Hi y’all, Tomorrow I’m going to a couple LCS in my area (Los Angeles) and need some advice so I don’t get taken. I am selling $52 face value of silver coins. Dimes, quarters, halves. Majority quarters. How much times face value is the norm in today’s market. I saw coingallery offering 15.2 times face value. Also I want to add, 50% of the coins are uncirculated. It’s not all junk silver. Should I mention that to the dealer and hopefully get more money? Any information y’all can share with me regarding how much times face value is the norm would be highly appreciated. Thank you, Ed
Go to the next coin local coin show. Go to several dealers and ask them about values. I once had an item and went around the tables. I had offers for the item from several hundred. I later sold it after going around to see what the offers would be. Write down who you talked to and the table number, as well as the offer so you can go back and still see if they want it. Good luck. Most of the local dealers have to keep their offers low so they can make more. The dealers at a show any show near the end of it will make better deals befor ethey leave,
15-16 times face seems relatively fair at this point in time. Uncirculated coins unless they are rare ie. 32-D, 32-S quarters, are still considered junk silver. Not many dealers will pay a premium for Unc. silver.
Most shows are that way. They are near the end and need to sell something. I was at a gun show late on a Sunday afternoon. I bought a WW II German Luftwaffe Officers handgun for around $200. It was much more valuable than that. He and his wife had been there all weekend and needed money to pay the hotel. There are a lot of deals at the end of the day.
That would have been my recommendation in the past, too. Today, though? It's been a long time since there's been a local coin show, and if they did throw one, there's no way I'd darken its door. $52 face is just under the threshold for selling to one of the big online bullion dealers, I think -- last I checked, their buyback minimum was $1000. Halves are worth a bit more than quarters or dimes, especially if they're in good condition, but I've hardly ever had luck getting more for them at a show. Silver (and even gold) swooned today in response to political events. Melt value for the silver in $1 FV is currently $16.87 or so. Since silver seems to be on the decline, offers from dealers will be well below that. If you can afford to wait a week or two, you might get a better price -- or a worse one; if I could predict price swings, I'd be too busy to post here.
I don't go to coin shows anymore either. The people (so called dealers) there are just not the kind I would like to associate with.
Ed a fair price right now would be 15 or 16 times face. I just got 17 3 weeks ago..so it’s moving quick. As for the uncirculated stuff, you have to be more patient if you want a premium. Some LCS might give you a bit more, but also think about eBay as an option. Depends how quickly you want the money. I sold a lot of junk recently but I keep most of the uncirculated stuff. good luck!
I'd check the online buyers and sellers like apmex and a couple other and see what they are buying it at, then see what the LCS is buying it at and do that from there. Any way you look at it they are gonna want some fat on the bone and tell you "well I got overhead and I have to send it out to a refiner that wants a good deal, and yada yada yada". Just like the "we buy gold" people or the guy at the scrap metal yard. They all do it just like the pawn shops do it. Heck check ebay for sold listing of $5 or $10 face value lots even and figure out the ball park you should be in. I think 15.2 is a bit low. Around 16x is OK though given silvers declining again but it may go up again since today news of no more economic stimulus. Anyways the difference between 15.2x and 16x is $40 on $50 face value. I wouldn't walk away from $760 trying to hold out for $800 but it doesn't hurt to push for $780 either and meet in the middle.
go into the store and act like you are going to buy some junk silver/nicer unc silver. Ask their price. Then say you have some to sell, and ask what they will pay. I work for a LCS and customers who do this get the best selling price, sometimes even looping us into paying too much.
Thank you for all the replies and information, definitely feel better about going in tmrw. I like the tip saying to go in like a buyer asking for their prices and then showing them what I got for sale. I’m kinda nervous in a way because I’m not the best negotiator. The least I’ll be willing to take it 15.5 but what should my starting point should be?
I sold some 90% at a show three weeks ago for 18.5 times face. Took more to a show on Saturday and best I found was 16 times face , with most offers closer to 15 - 15.5. And spot is lower today than Saturday. Sigh. If you want 15.5 then I’d start at 16.5 and go from there, if they make you throw out the first offer. Although lately most dealers haven’t been willing to negotiate with me- the offer was a take it or leave it type. Good luck and I hope it goes well for you.
I'm assuming that the 90% UNC's are random Washington, Roosevelt and Kennedy? and not Mercury, SLQ or Barber?
The scrap 90% silver market is very competitive. Every dealer in a given area knows what everyone else is paying and prices tend to be close among reputable dealers. Typically, you can expect to get about 90% of melt. Use the formula (spot) x .72 x .9 to figure a fair price per $1 face value.
the key to every negotiation is leverage. If you don’t need to sell and are willing to be patient, you can get the best deal. Personally I would have called all the LCS the day before and asked them what they are paying. also keep in mind it’s good to have a relationship with an LCS. Even if you don’t get to squeeze every dollar out of the sale, pick one you like dealing with and stick with them. Don’t be nervous, they are just people. Talk to them, after they give you a price ask them to explain it to you and maybe chat with them about how crazy silver prices have been lately. keep in mind silver has been going down and they may not want more of what you are selling right now. They will still give you an offer but like I said anything between 15 and 16 is fair right now. Good luck!
If you have the stomach for it, sell on Craigslist (taking the usual precautions, of course). If you find a buyer, you will likely get more than from any LCS. In the current market, I'll bet you'll get a few nibbles within a day or two. I sold some 40% halves and did *much* better than the LCS was offering.
