I have been offered some junk silver coins that were collected by an elderly lady just because they were silver. What is a fair price to offer for them. There is about $400.00 in face value, US silver coins. Thank you for any and all advice.
Roughly 20 times face is the metal value when silver is $30, but I would try to pay a bit less because of risk factor of the price dropping and you need to make some profit if you plan to resell.
The FAIR price to pay is melt value. It would bother me a lot to nickel and dime an elderly lady -- or to try to outright underpay her.
Not to worry Cloudsweeper. I do not intend to underpay her that is why I said what is the fair price. Your concern is understood and will be honored.
I agree Cloudsweeper, but fair is fair and most "junk" silver weighs slightly less then the mint weight, and it is foolish to cheat yourself. Which is the main reason I provided the silver calculator link - not my calculation, I found it here on a cointalk forum.
Remember, the coinflation site includes the value of the copper/nickel 10% in calculating melt value.
I wonder what the real price is like if someone brought you a pound of silver coins and you had to melt out the silver which would be less than 90% then what is left would not be pure copper you might end with 85% silver and 15% mixed metal and time plus cost of doing the seperating, then if you tried to sell it minus your costs what would you have left?
Agreed. Junk is junk and regardless who you are buying it from offer slightly under melt. If the elderly lady collected them because she knows they are silver then I am sure she has a clue that they are worth something. Tell her what the melt value is, show her on coinflation and negotiate maybe 10% less because of the possible wear of the coins and because you are buying in bulk.
