I'm looking for someone to go in with me on a bulk silver coin buy. I have someone that has around 69000 face value that he is wanting to sell an another guy that has around 500 pounds of silver coins he just found in is dads house after he past away. The 500 pounds is what i was told but he said it was in a box 3 foot X 6 foot an 2 foot deep i would think that would be more then 500 pounds. I told them what i pay which is below spot buy a few dollars. If someone would like to go in then they would have to meet in person when the buy is made in GA.
Yeah, I wouldn't even know where to start protecting myself in a transaction like this. None for me, thanks.
$69,000 face value? I don't believe it. That melts out at $1.6 million. Not the kind of thing you'd throw up on craigslist.
I can't imagine looking through a crate that is two feet deep with junk silver. It would be quite a challenge to verify these coins were silver and that the amount is actually there.
If you had $800k to dump in silver, you'd have the resources to speed count/weigh the coins to verify. After all... If you have $800k to dump in silver... You would be investing close to $35mm across your portfolio to justify a 2.5% overweight in something highly illiquid.
Fair enough! I do not have $800k to dump in silver or the resources to verify the coins. :foot-mouth:
3x6x2 sounds about the size of a small coffin. You better make sure you are well backed up/ protected before going to meet someone for this kind of purchase.
500 pounds of silver coinage is 8,000 avoirdupois ounces, which works out to approximately 7,250 troy ounces. This amount of silver works out to about $9,000 face value of 90% US coinage if the coins are not silver dollars. If silver dollars, then the face value is more along the lines of $8,000.
Just got off work an thanks for the replys. I know this may be to good to be true on the wood box. I do not know this guy at all he also got 3 crates of civil war guns so i,m willing to at least look with know deal going down that day. But on the 69000 face i,ve been tring to get him to sell for years i know him very well. I have not seen the coins so he may be leading me on alittle bit that is just how he is. I talked to a few guys i know that are going in with me on the coins an guns. So i will let all know how it goes. The deal does not go down until 1-15-13 My luck silver will drop like a rock the day we buy. I may back out if silver does not start looking better. I believe it will keep going down from here.
You need to separate the coins first and cash them in over time, when the price is up. You need to check for for key dates and mints. Get a book and search them first. When you pick the junk ones out, the no dates, or that are badly damaged ones, sell now. Get the best ones out, like un-circulated ones. I would not take a large amount out. That amount of coins is a hard thing to move. Try to find a coin club. That will be where you will find people that can help you. In Georgia there are many clubs that have people that will help you. We have a club in Conyers, GA. The Rockdale Coin Club. We meet the forth Monday of the month at the C. E. Steel building at 7:00pm, The building is on Oakland Ave. @ Parker road. Atlanta also has a club that meets on Saturdays, not sure of the time or place. You can look them up on the net. Good luck. I did not read all of the post the first time, but what I said will work for you too.
Thanks for the info. I do know what to look for an know what to look for. In the past i new i was not selling so i did not keep track with what each coin was bringing. Most will have to be sold fast i could not hold on to that much at one time but would get out all the good ones first. I,m close to those clubs so i may go to one to check it out. An for the person that said i need to protect myself. In my line of work, Glock an AR go everywhere i go.
