What prices are you getting when selling cull U.S. silver coins?

Discussion in 'Bullion Investing' started by Dougmeister, Feb 14, 2018.

  1. Dougmeister

    Dougmeister The Coin Scavenger © ¯\_(ツ)_/¯

    Specifically 40% and 90% U.S. half dollars.

    A nearby dealer quoted me 4x on the 40% and 10x on the 90%. That sounded good until I got home and did the math.

    Shouldn't the 90% be a few multipliers higher?
     
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  3. LakeEffect

    LakeEffect Average Circulated

  4. Dougmeister

    Dougmeister The Coin Scavenger © ¯\_(ツ)_/¯

    Yeah. Melt value is $119.58 as I type this, so do you all think that $100 is fair? I'm pretty darned sure I can get more than that on Craigslist, but then I have to deal with "people"...

    (not that coin shop dealers aren't people, but you know what I mean...;-)
     
  5. Victor

    Victor Coin Collector

    Perhaps this is not a good time to sell.
     
    SilverMike likes this.
  6. Packrat

    Packrat Active Member

    Dealers have overhead to pay and they need to make a profit. Also the market can be volatile. To get top dollar one has to sell directly to the end user, not a middleman. With the dealer you get your money and go. Up to the seller whether he wants to do the work (deal with the public) or not.
     
    Garlicus likes this.
  7. DallasCoinsNThings

    DallasCoinsNThings Numismaniac

    If you are going to sell to a coin dealer, I'd say that 10 Times Face Value is pretty damn good in this economy. Where I work on Saturdays, we pay 8 Times Face for common U.S. silver coins... and we're higher than most around. EBay may get you a little more if you are selling coins in a Lot.

    I agree with Victor, though... not a great time to sell unless you just really need money.
     
  8. -jeffB

    -jeffB Greshams LEO Supporter

    10x is a reasonable buy price at silver's current level. If my favorite buyer were available, he'd probably be offering 11x; that's why he's my favorite buyer. :)

    4x for 40% is actually pretty good. I'd expect my guy to be at 4.1-4.2x right now.
     
    Stevearino likes this.
  9. cpm9ball

    cpm9ball Cannot Re-Member

    I would think you should ask yourself, "What would Rick Harrison pay?"

    C'mon guys! Would you rather get blood from a turnip or suck on an orange?

    Chris
     
    roman99 likes this.
  10. wcoins

    wcoins GEM-ber

    Does that 11x apply to silver dollars also? $11 for a Morgan?
     
  11. Bman33

    Bman33 Well-Known Member

    Junk 90% has too much supply right now. I used to sell it at spot to dealers at the end of 2016. Now we're talking $1.00 under to those same dealers. Provident ran spot deals for this stuff recently and their buy back is $.80 under. Market on this stuff has changed. I'd hold my position if you can.
     
    SilverMike likes this.
  12. -jeffB

    -jeffB Greshams LEO Supporter

    Never.

    For starters, a 90% silver dollar has about 1.07 times as much silver as $1.00 worth of smaller 90% coins (two halves, four quarters, ten dimes). Beyond that, though, Morgans (and to a lesser extent Peace dollars) carry a substantial premium even as culls.

    Provident's current buy price for $1 worth of 90% is $11.52. Their sell price is $12.55. "Melt" per Coinflation is $12.20.

    Their sell price for cull Morgan and Peace dollars is $18.75 for singles, $18.00 for 500 or more. They don't advertise a buy price, but I'm guessing it's well north of $14. (Melt is $13.04.)

    If someone offers to sell you Morgans at or near melt, BUY THEM ALL. If someone wants to buy yours for less than melt, walk away.

    No local dealer is likely to pay as high or sell as low as Provident, but they also won't have $1000 minimums.
     
    Stevearino, SLACKACTION and wcoins like this.
  13. sakata

    sakata Devil's Advocate

    Are those quoted prices for only $1000? APMEX has a minimum of $1000 but their quoted prices are only good for a minimum of $10,000
     
  14. -jeffB

    -jeffB Greshams LEO Supporter

    Hmm. I somehow missed that detail.
     
  15. rte

    rte Well-Known Member

    I see providence is BUY BACK PRICE: $11.53
    On $1 face in Kennedy 1964.
    I run across a guy with 4 small buckets full.
    He said there in Nice shape, to which I replyed... if there really in nice shape you should store them better.
    I guess I'm still in my Cheap stage and offered 5,25ea :D
     
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