Did we get ripped?

a couple of weeks ago me and my girl friend went in her basement to trade in her grandmas old coins all together we had about 18 rolls of mercury dimes 250 walking liberty half dollars about a thousand silver quarters and 50 or so franklin half dollars 3 rolls of war nickels... all together we got about 5000 dollars was it a good or bad deal? lol the more i think about it the more i wish we didnt do it.

 

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Assuming it was scrap, I think you did okay. It sounds like you got 10 times face value, which is the going rate for scrap 90% silver coins.

Depending where all those coins came from, though, there may have been some coins either in better condition or with better dates. That's where you might have been able to make more money.

 

lol yeah thats what bugs me they were all in rolls and they didnt check any of them when we took them to the coin shop they just guessed they were all worthless

 

There is a strong probability that you lost money [maybe a lot of money] by not taking the time to examine every coin and sort out the ones with potentially high numismatic value. Live and learn.

 

I agree with this. As scrap silver I think you did fine, but there might have been some key dates involved.

 

man i hope there were no 1916-d dimes in there

 

You got ripped. Bummer.

 

lol judging by the posts so far still feeling it was a dumb move on our part =(

 

Nikon, were the rolls made by you or did the grandmother roll them? If the latter, then probably you did fine. It is a good possibility she knew if they were scrap/common or not. Since it is done, thinking that way is best. If she was a collector, she would have labeled them. If she just got them in exchange or at bank, it is most probable there was nothing of great value there. Welcome to the forum!

Jim

 

well she rolled them and each roll had the time period that they were made but none of us know much about the hobby so we figured that the coin shop could help us in finding if what we had was worth more than face value but they didnt look through them they just put them in the machine to count them and there was dimes as old as 1916 dont kno about the d part though thanks alot for the posts everyone

 

More than likely they were just scrap. If nothing else, you got some useful money out of a bunch of coins that might have otherwise spent an eternity in someone's basement doing nobody any good. Think possitive about it.
Guy~

 

I have to agree with that. I doubt you lost alot, but most likely lost some.

 

Exactly what my coin shop does - takes them and puts them in a counting machine. All they do is makes sure they are silver - they get so much that they do not have time to sort through it. As mentioned I doubt if you missed anything.

 

Darn, I wishI'd run into a deal Like that! I'm what they call a cherry-picker. I bet I looked through 50,000 plus coins when my uncle sold his business. Crazy how much time a collector will spend digging through change, ain't it?

 

I hate to say this but I would think you lost some cash there.I would say from all those coins you could have had some key dates ,and some coins that were in a high mint state, I wound't worry about it what'a done is done

Jazzcoins Joe:whistle:

 

Current melt is 7.28.

You did very well.

 

... Did you lose money...

Absolutely not. You made $5k and how much did you have invested in it?

Did you make a mistake? Yes, but it wasn't in selling them. The mistake was in not knowing what you were selling. But that said, you need to remember you're $5k ahead of where you were a few weeks ago.

If you were in need of quick cash (like lots of people are right now) the way you went about selling them was just fine.

Don't beat yourself up over this one brother.

 

There is one thing I learned a long time ago. Dealers aren't in the charity business. I have never seen a dealer say ..yeah, all this silver is worth $3,000 but I'll tell you what, I'll give you $5,000 for it. If he did, he sure would not be in business very long.

I've never seen a dealer make a bad deal. They are trained to pay the lowest and make you walk away thinking that you got a "deal"

Don't worry about it any more..it's water under the bridge....just put it all behind you as a lesson learned and don't waste the $5,000 ..use it for food and shelter, utility bill and not a Wii or booze.

 

haha yeah well thank goodness we have a wii

 

My grandfather had a roll of mercury dimes sitting in his safe (we were looking through his collection) with a 1916D at the end. I was completly shocked and he didn't even realize the coin was special. (apparently he got it from his dad).

Just saying...