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Title: I tried a new way to buy silver today.
Source: [None]
URL Source: [None]
Published: Mar 11, 2011
Author: me
Post Date: 2011-03-11 23:36:49 by Critter
Keywords: silver, below spot
Views: 325
Comments: 12

I decided to try putting ads on craigslist today, offering to buy junk US silver coins. I went with an offer of $23 per dollar of face value. At today's spot, they would be worth about $26. I included the disclaimer that this was today's price and that the offer is subject to change.

I got one bite so far and am picking up $32 face value tomorrow for $736 which is currently worth $831.

It sure as heck beats paying spot plus for silver, no?

I put my ads in "wanted" and "for sale / collectibles". I'm not sure which got the bite.

I plan on doing this for a while and seeing how it goes. I may just buy and then sell on ebay and get a bit over spot for the stuff.

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#1. To: Critter (#0)

Whoa! great thinking there.

Well done, and thank you.

Somewhere in Kenya, a village is missing its idiot.

Lod  posted on  2011-03-11   23:39:49 ET  Reply   Trace   Private Reply  

I use Coinflation.com's coin melt value calculator to figure out what to offer.

Critter  posted on  2011-03-11   23:41:22 ET  Reply   Trace   Private Reply  

Thanks. I figured I'd share my new found wisdom with my favorite online crew. :)

Critter  posted on  2011-03-11   23:43:35 ET  Reply   Trace   Private Reply  

If you plan on doing something like this, I would arrange to meet at a very public place, like a donut shop or diner to do the deal. One never knows who one may meet with an online transaction.

Critter  posted on  2011-03-11   23:45:52 ET  Reply   Trace   Private Reply  

Thanks.

Coinflation is way cool.

(If they eff with our internet, maybe that will be the spark that lights the fire here.)

Somewhere in Kenya, a village is missing its idiot.

Lod  posted on  2011-03-12   0:04:15 ET  Reply   Trace   Private Reply  

I picked up $88.20 face value today for $2028. That's $262 below silver value at current spot.

I think I'm on to something.

One guy knows a women with about $2k face value that wants to sell. He is passing my name and number to her.

I may have some great deals coming up for 4umers.

Critter  posted on  2011-03-12   23:13:34 ET  Reply   Trace   Private Reply  

Are you inspecting it to make sure you are not getting ripped off? Lots of times when deals seem too good to be true, they are too good to be true.

God is always good!

RickyJ  posted on  2011-03-12   23:40:06 ET  Reply   Trace   Private Reply  

Are you inspecting it to make sure you are not getting ripped off?

Of course. But junk US silver is easy to authenticate and not worth counterfeiting, I don't think.

Most silver buyers are advertising paying between 20 and 22 times face value on craigslist. I went with 23X cuz I want the stuff and it is still cheaper than buying it elsewhere.

Critter  posted on  2011-03-12   23:52:17 ET  Reply   Trace   Private Reply  

I think I may of seen your add on the San Antonio list!!!

Did I?

titorite  posted on  2011-03-13   0:24:44 ET  Reply   Trace   Private Reply  

No, Albany, NY.

Critter  posted on  2011-03-13   0:27:00 ET  Reply   Trace   Private Reply  

Then your idea has caught on... others are doing it too.

Not me though. I'm still hoarding silver. And checking all coin stars.... I found a silver dime in one the other week. It was awesome.

titorite  posted on  2011-03-13   0:36:17 ET  Reply   Trace   Private Reply  

I hoard it too, but I figured maybe I can get my hoard for free by selling enough to recover my cost, and keeping the profit in the form of silver. :)

Let me add that I didn't expect this good a response. I can't really afford to buy and keep all of this. I have to sell some if they keep coming to me at this rate.

Critter  posted on  2011-03-13   21:38:40 ET  Reply   Trace   Private Reply  

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