Buying Junk Silver Coins

I am starting to buy plain old Morgans, Walkers etc., again after several years. Do coin shops sell at spot or just over spot? For example - Cheapest I have found Morgans is $17.50 each and Walking Liberty Halves at $7.50 each. That is about $1.50 over spot for the WL and about $5 over spot for the Morgans and Peace dollars. Do coin shops have bulk junk coins they sell cheaper usually?

 

Log in or Sign up to hide this ad.

the shops i've dealt with usually sell at spot + 5% or silver melt value + 5%

 

Shop around, visit coin shows. You can do better than the prices you mentioned.

 

I tend to like to hoard average Morgan’s myself. For me anyway they have always carried a premium over spot simply due to numismatic value. People love them. And $17.50 ain’t bad in my neck of the woods.

 

Your pricing is good for those items compared to what I can get them for at shows and LCS's in my area.

 

My local shop has junk Morgans for 18.00 but drops to 17.50 for the roll. I think these are fair prices as the coins are VF to AU sliders...a lot of 21-Ss and Ps. 22-Ds etc. I'm considering a roll this week. None of these are culls!

 

If you've done this before, your past experiences should provide your answer.

Junk/scrap dollars have long generally sold for a premium, so this is nothing new. The same can often be said for the older types in smaller denominations, but can vary depending on the seller as well as who you are to them.

 

Never bought from coin shops where they have bulk

 

For the money, you want pieces from the 1960s. Less wear means more silver if they are pricing by face. If they are doing it by weight, get the Barbers.

 

Nope, not collecting 1960's. Looking for Morgans, Walking Liberty's etc...

 

Then you're either going to have to search them out on your own or pay going rates. I don't know what else to tell you other than, perhaps, try to make friends with your local dealer.

 

I think the best deals are on quarters. I've been paying $3.25 at our local shops and have cherry picked many BU's for the same price.

 

Roosevelt dimes and Washington quarters have the lowest premiums, especially at $50+ face value quantities - Mercs and halves are always more pricey - a few days ago, I 'scored' 100 Walking Liberty halves from the APMEX/eBay store for $668 & I earned 10% eBay Bucks, so effectively, I only paid slightly more than $6.01 per coin, a 1.6% premium over melt at the time of purchase.
I understand that these are 'average circulated' halves - as long as there no bent coins or total slicks, I'm satisfied.
https://www.ebay.com/itm/90-Silver-...249147?hash=item1a0bed467b:g:AN8AAOSw0kNXhVTf

 

My lcs is at 12 to 13 times face, which is fair. No extra premium forhalves. He won't do less than $23 on Morgans though.

 

Never? I know dealers that buy and sell them based on weight. NEVER is a long time. People thought they scored getting 102 dimes instead of 100. But the price was based on weight. Barbers and old Merc have lost a lot of silver over the years.

 

No! At least not in my area. Although, it might be done to save time on a very large volume of coins.

 

One, but only when he believed it suited his best interests.

 

For my area those are reasonable but I can get a better price by buying in bulk quantities. As the price of silver goes up or down so does the price of junk silver.