!! ALERT !! My LCS won’t buy this SILVER
Summary
TLDRIn this video, the host discusses the challenges of selling silver to coin shops, highlighting the importance of having a good relationship with a local coin shop (LCS). He explains why some items, like silver shot and colorized coins, are not favored by LCSs due to low demand and difficulties in selling them. The host shares his personal experiences and offers advice for new collectors on what to avoid when buying silver, emphasizing the value of purchasing recognizable and easily sellable items.
Takeaways
- 💼 Coin shops are businesses that may refuse to buy certain items based on their value or desirability.
- 🏦 Selling silver for $10 under spot price might be a way to ensure a sale, but it's not necessarily the best deal.
- 🤝 Building a good relationship with a local coin shop (LCS) can be beneficial for both buying and selling silver.
- 🔍 Not all silver is easily recognizable or sellable; some forms may be harder to offload quickly.
- 💡 Silver shot is a form of silver that can be used for casting bars, rounds, or figurines, but it's not always desirable in the market.
- 📦 Silver shot was once a cheap way to buy silver, but its market value has changed over time.
- 🚫 Local coin shops may refuse to buy silver shot due to its low demand and the hassle of selling it in small quantities.
- 🎨 Colorized coins, especially those altered from their original state, are generally not favored by coin shops and can be difficult to sell.
- 💰 The value of colorized coins is often less than their original, unaltered state, making them a poor investment for resale.
- 🌐 Recognizable and easily sellable items are crucial for those who might need to offload their silver in the future.
- 🔄 When considering buying silver, look for forms that are currently the most affordable and easily sellable, such as buffalo rounds.
Q & A
Why might a coin shop refuse to buy certain types of silver?
-A coin shop might refuse to buy certain types of silver if the price is too high, the piece is undesirable, or it would take up too much space in their display or storage.
What is the significance of having a good relationship with a local coin shop (LCS)?
-Having a good relationship with an LCS can help in understanding their buying preferences and potentially getting a better deal when selling or buying silver.
What is silver shot and why might it be less desirable for a coin shop to buy?
-Silver shot is small pieces of silver used for casting into bars, rounds, or other forms. It might be less desirable for a coin shop to buy because it can be difficult to sell in large quantities and handling it for smaller transactions is cumbersome.
Why might someone prefer buying recognizable silver items over silver shot?
-Recognizable silver items are easier to sell quickly due to their widespread acceptance and understanding among buyers, unlike silver shot which may require more explanation and might not be as readily accepted.
What are the challenges of selling silver shot according to the script?
-Selling silver shot can be challenging because it requires breaking open a new bag and measuring out the correct amount, which can be time-consuming and messy.
What is the speaker's opinion on the use of silver shot in an apocalypse scenario?
-The speaker does not agree that silver shot is the best form of fractional silver for an apocalypse scenario, as it would be difficult to convince someone unfamiliar with silver of its value.
What are colorized coins and why might they be less valuable to a coin shop?
-Colorized coins are regular coins that have been altered with color. They might be less valuable to a coin shop because they are often considered damaged and may not be accepted at face value.
Why might a coin shop refuse to buy colorized American Silver Eagles?
-A coin shop might refuse to buy colorized American Silver Eagles because they are often placed in the damaged bullion section and are not considered as valuable as their original, unaltered counterparts.
What advice does the speaker give for new buyers of silver?
-The speaker advises new buyers to be cautious and look out for items that might not hold their value, such as colorized coins or silver shot, and to focus on buying recognizable and easily sellable items.
What is the speaker's recommendation on buying silver for potential future sales?
-The speaker recommends buying silver in forms that are easily recognizable and offloadable, such as buffalo rounds, which are currently the least expensive option and more straightforward to sell.
Outlines
💼 Coin Shops and Silver Shot
This paragraph discusses the challenges of selling silver to coin shops. The narrator explains that coin shops are businesses with specific buying criteria, which might not align with the seller's expectations. They mention that some items might be undesirable or too expensive for the shops to buy. The narrator shares their experience with a local coin shop that refuses to buy certain types of silver, particularly silver shot. Silver shot is described as a raw material used by people to create their own silver bars or rounds. The narrator mentions that their local coin shop does not buy silver shot due to low demand and the inconvenience of selling it in small quantities. They also discuss the historical affordability of silver shot and its current market status, advising viewers to consider other forms of silver like buffalo rounds if they are looking to buy silver for investment or hobby purposes.
🌈 Colorized Coins and Their Market Value
In this paragraph, the narrator addresses the topic of colorized coins, emphasizing their lack of appeal in the market. They differentiate between officially minted colorized coins, such as a Lord of the Rings-themed coin, and those that have been altered by individuals. The narrator expresses their disapproval of altering coins, such as painting or plating them, as it devalues the coin and makes it less desirable for collectors or investors. They mention that local coin shops often categorize these altered coins as damaged and sell them at lower prices. The narrator also warns against buying colorized coins for investment purposes, as they are unlikely to fetch a premium in the market. They conclude by reiterating the importance of buying recognizable and easily sellable items, especially for those who might need to liquidate their assets in the future.
Mindmap
Keywords
💡Coin Shops
💡Silver Shot
💡Local Coin Shop (LCS)
💡Spot Price
💡Fractional Silver
💡Colorized Coins
💡Barter
💡Pew Pew
💡Buffalo Rounds
💡Premium
💡Damaged Bullion
Highlights
Coin shops are businesses that may not buy everything you bring in due to price or desirability.
The narrator's local coin shop refuses to buy certain types of silver.
Maintaining a good relationship with a local coin shop (LCS) is beneficial.
Silver shot is used by people to pour their own silver bars, rounds, or figurines.
The narrator bought silver shot when it was one of the cheapest ways to get silver.
The narrator's LCS dislikes silver shot due to low demand and the hassle of selling in small quantities.
Silver shot is considered by some as the best form of fractional silver for an apocalypse scenario, but the narrator disagrees.
Colorized coins are not favored by the narrator, who believes they destroy the coin's value.
Local coin shops often refuse to pay spot price for colorized coins.
The narrator advises against stacking colorized coins due to their lower value.
The narrator's first purchase was a colorized coin, which he now sees as a mistake.
The narrator suggests buying recognizable and easy-to-offload items for new collectors.
Buffalo rounds are currently the least expensive option for buying silver.
The narrator recommends considering buffalo rounds for melting down instead of silver shot.
The narrator emphasizes the importance of buying items that are recognizable and easy to sell.
The narrator concludes by asking viewers about other items they avoid or have seen LCS not buy.
Transcripts
coin shops are a business so as hard as
it is to believe they don't have to buy
anything you bring in uh your price
could be too high for them or it's just
an undesirable piece that no one will
really want so it'll sit in their
display case or it might just sit in the
back on a shelf and take up a lot of
space so when I talked to my local coin
shop I found out what type typ of silver
He just flat out refuses to buy let's
get to the video what's going on guys
I'm stat side welcome to my channel and
don't worry I'm not trying to get you to
like And subscribe but if you have an
unhealthy addiction to Gold Silver and
new asmatic as much as I do then I
promise you're in the right place and as
viewers you don't get the recognition as
you deserve so I want to say thank you
for taking the time out of your day to
watch my content helps me out
tremendously with all that being said
let's Roll
so obviously if I went in and sold you
know $10 under spot he would buy my
silver but then again if I wanted to get
ripped off I would just go sell to a
pawn shop that's why I like to have a
good relationship with my LCS now I own
some of the silver so don't take it
personal if you do as well other local
coin shops might buy it's just something
I hardly ever see um in their inventory
so the key thing is if you're looking to
offload anything you just have to shop
around it just takes a little bit of
time that's why I always preach to buy
recognizable um stuff if you need to
sell something you can do it in you know
the blink of an eye but the first one
actually has multiple uses and it is
silver
shot so if you don't know what silver
shot is it's what people will buy to
pour their own silver they make bars
rounds or even little uh statues and
figurines you can people got them all
over the place people actually make some
really really cool uh stuff but get some
out right here and you can see that
nothing is the same size you have some
big
pieces some small pieces right
there so people just use this to turn
them into uh whatever they're casting
either bars or or rounds like I said um
there's 10 oz here and I bought this a
really long time ago when silver shot
was actually one of the cheapest ways to
get your silver um they sell it in even
bigger bags than this right here they
have them in 100 o um you can get them
in you know I haven't checked in a long
time but I'm pretty sure there's some
pretty outrageous sizes and they even
make gold shot also um I still plan on
using this to pour some bars for the
channel I don't know how many I'll make
but it'll be a fun hobby I want to get
my logo stamped on there so might do
some 10 oz bars some 1 oz bars but
however my local coin shop doesn't like
it for several reasons one being that
hardly anyone um in the area where I
live is ever buying it he said he
purchased hundreds of ounces years ago
and it just sat in the display case in
front and the rest on the shelves in the
back for years like hardly had anyone
even ask them about it so another reason
is when people did want some silver shot
they would really only want one or two
ounces so you got to open up a Brand New
Bag you got to pour it out on the scale
you have to either add a couple beads
take back a couple beads um he
eventually got really really tired of
that and he just made it so that if you
want some silver shot you have to buy it
in a 10oz bag like this he was tired of
breaking them out and separating uh
everything thing and I've heard
arguments you know people make that this
is the best form of fractional silver
it's excellent for an apocalypse
scenario you know the crash of the
economy uh zombies you pick your poison
I frankly I just don't agree good luck
convincing someone who knows absolutely
nothing about silver that these little
beads right here here are silver nothing
is stamped on there or anything um you
know like if I approached someone with
this right here it says three 9 fine
silver there's 10 troy ounces yes I know
bars and coins can also be faked and
they still might not know about silver
but this would be 10 times harder I
would rather use this you know for a
werewolf just load it into the good old
pew pew and and use it there rather than
a barter situation that's why I have um
constitutional silver so the second one
is colorized coins and I'm not talking
about um something like this right here
that an actual mint
made this is one of my favorite pieces
actually keeping on a display case cuz I
am a huge Lord of the Rings
nerd and and even though this is in the
shape of a
bar it is actually a coin because it has
a dollar value there you can see that
right here on the box it says 1 o Silver
Coin but matter of fact I am talking
about this I don't own any so I will
post a picture someone took a perfectly
good type one American Silver Eagle and
did this to it um I have never ever
understood the point of this personally
I believe you're destroying the coin um
I'm not perfect cuz I have you know this
right here I don't even think that this
is plated I think it's like gold
powdered or
something to me having one's okay but
please don't stack these or the
colorized ones um and that was one of my
first purchases ever for some reason and
the the like the painted American silver
eagles are even more expensive than the
unpainted ones and I have yet to run
into a local coin shop that will even
pay spot for these um whenever I do go
into a place that has them they have
them placed with the rest of the damaged
bullon section and they will sell them
relatively uh cheap guys you'll I don't
know if your guys is local local coin
shops have those cases where they sell
coal uh Morgan dollars and and Peace
dollars but it's just considered
damage my uh my local coin shop won't
even touch those at all um you guys know
I am all for people buying what they
want these are just you know some kind
of warnings if you're new you can just
kind of really look out for when you're
making your first
purchases like mine right here I will
never get my premium back for that coin
so a recap on the silver shot I really
don't recommend buying this stuff unless
you're pouring your own bars and rounds
and even then it's interesting like I
said silver shot was the most affordable
way to buy silver once upon a time but
if you look this up now and look up
buffalo rounds buffalo rounds are
actually the least expensive option to
get so if you're looking to pour and
meltdown I would look at getting some of
those rounds it actually might even be
um easier to calculate instead of having
to pour get a 10 oz bag pouring it out
in the scale so like I said guys I
obviously have this stuff too I'm not
trying to down anyone it's just me um uh
preaching once again buying stuff that's
recognizable and easy to offload uh that
when it comes to the time to sell or not
sell I know there's some dieh hard
people that just refuse they could be on
their deathbed and they they won't sell
no matter what but some people get in a
pinch and they need to offload some
stuff there's things you just won't get
your premium back for or just won't want
to be uh purchased At All by someone so
that's all I got for today guys what
other things do you avoid or have you
seen your LCS not buy so as always I
hope you got something from this video
and I'll see you in the next
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