BULLION BASICS: Establishing a local market?

[uthminsta]

For those of you who sell copper cents as bullion... are you able to sell them locally?
If so, how did you establish a local market?
What questions have you answered most often?
What do buyers "look" like?

My story: I have found that being personally involved with a particular subject matter makes me think about things differently. We're not talking hypothetically any more, and it becomes more important to ask the right questions - to be pointed in the right direction. I committed yesterday to getting a Ryedale. Put the check in the mail yesterday. Now I wish I had done more ahead of time to lay the groundwork for what I am about to do. So I thought a group discussion would not only help me, but potentially help everyone else who finds themselves in that same position, now and in the future!

Local marketing... what say you?

[68Camaro]

I'm all for it, would participate in it, if it existed. Though not interested in developing a local market myself, at this point. I've bought from one local RCer, who is not terribly active and seems to only sort casually at work (he works in the theme part area, perhaps handles coin?) I would do so again, as buying local eliminates the postal cost, which is significant. If you were here I would buy some from you. I sort, and will continue to, but I'm also inherently lazy (or maybe I've got a lot going on), and it's currently far easier to buy than sort, if trying to accumulate.

[baggerman]

I have made one trade for a CTU for 7 morgans and 2 dimes. I have a deal set up for this weekend for 1 CTU for $150 cash and this individual has indicated that he would like to make this a regular occurrence. Both were found by posting on craigslist but I have also been flagged more times than I can count, called a crack head and been told to F*ck off by many many people. It is interesting that those who don't like the idea of copper pennies at 1.5 times face seem to get very angry at the idea. I am all open to any other ideas and will willingly share any I come up with.

[rsk1963]

Both were found by posting on craigslist but I have also been flagged more times than I can count, called a crack head and been told to F*ck off by many many people. It is interesting that those who don't like the idea of copper pennies at 1.5 times face seem to get very angry at the idea. I am all open to any other ideas and will willingly share any I come up with.

+1

I've been there as well, for every deal I've made through craigslist, I've been flagged 10 times and called all sorts of "interesting names."

[ScottyTX]

I keep trying to establish a local market every once and a while (on craigslist) but all I get is this Fasteddy guy emailing about this realcent place ..............

Scott

[ScottyTX]

Ahh just recieved two emails from buyers. One looking to buy at 1.38 and the other I'm not sure yet. Geeze at 1.38 each you would need to just be desperate to dump your hoard for something really important or pressing.........

[68Camaro]

Local delivery at $1.38 is essentially the same as shipped for $1.50, which - while low - is not unusual, and hardly the lowest price I've seen around here. I've bought - shipped - for 1.40 and 1.45 several times.

[uthminsta]

Okay, so Craigslist has generated some level of success. Anyone care to post some "best and worst" ad stories? And why do your ads get flagged so often?

[baggerman]

Best was the trade for the Morgans and the worst was driving an hour and having the guy not show up.

[DEKAN]

I'm all for it, would participate in it, if it existed. Though not interested in developing a local market myself, at this point. I've bought from one local RCer, who is not terribly active and seems to only sort casually at work (he works in the theme part area, perhaps handles coin?) I would do so again, as buying local eliminates the postal cost, which is significant. If you were here I would buy some from you. I sort, and will continue to, but I'm also inherently lazy (or maybe I've got a lot going on), and it's currently far easier to buy than sort, if trying to accumulate.

I am in the Kissimmee area and would be willing to sell. PM if interested.

[fasteddy]

Hey Scott, your funny...like I wrote, we Texas boys should get together and discuss our local strategy...when I was posting on CL, for every positive question about the Cu cent I received about 10 junk replies. No sales but then I wasn't really trying either...

[68Camaro]

I'm all for it, would participate in it, if it existed. Though not interested in developing a local market myself, at this point. I've bought from one local RCer, who is not terribly active and seems to only sort casually at work (he works in the theme part area, perhaps handles coin?) I would do so again, as buying local eliminates the postal cost, which is significant. If you were here I would buy some from you. I sort, and will continue to, but I'm also inherently lazy (or maybe I've got a lot going on), and it's currently far easier to buy than sort, if trying to accumulate.

I am in the Kissimmee area and would be willing to sell. PM if interested.

Sent you a PM to see what we can work out...

[TwoPenniesEarned]

Why sell below 5 cents? The rule of 72 tells us that at the current rate of inflation (~10%) a 2.5 cent penny will be worth 5 cents in 7 short years.

[baggerman]

Why sell below 5 cents? The rule of 72 tells us that at the current rate of inflation (~10%) a 2.5 cent penny will be worth 5 cents in 7 short years.

For me I have a limited amount of room to store pennies and a limited amount of funds I can afford to tie up in pennies. If I sell a few off as I go along it allows me to continue to sort for wheats and gives me a few more bucks to put toward my own sorting. I have no intention of selling off everything I have but selling a little allows me to keep plugging along.

[uthminsta]

I've heard several mentions of Craigslist ads being flagged. Or getting stupid questions. How do you all handle these scenarios? And WHY do people flag the ads?

[baggerman]

I've heard several mentions of Craigslist ads being flagged. Or getting stupid questions. How do you all handle these scenarios? And WHY do people flag the ads?

No idea why people seem to have the need to flag ads and I just repost my ad when it does get flagged. As far as the insults I ignore them.

[motos]

Hey Uthminsta,

I established a partnership with a guy I met through craigslist. He was interested in wheat pennies and I was looking to sell them off. Near the end of our transaction I asked if he was interested in copper. He said and the next weekend I sold him 350lbs at 2 cents each. I can't picture selling copper online (here or ebay) and only getting like 1.6x face. A local market is the way to go if you can find one.

[TheJonasCollegeFund]

1.38 isn't bad....for some it enables them to expand their operation. I've sold off...locally over $800 face at 1.32 each. That's a 32% return instantly. Time to buy more and sort more. Doesn't mean I'm selling the entire hoard. Sometimes there is a need for working capital.

With all of negative reaction to selling....always negative reactions....why don't a few of you big shots with the big pockets start financing some of the smaller operations. We all know that some regions have better percentages than others.

Not everyone can hold out forever for the big score....whenever that is.

Don't forget....this is a hobby to alot of people....a hobby that pays for itself...sometimes at 1.38.

By the way, I've read 2 different craigslist ads. One from here in Northwest Indiana and the other from Chicago's southside. Both are selling coppers. One is selling at 2x and the other was 1.5 per. Both shipping was a bit high. I sent both an email asking if they buy, too. Just trying to get a idea of the local market. No replies....maybe someone from here??????

Two weeks ago, an ad was paying $1.50/lb. for pennies.....any pennies and other coins, too.

[DuckTales253]

CTU

Maybe it's too early in the morning for me, but please define CTU? Thanks!

[uthminsta]

No problem. CTU = Copper Trade Unit. It's $100 face value in US cents. Weighs around 68 pounds, and when packed well, is juuuust under the 70-pound limit for the USPS. Fits in a medium flat rate priority mail box.

[Night Hawk]

What category do you guys list them under? I searched just about every region in Oregon and only found 1 person selling.

[baggerman]

Just go to the front page left side for each region and type in what you are looking for. I usually list mine under the general for sale catagory. The ad is probably mine and I know there is a guy around coos bay selling some.

[ScottyTX]

1.38 isn't bad....for some it enables them to expand their operation. I've sold off...locally over $800 face at 1.32 each. That's a 32% return instantly. Time to buy more and sort more. Doesn't mean I'm selling the entire hoard. Sometimes there is a need for working capital.

With all of negative reaction to selling....always negative reactions....why don't a few of you big shots with the big pockets start financing some of the smaller operations. We all know that some regions have better percentages than others.

Not everyone can hold out forever for the big score....whenever that is.

Don't forget....this is a hobby to alot of people....a hobby that pays for itself...sometimes at 1.38.

By the way, I've read 2 different craigslist ads. One from here in Northwest Indiana and the other from Chicago's southside. Both are selling coppers. One is selling at 2x and the other was 1.5 per. Both shipping was a bit high. I sent both an email asking if they buy, too. Just trying to get a idea of the local market. No replies....maybe someone from here??????

Two weeks ago, an ad was paying $1.50/lb. for pennies.....any pennies and other coins, too.

Yeah I completely agree with you, I was mainly referencing the price point from my own personal perspective. I should have said 1.38 it not near worth the Hassel for "ME".