i know how difficult it is for some to imagine this happened. I met a guy in charge of multiple pawn shops who needs someone to dump coins on. So I have a couple questions As a percent of melt what could I expect to get from a dealer at a coin show? What would I expect to sell polished/cleaned Morgan's and peace dollars for? Thanks
General rule of thumb - about 10% less than spot. Sell to who, dealers at a show ? Most probably wouldn't even buy them. But for those who did, same as above.
At the large Raleigh show last weekend, while "melt" (per Coinflation) was around 11.4x for 90%, I found: A bunch of dealers offered 11.5x or thereabouts. One dealer offered 12x. I sold to him. The 12x dealer was advertising $23 for VG or better problem-free pre-1921 Morgans. I sold him some Morgans and Peace dollars, including some cleaned and polished ones, at prices ranging from around $16 (for the culls) to $30 (for a nicer AU 1886, a common date). I don't have my notes on the exact prices at hand; I'll follow up or edit this post when I get back to them, probably after tomorrow. The main point: you'll likely get better prices at a show than at a storefront, and it's entirely reasonable to expect full melt or better -- 90% still trades at a small premium to melt. Morgans and Peace dollars trade higher still. Meanwhile, if you have over $1000 worth (actual value, not FV), Provident is offering 12.25x for 90% and $16.59 for cull Morgan and Peace dollars, while melt is currently 11.24x.
I saw the first batch. Polished Morgan and peace dollars with some 90%. I was wondering what that material would sell to dealers at a show for.
Well, it's one data point (or one set of data points). I'd like to hear from folks at other shows. I will say, though, that the 12x guy usually has comparable offers even at the smaller local shows, and the other dealers are usually around the same point as well. It's not like 2011 or 2012, when I actually bought a bag of quarters at 25x, picked out a couple, and sold the rest to a dealer the next aisle over at 26x.
Why do you think it's reasonable for a dealer/buyer to pay you the same or more than he can then sell for?
You can expect about $18, I would think. I try to get about $20-21 for the culls, so I generally offer about that.
It's going to be different from one dealer to the next. Some may have a place to go with it and will pay a bit more. Others may not wish to mess with it because of the small margins.
I don't. It's obvious from the facts I stated that these dealers (the ones at the show I attended, and Provident) can sell this material at higher prices than they're paying me. Otherwise, why would they be buying from me at those prices? You seem to be assuming that melt is in some sense the maximum price for silver, and that nobody can expect to sell 90% regularly at more than melt. I've shown that they can. In fact, you can, if you come to these shows or accumulate enough to deal directly with Provident.
