Local guy has these - considering a purchase but need inputs: 7 Morgan Dollars (6 are pre 1891), 1 1922 Peace Dollar, 5 1935 - 1947 Liberty Half Dollars, 4 Barber Dimes 1912-1916, 10 Mercury Dimes 1926-1943, 11 Roosevelt Dimes 1948s-1963, 1 Barber Quarter 1914, 5 Liberty Standing Quarters 1925-1928, 3 Washington Quarters 1932, 1956 and a 1964uncir. And 1 1994 Mexican 1 oz Silver Libertad uncir.
The average Junk shop will offer you 19x face. I'd offer him up to 22, and hold it for a while. Maybe throw in a few extra for the barber quarter and such.
As long as you can get them for spot price I would do it, if he wants a premium over spot I probably wouldn't get it. My local shop sells low grade silver coins at 2 or 3 bux over spot per ounce I think
I'd try to talk him down a little, I'd offer about 315 for everything to be on the safe side but I would go as high as 325
Well, melt on the batch, at today's lower price, is $387.63, and Morgans typically fetch more than melt unless they're really trashed. I might take it at $350 -- if any of the coins are especially nice, I'd probably jump.
That's what I get. 8 silver dollars at $24.11 each, $7.25 FV of halves/quarters/dimes at 22.5x face, and one silver ounce at $31.18. Maybe the "no deal" folks are used to catching people who've just visited a "SELL YER GOLD" storefront or hotel room. 15x face probably sounds pretty good after you've just been offered 8x face.
The reason I say no deal is because I don't deal with someone who won't negotiate. That entire lot, you could try and haggle for a better price, considering he doesn't have another buyer within 10 feet of his lot, and he knows a dealer's or B&M's offer would be under $300. The total melt is $387.63, he wants $350, if you buy it and try flipping you'll take a loss on it as you wouldn't get your investment back on it.
I talked to the guy on the phone - we went through the list one by one - it's all common dates and MM, most are what he says are AU/U except the older dated quarters, so we're talking MV.... maybe. He also has IHC, some commems, and buffs he's going to send a list of later....these were all his father's that was passed down....
Normally I would say don't buy for anything more than $300 (From a flipper perspective) but since it seems like this guy has a lot more stuff, I twould be best to just buy it hoping it makes him happy and gives you better chances with other stuff.
I'm gonna meet with him soon to see what else he has - I'm not really buying just to flip them unless silver shoots up to the point where it's worth it, I'll just put them away for a rainy day - I may use some of these to start a type set - I always wanted to do one of those!
I actually find that refreshing that he starts with his low price and keeps that for everyone. And from what you are saying Conup, I would do it.
I would definitely do it, since I can't get standing q's, morgans, barbers, etc. for close to melt. It would at least help fill out the holes.
Without the IHC, Commems, and Buffalo nickles, he should be willing to negotiate on the price, which I agree with you the lot is worth silver melt only nothing more. No doubt he's already been around the dealer horn with this lot and was offered below $300, which may be why he is firm with $350. The other thing you have to look at, silver has only gained $.02 this morning since the market opened, and is not having major gains or declines. I think myself that $300 would be a fair offer, regardless of him adding some eyecandy to the pot. But then again, I'm not buying.
Thnx for the inputs - unfortunately after he sent the complete list, he sent a follow-up email cancelling the offer due to his brother wanting them for sentimental value.... :whistle:
