This guy handled it like a boss, got in his car, and drove up there to give him a fair price! A real man of honor and integrity! I hate dealing with hustlers who are always trying to pull one over on people and rip people off!
I had this happen to me recently. Went to a new coin shop with a Gold Philharmonic. He offered me 75% spot and said it wasn't a well known coin and would be hard to sell and with the price of gold at all time highs he was "taking all the risk here". Well I left there with my gold and will NOT be going back there EVER.
Mike is a great coin salesman with very high character. I met him at the ANA show in Chicago in August of this year. I showed him some gold coins I had and he recommended that I have the Gold Coins slabbed at the PCGS on site. Mike even took the time to walk me over to the PCGS table and helped me get the paperwork to have my coins slabbed. Thank goodness I listened to him because the gold coin that I was going to sell him for $3200 come back graded Proof 70 DCAM valued around $7500. I look forward to next show so I can Thank him personally for the big favor he did for me. I bought the coin from the US Mint in 2021 for $2715. I was thinking a dealer would pay me around $3200. Listening to Mike's advice helped me make over $4500 profit. Great show, Seeker. Appreciate your hard work educating your viewers.
Is that a federal law or state law? Makes a big difference. Some states may have no laws on lowballing. I hate the way CC have gotten around the Usary Laws of the states, which are mostly 18% or below. We need a Fed Usary Law. Trump supports a 10% CC cap Temporarily...
This was my biggest issue with precious metals. Buy the $20 pre 33 gold piece at $2000 when spot is $1900. 2 years later, spot is $2600, but the shop will be like... ummm hard to sell.... melt is that.... best I can do is $1900. No one is melting these??? Why am I getting melt? Shop can price the coin right and it will sell. Its greed, scams and manipulation.
Melt is just a term that refers to the price of the bullion in the coin, it does NOT mean that coin will actually be melted. Also, no... there is no guarantee they'll be able to sell it for the "coin price". You can buy pre-33 from dealers right now, in BU condition for nearly melt. Do you expect a business, that has overhead to cover, to buy and sell something for the same number? Yes, the shop in this story was trying to scam the owner, but a shop paying melt right now in the market is paying quite well. It's not greed, scams and manipulation bud, it's business.
@SilverSeeker I understand that I do not possess your expertise on the subject. This is why I stay tuned. I believe there are shops out there that are willing to set buy and sell prices fairly, enough to profit and also keep the customer happy. It just seems these are a rare breed. It's a situation where many of us are not doing enough research or shopping around. I appreciate your content and the transparency. I was certinally not taking a stab at you or your content.
Wow. I got offered $50 for 24k 10g valcambi bar at a pawn shop. I called him out on it and he was like its only 10k and i was like bullshit its marked 24k dumba$&
I was in Billings mt and the pawn store was selling for 40/oz for regular worn bars and I asked what they buy them for and he said 15/oz. I laughed and walked out.
I know this won't be popular,but the seller has to shoulder a bit of the blame. In this day and age, there is no excuse for not doing a little bit of research when selling expensive items.Good on Mike for saving the day!
There’s a certain pawn shop in Florida on you tube just bought a guys American eagle silver coins for $25 an ounce when the spot price was $31. What a joke. Shop around
Pawn shops are probably not the best place to sell silver eagles. There's some risk to the pawn shop with regard to fake coins so they are probably compelled to offer significantly below spot. Likewise also maybe not the best place to go looking for silver eagles. Other coins may not be as popular to make fakes.
and the pawn shop has to hold the coins for 30 days before they can sell them. It's not like a coin shop that can sell the coins 2 hours later. What if spot drops to $27 an ounce 30 days after they bought them?
I don't think they have to hold eagles, but on the other side of the coin, what happens if you buy from them and the price drops? That's part of the business. They can't be playing this psychological game with people. But people should know that they should not sell to these guys. I would like to know the name it's not illegal to give up their name.
Yes this is correct and he does know what he can get and lies all the time to his customers he also sells on whatnot for well over spot price also goes to coin shows to trade for profit. ( Pawnbroker pickers is the UA-cam channel)
When my dad passed, he had several silver and gold coins. My sister said she would sell them and split the cash with us. When she told me how much she received, I was appalled as she was seriously scammed. When I asked her about it, she said the shop told her that was all they were worth. Shame on me for not mentioning the value to her prior to the sale, but I assumed the shop would really treat her fairly.
I learned from Silver Seeker to call around first and go To the shop willing to pay the highest price. If you walk in without calling first your wasting your time.
Glad to hear the seller contacted Mike aka Mid America Coins before they sold there gold to someone else. It's a shame that there are people (individuals) and businesses that are dishonest and rip people off when buying from others.
Back in 2010 when gold was going up, I saw a commercial we buy gold with Anthony Sullivan saying to call them the had a postage paid envelope and it was easy just drop the coin in and they'll send me a check guaranteed to get the highest payout. I found a 14k gold earring on the ground probably weighed about a gram or two. I knew it probably wasn't worth much. I think gold was around $900 an ounce maybe a little higher. I was thinking that I might get $20 or $30. I was upset when I opened the check was only $1.52. I knew never to sell to them again. What sold me was how convenient they made it for me. Back then I didn't know where to sell gold.
Thanks for looking into this and posting this story. I have seen this sort of thing far too many times to be even a little surprised. I have seen 'below melt' offers by supposedly reputable coin shops/dealers on precious metal items (gold and silver) which also carried a fair bit of numismatic value (so we are talking about historic/collector coins in reasonable collectible conditions, not damaged, and not culls, or slicks) yep, below melt on items that they are going to turn around and sell at a very substantial profit to collectors. In these cases we are not just talking about the seller being fleeced on the bullion value. But a whole addittional level of being taken advantage of monetarily! A novice, or inadequately informed person trying to get fair value going into most coin/bullion/pawn shops without awareness of what they have, and the market on either collectible coins or bullion items is like them walking into the lions den. I would say in 95%+ of cases they are likely to be taken advantage of (well beyond any reasonable profit expectation for the shop!), sometimes to an obscene degree. Much like this hapless fellow in your video being offered 40% of spot on $20 gold pieces. To me that's theft, plain and simple. And the dealer was probably wearing a pleasant smile and had an amicible and folksy/friendly nature. Iv'e watched it happen right out in the open, even here on youtube, in fact just recently. Thanks again. Uninformed is unarmed and vulnerable!
In 2009 I Had Someone Break Into My Home And Steal My Entire Coin Collection... Which I Was Saving For My Son. Now Imagine Knowing That They Didn't Even Know What They Were Selling, Probably For Drugs.
@@StarfireReborn Sorry to hear that. Must have been a 'gut punch'.Hope you have recovered somewhat since and are still interested in collecting. Sometimes it seems a lot of the world is a hostile and dangerous place. Stay safe.
My habit is check out a new store and not to buy or sell until I go shop a good bit more and think about it. That keeps mistakes down. I can always contact a trusted dealer too.
This was an eye opener. I started investing in precious metal about 18 months ago, making my first buy of 10 silver maple leaves at a famous pawn shop on the north end of the Vegas strip (yes, at an unreasonably high premium over spot). At that time I also started tracking spot prices, just like I watch the Dow and S&P. It would never have occurred to me that someone who owned bouillon would not know what it’s worth.
Great video! We all need to be reminded to be cautious and do your homework so someone can't take advantage of you. I'm curious though about this law that limits a "low-ball" offer. Never heard of anything like that, does anyone have a citation to the statute, either federal or any state?
"Nobody's gonna pay better than we do." This is what SS has been saying for a long time now. DO NOT SELL PMs without first calling around to get some prices, as shops can and do vary on how much they will pay. Be informed, not a victim.
I live in salina Kansas , no coin shops here only pawn shops, I always check jm bullion buy price before selling any coins I have never sold to jm bullion but it is a good guide for the value of your coins. I have sold to one pawn shop here in town and they have always given me the same price for what the coin shop in Wichita Kansas were paying.
Some lady came in and was selling her gold eagles and the guy offered 2350 to buy and the lady instantly said isn’t it 2500? She knew where spot was so she thought that’s what she would get then he mentioned no one pays spot for it
This is exactly what Seeker has been saying for literally years. Shop around and be educated when you sell your metals. Don't get railroaded by bad dealers or pawn shop owners
This Pawn Shops our Joke, never sale your hard working money to weak pawn shops our coin dealers who want to screw you for your Silver & Gold. I went to Coin Show this week & purchase nice 1854 $5 Gold Liberty Head. I was planning to sale at all, just wanted to test the markets. At that Time my Gold melt value of my coin was at $630+ the coin dealer offered me $530, I laugh in his face heck no & walk away with my beauty Raw Pre-33 Gold!!! 🥇
SS: I'm looking at trading a bunch of silver into gold. Do me a solid and make a video on best way to accomplish this. How do most dealers work when doing this type of a transaction? What should I be looking out for? (or any other advice you have)
It's not only silver or gold 'purchasing or selling' rip-offs. I don't know of ANYONE who hasn't experienced MULTIPLE scams via email or computer. Most of us know better and laugh it off, but MANY people, especially the elderly, are falling for them. The question to ask is: WHY ISN'T ANY U.S.GOVERNMENT AGENCY PUTTING A STOP TO THESE BLATANT SCAMMERS?
Interesting i just got back from a local shop that offered around $2500 today for a 1907 $20 MS64 gaudens, but on the other hand they offered around $2588 for a 2008 gold austrian phil . So some coins I guess are more popular to the public. Was also offered around $15600 for 7 oz. in gold bar (!) yikes.
Great video.. Unfortunately, those that need to see this video will never see it. I am afraid the situation you describe is probably very common, particularly in small towns where there are only 1or 2 "dealers".These buyers may try to justify their actions, based on the concept of protecting themselves against a major market downturn, having to keep the material in inventory for an extended time, already overstocked on that item, or saving the seller the "bother" of having to travel to another town, to possibly receive an even worse offer. These guys tend to prey on the uninformed, the desperate, or those trying to sell stolen material. I'm afraid laws governing such activities would be/are hard to enact, and even harder to enforce. Since there is no way to guarantee the market (at least short term) won't collapse, I do not see how you could enforce payment of a certain percentage of the current, but always changing. melt/market value.
Okay…With Any type of proof…Publish the Name of the Store, Pawn shop..What ever. Publish it so We Can All Boycott it. Yes, seller has Some responsibility….That’s Not the Issue..it’s the Store and their Trustworthiness.
No... I'm not going to slander a business on heresay my friend, sorry. You'd think twice about doing that also if you were in this position. Besides it's better to teach people how to avoid being scammed because there will ALWAYS be scammers.
Ill pay over melt then watch the person who is buying it cry because its too high. You camt force someone to offer you what you want. You cam choose to not do it. I wish they would do this with iPhones and houses.
Im sorry but name thes eplaces so people can leave reviews, so people are aware when they look these places up. By not mentioning them you opening the door for others to get scammed
LOL dude please stop... comments like this just don't get it. There will ALWAYS be scammers, ALWAYS. The best thing to do is educate the public on how to avoid being scammed. Do that and the scammers disappear because there's no one left to take advantage of. Close one, 2 more pop up... PERIOD. Besides, listen to the call, Mike didn't even know who it was, he wasn't sure if pawn shop or coin shop. What do you want me to do, spin the wheel? Ever heard of Libel lawsuits? I GUARANTEE that if you were in my position you wouldn't publish it. Good day.
This doesn’t surprise me! We’ve got major grocery store chains ripping us off, so why not a coin dealer or pawn shop! This is what”s wrong in America today. You can’t trust anybody. DO YOUR HOMEWORK!!!
Shop around people that is outrageous five six years ago that's a that's a deal Gold is at $1,100 or whatever you know Even then that's still not that great but that's just pathetic The dealer or vendor should be in jail face citation finds be reported to the BBB😢 Gold is always at least 98% of spot on my buy That's my offer eagles I pay spot for the most part
I don't understand the point of videos like this if the places aren't called out. I've heard you say you don't want these places to get harassed by people. So the place doesn't get called out and keeps ripping people off. Run an honest business and you don't have to worry. This community struggles enough.
To share with people that don't realize how often this happens. Calling out one shop does nothing, they'll just open another one... show people hwo to avoid things like this and the scammer will never have the chance to scam.
@SilverSeeker People are not shutting down established brick and mortar coin shops, pawn shops, or jewelry stores. Letting people know where they should never go helps people that don't surf stacking channels, because the owners know they have a target on thier backs and have to change otherwise maybe another post goes up. We all already know that there are dishonest people it helps alot more to know where these people are.
"people already know"... and yet, they still get scammed to this day. There will ALWAYS be scammers and thiefs bro, the best thing you can do is educate people on how to avoid them. Sorry, but we'll have to agree to disagree here.
With no local coin shops. When I'm ready to sell in the future, it will undoubtedly be worth the money to buy a plane ticket and see my friends at Harry's coin shop in Portland. Very good video thank you Mr seeker. 🫎🫎🫎
Never go to a pawn shop to sell anything..
This guy handled it like a boss, got in his car, and drove up there to give him a fair price! A real man of honor and integrity!
I hate dealing with hustlers who are always trying to pull one over on people and rip people off!
Mike is good people. Glad he is on a mission
Hey there Frosty
There's a difference between making a profit and stealing from someone by taking advantage of them.
I had this happen to me recently. Went to a new coin shop with a Gold Philharmonic. He offered me 75% spot and said it wasn't a well known coin and would be hard to sell and with the price of gold at all time highs he was "taking all the risk here". Well I left there with my gold and will NOT be going back there EVER.
Ahhhh! Bullsheit!
They’re a business trying to make a profit.
@@MurrayRiverr Well take your metals there, then!
@@MurrayRiverrYes, and trying to make profits by ripping people off will ensure they lose their business.
@@MurrayRiverr all on you ...
Mike is a great coin salesman with very high character. I met him at the ANA show in Chicago in August of this year. I showed him some gold coins I had and he recommended that I have the Gold Coins slabbed at the PCGS on site. Mike even took the time to walk me over to the PCGS table and helped me get the paperwork to have my coins slabbed. Thank goodness I listened to him because the gold coin that I was going to sell him for $3200 come back graded Proof 70 DCAM valued around $7500. I look forward to next show so I can Thank him personally for the big favor he did for me. I bought the coin from the US Mint in 2021 for $2715. I was thinking a dealer would pay me around $3200. Listening to Mike's advice helped me make over $4500 profit. Great show, Seeker. Appreciate your hard work educating your viewers.
I’ve been low balled by shops before but this is absolutely criminal. Btw I never knew about the law on the minimum, that’s good information to have
Is that a federal law or state law? Makes a big difference. Some states may have no laws on lowballing. I hate the way CC have gotten around the Usary Laws of the states, which are mostly 18% or below. We need a Fed Usary Law. Trump supports a 10% CC cap Temporarily...
This was my biggest issue with precious metals. Buy the $20 pre 33 gold piece at $2000 when spot is $1900. 2 years later, spot is $2600, but the shop will be like... ummm hard to sell.... melt is that.... best I can do is $1900. No one is melting these??? Why am I getting melt? Shop can price the coin right and it will sell. Its greed, scams and manipulation.
Melt is just a term that refers to the price of the bullion in the coin, it does NOT mean that coin will actually be melted. Also, no... there is no guarantee they'll be able to sell it for the "coin price". You can buy pre-33 from dealers right now, in BU condition for nearly melt. Do you expect a business, that has overhead to cover, to buy and sell something for the same number?
Yes, the shop in this story was trying to scam the owner, but a shop paying melt right now in the market is paying quite well. It's not greed, scams and manipulation bud, it's business.
@SilverSeeker I understand that I do not possess your expertise on the subject. This is why I stay tuned. I believe there are shops out there that are willing to set buy and sell prices fairly, enough to profit and also keep the customer happy. It just seems these are a rare breed. It's a situation where many of us are not doing enough research or shopping around. I appreciate your content and the transparency. I was certinally not taking a stab at you or your content.
Wow. I got offered $50 for 24k 10g valcambi bar at a pawn shop. I called him out on it and he was like its only 10k and i was like bullshit its marked 24k dumba$&
Inherited coins to survivors are primed to be “ stolen”.by those dishonest dealers via exploiting the ignorance of the sellers.
You got that right!
That is exactly why I have an exit strategy.
Guesse will leave em all to my nephew who likes collecting
@mattmatt6572 smart and good man
I was in Billings mt and the pawn store was selling for 40/oz for regular worn bars and I asked what they buy them for and he said 15/oz. I laughed and walked out.
I agree this is good information to have and know so that way I know what I'm dealing with when I go to buy from coin stores.
Glad to hear that Mike is giving that person a fair deal. Thanks Seeker!
I know this won't be popular,but the seller has to shoulder a bit of the blame. In this day and age, there is no excuse for not doing a little bit of research when selling expensive items.Good on Mike for saving the day!
Diplomatiacally worded!
Is the seller to blame for the dealer breaking the law?
@@brandonunderwood4224 Again,if you do not do your research one has to shoulder some of the responsibility.
@@brandonunderwood4224 No the seller is at fault if he did not file a report.
Excellent report 👍👍👍👍👍👍💯
Mid America I am glad you helped him out. You have integrity
There’s a certain pawn shop in Florida on you tube just bought a guys American eagle silver coins for $25 an ounce when the spot price was $31. What a joke. Shop around
That's b.s
Pawn shops are probably not the best place to sell silver eagles. There's some risk to the pawn shop with regard to fake coins so they are probably compelled to offer significantly below spot. Likewise also maybe not the best place to go looking for silver eagles. Other coins may not be as popular to make fakes.
and the pawn shop has to hold the coins for 30 days before they can sell them. It's not like a coin shop that can sell the coins 2 hours later. What if spot drops to $27 an ounce 30 days after they bought them?
I don't think they have to hold eagles, but on the other side of the coin, what happens if you buy from them and the price drops? That's part of the business. They can't be playing this psychological game with people. But people should know that they should not sell to these guys. I would like to know the name it's not illegal to give up their name.
Yes this is correct and he does know what he can get and lies all the time to his customers he also sells on whatnot for well over spot price also goes to coin shows to trade for profit. ( Pawnbroker pickers is the UA-cam channel)
When my dad passed, he had several silver and gold coins. My sister said she would sell them and split the cash with us. When she told me how much she received, I was appalled as she was seriously scammed. When I asked her about it, she said the shop told her that was all they were worth. Shame on me for not mentioning the value to her prior to the sale, but I assumed the shop would really treat her fairly.
Sounds like a car dealership. “Your car is worth $20,000 but we’ll give you $10,000.”
I learned from Silver Seeker to call around first and go To the shop willing to pay the highest price. If you walk in without calling first your wasting your time.
Dude your channel definitely has the best up to date info out of all the stackers channels that i subscriber to.
Dealers want 100$ over spot for bullion on top of spot price, but will pay you 150$under or less... after spot raises 30% in 9 months
That is very fair in this market.
@@bigdaddyhoffman1911 don't simp for dealers
Glad to hear the seller contacted Mike aka Mid America Coins before they sold there gold to someone else. It's a shame that there are people (individuals) and businesses that are dishonest and rip people off when buying from others.
Back in 2010 when gold was going up, I saw a commercial we buy gold with Anthony Sullivan saying to call them the had a postage paid envelope and it was easy just drop the coin in and they'll send me a check guaranteed to get the highest payout. I found a 14k gold earring on the ground probably weighed about a gram or two. I knew it probably wasn't worth much. I think gold was around $900 an ounce maybe a little higher. I was thinking that I might get $20 or $30.
I was upset when I opened the check was only $1.52.
I knew never to sell to them again.
What sold me was how convenient they made it for me. Back then I didn't know where to sell gold.
@@bobsacamano7653 1.52 😨
Thanks for looking into this and posting this story. I have seen this sort of thing far too many times to be even a little surprised. I have seen 'below melt' offers by supposedly reputable coin shops/dealers on precious metal items (gold and silver) which also carried a fair bit of numismatic value (so we are talking about historic/collector coins in reasonable collectible conditions, not damaged, and not culls, or slicks) yep, below melt on items that they are going to turn around and sell at a very substantial profit to collectors. In these cases we are not just talking about the seller being fleeced on the bullion value. But a whole addittional level of being taken advantage of monetarily! A novice, or inadequately informed person trying to get fair value going into most coin/bullion/pawn shops without awareness of what they have, and the market on either collectible coins or bullion items is like them walking into the lions den. I would say in 95%+ of cases they are likely to be taken advantage of (well beyond any reasonable profit expectation for the shop!), sometimes to an obscene degree. Much like this hapless fellow in your video being offered 40% of spot on $20 gold pieces. To me that's theft, plain and simple. And the dealer was probably wearing a pleasant smile and had an amicible and folksy/friendly nature. Iv'e watched it happen right out in the open, even here on youtube, in fact just recently. Thanks again. Uninformed is unarmed and vulnerable!
In 2009 I Had Someone Break Into My Home And Steal My Entire Coin Collection... Which I Was Saving For My Son. Now Imagine Knowing That They Didn't Even Know What They Were Selling, Probably For Drugs.
@@StarfireReborn Sorry to hear that. Must have been a 'gut punch'.Hope you have recovered somewhat since and are still interested in collecting. Sometimes it seems a lot of the world is a hostile and dangerous place. Stay safe.
Hi Seeker, this is an important PSA! Good for Mike in taking it upon himself to educate people on the value of metals.
In Australia the stock of gold coins is very low. It isn't unusual for a coin dealer to ask for over 1,000 AUD ($500-700) premium on a billion coin.
Do your homework before you sell. Call around to a few shops & just ask what they are paying. It's not rocket science.
It is rocket science, for the metals' illiterate. That's the issue: they prey on the ignorant.
Ask what they are paying compared to spot, and then ask what the current spot price is. You gotta let them know you know what you got.
This is why I'm teaching my kids how to buy/sell metals. They might need this info someday.
That’s why I love this channel 👏
Excellent information silver seeker nice to see you again.kind regards Gregory Lee from Melbourne Victoria Australia 😀👋👍.
I'll buy them for 1000 all day. I'll buy them all.😁
My habit is check out a new store and not to buy or sell until I go shop a good bit more and think about it. That keeps mistakes down. I can always contact a trusted dealer too.
a revolutionary new approach. Let me make a wild guess - your habit is also counting the cash when receiving it, right? wooow!
Thanks for the info Seeker and Mike from Mid America coins
This was an eye opener. I started investing in precious metal about 18 months ago, making my first buy of 10 silver maple leaves at a famous pawn shop on the north end of the Vegas strip (yes, at an unreasonably high premium over spot). At that time I also started tracking spot prices, just like I watch the Dow and S&P. It would never have occurred to me that someone who owned bouillon would not know what it’s worth.
Never go to pawn shops
Scammers gotta scam.... It would be great if there was a good way to hold them accountable!
Mike must be a really nice man, and very fair.
Great video! We all need to be reminded to be cautious and do your homework so someone can't take advantage of you. I'm curious though about this law that limits a "low-ball" offer. Never heard of anything like that, does anyone have a citation to the statute, either federal or any state?
Horrible to hear about this. I live and stack in the town he is going to.
Keep up the great content.
I just went to a local pawn shop to see what they would pay for a 1 oz British coin and was quoted $1100.
Unbelievable I can’t believe somebody would even think about selling their stuff for that low. I mean all they gotta do is check spot price.
"Nobody's gonna pay better than we do." This is what SS has been saying for a long time now. DO NOT SELL PMs without
first calling around to get some prices, as shops can and do vary on how much they will pay. Be informed, not a victim.
I couldn't agree more. Take some time and call around
That's a pawnshop price. Being a pawnshop keeps them from being held accountable.
I live in salina Kansas , no coin shops here only pawn shops, I always check jm bullion buy price before selling any coins I have never sold to jm bullion but it is a good guide for the value of your coins. I have sold to one pawn shop here in town and they have always given me the same price for what the coin shop in Wichita Kansas were paying.
Also in Salina.
I’m in Topeka with an amazing coin shop 😎
Hi just subbed. I like how you call shops out but you should really call them out by name
The worst part of owning PM,s. Lowballers and no regulation against these lowballers.
Just down the interstate from me😢
Best place in Wichita KS is Phil's coin shop but remember know the worth of your coins
Some lady came in and was selling her gold eagles and the guy offered 2350 to buy and the lady instantly said isn’t it 2500? She knew where spot was so she thought that’s what she would get then he mentioned no one pays spot for it
THANK YOU SILVER SEEKER.
What in Gods name? Ive never heard of such thievery.
These people know NOTHING of God. If they did, they would be more careful about how they treat others.
That is a ballsy offer for real!
Times are hard, and pawn shops count on that..Im from Salina, ks. I bet I could tell you who it is...
oh wow, that is criminal.
This is exactly what Seeker has been saying for literally years. Shop around and be educated when you sell your metals. Don't get railroaded by bad dealers or pawn shop owners
those shops should get called out,
This Pawn Shops our Joke, never sale your hard working money to weak pawn shops our coin dealers who want to screw you for your Silver & Gold. I went to Coin Show this week & purchase nice 1854 $5 Gold Liberty Head. I was planning to sale at all, just wanted to test the markets. At that Time my Gold melt value of my coin was at $630+ the coin dealer offered me $530, I laugh in his face heck no & walk away with my beauty Raw Pre-33 Gold!!! 🥇
Shop was like ill pay you 50 times face sir...
Profit is not a dirty word!
Illegal sales tactics are!
A pawn shop is not a coin dealer . Get quotes from multiple coin dealers.
Is this mike from the covid video 2020 buying peace dollars at coin show?
Definitely educate yourself but someone that messes with your livelihood like this needs sent to the ER.
You tube channels can tell you gold and silver value, no reason to get ripped off
Tulsa 🤔 I live in Oklahoma and I know what shop he’s talking about I bet 😂
I'm curious what the online Bullion dealers would pay. Ya know, Provident Metals, Apmex, etc. Would love to see an episode trying to sell to them.
Apmex quoted me about $120 underspot on Kugerands....when you calculate shipping and insurance
I had that same experience in my city. Know what you have before you sell.😊
Well yeah, a lot are scumbags…
SS: I'm looking at trading a bunch of silver into gold. Do me a solid and make a video on best way to accomplish this. How do most dealers work when doing this type of a transaction? What should I be looking out for? (or any other advice you have)
It's not only silver or gold 'purchasing or selling' rip-offs. I don't know of ANYONE who hasn't experienced MULTIPLE scams via email or computer. Most of us know better and laugh it off, but MANY people, especially the elderly, are falling for them. The question to ask is: WHY ISN'T ANY U.S.GOVERNMENT AGENCY PUTTING A STOP TO THESE BLATANT SCAMMERS?
Think hard, it will come to you! HINT - Corruption
Any coin dealer should have test equipment that takes the risk out of the exchange.
why buy silver and hold it for long time when those place unable to offer better deal!
Interesting i just got back from a local shop that offered around $2500 today for a 1907 $20 MS64 gaudens, but on the other hand they offered around $2588 for a 2008 gold austrian phil . So some coins I guess are more popular to the public. Was also offered around $15600 for 7 oz. in gold bar (!) yikes.
Sounds like they might have been paying Spot price for both. $20 St Gaudens is only 0.9675 oz .
yeah I bet this stuff happens alot
Guys like that should be ran out of business
Im not selling any thing until Silver or Gold Dubble in price from here
I just want to borrow against it.😢
They all offer top dollar till you walk in the door
You posted data from Illinois in the past. Illinois is a two party consent state.
Great video.. Unfortunately, those that need to see this video will never see it. I am afraid the situation you describe is probably very common, particularly in small towns where there are only 1or 2 "dealers".These buyers may try to justify their actions, based on the concept of protecting themselves against a major market downturn, having to keep the material in inventory for an extended time, already overstocked on that item, or saving the seller the "bother" of having to travel to another town, to possibly receive an even worse offer. These guys tend to prey on the uninformed, the desperate, or those trying to sell stolen material. I'm afraid laws governing such activities would be/are hard to enact, and even harder to enforce. Since there is no way to guarantee the market (at least short term) won't collapse, I do not see how you could enforce payment of a certain percentage of the current, but always changing. melt/market value.
Do you know of an honest coin dealer in the Lincoln or Omaha area?
That guy is worse than a snake in the grass! I would roll over in my grave if my lifetime of coins went for literally pennies on the dollar!
More Mike!
Okay…With Any type of proof…Publish the Name of the Store, Pawn shop..What ever. Publish it so We Can All Boycott it. Yes, seller has Some responsibility….That’s Not the Issue..it’s the Store and their Trustworthiness.
No... I'm not going to slander a business on heresay my friend, sorry. You'd think twice about doing that also if you were in this position.
Besides it's better to teach people how to avoid being scammed because there will ALWAYS be scammers.
Am sure there are many evil coins dealers out there. just find the Real deal. Do not be undeterred by Crooks.
Thieves are everywhere! Seller beware!
Who's getting spot right now when selling to a dealer?
Very few if any!
Ill pay over melt then watch the person who is buying it cry because its too high. You camt force someone to offer you what you want. You cam choose to not do it. I wish they would do this with iPhones and houses.
Im sorry but name thes eplaces so people can leave reviews, so people are aware when they look these places up. By not mentioning them you opening the door for others to get scammed
Hello Silver Seeker
👍
Skip gold and silver, buy Bitcoin
LOL No
STOP COVERING UP FOR THESE SHOPS, YOU ARE BECOMING THE PROBLEM BY NOT BEING TRUTHFUL WITH PEOPLE ABOUT THE SHOPS THAT ARE SCAMMING!!
LOL dude please stop... comments like this just don't get it. There will ALWAYS be scammers, ALWAYS. The best thing to do is educate the public on how to avoid being scammed. Do that and the scammers disappear because there's no one left to take advantage of.
Close one, 2 more pop up... PERIOD.
Besides, listen to the call, Mike didn't even know who it was, he wasn't sure if pawn shop or coin shop. What do you want me to do, spin the wheel? Ever heard of Libel lawsuits? I GUARANTEE that if you were in my position you wouldn't publish it.
Good day.
This doesn’t surprise me! We’ve got major grocery store chains ripping us off, so why not a coin dealer or pawn shop! This is what”s wrong in America today. You can’t trust anybody. DO YOUR HOMEWORK!!!
I can subscribe for 1 bullion 😅😅
Shop around people that is outrageous five six years ago that's a that's a deal Gold is at $1,100 or whatever you know Even then that's still not that great but that's just pathetic The dealer or vendor should be in jail face citation finds be reported to the BBB😢 Gold is always at least 98% of spot on my buy That's my offer eagles I pay spot for the most part
I don't understand the point of videos like this if the places aren't called out. I've heard you say you don't want these places to get harassed by people. So the place doesn't get called out and keeps ripping people off. Run an honest business and you don't have to worry. This community struggles enough.
To share with people that don't realize how often this happens. Calling out one shop does nothing, they'll just open another one... show people hwo to avoid things like this and the scammer will never have the chance to scam.
@SilverSeeker People are not shutting down established brick and mortar coin shops, pawn shops, or jewelry stores. Letting people know where they should never go helps people that don't surf stacking channels, because the owners know they have a target on thier backs and have to change otherwise maybe another post goes up. We all already know that there are dishonest people it helps alot more to know where these people are.
"people already know"... and yet, they still get scammed to this day. There will ALWAYS be scammers and thiefs bro, the best thing you can do is educate people on how to avoid them.
Sorry, but we'll have to agree to disagree here.
With no local coin shops. When I'm ready to sell in the future, it will undoubtedly be worth the money to buy a plane ticket and see my friends at Harry's coin shop in Portland. Very good video thank you Mr seeker. 🫎🫎🫎
Good luck carrying all that bullion on a plane. Be careful....