I have six 1 troy oz silver proof coins from the '88 Calgary Olympics that I'm interested in selling. the coins are still sealed in the plastic air tights. The coins are 92.5% silver but weigh 1.08 troy oz, thus there is 1 full troy oz of silver content per coin. My local coin dealer says he will give me 80% of spot. Is this a fair price? I thought that I should be able to get at least spot. Where is the best place to sell these coins to get the best return? I live in the USA Thank you.
I don't handle much bullion, but 80% of spot seems WAY low to me. Don't forget... if he buys at 80% spot and sells at 100%, that's not a 20% margin... it's 25% margin. That seems extreme to me. But hey... I have no idea what dealers can sell these for relative to spot.
I have a feeling your local dealer is simply trying to ensure it's a profitable transaction, although 80% does sound on the low side. These things regularly sell much closer to spot on eBay for instance.
I am sure forum members will be happy to be close to spot if not a few percent over spot. 80% is low but that's if you desperately need the cash like let's say now. If you can wait for a couple of days, I'm sure it's not that difficult sell.
