Can anyone help? I have several silver no date coins that I thought I would sell for silver. How do you go about melting/selling? What kind of fees come along with this? or is the price someone pays include fees associated with the melting of the coins? If you sold a large amount do is this something that needs to be claimed on taxes? I guess any information on this process would be great as I do not know how it works or where to go to do this. Thanks
By far the easiest way is to visit a coin dealer and sell the coins to him. You can expect to receive 10 - 15% below spot price for junk silver. Some are gonna tell you to sell the coins ebay as you will get more for them - and yeah, you will. But you will also spend considereable time and effort listing all the coins and creating the auctions, and you will pay ebay their fees for doing so, and if you use PayPal you will pay their fees as well. If you have the buyer send you checks or money orders - the checks might bounce and if they do guess what, your bank charges you. And you will have to spend even more time depositing the checks and money orders in your bank. In the end - you'll spend more time and money selling the coins on ebay than you will if you just sold them to a dealer and collected cash on the spot.
Selling them to a coin dealer is probably best for most people unless you are already an active Ebay seller. Trading them to the coin dealer for store credit might net you a bit more in purchasing power. It might also be possible to sell them to a friend, associate, neighbor or coworker for melt value if any of them have an interest. But unless you have an immediate need for the cash you may want to hold them for a couple of years. A lot of analysts believe silver prices are in a powerful long term uptrend, and it is possible but by no means certain that you could get a lot more in the intermediate term future than you can now. Some very smart people have large silver investments including Warren Buffett, George Soros, and Bill Gates.
another option is to hang around here long enough to get to the 50 posts needed to post in the open forum. There you could list them for sale to another member of this forum. You may get a better price than from your dealer, plus there are none of the fees associated with eBay.
I know a lot of people who take their collections into dealers could have got a good amount more if they put a few hours a week into selling them on boards. It comes down to whether or not you want to really work for your money. Dealer may give you a $1 for a coin when someone, like myself, will pay $1.50. That extra 50 cents adds up quickly when dealing with a moderate collection. Dealer - Fast, easy cash. Boards - More time may mean more money.
