90% bringing 20x at local flea market today!!

[pennypicker]

Today I ventured to my local weekend flea market here in Victorville, Ca. after a two year absence. It's a very large flea market with over 200 vendors. I strolled up to a table where a person was selling mostly silver bullion along with some better grade Morgans in a binder. When I approached the table I saw several people around the two tables and one buyer was creating a pile of Franklins. The sign on the box of Franklins said $10 each. The box of quarters & dimes were also 20x. I stood there and couldn't believe someone was paying $10 each for junk Franklins. Another person was buying average circulated peace dollars for $27

After this guy bought 50 or so Franklins I asked the dealer was it common for him to get 20x on 90% and he said yes because the local coin shop charges 20x plus 9.75% tax and buyers are happy to pay him 20x and not have to pay sales tax. He added that the local coin shop also charged $30 for their average circulated Peace dollars so his buyers were glad to get them for $27 with no tax.

[beauanderos]

You should set up shop! Sell at 19X and undercut him... buy at 16X here to restock

[TwoAndAHalfCents]

I don't what's worse the 20x face or the 9.75% sales tax up there. You would think people would make the drive over the hill to LA or OC. Picking up junk silver here in OC at 16x to 17x face seems like it would save someone more than the cost of gas. The lower 8% sales tax rate would help too.

[pennypicker]

You should set up shop! Sell at 19X and undercut him... buy at 16X here to restock

My immediate thought as well however Victorville has a substantial gang influence and the flea market is riddled with seasoned thieves who pass counterfeit money and/or use techniques such as "bait & switch" & "two-person distraction" to steal from you. Much too risky an environment for just one person to handle. If I was in perhaps Palo Alto or Mission Viejo--yes, but Victorville--no way Jose.

[cooyon]

17X at our coin club show today in Lancaster,PA....40% was 6.25X....didn't see anyone buying either item.

[theo]

Not sure I'd trust everything this guy had to say. Keep in mind he is trying to move product. If the nearby LCS's were charging 17 Xs for 90% do you think he would have admitted it? Its not uncommon for flea market vendors to overcharge for coins as they are more likely to attract novice buyers. LCS customers tend to be more educated and are less likely to put up with paying a nearly 40% premium.

[CLINT-THE-GREAT]

I don't what's worse the 20x face or the 9.75% sales tax up there. You would think people would make the drive over the hill to LA or OC. Picking up junk silver here in OC at 16x to 17x face seems like it would save someone more than the cost of gas. The lower 8% sales tax rate would help too.

What I don't get is the paying sales tax on Coins or Bullion! Illinois does NOT collect tax on silver/gold. It's one of the rare times when people from Wisconsin and Indiana cross the border to buy something that is not actually taxed in ILLINOIS. IDK if I would be able to pay for my AG plus sales tax... I would just buy from RC

-The Great

[pennypicker]

I don't what's worse the 20x face or the 9.75% sales tax up there. You would think people would make the drive over the hill to LA or OC. Picking up junk silver here in OC at 16x to 17x face seems like it would save someone more than the cost of gas. The lower 8% sales tax rate would help too.

What I don't get is the paying sales tax on Coins or Bullion! Illinois does NOT collect tax on silver/gold. It's one of the rare times when people from Wisconsin and Indiana cross the border to buy something that is not actually taxed in ILLINOIS. IDK if I would be able to pay for my AG plus sales tax... I would just buy from RC

-The Great

California has to pay for its massive welfare state and its overwhelming prison industry. Therefore it taxes anything and everything. In fact when it comes to taxation I think California invented the concept