Feedback Wanted: How did I do

I went to a local jewelry shop that buys gold and silver today and sold some silver coins for the first time. I had 6 40% halves, 13 silver dimes and 15 war nickels. They were all common date coins and all well circulated. From what I could find online they would only be worth melt value. I totaled up the melt by using coinflation.com just before I left. The melt I came up with was just over $85. From posts I had read on cointalk, it seemed like the 90% coins were going for close to spot, but the 40% and 35% coins were going for much less. I ended up selling them for $65. Honestly, it was more then I was expecting to get considering where I was selling them, but I was sure if I was low balling myself in the first place. So did I do as well as I think, or should I have been able to get more? Thanks for all the great input I always get here.

 

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How you did depends on how much you spent on them in the first place.

 

Very good point, sorry I did not think to mention that. I got them all at face value from either roll hunting or teller trays.

 

If you got them for face value then anything sold above face is a good deal. But $65 seems like a good deal to me.

 

Thanks rocky, that's what I was hoping to hear.

 

65 isnt bad you have to take into account if they are heavily warn then you lost silver content. At the same time 35% (nickles) 40%( halves) just arnt as sought after as the 90% and look at it this way you basically paid just over $5 to make 65 sounds like a great investment to me. Happy Hunting!

 

I know most LCS in my area buy 40% halves for $2 -$3 and War Nickels for $1 and less so I imagin you got close to melt if not melt for the dimes. Looking at that I think you made out on the deal much more than the dealer.

 

Thanks for the feedback so far everyone, I appreciate it. I think I lucked out with the timing a bit too. When I got to the store there was only one person working and he was helping a young couple look at engagement rings. I don't think he wanted to bother much with me, because he only looked at the halves. He then said, "Have you had any offers on these yet?" I told him this was the first place I'd been. He said."Oh, I have to call someone to see where silver is at, so I was just going to match whatever was the best offer made to you so far." After that he made a quick call, offered me the $65 which I accepted and hurried back over to the young couple.

 

Your local shops need a heavy dose of competition.

I agree, though, that the OP did okay.

 

Thanks jeffB

 

You sold it at 76% of what spot value is. There is a Recycle place near where i live that buys gold silver ect. that buys it at 85% of what spot it.

 

Well then, you made a killing!

 

Guys it doesn't matter where he got them. He could have found them on the floor all in one pile it would not have mattered! Just because something is free doesn't mean you should just accept any offer above $0. I still think you didn't do bad considering war nickels and 40%ers don't sell for melt. Next time though try selling on here first.

 

I beg to differ. I don't mind selling roll-searched silver at or a under spot, even considering eBay and Paypal fees (since I'm already making a huge profit over FV), but I'm careful to make sure I'm not losing money when it comes to selling collectible coins that I've paid premiums for.

 

Thanks John Anthony. Heated, that's awesome there is a place by you that buys at that %. Is it a local or national company? Good advice Tyler, I will definitely check here first before I sell anything in the future.

 

Let's say you find silver at face would you sell to me for 10x face? No you would try to sell for the most possible.

 

I don't hoard junk silver - have no interest in it. So when I acquire a handful, I just throw it up for auction at way less than spot, and whoever wants it can have it.

 

My uncle actually works for them. He says that they pay the most for your PM's in Minnesota. If your in Minnesota then check out there website or give them a call.

http://www.metalrecyclingrogers.com/#cid=glbc

 

If your selling it on eBay you are get around spot even after fees. OPer could have done the same.

 

Unfortunately I'm not in Minnesota, but will definitely keep them in mind if I'm ever out there.