Is this guy a crook?

GritsMan

unread,

Mar 4, 2011, 5:10:32 PM3/4/11

to

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?

Bremick

unread,

Mar 4, 2011, 5:57:12 PM3/4/11

to

"GritsMan" <grit...@aol.com> wrote in message
news:ikro19$g1g$1...@speranza.aioe.org...

I wouldn't trust a baked beans store to know silver values.

Peter

unread,

Mar 4, 2011, 10:50:36 PM3/4/11

to

You have slightly more than 2.5 Oz of Ag. Ag was about $34 to $35
today. Its up to you how much mark-down you will tolerate.

Beanie

unread,

Mar 4, 2011, 10:57:13 PM3/4/11

to

"Peter" <w2...@hotmail.com> wrote in message
news:f1e6d4d4-3b5c-4159...@x13g2000vbe.googlegroups.com...

----------------------------------------------------------------------
Pays to shop around when selling junk silver.
It usually sells for close to spot on eBay but then eBay/paypal takes about 10%
of the gross, so you have to factor that in.

Beanie

unread,

Mar 5, 2011, 8:47:14 AM3/5/11

to

"GritsMan" <grit...@aol.com> wrote in message
news:ikro19$g1g$1...@speranza.aioe.org...

40% half dollars are worth about 11X face based on silver's closing price on
Friday ($35.67).
Perhaps if you negotiated you may have got the dealer to up his offer.
Don't expect to sell to a dealer at melt, he has to make a buck too.
My local dealer sell me junk silver pretty much at melt, so I imagine that he
would pay less than melt when buying.

BigDog

unread,

Mar 7, 2011, 10:52:18 PM3/7/11

to

On Mar 5, 7:47 am, "Beanie" <b...@ea.ne> wrote:
> "GritsMan" <grits...@aol.com> wrote in message

I agree that $50 was an insult. $10 face today @40% silver content is
$105.80. I buy and sell silver, and understand that a buck needs to be
made, but around 50% mark up is a pretty good profit!!! I usually buy
@ 10% over and sell @ 15% just for junk and spec..sometimes less,
sometimes more...but 50%????????? i would be happy to screw you only
out of 40%!!!!!! (lol) Anyway you were right, (in my humble opinion)
to wonder and barely keep from laughing!! Don't know where you live,
so not able to recoment a good dealer..Not sure what B&M is (mayby
bowelmovement), but a good coin store will treat you right

Good luck
BigDog

Beanie

unread,

Mar 7, 2011, 11:24:02 PM3/7/11

to

"BigDog" <Reb...@cox.net> wrote in message
news:0e75856b-c391-46e0...@p3g2000vbv.googlegroups.com...

I agree that $50 was an insult. $10 face today @40% silver content is
$105.80. I buy and sell silver, and understand that a buck needs to be
made, but around 50% mark up is a pretty good profit!!! I usually buy
@ 10% over and sell @ 15% just for junk and spec..sometimes less,
sometimes more...but 50%????????? i would be happy to screw you only
out of 40%!!!!!! (lol) Anyway you were right, (in my humble opinion)
to wonder and barely keep from laughing!! Don't know where you live,
so not able to recoment a good dealer..Not sure what B&M is (mayby
bowelmovement), but a good coin store will treat you right

-=-=-=-=-=-=-=-=-=-=-=-

You buy at 10% over and sell at 15% over?
I'm selling all my silver to you!

tony cooper

unread,

Mar 8, 2011, 1:37:30 AM3/8/11

to

On Mon, 7 Mar 2011 19:52:18 -0800 (PST), BigDog <Reb...@cox.net>
wrote:

A "B&M" is a "brick and mortar" store. In other words, a real store
and not someone selling out of their home, car, table at a show, or on
the street corner.

--
Tony Cooper - Orlando, Florida