So let's say you have collected coins for, I don't know, a couple of years. It has been mainly roll searching for silver halves, quarters, dimes and nickels. You have determined that the vast majority is worth no more than melt value. How do you go about turning that into cash? Do you send it somewhere, take it somewhere? Reason I am asking is to kinda justify my roll searching for silver. Obviously there are things that I am finding that are really cool and I love finding it, not only because it's fun and relaxing but it's good to get your "fix" too. :whistle: There are some things that are just the "junk" though. How long does one wait to turn it in for melt value? How much does it cost to do that, if it can even really be done? Are you just selling it to the local dealer? Totally new here and these questions could be really stupid, but I have always kinda wondered that. I know some of it depends on the price of silver per ounce at the time too. Any info would be appreciated. Thanks
Many answers to your question. If you live in an area where lots of things go on that shouldn't, like many big cities, you ask for jewlers that melt coins and take them there If you have metal recyclers around that take anything, inspite of laws, take your coins there. If you have any coin shows around, take them there and you should always get close to melt for your coins. Same if there are any coin shops around but they usually will low ball you on the prices since they have so much overhead. There is that idiot on TV asking for your old Gold, Silver and Platinum. Send your coins to him. Throw in your watches, rings and tie tacks. Add some rocks in the envelope too. Buy some books on coins and find out how many error coins you just lost out on after you get rid of those coins. Buy some coin Albums and attempt to fill them. It's fun and you may find you like this hobby and have something to leave your future family. If you already have a future family, get them interested in coins too. Send all your coins to me. I will not send you any money but your problems of what to do with those coins will vanish. And WELCOME TO THE FORUM. Stick around it gets to be fun and educational.
Its been my understanding that a major coin show would be the best venue for selling coins for melt. Of course you want to wait until silver has reached a high, 20+ an ounce. My personal experience with selling for melt was when silver had reach over 20 bucks an ounce and a coin dealer I know was giving 13X face. I cashed in some dimes to almost double what I had originally paid for them. It felt great. I personally keep silver I find in circulation, either from roll searching or change received. Its kind of a gift from the gods for me and I like telling the stories of how I acquired them. Keep on Collecting!!! Allen
Wait till you have enough to justify it then, Wait till you have enough to justify it then go to a coin show or coin dealer and sell it - check Kitco the day you plan to sell and understand that the person that buys it will pay you a percent back of melt depending on his needs/overhead etc. You generally get better margins from a dealer at a show that does nothing else but buy bullion. During our Feb 6th & 7th show the silver buyers were paying 9.9 times face a local dealer was just paying 6.5 pretty big difference. Also don't let get personal for you. So many people fault a dealer because "he did not pay me fair enough" or it was such a low amount compared to such and such for that day. Just sell it and move on always remember "it's only money"!
I personally believe that if you are getting melt or less for your 90% coins, you are going to the wrong place. There is no reason to get less than 10x face from anyone. Many jewelry dealers think they must always make a huge profit on every transaction. And besides, melting down coins is a terrible sin anyway! If you can't find a decent offer, wait. The price of silver will rise soon enough.
I have taken my silver to a friend of mine who owns a coins shop and he gave me about 7X melt for some old rough looking silver coins that I had. I do believe that silver was around $16-417 a oz at that time. It was last summer. I took the money and bought a nice coin from him. I use kitco also to track bullion prices almost daily.
You might think of offering them here. I am a new collector and would be willing to buy some silver coins at melt value just to add to my collection. Since I am new I am trying to get common dates in silver just so my wife doesn't think I am a crazed luntic for buying coins for more than face value. PM me if you have some silver coins you want to get move out. Tim
Let me correct my self my hands were moving faster then my brain I meant " 7X face." LOL. I read my own post and thought "WHAT"
This is where you went wrong. There is no justification for roll searching for silver. It's that plain and simple. You are wasting your time searching for silver nickels. Even dimes and quarters are well depleted. You might get lucky with some halves but not on a regular basis. You have to come to grips with reality. Roll searching is the precursor of the Internet. It's used to bide time, escape a nagging relationship and to remove oneself from society as a whole. Thanks cool ..but there is no justification for roll searching other than you want to participate in solitary activities for hours, weeks, days on end. Hope you find what you are looking for.
Silver melt......................................... ............and after all that, don't forget to share your wealth...........with the tax man.
