Warning: Selling coins? Do your research!

I just came back from a coin show and was quite surprised at how much they tried to rip me off.

Since I figured that they would be scamming somewhat, I did my research before hand.
I had a 1969 Kennedy half dollar (60% silver) and a 1947 dime (90% silver).
Yesterday, an ounce of silver was valued at $28.33.

So, I walked on in to the coin show, sat down at one of the tables, and proceeded to lay out my coins.
First, the guy picked up the half dollar and said he could give me $0.75 for it.

I immediately told him that I'd be keeping that.

Next, he started to examine the wheat pennies I had and offered me $0.02 a piece for each of them. That was fair since my research indicated that circulated wheat pennies went for $0.03.

Lastly, he picked up the 1947 dime and said he could give me $0.15 for it.

I again told him that I'd be keeping that one, too.

He asked me how much I thought the half dollar and the dime were worth and I told him how much silver was in each coin and what silver was valued at yesterday. He agreed with my answers, then called his supervisor over and told me that they have a set amount that they're able to offer and the supervisor is the only person who can offer more. I said that I realized this and that I'd like to hear how much the supervisor would offer.

After he examined my two coins, he offered me $3.50 for the half dollar and $1.60 for the dime.
I thanked him kindly, took my money, and left. After all, I know they have to make a few pennies, too.

Damn it feels good to not get scammed!
So, I hope I've helped out some people by cautioning them about how severely these shows will take you for.

So, just remember: Do your research and don't be afraid to tell them that you know what's up.
Be well, everyone!

Here is a website that will do the calculation of the melt value for you.

www.coinflation.com...

I am saving all my weird coins for SHTF and then I will pawn them off as valuable to people who don't know any better and can not search online because the internet no longer works...

Originally posted by kawika

I am saving all my weird coins for SHTF and then I will pawn them off as valuable to people who don't know any better and can not search online because the internet no longer works...

So let me see if I got this straight; You ranted about coin dealers trying to rip you off. You then state that you are saving weird coins to trade to people that don't know they are worthless in a SHTF scenario.

And people wonder how we got to where we are....... No matter what comes out of the apocalypse (if there is one) we as a species will never get past raw greed.

You sir, are the problem. Should I ever get ripped off in a SHTF scenario or should someone even try. I will without hesitation, kill them and eat their entire family.

i only keep Canadian Silver Maples and American Silver Eagles...and very few of them at that,

there is really no need for all sorts of coin dealers to be involved except for the initial buying as One is intending to hold these pieces of wealth for the SHTF chaos or blackmarket underground economy for up to a year...


any other handling/trading is just playing the speculators game, it ain't worth it...
because you will be either paying or giving the Premium over spot to the dealer on both sides of a transaction





whaa?

Originally posted by Mamatus

Originally posted by kawika


So let me see if I got this straight; You ranted about coin dealers trying to rip you off. You then state that you are saving weird coins to trade to people that don't know they are worthless in a SHTF scenario.

the coin dealers rip off & the weird coins rip off are by 2 different posters

edit on 19-5-2012 by St Udio because: (no reason given)

[

Thanks to everyone who participated in this thread and shared their views. It difficult to see how things are going to be in the (not so distant) future and I'm glad to see that this topic garnered some attention. Whether or not you see value in coins or not, there's always value in educating someone so they don't get ripped off no matter what they're dealing in.

I hope everyone's having a wonderful weekend!

reply to post by Mamatus


No, read again.

I am not OP.

I am 2nd post, not OP.

And I was kidding, sheesh.

No sense of humor here...

Oh, and when SHTF. I have lots of 12 gauge shot gun shells to trade so look me up.

reply to post by Afterthought


A 69 kennedy is only 40 percent silver. Just saying.

reply to post by GogoVicMorrow


Well, yea.

I think that is OP point.

Gotta know what is what or you get taken.

Old ones, what is it, pre 68 I think, those are 90%.

New ones, crap. I have mostly new ones. But to the uneducated they look just like the old ones.

Originally posted by GogoVicMorrow
reply to post by Afterthought

 

A 69 kennedy is only 40 percent silver. Just saying.

You're correct.
Sorry about that mistake, everyone.

Originally posted by Mamatus

Originally posted by kawika

I am saving all my weird coins for SHTF and then I will pawn them off as valuable to people who don't know any better and can not search online because the internet no longer works...

So let me see if I got this straight; You ranted about coin dealers trying to rip you off. You then state that you are saving weird coins to trade to people that don't know they are worthless in a SHTF scenario.

And people wonder how we got to where we are....... No matter what comes out of the apocalypse (if there is one) we as a species will never get past raw greed.

You sir, are the problem. Should I ever get ripped off in a SHTF scenario or should someone even try. I will without hesitation, kill them and eat their entire family.

I agree with you.
I have heard of others say that if TSHF, they would be some of the ones making a killing. Hence, a lot of millionaires were made during the great depression etc. I can't help but feel that the worse catastrophe should fall on these people.

Perhaps, I am stooping to their level of evil in thinking such thoughts, but there is still a difference between those who act on their thoughts to take advantage of others misery, and those who just think it.

reply to post by jacobe001


Ya know guys I have like 5 1970's dollars and half dollars.

Kidding ,ok....

I do hope you walked to the event; since you made only $5.10, anything over a few miles just ate your earnings in gasoline!

Originally posted by Afterthought

After he examined my two coins, he offered me $3.50 for the half dollar and $1.60 for the dime.

Damn it feels good to not get scammed!

Actually, you did get scammed. You sold off precious metal for fiat currency.

reply to post by kawika


I don't think it was Op's point just a small error.
Actually you were off too. ONLY 64 kennedy's are 90 percent.

For anyone that cares here are some silver contents for american coins:
1964 Kennedy is 90 percent.
1965-1969 Kennedy is 40 percent.

All 1964 and earlier quarters, dimes and halves are 90 percent.

Then morgan dollars, liberty dollars, and etc are 90 percent.

reply to post by HIWATT


Yeah that's what I was gonna say, but I don't know what's going on in op's life and maybe they needed the money. _ was gonna ask why OP wanted to sell such a small amount of coins rather than keeping them, but none of my business.

OP you're better off saving your coins than selling them.

Coin dealers have always been this way.
I have been collecting coins since the age of 10, and have had to sell off a lot of them over the years during hard times....every time I do....I wince because I know I am not getting the true value, but sometimes you just have to take what you can get.

I had an old turkish trade coin that I bought for $1 at an old antique shop. (I knew it was silver as soon as I saw it and had to get it) and then hit hard times, and sold it to a coin shop. The guy took forever to find it in the books, and offered me 10 bucks for it, so I sold it, only to find out a few years later that it was worth 100's of dollars, lesson learned. Dealers are not out to help the coin collector, they are out to make money.
And that guy made a bundle off of me.

reply to post by Darkblade71


I'm sorry that happened to you, which is why I wrote this thread and your experience reinforces my intentions -- to educate those who may have to sell for one reason or another. It's truly none of anyone's business why I sold these coins. I can't eat them and they were just collecting dust anyways. Besides, I still have some that I chose not to sell. The show was only three miles from my house, so no big deal on the gas spent to get there either.

These dealers do play on people's desperation and I really just wanted to let people know that they need to stop and slow down enough to think before they go and sell their coins. I don't expect everyone to appreciate this thread nor understand my actions. I'm just trying to help people from my own experiences. Thanks for offering your own experience.

reply to post by GogoVicMorrow

OP you're better off saving your coins than selling them.

If you're anticipating a better time to sell and to whom, I'm interested in hearing your opinion. Like I said in my above post, I still have some and if you believe that they are going to be worth more at a specific time, let me know what to look for, so I know when to act. I have other things more valuable than coins of mixed metals, so I'm certainly not acting foolishly.

Originally posted by HIWATT

Originally posted by Afterthought

After he examined my two coins, he offered me $3.50 for the half dollar and $1.60 for the dime.

Damn it feels good to not get scammed!

Actually, you did get scammed. You sold off precious metal for fiat currency.

That's what you think. I went to a card game last night with what I got from the coin show and quadrupled my money.

Edit to Add: I'm not advising people to do this. Gambling is never a safe way to make money.
This has been a public service announcement.