LCS Report

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Thu, Nov 13, 2014 - 5:31pm
silverwood
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Scottsdale coin dealer report.

I have got back to my hotel room after trip to Scottsdale. Yesterday I searched the yellow pages for coin dealers. I called a total of seven dealers, four of which had no silver eagles and little of any other bullion. I was more concentrated on silver eagles, maples etc.

the 1st dealer was desert gold exchange. They are mostly just a broker but do have some inventory on hand, mostly gold. He did have some silver eagles. I bought him out @ 3.50 over spot. I had an interesting chat with Gene, director of operations, where we exchanged our ideas on the silver market.

Another, C &C coin was well stocked with eagles and maples @ 4.00 over spot. I did not make a visit there.

 The last dealer was Steve Sterling coin. I did visit and had a fun visit and chat with Steve. This is the old style coin store with several coin displays and lots of stuff crammed into a very small store. He had some eagles and maples @ 4.00 over spot also fair amount rounds and bars @ 2 over spot also good amount of 90 percent. He had a steady stream of customers. A guy came in and wanted silver maples but balked at the 4.00 premium. He wound up buying generic rounds. Another came in with a set of Roman coins in a display case with labels identifying the emperor and dates the coins were minted. I got a good close up look at them and they were really nice. I think he was just fishing for what he would be offered and did not accept

Steve' s offer. Another guy came in with a 1922 gold certificate which had been professionally graded to vf 35. Steve gave him a bid after consulting the gray sheets. The guy admitted he paid a lot more than Steve's offer and did not sell. Steve is a long time coin guy loaded with experience. I had a fun time and spent about an hour or so chatting. I did buy some of his eagles and did not clean him out. I would highly recommend anyone nearby or visiting to go to Mr. sterling's store, the name alone should give you a clue. Ahhaha!

Fri, Nov 14, 2014 - 12:23am
arch stanton
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question silverwood

Where in Scottsdale is Steve. Sounds like a trip I need to take next time I'm down there. C&C has a an incredibly wide selection, high prices, and very arrogant attitudes. I can't believe I have missed Steve Sterling.

Fri, Nov 14, 2014 - 8:06am
erewenguy
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@ DrJ

I have found that when Provident is slow responding a phone call to help check on the progress of the order helps to speed things up a bit.

Fri, Nov 14, 2014 - 9:19am (Reply to #43)
silverwood
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Hey Arch

Here is the address for Steve sterling

7579 e main st. Ste 100

Scottsdale Az 85251

480 947 4141

get off 101 loop @ exit 47 Indian school west to miller south to main about two blocks he is on the SW corner of main and miller. I told Steve I would post my finding on TFMR and his was appreciative, so make sure you tell him because of TFMR you are there and please give him the link to our forum address. He got way too busy to continue to chat with him so I said thanks and left.

Fri, Nov 14, 2014 - 10:43am
arch stanton
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Thanks Silverwood

I'm there and will mention the site

Fri, Nov 14, 2014 - 2:49pm
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Interesting day today...

Silver price went up 70 cents between the time I got up, went to get paper FRNs and got to the LCS. Heck, it's up another 10 cents since I left.

Plenty 0f inventory (8-10 tubes of maples, phils, ASEs). Maples/Phils: +$3.25 ASE: +$4.00, Generic: $+1.20, 90%: $13.47 / $1 face. It turned out that the 90% was only slightly more expensive than generic rounds, so got some of those. Decent amount, but not really big inventory of gold on display, maybe 8-10 oz all told. Premiums pretty standard: 2.2% on bars, 4.7% on Eagles, 3.3% on Maples/Krugs.

2003 proof silver quarters on sale at same price as pre-1964 coinage. While I can see they are silver, their sound is distinctly silver -- I did not like the fact that (aside from the commemorative 'Helen Keller' design) there was no clear indication of the fact that it was 90% silver. Pretty to hold and jingle/flip, though -- nice ring to it.

Mid-size LCS near Seattle.

Fri, Nov 14, 2014 - 8:11pm
AgEngineer
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Thanks Dr Jerome

A big thank you to Dr Jerome for renewing this topic under the latest forum setup. I appreciate the information shared by this community.

During the past week my two closest LCS appear to be experiencing a shortage of metal at these prices with premiums of almost 40% on SAE and 25% on generic rounds. One location was selling 90% US coins at 15 times face value but did not have any Mercury dimes or Franklin halves at that price. There was no fractional gold for sale at either of these locations when both have been available in the past.

However, this week a not so local shop I visit when traveling for work near a much larger population center had plenty of silver including eagles with $4.50 premium. Additionally, fractional gold was available in sufficient quantities at the 10-15% premium range (depending on size of the fraction) and the lowest premium was on Mexican gold pesos.

Fri, Nov 14, 2014 - 10:21pm
DeaconBenjamin
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Hit the LCS

this morning. They had broken rolls of silver Phils and Maples for sale at $18 an ounce; I got 6 Maples before the big move. Found a silver 6 pence (British 1946) in the 5/$1 junkbox. 

Sat, Nov 15, 2014 - 10:16am
arch stanton
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Pre '64 coinage??

jy896 I'll buy all your '64 coinage

Sat, Nov 15, 2014 - 1:20pm (Reply to #50)
silverwood
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Hi Arch

So please tell the board your opinions of Steve Sterling coins. IMO, when we ( the readers of TFMR) go to a coin dealer we should always tell the deal that you are there because of what was posted on TFMR and provide them with the link. It may in the long run provide a bit of leverage to acquirering a better deal on your purchase. 

Sat, Nov 15, 2014 - 8:29pm (Reply to #22)
SquibLoad
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Canadian silver

I like the Maples for the extra purity and for that pretty maple leaf, but having the old biddy on there is a turn off. Nothing personal against Liz, but as it's been argued in the past "strange women lying on their backs in ponds handing out swords ... that's no basis for a system of government. Supreme executive power derives from a mandate from the masses, not from some farcical aquatic ceremony."

You're right though. They do seem to get overlooked down here, all while they're typically the best deal on the table. People are funny ... they like what they like.

https://youtu.be/fxGqcCeV3qk

Sat, Nov 15, 2014 - 10:24pm
TomMack
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LCS update

they had plenty of silver and plenty of buyers. way more buyers than sellers. they were selling silver eagles at 19.80 and buying at them 18.50 that is a pretty tight spread. they were restocked on Canadian maples they were selling 18.80 and buying at 17.70 again a tight bid ask. they are of the opinion that the US mint may put out a few more eagles but are basically done with the 2014s. NO 90% 2nd week in a row. they almost always have 90%.

It is the BILL of RIGHTS not the BILL of NEEDS

Sun, Nov 16, 2014 - 8:31am
TomMack
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forgot

War nickels. they had plenty they are selling it at $.90 per nickel and buying it at $.57 per nickel. they may be better for barter then for melt/conversion to fiat.

It is the BILL of RIGHTS not the BILL of NEEDS

Sun, Nov 16, 2014 - 8:39am
erewenguy
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.999 vs 90%

Seems to me that if it is the shortage of 1000 oz bars that causes the problems in the markets that matter, then ongoing purchases of .999 silver in all its forms is preferable to buying 90%. I may be wrong, but it seems that larger bars would be used as raw material for the smaller products.

Sun, Nov 16, 2014 - 12:32pm
Chord
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90% VS .999

Seems to me that 90% in VF or better condition is the ultimate fractional in Silver.

It lies at unique place; the interface between fiat currency and real money, and may eventually be a much more respected medium of trade than a similar silver fractional of relatively unknown provenance.

The sheeple who currently think a clad coin is money will lose faith in clad, but will recognize the same coin in silver, issued by the government, to have intrinsic value related to its silver content. (Just like we already do, but they are slow on the uptake or they wouldn’t be sheeple.)

The bullion price of silver after the re-set will take care of the rest.

Of course, I am crazy in thinking that a BU Roosevelt dime will eventually be regarded as the functional equivalent in silver of a 1/10th oz AGE, despite the fact that it is not actually 1/10th of an ounce.

But you see, it will still be 1/10th of a silver dollar.

I expect that someday VF 90% dimes will trade at very close to 1/10 the price of an ounce of silver, and the difference between actual content of the dime and a true tenth will be considered the premium.

Therefore, I think every stacker should have a goodly quantity of 90% coins.

Disclosure: I am long dimes.

Sun, Nov 16, 2014 - 2:55pm
DeaconBenjamin
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larger bars would be used as raw material for smaller product

LCS owner said that Southern Coin out of New Orleans bought comex bars and made them into one ounce rounds.

Sun, Nov 16, 2014 - 2:58pm
DeaconBenjamin
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Difference between 90% and .999

90% doesn't need to be assayed. .999 may or may not. There may be widespread counterfeiting of silver dollars, but I haven't heard of any modern counterfeiting of Mercs and Roseys.

Sun, Nov 16, 2014 - 3:24pm (Reply to #58)
silver66
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Added a 5 9's

to my stack this summer

Local dealer called and said he had a 2002 canadian mint series 1.222 oz at .99999 would let go for spot plus $75. Normally about 350+ in numismatic value into the coin. It is a thing of beauty

I snatched it up then promptly lost on a fishing trip. But it sure was pretty while I held it

Silver66

Silver66 Rage against the dying of the light

Sun, Nov 16, 2014 - 3:43pm
dragonfly5
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Silver 66 5 nines

Those are nice coins - managed to pick one up from my LCS a while back - got it at spot but price was higher back then and also it did not come with the original box - so reselling for numi value is tougher.

Recently I've been picking up the Canadian 1967 $20 coins at spot. They are 90% - not -99999 - but I really like the design (the side without the queen on it). .5287 oz of gold - well known and a little bit easier on the pocketbook whenever I am in to pick one up.

Sun, Nov 16, 2014 - 6:28pm
erewenguy
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I picked up some Canadian

I picked up some Canadian silver at a good deal a while ago. But then looking at my neck of the woods, I realized that I know 1 person from Canada. Made it a point after that to purchase some Mexican silver just to "diversify my portfolio" after reassessing who my neighbors really are. They would more likely accept Mexican silver over Canadian.

I've come to appreciate the mantra being repeated a while back on "accumulate ounces". I like that fact that most of the time I can get more ounces of raw metal at a lower premium with private mint issues. Because I have a strong personal collector bent, there comes an unfortunate attraction to and desire to hoard certain numismatic items. One of the advantages of generic silver and gold for me is that I am much less likely to overvalue any certain item. When it is time to trade out it will require as much emotion as buying something with a pile of fiat.

Regarding 90% I like the 60's quarters and Kennedy halves for that same purpose. They tend to have less wear (hence, more ounces) and are common enough that I assign little numismatic attachment to them.

randomness