GOLD SILVER SHYSTERS

I recently took a 14k gold ladies wristwatch in to a renown Redford Coin and Jewelry store. I laid the watch on the table and told the clerk that I wished to scrap the watch. The clerk took the watch into the visible back room and came back with a $40 offer. I was quite taken aback for 2 reasons: 1) I knew that just about anywhere, I could get $80 for this amount of gold and this is a high profile place of business. 2) They did not even weight the watch !!! Are you kidding me? So....I make the point that the watch was not even weighed and the clerk says "Oh...you want us to take it apart?" I was like "Um.....how else can you weigh it?" The clerk went into the back, came back again and said $60. My eyes turned into saucers as I noticed that the back of the watch was removed, but, nothing else (Band, movement) so, I knew that it still had not been weighed. Not to mention that they had increased their offer by 50% without doing a thing (other than taking the back off) What does this say about the integrity of their first offer? I pulled out my business card and explained that I ran an Estate Sale and Auction business and could not believe that they did not weigh the gold to establish their price. (I did not even mention the low ball offers) I decided to accept the offer of $60, so, that I had something in writing showing their offer. A $20 or so differential at this point in the amount of scrap I do in a year is nothing. The evidence of shyster business practices was more valuable to me. Little does this establishment know that I had been referring them to people in their area. NO MORE. Little does this establishment know that I will aggressively NOT refer them, by name, with everyone who possibly would have a need for their services. Now..you may say....."Chris...isnt that a little harsh for a one time occurrence?" And my answer would be yes...but, it is not a first occurance. A buddy of mine went to this establishment with a very large grouping of silver coins. He received their quote. His quote from another establishment was $1,500 higher !!!!! Yes....$1,500. So, maybe due to the fact that this business heavily advertises and has a large payroll (I counted 7 employees) has forced them to low ball their offers for coins/gold/silver to deal with big overhead expenses. If that is the case, then the general public needs to be aware of this and make informed decisions with whom they do business.

FOOTNOTE: I receive a good volume of potential business calls a week. A large percentage of these calls do not pan out in a business dealing with me. However, I always try to help the caller out and this includes me giving referrals to Antique Shops, Estate Sale Companies, Resale Shops, Antique Dealers and Coin/Silver/Jewelers. Many of these businesses I may not have a direct relationship with, so, I try to keep my eyes and ears open for any complaints I may hear in the community. I also try (when I can) to experience some of these businesses first hand to see if they are worthy of my referral.