Curiousity here....I've never sold/bought coins before. But I am in the process of going through my Paps, that he wants me to sell for him. I dunno why!!! I'd much rather just keep them. But they are his, and he wants money for them while he can still enjoy it...his words :rollling: My question is though, for things that are say...silver. And I don't know what the price of silver is now, but from what I remember the coin place I talked to said they basically give you whatever the value of the coin is, times the price of silver or something like that. They give you whatever its worth in silver. Now, do they just do that because its like backed by the price of silver...they don't actually take these coins and MELT them do they???? Like for example, I have a baggie of dimes, that aren't that old...yet, but they are the silver ones. So I know they aren't worth much for age wise, as they aren't that old. But what do they do with them when they buy them off you? Keep them for years down the road, or ship them off to be melted?
Sometimes a dealer will send junk silver to the smelter to be melted but usually they will resell it to a buyer who wants to hold silver. The dealer usually buys silver a little below spot and sells it a little above spot. (Spot is the current price of silver.)
Lots of people here use http://www.coinflation.com/coin_calculators.html This site will let you know what the current value of the coins by silver weight. The amount that comes up is the "spot" value. You will be hard pressed to get spot value which is where the dealers make their profit. Call around to local coin shops and find the best price they are willing to give you.
