How much does your coin shop markup g & s?

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Benaiah

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I went to my very first coin shop today. He is the only one in a 2 hour radius. Silver was $17.90 today and he told me that he would sell me Silver Eagles and Maple Leafs for $23 each. That was his response when I asked what he'd charge if I bought a couple hundred bucks worth.

Is that the norm? Seems like a rip off to me.
 
It does depend on how much you buy at once. There is a company here in Phoenix that you could order from that will charge as little as $1.75 over spot, per oz. They have a 300 oz minimum.

I would expect to pay around $2 over spot generally but there are those that will charge more. Shop around.
 
Last time I was in a coin shop two weeks ago they were selling common date Silver Eagles at 20.00 each. If I buy several they might drop the price of each a buck and eat the 6% sales tax. Look on ebay. Lots of stuff at spot there.
 
They cant charge you sales tax on a us currency coin, silver, gold, or whatever.

That is what my dealer told me in florida, and did NOT charge me any tax.
You may want to look into that.
 
In most states they can charge you sales tax on coins even US coins. Some states have a threshold like $1000 and if you spend more than that there is no tax.

In Kentucky there is a 6% tax on all coins so I stopped buying here and only buy online. I'm not paying a 6% "use" tax on thousands of dollars in gold and silver.

$23 for a one ounce silver coin is pretty high. Was he offering you standard or graded coins?

Get on Ebay and buy from there. Also if you want to buy at or near spot buy old 90% and 40% US silver coins.

Yesterday on eBay I got $120 face value of 40% 1965-1970 JFK halves [about 36 ounces of silver] for $590 shipped. Spot on those is $636 so I got them and had them shipped with insurance for almost $50 under spot. If you bought 36 silver eagles for 20 it'd cost you $720 and at $23 they'd cost you $828 and you're getting the same amount of silver.

I also bought 5 uncirculated gold 1/10th oz American Eagles for $485 shipped or $97 each. That's a bit above spot but about $5 each cheaper than Bullion Direct or any other online store is selling them for.

The guy I bought the silver JFK's from has several more lots at that same price. If anyone wants any hit me up on PM and I'll give you his ebay id. I'd buy them myself at that price if I had more money. I see deals like that on ebay all of the time. Look around on there and save yourself some cash before buying the first thing you see.

I always pay through PayPal with my credit card so I have double protection against fraud or not getting my gold or silver. If PayPal won't give me my money back then my credit card will. So far though I've never had a bad buy from ebay. I just check sellers feedback pretty good before buying from them.
 
I have been wondering...
anyone seen a chart / list that outlines silver content, year range, etc for the coin world?
I've seen small lists, but nothing all inclusive.
 
Most lists are broken down by country. Wikipedia has a lot of info on coins and metal content for various countries. Coinflation.com has info for all US coins as well as some for Canada and Australia I think.
 
I think it varies. We have lots of coin shops in Denver and all charge different premiums. I've seen Eagles with a $2.50 premium.

Now that I know my options, I try no to pay more than $0.50 premium on Generic silver and no more than $1.00 for Government issued coins.

I lucked out the other day. I found a new shop in Boulder and the young guy behind the counter sold me 10 Eagles for only $0.20 over spot and no tax.

You can buy Eagles from ebay for cheaper than $23
 
Benaiah said:
I went to my very first coin shop today. He is the only one in a 2 hour radius. Silver was $17.90 today and he told me that he would sell me Silver Eagles and Maple Leafs for $23 each. That was his response when I asked what he'd charge if I bought a couple hundred bucks worth.

Is that the norm? Seems like a rip off to me.
Click to expand...

Only 1 shop within a 2 hour radius? What City/State do you live in. There are more than I can count in Denver.

And if you only have 1.... Want to know a great way to buy silver and gold BELOW spot? -- Open a small coin shop and buy from customers below spot and sell to customers for spot plus a premium. I've been exploring this option, but, Google says there are 933 locations in town. There's probably too much competition here but if there were only 1 shop then I'd be jumping at the opportunity.
http://maps.google.com/maps?hl=en&u...&oi=local_group&resnum=1&ct=more-results&cd=1
 
other sites are of course kitco.com and goldinvestment.com
I wouldn't consider paying that much over spot price.
 
Whereabouts? I'm originaly from Indiana and live 1/2 mile from the border but can't find any coin shops that side of the river, they're all over here in Louisville. I literally live right next door to a coin store and I order all my stuff from the internet because the shop has to by law charge me 6% KY tax on all purchases even over $1000.
 
JSutter said:
Whereabouts? I'm originaly from Indiana and live 1/2 mile from the border but can't find any coin shops that side of the river, they're all over here in Louisville. I literally live right next door to a coin store and I order all my stuff from the internet because the shop has to by law charge me 6% KY tax on all purchases even over $1000.
Click to expand...

Around Indy
 
i just called a local coin shop and asked what over spot he normaly charged. he said 10% and that did include tax. not sure if thats good or not.
 
Cooter said:
i just called a local coin shop and asked what over spot he normaly charged. he said 10% and that did include tax. not sure if thats good or not.
Click to expand...

That's a little high. The 'expensive' shop close to work charges $1.50 over spot for generic and like $2.50 for premium pieces. I try to buy from the shop that sells generics for $0.50 over spot and $1.25 for Maples or Eagles. The shop closest to my house sells generics for $0.85 over spot and $2.00 for JM, Eagles or Maples.

I located a new shop the other day (not telling where) and the guy there sold me eagles for $0.20 over spot, no tax. Now, THAT is a good deal!

Some suburbs of Denver don't have tax. Of course I like those shops because they are cheaper. Check your surrounding towns to see if they all have sales tax, or try to negotiate with the sales person to see if he'll sell with no tax added. ALWAYS pay with cash!
 
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