I have a bunch of old silver quarters that I would like to sell because they are of no value to me, only the silver content. I calculated the amount of silver in each and so on and I have 52 ounces of silver content in the coins.... So anyway my question is what would be the best way to sell this and what kind of price can I expect? Thanks
1st, Find a place you can get real time or as up to date as possible PM quotes... I use Forex, they are about as accurate as I've found.. http://www.forex-markets.com/quotes.htm (takes a few seconds for the java applet to load, then its right on) Note the Spot Price of Silver (or other PM to buy or sell) Then, I'd say your best bet is to Call you local coin shops; most buy and sell PMs, ask what are currently buying Silver at... (There are many places online, all over the country, but you going to eat up your gains in Shipping and Handeling, so I recomend local) Anyway, I'd bet the best they offer you is a 1.00 to 1.50 under spot... So for example, if an OZ is going for 12.20 right now, they are only going to pay 11.20 at best... (they'ed sell at 13.20) Its a dealers market... Thay make money both ways... Myself, I'd hang onto it for awhile... I would not be supprised to see it back up at 14-15.00 in a month or so... What would be even better than a good local shop, is to find someone in your area that wants to buy it... Sell right at spot, that way, you beat the premium under spot for selling and they beat the premium over spot for buying, both get a good deal... Its really pretty easy... The only thing that would throw that off or make your sale difficult at all is the fact that its 90% silver, not .999 silver... So, you have to figure out how much silver you actually have... A 90% Silver Quater or Junk Quarter is about 6.25 grams If you go to Coinflations page, they have a pretty good tool for figuring value of Junk Silver Coins... http://www.coinflation.com/silver_coin_values.html I've also heard that 1.40 in any 90% Junk is about equal to one try oz.... 10 dimes 1 silver dollar + 4 dimes 2 halfs and 4 dimes etc....
I assume they are canadian silver quarters (since your location is listed as canada), in which case they are 80% silver (unless they're from 1967 or 1968 then it's either 80% or 50%...). If you look at this page http://www.coinflation.com/silver_coin_values.html and scroll down it'll tell you the silver content and value of canadian coins; currently, a quarter is valued at $1.87 (US). However, you probably won't be able to sell it for quite that much each; I would actually recommend selling them on eBay, you can get a feel for what they might sell for by searching through recently completed items.
Great thank you very much for the info! I got the silver amounts % from the krause so maybe I'll wait a couple months to see if silver goes higher... much appreciated!
BjC: Don't bother using calculations, just use face value and multiply by the buying price. That is 9 times face, or what ever. Good luck.
Check Kitco I sold a bunch of silver to Kitco.com. They pay right about spot price and they publish their buy prices on their website. Good luck! -Jeff
If you don't immediately need the money, holding on to 52 ounces of silver isn't a bad idea. There's a good chance, but certainly no guarantee, that you'll get a much better price sometime in the future. In the meantime, buy a coin book and check out the date, mintmark, condition and value of the coins. A few of them might be worth more than bullion value, and maybe substantially more. They might not have value to you, but they might have substantial value to someone else. Don't expect a dealer to tell you this when you sell them. You have to do your own analysis.
They are good in both hard coinage for silver as well as silver pools. for the Pools they are usually +- 20 cents or so from spot
BjC,have you ever thought about making up date sets of silver Canadian coins & selling them on www.ebay.ca or www.coinbay.biz ,or another auction such as www.overstock.com or www.delcampe.net ? Aidan.
