!! ALERT !! My LCS won’t buy this SILVER

Summary

In 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.