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misteroman
Administrator
USA
2565 Posts |
 Posted - 03/26/2008 : 21:29:02
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What is a good starting point to pay for 90% coins.There is a guy in WNY paying 13X so I have been trying to pay under 12X on ebay WITH shipping.Seems like silver Melt value as of 1850 an ounce is about 13.2X
Your thoughts?
Derek
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Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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lilyrdape
Penny Pincher Member
USA
152 Posts |
Posted - 03/26/2008 : 21:44:43
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$0.50 $6.6262 at current spot
so paying 12x seems like a decent price i havent bought any in a couple months now and i was paying 10-11x then on ebay i think i might have to get a couple more pieces now that i think about it :) |
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misteroman
Administrator
USA
2565 Posts |
Posted - 03/26/2008 : 22:13:52
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so that would be approx 13.42X right?
Derek |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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lilyrdape
Penny Pincher Member
USA
152 Posts |
Posted - 03/26/2008 : 22:25:54
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yeah that seems about right....hopefully we dont bid against each other lol
which pieces are you normally bidding on? |
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n/a
deleted
192 Posts |
Posted - 03/26/2008 : 22:49:43
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one minute before you purchase from a dealer ask him to call up coinflation.com
I do this and both dealers that I go to are willing to check the website and then negotiate.
I always pay slightly more than what coinflation says.
If coinflation says that a coin has a melt value of 1322% of face value, I blurt out, "I'll pay 1325%"
They always say yes. |
Edited by - n/a on 03/26/2008 22:51:40 |
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n/a
deleted
192 Posts |
Posted - 03/26/2008 : 22:55:38
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I should add that I do not chase after the last fraction of a percent.
I am establishing a relationship with the two main coin dealers in my area.
Recently one of them gave me more than he should have.
I drove across town the very next day and gave back to him what he had mistakenly given me in excess of what I paid.
I wish to have, and in fact I really do have a great relationship with both of these dealers.
I ask how their kids are doing, and about their health.
What goes around comes around. |
.....................................................................................................................
The market can stay irrational longer than you can stay solvent.
John Maynard Keynes,
English economist (1883 - 1946)
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 03/27/2008 : 08:14:48
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Coinflation is a great site for that. If you are at a shop and dont have wireless internet with you or the dealer only has Kitco up, you can use a general rule of thumb:
-At $16.60/ounce melt would be 12x face
-For every 69-70 cents rise in silver spot price, melt goes up by 0.5x face
-So $17.30 would be about 12.5x face, $18 about 13x face and so on
Hope this helps for giving a guideline when you dont have coinflation at your fingertips.
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My hobby: collecting real money 1 copper cent or nickel at a time.
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misteroman
Administrator
USA
2565 Posts |
Posted - 03/28/2008 : 22:36:02
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So do you guys just buy at what coinflation has it as or more or less?
Derek |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 03/30/2008 : 11:01:57
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I use You must be logged in to see this link. as a guideline. His prices are great for bulk purchases and they include shipping. He pretty much beats or the prices of any dealer around. So when buying small lots on E-Bay, I try to match or beat Tulvings prices. Which is very possible to do with a little patience. I use an auction sniper and "low" bid on 10 auctions at a time with plans to win maybe 1 or 2 out of the 10...
Tulving right now is 5 cents over spot. (He was selling for 45 under spot not long ago when silver was in the 20s.) So right now if you can get junk silver for spot (coinflation prices) on E-Bay you are doing just fine.
Formula to use Tulving prices as a guideline:
current spot price + or - Tulving spot adjustment * 715 Ounces in a $1000 face bag / number of coins in a bag
So for example a dime right now at Tulving costs:
(17.88 + .05) * 715 / 10,000 = $1.28 |
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misteroman
Administrator
USA
2565 Posts |
Posted - 03/30/2008 : 11:39:47
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So that is 12.8X face?
Derek |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 03/30/2008 : 18:43:50
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quote:
So do you guys just buy at what coinflation has it as or more or less?
Derek
I do it at pretty close to that but sometimes there are deals out there. One thing I am doing is buying coins from ads I post on Craigslist. I usually post one about once a week and get a couple of replies. I was able to buy one small collection of coins from a lady in town for $725 that had silver across all denominations. I think I bought the coins at about 85% of spot, sight unseen. Believe it or not there was a rarer 1894 Morgan in there that lists at $2000 in its condition at Coin Values. I paid $13 for it, so there are some good deals out there this way both from a collector and a silver hoarder standpoint.
Also, I mentioned in the buying report thread that I got a silver war nickel from an antique store today for 25 cents. I have noticed that antique dealers who carry coins dont always have the time to come in and reprice stuff when silver goes up so depending on your timing, you may find stuff well below spot at those. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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misteroman
Administrator
USA
2565 Posts |
Posted - 03/30/2008 : 22:39:55
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| I posted numerous ads on craigslist buying coins/silver and never even got a all.I did rent an apartment on there though once(god tenant) and sold a car. |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 03/31/2008 : 10:17:06
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quote:
Originally posted by misteroman
So that is 12.8X face?
Derek
Yep, of course, it changes constantly... |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 03/31/2008 : 22:41:37
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| Yeah Craigslist can be hit or miss. I posted in the collectibles section and had luck there. I should cross post in other cities and also into the "wanted" category. I might have better luck that way. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 03/31/2008 : 23:11:55
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I looked on my local craigslist and the few things on there were way overpriced! 4 circulated 64 kenedy's for 30 bucks. Cash and pickup only! And they are 1/2 an hr from my house.
There were some other lots too, but they were also overpriced. |
"99% of all lawyers give the rest of them a bad name" 
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 03/31/2008 : 23:15:54
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| Most of the ones on Craigslist are overpriced, but it's a way to buy coins cheaply with a little luck. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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Flbandit
Penny Hoarding Member
USA
851 Posts |
Posted - 04/07/2008 : 18:32:43
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| I've been able to buy pretty close to melt on ebay lately. Of course I'm picky and patient. I've also gotten some pretty decent deal at a local flea-market. |
Are you throwing that out? |
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misteroman
Administrator
USA
2565 Posts |
Posted - 04/07/2008 : 19:22:54
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Seems like they are going for around 13.5X for larger amounts the last few days.just watch a lot of 500 go for 675.I sent him a message.
Derek |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 04/08/2008 : 06:24:53
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Local dealers are usually, at least around here, cheaper than any online purchase. Plus you get immediately delivery of goods. The personal relationship you build with your dealer/s can benefit you as well.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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JSutter
Penny Pincher Member
214 Posts |
Posted - 04/15/2008 : 07:21:07
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Just read an article in the Numismatic News yesterday about a guy that got busted for selling fake Morgans over Craigslist. Seems as though he sold two to a dealer in a parking lot meetup and the dealer later realized a weight difference and checked them out and both were fakes. He got back with the guy who offered him a bunch more and the dealer had the cops set up a sting and arrested the seller and his wife.
I have used Craigslist to rent two apartments and bought a few collectibles off of there, as well as sell a few but I'm always very careful and if the deal sounds too good to be true I stay away from it.
On 40% and 90% junk silver if I'm bidding on it on ebay I wait until the end of the auction and check coinflation. I put in a bid that is at or slightly under coinflation including shipping. If it's a larger lot I really want I'll bid a few bucks more. So far i've never paid over current spot on ebay.
My dealer will sell me $100, $500, or $1000 face bags at spot but he has to charge 6% tax. I'm thinking about ordering from him over the phone and having him ship it 5 miles across the river to my parents house in Indiana to circumvent the state sales tax if I buy any more large quantities from him. Paying 6% on a $1000 face bag is like paying taxes on a new car. |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 04/15/2008 : 07:42:26
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| JSutter-you could also apply for a resale certificate if you ever decide to sell your junk silver. You will avoid sales tax and you may get better dealer-to-dealer pricing from your guy or other dealers should you find the need to make purchases elsewhere. I have been able to buy from a local dealer at below spot (for example getting some half dollars at less than 12x spot, when spot was about 12.8 to 12.9). I took immediate delivery, got product I know was genuine and paid no sales tax. Of course I have no intention of reselling right now, but the downside is that if I do sell to people here in Wisconsin, then I have to charge tax. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 04/15/2008 : 09:00:41
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coinhunter,
is the resell certificate a Wisconsin thing or is it a national thing?
Where or through whom do I apply? |
"May your percentages ever increase!" |
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JSutter
Penny Pincher Member
214 Posts |
Posted - 04/15/2008 : 09:59:48
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Basically a resell certificate is a state business license which at least here anyways requires filing quarterly reports whether you made money or not and you have to keep records of all transactions so if the state audits you you have to tell them how much inventory [bullion] you have, how much you paid for it, etc. That's really more than I want to get into unless I opt to go ahead and open a brick and mortar coin and collectibles shop.
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 04/15/2008 : 12:36:42
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quote:
Basically a resell certificate is a state business license which at least here anyways requires filing quarterly reports whether you made money or not and you have to keep records of all transactions so if the state audits you you have to tell them how much inventory [bullion] you have, how much you paid for it, etc. That's really more than I want to get into unless I opt to go ahead and open a brick and mortar coin and collectibles shop.
I havent read the requirements as far as reporting, but you are right that it's a state business license. You can always get one in other states if you plan to buy, sell, and collect taxes in those states but I am not sure what the requirements are to get one for another state or if there is really any good reason to get one from another state.
To answer wolvesdad question, you would apply for it through your state Dept of Revenue. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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What to pay for 90% coins?
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