.

Sadly, most of the general public don't know enough to understand you are paying more (or they don't care -- they just hit the nearest retailer.)

There is some profit to be had, but there are lots of wacky people out there that you'll have to deal with. Best of luck, and be careful.

flhtquick
12-07-2010, 09:54 PM
i've though about being set up not pleasent. It's just an idea i live in a semi rurel area and will use a pay as you go phone. I am trying to figure a fair price for both partys where they will call and meet in the police parking lot or micky Ds. It just a thought that might work and i will be keeping the silver. Look what they ask for $1000 face on -bay it's alot.

readski
12-07-2010, 10:02 PM
where I live, upstate n.y., the local shops were paying 19-19.5X face when silver was 28.00-29.00 OZ. the guys in your town sound like rip-offs. toobad every body loses in the end when business isn't fair to customers.


Coindog: where in upstate New York?... Rochester last week I was quoted at $18*face...

SecretArgentMan
12-07-2010, 10:07 PM
I would avoid the use of the term "face value" in the ad. The GDP has NO IDEA what that means. I would use an ad that says something like this:

"Looking to sell some old silver coins? I'll pay you top dollar! $1.80 for each dime, $4.50 for each quarter, $9.00 for each 50 cent piece, and $18.00 for each silver dollar, depending on condition. Coins must be from 1964 or earlier. Anything after 1965 you should spend now while it's still worth something."

(This is just a thought. But it's based on the principle that you need to speak the language of your customer. They won't be familiar with Stacker lingo.)

flhtquick
12-07-2010, 10:15 PM
secret that looks like what i'm looking for. thanks Now for a fair price the most stores here pay is alittle less than 1/2 spot X face.

Psycho
12-08-2010, 01:19 AM
I had a elderly man (late 60's) approach me today with a story of 1000's of pieces of silver and gold in a bank vault. They were left to his wife from her mother upon her death 15 years ago. He has never even seen them and they pay $100 a year for the lock box. He wants to sell to me. I admit I got excited. We are going to talk again Wednesday after he tells his wife I'm interested. I don't want to come across as desperate and scare him away. He said he did not need the money, they just thought is might be a good time to sell. I think we are going to see a bunch of stuff like this. Huge hordes
of silver and gold flooding into the system.