Buying silver coins a scam?

[~Alan~]

There are also a lot of "Fake" coins and artefacts coming in from China. Some of them very good !

 

[yacorie]

I've never purchased "junk" silver that had a premium attached to it. Spend some time and go talk to your LCS or pawnshop. They aren't getting full spot for it from the refiner and are often more than happy to sell it to you right at spot.

 

[palmettoguy]

Out of the two local places, one sold at spot was out of 90% silver junk coins.
The other place charges 3% over spot plus state tax.
I just need to wait for a coin show I guess...

 

[Irons]

Out of the two local places, one sold at spot was out of 90% silver junk coins.
The other place charges 3% over spot plus state tax.
I just need to wait for a coin show I guess...

Coin shows are awesome places to buy and sell!

 

[Cat_Fish]

Beyond the shows, dealers, ebay we have had success buying "junk" silver coins at antique & consignment shops often at and sometimes below melt. Many booths, especially at the "junkier" shops are cluttered and sit around collecting dust, sometimes with little sales or changes to display for years. We have found that sometimes dealer prices on the small coin pockets they are displayed in are WAY out of date, either from lack of knowledge, lack of caring or simply not updating. Yesterday we picked up nice barber quarters at $2.50 each...also some times these places have storewide sales that apply to everything not denoted as being "firm"...generally coins are listed as firm, but not always and we have gotten some listed at melt and then been able to apply 15-20% discounts. Good Luck!

 

[palmettoguy]

Hmmmm...yeah, I thought about hitting the antique stores up but I heard a lot of them sold fake morgans, peace dollars ect.
Guess I just need to see what all they have.

 

[Jinx18]

I'm confused. Are you saying that the smaller stack of coins are so worn that you lost silver based on weight?

 

[yacorie]

I'm confused. Are you saying that the smaller stack of coins are so worn that you lost silver based on weight?

I think that is what is implied - and is true to some degree but even slick coins aren't losing as much as you think...put them on a scale

 

[palmettoguy]

I'm confused. Are you saying that the smaller stack of coins are so worn that you lost silver based on weight?

I dont have a scale to weigh them, but yes, the ones on the right are about 4 quarters smaller than the stack on the left.
So, to me, imho, i feel I have been dupped out of 4 quarters worth of silver.
Maybe its just me though...

 

[Cat_Fish]

Hmmmm...yeah, I thought about hitting the antique stores up but I heard a lot of them sold fake morgans, peace dollars ect.
Guess I just need to see what all they have.

For sure...we stay away from the higher value silver items and try to get rosies, mercs and barber dimes, war nickels sometimes are WAY below if not completely ignored for silver content and Washington, SLQ and Barber quarters. We don't touch dollars of any sort, frankly because we don't know enough to identify real vs fake, condition etc

Had not thought of pawn shops...I have never been to one, might be worth a visit!