Noticeboard at my supermarket looking to buy 1966 50c coins

bungo

bungo

Member
I noticed this weekend when I was shopping at my local suburban Coles supermarket that there was a photocopied flyer on the public noticeboard. It was someone looking to buy 1966 round 50c pieces. Lots of info specifying that they're only interested in the round ones, not the normal ones (I can only imagine how many times they've had someone trying to sell them non-silver fifties!)

And in big type was the generous offer of $8 per coin.

Melt value on Sunday was around $11.50.

Not a bad profit if they get many uninformed sellers!

I'm not sure if this is a very clever way of adding to the stack, or very unethical. (Or both.)
 
For the amount of hassle they'd have to go through for as little as $3.50 on a purchase of one single coin, its probably not too bad a price.
 
bungo said:
I'm not sure if this is a very clever way of adding to the stack, or very unethical. (Or both.)
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I am sure this was discussed a few months back.

But my personal view is that he's not forcing anyone to sell to him, merely offering fiat for an object. If the seller believes they're getting a good price for it, then both parties come away with a deal.

I might try it.
 
Wasn't in Melton by any chance?

I have an ad up there, Bacchus Marsh and Phillip Island for $8 a coin.
I don't consider myself a crook at all, if people were looking to sell they should know the value of what they're selling. I went to the Clinic a few weeks back to meet a young GP who sold me a few, so it isn't a ploy to target the elderly like so many people think it is.

Generally it's only a couple coins and people are happy with the "free money", it is very rare that you buy anything of real volume.
 
Yeah, it's true, it's a free country and nobody is forcing people to sell at this price.

I guess I just can't believe people wouldn't spend 2 minutes looking on an auction website to see how much they go for.

And it's definitely less unethical than those nasty "cash 4 gold" booths you see at shopping malls!

Mostly I was just interested that with the rise in the price of silver, it's now economical for someone to chase these coins.
 
If you go to a certain gold buyer (the one in most shopping centres/malls in major aust cities,) you will get about $5 a coin!
 
Ive been thinking about doing this by putting an ad in the local paper but im not sure if i should or not. Scared someone will ring me and abuse me or something. :P
Maybe i should just grow a pair and just do it.
 
Fykus said:
Ive been thinking about doing this by putting an ad in the local paper but im not sure if i should or not. Scared someone will ring me and abuse me or something. :P
Maybe i should just grow a pair and just do it.
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It must be worth the advertising costs because our local free paper has had 2 to 3 such adds in the wanted section for the last 10 months. But then they are offering a bit more than $8 a coin.
 
It's not too lowball an offer - as Big A.D. pointed out, there's a bit of overhead with dealing with small quantities like this.

I used to advertise on Gumtree for them that I would pay spot - only ever had one person contact me, and he wanted 30% over spot.
 
I liken this to the cash for gold people. What is the difference between the 2? Both are essentially preying on peoples ignorance.
 
euphoria said:
I liken this to the cash for gold people. What is the difference between the 2? Both are essentially preying on peoples ignorance.
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Cash 4 Gold people offering 1/10 of the actual worth.
Stackers offering 8/10 of the actual worth.

?
 
Fykus said:
Ive been thinking about doing this by putting an ad in the local paper but im not sure if i should or not. Scared someone will ring me and abuse me or something. :P
Maybe i should just grow a pair and just do it.
Click to expand...
I have been doing it for 2-3 years now, the only abuse I ever get is from people who know the going rate and rage when i'm unwilling to pay $12-$15 a coin. I say in my posts that I am not willing to negotiate on price so everyone who reads knows what they're getting.

I do not get enough to warrant paying for advertisment so I would suggest against it. Don't worry about abuse though, it just doesn't happen unless you're a smartass to people. As for stackers here calling people like me a theif, I really don't care. Everyone is out to make profit, you think used car dealers give you honest offers? they couldn't exist if they did.

Use your brain for a second.
 
RetardedMonkey said:
euphoria said:
I liken this to the cash for gold people. What is the difference between the 2? Both are essentially preying on peoples ignorance.
Click to expand...
Cash 4 Gold people offering 1/10 of the actual worth.
Stackers offering 8/10 of the actual worth.

?
Click to expand...

The question of the value offered is really up to determination, the principle is the same. Cash for gold also typically offered 50% of spot price. (I checked). and paying $8 when spot is $11.50 is closer to 7/10. But that is just being picky. While still a terrible deal if you are aware the same positives that were listed for the 66's also applies. Small quantity, not worth the persons time to get full price from a dealer, convenience, still applies. There is also a little difference between round 66's, a well recognized tradeable form of bullion and scrap jewelry.

I do not think it is right to condone one and condemn the other when both ultimately rely on peoples ignorance. My $0.02.
 
funny-cash4gold-letter.jpg

Source: Internet
 
roman1613 said:
Everyone is out to make profit, you think used car dealers give you honest offers? they couldn't exist if they did.

Use your brain for a second.
Click to expand...

Using that logic, one could easily end up at Cash4Gold's level of ethics. >_>
 
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