took a couple silver dollars to a gold and silver event at a hotel.

Some lady before me took a bag full of coins. The guy said he would buy 90% silver for 20x face. That would be $20 per silver dollar when melt is $61.83. Does that right to you?

 

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Those places are a joke. Most dealers are paying 53x face or better.

 

Of course not. On the other hand, they have the expense of renting hotel space, and of repeatedly skipping town, erm, traveling from place to place.

Here's a very old (2012) thread about another "we-buy" operation and its implosion.

 

At this point I'm surprised there would be much silver left in the wild for people to take to these places to potentially get 20x face. Laughable by the way.

Eventually most stuff left out there will have been paid for by people that know what it is at current levels and these schemes you'd think would become less and less productive. We're getting further away from a time when people just saved old silver coins because they'd be valuable some day.

 

Whenever money is involved, the failing of human greed rears it's ugly head. This is why you do research and deal with reputable people. You can't save everyone from being cheated/ scammed, only ourselves, friends and relatives.

 

There's an awful lot of stuff out there, though. I don't expect to see it seriously run out in my remaining lifetime (say the next few decades). Even if silver goes to $1000/oz, there's stuff that'll be forgotten until someone opens the right box from a grandparent's basement or attic. Heck, it's still showing up in CoinStar reject slots.

 

Not even close! He’s not just lowballing her, he’s robbing her! The price you quoted is low. Most reputable dealers are paying 55x face value so a decent price would be around $45.00 per $1.00 face. She needs to run from this guy.

 

Thankyou! X100

Darwin has to eat too.

 

I have sold my roll searched silver coins and was quoted a price which was close to melt. I don't know about quoted x face. I should have saved them and they would be worth more.

 

That is what I did, run. I have coins that are old but I think they are worth melt. Once he quoted her a price I ran. I just told the lady waiting I wasn't ready to sell.

 

Maybe we're missing an important point here other than just dollars and cents. I just keep my silver coins and tokens for their beauty and history...and what they mean to me. I don't care what the price of silver is.

Bruce

 

^^^^ Of course. Because numismatists see things differently.
However, when silver got very high (1980-1981?) and now,
many coins in good condition, and with good dates are going to be melted and lost forever.

 

What I have isn't in the melt category, how are art bars doing?

 

On Friday I took a few of the lesser vintage silver art bars to a local coin shop and got $5 back of spot.
(Spot at $80)

 

What is an art bar? I have a Silvertowne mint donkey bar. Is that an art bar?
I also have a silver American eagle. Does that trade for silver?

 

Maybe he uses to own a car repair service.
I like those art bars. Especially the one from 1973. Sailor's Dream...

 

The premiums have evaporated. I read that at FUN, rare vintage bars were going for spot +$4, excluding the super rare bars (ie Engelhard 3 oz). Art bars are going into the melt pile with everything else.

On a separate note, about a month ago, I was in the Philly Stacks Bowers office and asked about bullion going into the smelter and they suggested that the firm they work with is pulling out rare bars.

 

Someone should be the new caretakers, rather than melt history.
Note to self PM, P&G and ask if he's looking at being a caretaker for some new art bars

 

Those places are ripoffs. They come to every city of any size. I was trying to find a video of a guy who secretly filmed himself and proving how dishonest those places are. I was going to post it, but can't find it now. Might have been scrubbed off YouTube.