What will a dealer give? What will a dealer give for junk silver. Specifically, is there some sort of typical formula a dealer might use to buy junk/common silver coins? As an example, if silver is $15.00 per ounce, what would one expect to get for common date Morgans or common date Franklins, etc. Is this spread the same if silver was $10 per ounce vs. $20 vs. $30? In other words, is this a percentage or a fixed amount. Thanks
Depends on the dealer I suppose, but in the appendix of the Red Book there is a chart that gives bullion amounts for all silver coins from the wartime nickels through silver dollars at various silver prices. It would be good place to start so you at least know what the bullion value is and then shop around for best deal.
I have many, many, many mistruck coins ranging from off centers, to things like a penny stamped on a quarter. What is the value of something like this? thank you
A lot of Coin Dealers that I know buy based on what Kitco is paying! If you go to Kitco's website at www.kitco.com then click on "Buy Prices" at the bottom of the Main page, then click on "Refining & Mill Products" and several charts will load with Kitco's buy prices for scrap Gold & Silver and Coin Gold & Silver. I think that it is a little over 11 times face today. Every Coin Dealer is different but most would take one times (X) factor off and that is what they pay on that day (i.e. Kitco paying 11.1 x face, Dealer paying 10.1 x face) but many others will take much more off. Silvertowne generally pays more than anyone else but like Kitco, they generally won't buy from the public. You can sell to Silvertowne if they are set up at a Coin Show near you and they do set up at most of them. Frank
It most definately depends upon the dealer. Just recently when silver hit 20.50+ an ounce I sold some dimes for a pretty profit. One dealer offered 10.1X face value and another offered 13X face when I inquired then 12.5X face when I showed with coins in hand. I took the 12.5X face offer even though the melt value would have been 15X face. Good luck selling your silver. I hope silver doesn't hit the roof because I will be hard pressed not to sell my moderns at that price. I mean 40 -50 an ounce.
rossman, Welcome to Coin Talk and I hope you will stay! There are quite a few places to go for help in determining values of these types of Error coins. Ken Potter's website www.koinpro.tripod.com, Mike Byers' website at www.mikebyers.com as well as eBay are just a few that you can access to find out what they are selling at. Frank
This is a pretty cool site. It tells you the MELT value of your coins. If you look around the site it also has calculator page that makes it easy to figure the melt total. John http://www.coinflation.com/
Figuring melt value doesn't have a lot to do with what dealers pay for stuff. Often, 90% silver coins can be purchased for LESS than the melt value of the silver. If anyone tries to charge over melt I'd politely decline. It's too easy to buy for less than that. Find a dealer that works a pretty close spread. In other words, if they're paying 11 x face, they might sell for 11.5 x face. Many dealers work on thin spreads in order to do more business. tradernick
Generally speaking, coin dealers and jewelers are not the best people to sell bullion items to. Bullion dealers are the best (I'm ignoring the craziness that daily occurs on places like eBay.) The factors that influence what you get from a bullion dealler are: 1. Current spot (duh!) 2. Market trend 3. Volume being offered (Is the buyer is getting too much [lower price] or too little [higher price].) 4. Quantity you are offering (larger amounts get higher prices.) 5. Quality you are offering (the lower the purity, the less you'll get per ounce.) I've heard of large volumes going for about a 2% margin (buy at 98%; sell at 102%) Realistically it's probably more in the 5% range. Coin dealers and jewelers are probably more in the 10% range.
