I posted a few times to sell my 40% silver Kennedy lot here, but I'm now debating if I should take a third coin shop deal where they'll give me $520.00 for $114 FV (228 coins) of 40% Kennedys. In return I use the "credit" to purchase other silver from them. I was thinking a tube of ASE, and the rest in 90% quarters (I want to finish filling my current quarter tube). Or should I take the credit in just 90% silver coins (halves and quarters), or just get as many ASE as I can get for the credit? I know I'm losing about 33.71 toz of silver but its all in 40% silver for probably about 25-26 toz in 90% to 99.99% silver. Thoughts? Much appreciated!
I accumulated the 40%ers by means of CRH, grandpa/grandma's coins (given me to as part of their will among other silver coins), and buying for much less than spot at antique shops around my area. I also was on budget silver for a while paying off student loans and just starting a new job. 5 years later, no more loans and much better position within the company. So for the past year I've been accumulating the higher premium and higher purity silver coins and bullion at a good pace.
Refiners don't like 40% because they're much more expensive to process; therefore, intermediates pay much less. Personally, I would swap all the 40% for the best deal you can get in 90%, forget about ASE's. If you have Warnicks, except VF or better, also 80% Canadians, throw them in the pot too. Just my opinion.
I sold all of my War Nickels and Canadian silver (50% and 80%) here. I have the 40% Kennedys and 40% blue Ikes, brown Ikes and loose silver Eisenhowers. I picked up the loose ones up for 100% spot at various LCS in my area. A few were a $1 less than spot b/c this one LCS (the third shop I mention above) knows me very well. But like you said they probably just gave me the deal bc its 40%. I personally like the 40% pancake dollars.
I did a similar thing with a dealer. I got 91% melt and traded 120 40% halves for 15 ASE's. I paid a little cash too but it was a small amount ($29). If you can get 91% or better go with the dealer.
That's really good, especially if the majority of the 40% were acquired through CRH. Ideally, even if you took an 11% discount, you're likely still way ahead on (potential) profit. It is always a good idea to trade up low purity silver coins for as much high purity coins as possible.
I got 91% melt and you were only 2% lower, that's great. I got 15 ASE's for my trade and all my 40% was from coin roll hunting. It significantly drove down my 2017 ASE average cost per ounce.
My trade was $114 Face (228 coins) of 40% silver Kennedys for 21 ASE (2016) & $9 Face of mostly 1964 quarters.
Inasmuch as I am a money lovin' Scot that doesn't like to cut deals - I really could care less for 40% coins. I have several hundred war nicks that I just never get around to getting rid of, but lately I have been buying up a lot of 40% at face value of course(remember I am chape) and am waiting to press the button on selling it.
