Blimey. $21 premium above spot on a 2012 1oz Koala

bungo

bungo

Member
Due to a baby on the way, it's been a few months since I purchased any silver - all my spare cash has been going to saving.

I was in Melbourne CBD on Saturday and decided to buy a 2012 Kookaburra. I went to a well-known establishment and made my purchase. They didn't have any Kooks in stock, so I went with a 2012 Koala 1oz instead.

Handed over a $50 note expecting some change, and was informed that the price was $52.50. $52.50!!!!!

The spot price on Saturday was around $31.

I know there's a premium for Kooks and Koalas, but $21.50 premium on top of the $31 spot price is crazy.

I made my purchase, but I'll be sticking to pre-45 silver and 1966 50c pieces from now on. I wanted a 2012 coin as 2012 is going to be a big year for me, but I'm not willing to pay that much of a markup! I checked on fleebay as well, and that's pretty much what the going rate is for 2012 Kooks or koalas.

When did these get so expensive compared to spot price??? In 2010 there was only about a $5 premium on Kookaburras (at least in my memory!).
 
bungo said:
Due to a baby on the way, it's been a few months since I purchased any silver - all my spare cash has been going to saving.

I was in Melbourne CBD on Saturday and decided to buy a 2012 Kookaburra. I went to a well-known establishment and made my purchase. They didn't have any Kooks in stock, so I went with a 2012 Koala 1oz instead.

Handed over a $50 note expecting some change, and was informed that the price was $52.50. $52.50!!!!!

The spot price on Saturday was around $31.

I know there's a premium for Kooks and Koalas, but $21.50 premium on top of the $31 spot price is crazy.

I made my purchase, but I'll be sticking to pre-45 silver and 1966 50c pieces from now on. I wanted a 2012 coin as 2012 is going to be a big year for me, but I'm not willing to pay that much of a markup! I checked on fleebay as well, and that's pretty much what the going rate is for 2012 Kooks or koalas.

When did these get so expensive compared to spot price??? In 2010 there was only about a $5 premium on Kookaburras (at least in my memory!).
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I fully agree with you!

Reading other forums, our US friends seem able to buy Silver Eagles, Maples, Libertads etc at a $1-$3 premium.

Premiums here on Koalas, Kooks, Lunars are far too excessive imo.
 
I would have laughed & handed them the coin back. You buying it only reinforced to the seller he can rip others off
 
I know which dealer you are talking about :D
Yes he is the most expansive around ,but he sells most of his stuff on eBay overseas
And once you get to know him he does look after you :o
But forget trying to haggle with him
 
bungo said:
When did these get so expensive compared to spot price??? In 2010 there was only about a $5 premium on Kookaburras (at least in my memory!).
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They didn't, you just picked the wrong store for that particular purchase.

Downies have been selling all their bullion 1oz silver at that price (in Melb at least) for over a year.
When silver dropped from $45 to $30, they just never reduced their 1oz coin price.

Not dissing Downies, just that particular price on that item. Sometimes they have good deals.
I picked up some 2009 carded roos for $50 each from them on Friday (sorry none left now :)).
They had other 1990s carded roos for $45 to $60 - much better buy than $52 for a koala - they would have still been there on Saturday.
 
dollars said:
Just say no

those hi ballers are everywhere!!
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Certainly are!

The CBD shops are not the worst. If you want extreme hi ball prices in Melbourne, head out to Australian Stamp and Coin at Forest Hill Chase.
 
trew said:
bungo said:
When did these get so expensive compared to spot price??? In 2010 there was only about a $5 premium on Kookaburras (at least in my memory!).
Click to expand...

They didn't, you just picked the wrong store for that particular purchase.

Downies have been selling all their bullion 1oz silver at that price (in Melb at least) for over a year.
When silver dropped from $45 to $30, they just never reduced their 1oz coin price.

Not dissing Downies, just that particular price on that item. Sometimes they have good deals.
I picked up some 2009 carded roos for $50 each from them on Friday (sorry none left now :)).
They had other 1990s carded roos for $45 to $60 - much better buy than $52 for a koala - they would have still been there on Saturday.
Click to expand...

Yep, Trew, you worked out the place. Like I said, I won't be purchasing any more 1oz coins from there at that premium.

And no, Selfcentred, it wasn't carded, just a plain old koala in the standard plastic capsule.
 
If you want to waste money buying premium coins, expect to pay premiums. Also expect to pay bigger premiums when buying from a shop that has a high rent, staff fees, powerbills, insusance bills and advertizing costs. Part of your premium is for convience and part for the security of buying from experts in the field. As apposed to a plumber on eBay making a buck on the side.
 
When I go to purchase a premium coin,I ask about the price first.Most of us know what a coin should cost within reason,and if the coin is outrageously priced I pass on it.
 
You have indeed paid a very high price.
Do your research / homework before making your next purchase.
On the other hand, if these sort of prices are becoming more of the norm, then I am happy I bought 10 rolls of these 2012 coins several months ago.
 
You overpaid paid by at least $7 on a fair price, i rate the 2012 Koala as entirely inferior to the 2012 Kookaburra which at most should be at $45..

i wouldnt pay a cent over $40 for a 2012 Koala and i dont want any.. if you paid it then i wonder what sort of person you are to willingly get ripped off.. learn to protect your money better and stand up for yourself.. its different if youd ordered it and knew they got it for you at said price.. but as a random walk in you could have got a 2009 kook or koala and got yourself some change.

As always though if you dont do your homework youll get fleeced.
 
D'oh. I've been reading this thread for the past few days and kept seeing it as Kooks instead of Koalas until 1for1's post.
 
1for1 said:
You overpaid paid by at least $7 on a fair price, i rate the 2012 Koala as entirely inferior to the 2012 Kookaburra which at most should be at $45..

i wouldnt pay a cent over $40 for a 2012 Koala and i dont want any.. if you paid it then i wonder what sort of person you are to willingly get ripped off.. learn to protect your money better and stand up for yourself.. its different if youd ordered it and knew they got it for you at said price.. but as a random walk in you could have got a 2009 kook or koala and got yourself some change.

As always though if you dont do your homework youll get fleeced.
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I don't appreciate you calling my integrity or intelligence into question, 1for1.

If you'd read the original post, you might have noticed I said I wanted a 2012 silver ounce specifically, rather than a 2009.

An expensive lesson, I admit, but don't assume I'm a retard who can't stand up for myself, yeah?
 
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