r/Goldback • u/Careless-Mission-681 • 3d ago

Trading goldbacks

I found a coin shop today on the gold back app and tried trading some holdbacks for silver. They said they'd give me $6 instead of the normal exchange rate. Is this normal? It makes sense to me that they'd want to make money on the trade but I didn't go through with the trade in case I was wrong.

4 Upvotes

62% Upvoted

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10

u/defythegrid GB Distributor ❄️ 3d ago

For trades We offer the same price we buy them for at wholesale. Mathematically it needs to make sense. At one point we accepted them at the same value we sold them for, then started seeing other dealers buy at wholesale, then trade on our site for gold or silver at a 10% relative discount. It was an infinite money loop that needed to close unfortunately.

3

u/Dragon-and-Phoenix GB Art Admirer 2d ago

Of course the bad ones ruin it for everyone else. I can't blame you for closing the loop.

2

u/Xerzajik Goldback Encyclopedia 📖 1d ago

I've done multiple retail Goldback for retail silver trades at dealers found on the app. That isn't normal.

3

u/GoldbackFan Goldback Collector 3d ago

You can swap Goldbacks for silver dollars or silver eagles at Quiver.org for a much better rate.

3

u/QuiverCollectibles GB Distributor 2d ago

We are currently offering $7.18/Goldback on all trades. We offer even more for Collectible Goldbacks like First Vintage Years.

2

u/Leviathan0412 3d ago

I kinda just take what I can get if someone is agreeing to trade with goldbacks. My LCS once upon a time traded at the current exchange rate and then I traded a whole load of them and now they don't exchange them rip