Buying coins!!!!

And the last ones....In all I just wasted less than $25.00 on all this coins..

 

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Anibus, when I buy circulated silver, I don't pay more then 10x times face value, especially for common dates. As a rule, anything over 10x face is aripoff for junk silver. I try and buy at 8x face actually, when I buy trough classifieds or posted ads.

The Indians, depending on grade, but in post 1900 circulated condition, I wouldn't pay more then a buck. I have a whole roll of ones I pulled out of discount bins and penny rolls.

 

IMHO your best buy was the silver quarters, they look nice enough. :thumb:

 

MissSasha you stated that you wouldn't pay 10x face value for common dates, so 4 what dates do you look for when buying them? Even thought that they might not be the best you seen. Hey! like I said I din't waste that much for all of those coins.. But I'm happy with what I bought..

 

And thanks Fretboard..

 

I am doing something wrong, that's for sure. Common date circ 90% silver is being bought locally here by dealers for 11.25 times face today. Wish I could find it for 8x face, heck 10x would be nice.

Dont let the pawn shop dealers fool you. I know several owners and they know more about coins than they let on. They are not dummies let me assure you. There are no Santa Clauses hanging out in pawn shops. As Clembo said, they accumulate alot of coins and when cash gets short they cash in at a coin shop and do really well doing it.

Here is something to think about. Pawn shop owner buys X coins for X amount, knowing that coin shop A will pay him 25% more than he paid. He marks said coins up 150% and puts them on his shelf for week or so, somebody bites, Great, if not off they go to the shop next week. Don't think for a second this is not the way it works. How many people go into a pawn shop and would not be happy getting 2,3 or even 4 times face for silver. Obviously they havent a clue about coins or they would go to the coin shop to start with. I have seen (recently) a pawn shop offer 1.5 times face for silver and the person said Cool, better then spending it. They get paid, leave with a big grin and the person behind the counter says something like, We get fools walking in here everyday. I watched them purchase over 100 DVD movies a few weeks ago for $20. Tossed them in a box, put 3 for $10.00 on them and moved on.

KNOWLEDGE is everything. Know what your looking at and what your looking for.

 

You really need to know which dates/mintmarks are worth what. The saying is "buy the book before you buy the coin". Purchase a Redbook so you at least have an idea of rarity and supply/demand for certain dates over others.

Don't buy any more coins until you have done some research!

 

Wow, I think I should sell off some of my "rainy day" junk silver funds. Still, 11.25 sounds high!

I haven't bought much in the past few months due to lack of funds, so I don't know the exact market at this precise moment.

But yeah, most people will happily accept below 10x face. I have an ad on the bulletin boards in local laundromats and supermarkets and I often get calls from ppl around me who would rather deal with a real human being instead of a pawn store shylock.

Still, 11.25... what state are you in?

 

I go through a local antique mall from time to time, not looking for coins, but actually for other stuff. Most of the coins are grossly overpriced, but a few months ago I came across several SL quarters for $1 each - when melt is currently about $2.60 on them.

For the most part pawn shops are a miserable place to look for coins, but if you know what you are doing and they don't, you can find bargains.

 

8X face for all circulated coins? WHERE, WHERE, WHERE??????
This means you can purchase Mercury Dimes for $0.80 each? You really should go into the coin dealer buisness. I go to about 2 to 4 coin shows a month, flea markets all the time, coin stores, pawn shops and Mercury Dimes are always starting at $1 each. PLEASE let me know where you get yours so I can make lots of money reselling them.
By the way from the posted photos it appears that there is a mint mark on that 1940 Mercury Dime. Not sure but appears to be an S. Even so, no big thing since someone says they can get them for you for $0.80.

 

From the answers to this post I now suggest instead of going to pawn shops, just make a list and send it to MissSasha since that person can beat any place in prices I've ever seen.
As to pawn shops and flea markets I just came back from a local flea market. Seller there was selling coins and I purchased 4 Liberty Head Half dollars for $6 each but since I purchased 4, he let me have them for $20 total. Admittingly a 1911 and 1903 were in G-4, a 1912 was VG-8 but a 1902 was in minimum EF-40.
Wish I knew where MissSasha gets those for 8X so I could have saved a lot on that deal.

 

Carl, I posted how and where I buy my junk silver. If you had read the whole thread you'd see that.

I only get a few calls a week, but I always snag a few circulated coins at no more the 10x face. Not enough to "get rich" off.

 

Do your homework and check out the quality and price. After that you will know if a pawn shop is a great place. I picked up in Canada just across the border some SLQ for about a buck a piece. great buy because some were VG to Fine

 

MissSasha,

I'd be buying all of the 90% junk silver I could find at 10x face and under!!!! Local dealers around me are charging 13x face or over and are paying 11x to 12x face. Based on today's spot price of silver ($17.69), the true melt value of 90% junk silver is 12.7968x face value, so if you're paying anything less than that you're paying under melt prices, which is always good in my opinion

 

I bought this Barber dime from a knowledgeable pawn shop owner in Massachusetts. He knew he was buying/selling a raw low grade UNC.

 

I wonder what are the good prices for junk silver coins?

Any good websites could anybody recommend?

 

The only coins I ever buy at pawn shops are bullion coins. One in particular I check frequently because they sell ASE's at spot. Aside from that, I've never found pawn shop prices to be comparable to a coin shop's prices.
Guy~

 

Thanks alot guys for your replies. I know that I should do more research but Like I said I din't spend that much on the coins that I bought. And I wish That I could also get silver coins 8x face value just like misssasha said she buys her's. Well guys thanks and keep an eye on those coins...

 

Your not alone with the wish for 8X. Even 9X or 10X just isn't around on this planet lately. Sort of like when you purchase a car and someone says afterwards that they could have got the same car for XXX less. Of you paid what for that coat. I see them all the time for less than that. Only one I haven't heard yet is "You married her? I could have fixed you up with someone better than that." :smile

 

My friend found a 1920 Pilgrim Commemorative in a pile of silver half dollars at such a shop. There was a sign which said $4 for halfs. The owner didn't know the difference and sold it to him for that price.

I should have that kind of luck!