I was looking to sell some silver. What would be a fair price for a roll of silver quarters? I called my local coin shop, and they said they would give me $370. I’m I crazy for thinking this is really low, or is this to be expected?
Fair is a price where both parties feel good about the transaction. https://www.usacoinbook.com/coins/2054/quarters/washington/1940-D/ Checking this site $11.89 melt so figure the percentage you would be good with under that number.
I don’t know much about selling junk silver; I was just surprised that they quoted me $105.00 under spot. I guess my real question is, is this the norm for junk silver?
That seems a bit too low for my blood. I know a brick and mortar shop has to buy low and sell high because of overhead but that's pretty steep considering I'm seeing rolls of circulated 90% selling at close to or just below melt on ebay.
There is a roll of silver quarters listed on eBay with a bid of $360. Less than 22 hours left. When it closes you can figure the seller is giving up 13% in sellers fees. Sold listing on eBay are a good way to check the market price.
Yeah, that's a pretty steep discount. Not sure you'll do much better selling locally, though - everybody's spooked in a market like this. The only big online bullion dealer where I can find buy prices is Money Metals. Right now (geeze, is silver really over $66/oz?!!?), they're selling mixed quarters and dimes for 46.9x FV (which is below melt), and buying back at 40.82xFV. So you'd get $38.20 more for a roll if you sold to them - but you'd also have to deal with shipping, and paperwork/paper trail. And I'm really struggling to post a statement that "37xFV is low", but that's because I'm very old, and I remember what it was like way back in the... um, this past summer?
Sell on facebook….I predict with the higher prices junk is going to start acting more like fractional gold and demand a premium. It’s going to be the only way some people will be able to afford precious metals.
Current melt price for silver Washington quarter is $11.9504 (as of 5 min. ago). The current time is 2:08 am EST. 40 silver quarters (1 roll/$10.00) fetches $478. If you sell this way you avoid shipping and insurance costs, but you will have to abide with the discount. All brick and mortar shops apply discounts so they can stay in business, but some discounts are too much. You will have to decide how much of a discount is too much, and if you feel it is too much…walk away. Find a better option.
Alot of dealers don't even by junk silver anymore and if they do the prices are so low it makes you feel like up-chucking your last meal...LOL
We keep talking about "junk silver" here, guys, but at these prices were playing in an expensive junk yard. No such animal anymore. Bruce
So true. And if I were a dealer right now I would be mortified to tie up a lot of my cash in old silver. A dealer could take a bath quite literally overnight as volatile as this thing is.
Roger that. In early October I visited the largest LCS in Syracuse with a box of certified ASEs and a box of BU Walkers, Mercs, etc. Without looking, the Jr partner/associate says ‘We don’t need any any of that, What we need is $100 bills’. Too many sellers, not enough buyers he said. He didn’t know me but I’d done business with that shop for 20 years. The owner/Sr partner was off to the bank to get $ to make payroll. I was trying to get some pricing on about a $5k estate for a friend. Then he wanted to pick through the box of high grade ASEs. Took them right away from him. And out the door I went. Brought them with me to Florida If your balance sheet can’t match mine, you shouldn’t be so smug
Indeed. If you're running this type of business, you should be prepared to actively adjust (up or down) your wholesale buying price to accommodate making money with markets going up and/or down. Turning away product/inventory and buyers/sellers seems like a stupid rookie move.
Or, to look at it another way - years ago, I bought an eBay lot that included a better-date ASE. I think comparable items were trading around $35-40, and this one was going for $60-70. At this point, I doubt it has any premium at all. So now it's junk, same as all the other no-premium-over-bullion stuff.
Oh there's definitely junk in our coin world, but silver isn't one of them. Take a look at my collections and you'll find plenty of it there. But I love every piece and the stories they tell. Bruce
As my wife so often reminds me, I love plenty of things that are junk! (At least, as I remind her, my junk isn't cars or boats...)
Yeah but this old bugger remembers I bought quite a bit of silver, (which I still own), at 3 times face all day long. I knew a couple of people who ran across junk silver, and the dealers paid 2.7 times but charged me 3.2-3.3, so I compromised with these guys and we changed hands at 3 times face. It was the early 1990s. Of course, I wish I would have bought more, but I also wish I would have bought Apple stock instead, so you do what you do and try not to regret.
