Selling coins/bullion for silver content only...opinions/advice

Discussion in 'Bullion Investing' started by USMoneylover, Aug 3, 2010.

  1. USMoneylover

    USMoneylover Active Member

    intro:
    I'm newly registered to this site(been reading and browsing for a while), and its my first time posting....I've collected and studied us coins and currency with no rhyme or reason(i like it all) since i was a child...anyway we can save the rest of story time for later =D

    Today i called a local coin shop and was offered 1.5$ each for 40% kennedy's, and 9x face value for 90% kennedy's....I understand a profit has to be turned but by simply viewing some recent sales on ebay i can beat his offer. What is the average % that a dealer undercuts spot price? I've read in other posts about people who have "someone" they can carry their silver to, and be paid spot price with no weight req's. How could one acquire a relationship like that? Any techniques i could use to negotiate a better offer?

    To sum all this up:

    I'm not trying to rid myself of all my silver coin/bullion but sometime in the future "THE" selling point will be here. I want to be prepared, and have a plan/place to go to when that time comes. What good is a bunch of silver if you don't have a fair place to sell it?
     
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  3. Pilkenton

    Pilkenton almost uncirculated

    The guy I sell to says he's giving me a deal by paying me 10 Xs. I don't know what's fair and what isn't. I see 40% Kennedy's sell on ebay for three bucks each all the time, but I have never had that kind of luck selling them.
     
  4. cerdsalicious

    cerdsalicious BigShot

    Try camino coin co. In Burlingame,CA
    on 40% they do 4.5x face
    and 90% they do 12.71x face.
    That was as of today, you can lock in the price and ship to them, best rates around.
    Best part is they got wide inventory, don't melt coins and are extremely friendly.
     
  5. Cloudsweeper99

    Cloudsweeper99 Treasure Hunter

    Welcome to CoinTalk! I'm sure you will receive high quality advice in response to your question. I personally avoid buying a lot of junk silver for the very reason you have discovered --- it is difficult to resell for the full value of the bullion content. I think American Silver Eagles are much easier. Of course, if you picked the silver out of bank rolls for face value, you have no complaints.
     
  6. Specksynder

    Specksynder Junior Member

    That's almost exactly what my local dealer pays me. There are plenty of places that will pay me a lot less, so I know it's rare to find a shop like that.
     
  7. SilverSurfer

    SilverSurfer Whack Job

    Go to a book store. Buy a current copy of Coin World. In the back are dealers looking to buy. See what they are offering in the back of the magazine, where competition for your sale is fierce. That is what you should be getting from local dealers. If not, why go to a local dealer when you can sell to one of the dealers in the back of the magazine.

    Just remember, don't sell your bullion for less than you think it is worth. And don't misinterpret this statement either. What I mean is for a fair value, not the rip off that was mentioned in the OP. In that case, keep your silver to yourself until to find an agreeable buyer.
     
  8. GDJMSP

    GDJMSP Numismatist Moderator

    As a general rule of thumb - about 10% is considered average.



    This is better than average of course and if you can get it I doubt you could find a better price.
     
  9. Harry Behemoth

    Harry Behemoth Junior Member

    Trivia question... you have the option of being given 2 40% silver Kennedy halves or 1 40% silver blue Ike dollar. Which is the better option in terms of silver, or are they equivalent?
     
  10. bcarr48

    bcarr48 New Member

    Most pawn shops and even national TV bullion buyers sell to NTR medals. One of the largest refiners on the planet.They pay closest to spot. The higher quality to begin with, the higher % paid. Will pay in check, gold or silver bars. You do need an account
     
  11. Fifty

    Fifty Master Roll Searcher


    I know that when silver dollars were minted they weighed more than two silver halves. I can't remember when it was changed but when the nation started out with silver coinage the coins were alll proportional in weight/value. The lower demominations changed but the dollar wasn't. I don't think the proportion was set back so Ike dollars should weigh more than two halves of the same type (a clad Ike should be more than two clad halves, as well as a 40% Ike more than two 40% halves. )
     
  12. Fifty

    Fifty Master Roll Searcher

    It depends on how many coins you have to sell. You walk into a dealer with one roll you probably won't get too competetive pricing. You call one of the big online dealers and tell them you have a whole bag you'll get a good price quote, I know, I've done it. The big dealers can offer better pricing because they deal in bulk. They won't buy small quantities from you. I just checked and a reputable big dealer is paying about 7% under spot. They can sell on such a short margin because they can flip it quicker than a small shop can.
     
  13. Specksynder

    Specksynder Junior Member

    This morning, the local store was buying at $12.70 x face and selling at $13.50 x face. (and they update regularly... it was different when I left)
     
  14. Harry Behemoth

    Harry Behemoth Junior Member

    ANSWER: According to http://www.coinflation.com/coins/silver_coin_calculator.html

    at a silver price of $18.36 / oz

    2 40% silver halves contain $5.43 in silver.
    1 40% silver Ike contains $5.81 in silver.
     
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