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Jeff Lindsay is an author of Conquering Innovation Fatigue. See InnovationFatigue.com for more info.
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Thursday, May 07, 2009

 

Beware Drive-By Gold and Silver Purchasers

There's a full-page ad in the Post-Crescent tonight from a jewelry company that is coming to town for a few days to buy gold, silver, jewelry, silverware, etc. These ads sicken me because I know people are selling WAY below fair value to these operators. There are local shops in town that can give you much better prices, and I know collectors who will gladly given you much better prices as well.

I called the company and asked what they pay for ordinary old, worn silver dollars such as 1921 Morgans - a common but beautiful old silver dollar. These go for $14 to $18 on Ebay or in coin shops, more if the condition is good. Just the silver in one of those is worth about $10 right now, and you should be able to sell it for over $10 to coin shops in town. But the lady on the phone said they are paying $6, or as high as $8 if the condition is good. For old ordinary silver quarters, they pay $1.50, when these sell for about $3.00 each and coin shops will give you something like $2.50 or close to it. Before you give away your valuable goods, take it to one or two local coin shops - or better yet, wait for the value to increase. Let me know if you have questions or would like to be pointed to some great dealers.
Comments:
I have read several articles about these places and cringe when I think of people getting ripped off so badly. Shoemoney had a good write up about one of these places here: http://www.shoemoney.com/2009/03/22/how-cash4gold-works-from-a-former-employee/
It would be great if everyone got a better price AND supported our Fox Cities retailers!!
 
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