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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!!
 
While several banks sell gold, they often have a fewer assortment of the metal from which to choose. Usually limited to a select collection of gold coins, there is minimal option to choose. Today, fewer and fewer banks offer gold to sell. However, the online platform for gold sales is enormous, and investors usually flock towards online purchases. If you wish to invest in gold online in USA, you can be rest assured that the gold will be of a prime quality, following all procedures, and legal documentation. If, however, you choose to make a gold savings account, ensure that you are aware of procedures and legalities so that you are not part of a scam or fraudulent transaction.
 
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