Just came back from local coin shop, let me tell you boys

[kidman232]

their prices were ridiculous. It's been a few weeks or months since I had stopped by and a lot has seemed to have changed. Before they were always a little soft of prices, if silver moved for like 3-4 days they were behind in updating prices, now it seems like they left all of their prices above silver's peak. Below are just a few of the prices

silver eagle 1996 $69

Silver eagle various years $59

Circulated Morgans or peace dollars $43

higher quality Morgans or peace dollars $45

90% halves $18.75

40% halves $8.50

Silver Quarters $8.75

Generic Silver round $45

Silver Dimes $3.60

[theo]

Did you ask them why they are charging a 30% to 50% premium to spot?

The generic rounds seem a little closer to reality. They are usually a dollar or two less than common ASEs. This place sounds more like a pawn shop.

[kidman232]

its a tobacco shop, but it sells coins, sports cards, tobacco products, books etc. the prices were decent a few months back, could snag stuff under melt, but ever since silver ran from like 35-50 the pricing has been out of control. its always the same lady working when ever i go in and when I ask if the sticker prices are negotiable she tells me she cant make any changes on the coins she is not the owner.

[Doctor Steuss]

Great googely-moogely. 'dems some high prices.

[avidbrandy]

That to me points to higher prices, if people are already willing to pay that much more over. Though on the last run-up the same thing happened. But we all know the drop wasnt' due to a lack of demand so it still seems valid.

[Sheikh_yer_Bu'Tay]

The owner most likely has a lot tied up in the coins. If he bought in at, say $45 per oz, then he would want to get his money back out of it.

A 30% mark-up would work like this: Cost $45 / 0.7 = $64.28

Given the coins are a side-line to the main business of tobacco, I can understand why he would keep his prices high. He can wait for spot to go back up.

EDIT: There is one coin shop I have pretty much given up on. The prices are usually decent. It's the complete and utter bull $h!t the owner always throws at customers. He is a master at always saying just the right thing to sway the conversation in his favor. When spot is climbing, he's gotta have spot. When spot is down, like right now, it's meaningless BS. His coins are always priceless treasure, your coins are always junk. Oh, and he only makes $2 on every coin he sells.

[Delawhere Jack]

It's a side-line business for them. They're not staying on top of spot.

There's a coin shop that I deal with occasionally. They always deal in spot + pricing. SAE's usually $5 over, generic bars $1.50 over.

They run a full page add in the local paper, and they turn a LOT of product.

[cuag]

This sounds like the practice for the last 2-3 months in the antique malls I frequent. They got cleaned out when silver bumped to almost $50, so many set their prices at or near that level, despite silver's plummet. They just wanted to recoup their costs or wait for silver to catch up so they don't have to keep changing prices. I've just about given up on them in most major cities but in smaller towns you can get even crazier spreads of either 50% of spot or things like double spot on '64 halves and quarters.

[Sheikh_yer_Bu'Tay]

Can anyone here blame them? How many here have been selling their silver for spot since it dropped below $35.00?? Not me brother! I ain't sellin' until it stabilizes in the $50's.

[BamaJoe]

Kidman, where are you located at? It sounds just like a smoke shop here near me down to the prices and the people in the store not having the authority to haggle.

[kidman232]

maryland bamajoe

[RR GUY]

For every dealer refusing to sell at this level, there is another looking to sell under melt. Today, I bought a bunch of Franklins and Walking Libertys for 25X or $12.5 each. The dealer knew the melt value (it seems everybody checks coinflation by the hour), but he didn't want to hold on to the coins ( a new purchase) for another week in the event that silver went back to $33 or so. While 25X seems high to me (I know, too much memory of old prices), I knew that this was a decent buy. It seems prices today are about 30X face or so. Tomorrow, who knows. A year from now, probably a bit higher.

[ardorlan]

My local coin guy, charges 2$ above spot for silver, If you get the "Golden State Mint" rounds.