Where can I sell junk silver?

Discussion in 'Bullion Investing' started by IJW, Jun 20, 2010.

  1. IJW

    IJW Hoarder

    Ebay takes 9%, local shops are wanting to pay 11 times face. Any ideas? I see northwest mint is paying a little over 13 times but I don't know how I feel about them.
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  3. SilverSurfer

    SilverSurfer Whack Job

    I don't know how many dealer you have around in your area, but you might try this approach.

    Bring your junk silver in a bag or box to the dealers shop. Take the lid off the box or dump the bag onto the counter and ask what they are offering for junk silver. They say 11X face. You say, "no, I want 12.5X face," which is 90% of melt value. They say sorry, 11X face. You say, "no, I want 12.5X face," and start to close the lid or scoop up the silver and put it back into the bag and start to walk out.

    Some dealers will be willing to pay your ask price when the silver is right there in front of them. But, you have to be able to stick to your guns and demand what you want. It is your silver after all, you can ask whatever you want for it. And besides, 90% melt value is still a deal for them.

    I've been saying this and I'll say it again, "a dealer with no merchandise isn't going to make any money." Consider, after he buys for 12.5X face, he's going to turn around and charge the next guy 15X face. He's still making a profit. But if he doesn't replace his inventory, he makes nothing.

    P.S. shortly after some dealers read this, there is going to be a fallout of P.O.ed dealers, mad that I told you this.
  4. Cloudsweeper99

    Cloudsweeper99 Treasure Hunter

    This is a good example. Junk silver is always a bargain compared to ASEs when you buy it. But when you go to sell it, it is difficult to get back the melt value after selling expenses. ASE's, on the other hand, almost always can be sold for more than spot. My local coin dealer is paying $2 over spot for ASEs as of today.
  5. PeacePeople

    PeacePeople Wall St and stocks, where it's at

    Why would a dealer be mad? If they are unwilling to negotiate or take a business proposal personally, how much of a businessperson are they? Sometimes you pay more than you want to and sometimes you pay less, bottom line, they have every right to say no just like you. It's nothing personal, just business. So nobody should be offended by negotiations.

    You can list it on here in the open section. I don't know how much you have and what it is, but there are buyers here. I've not sold anything on here, but I've bought a couple things.
  6. Fifty

    Fifty Master Roll Searcher

    It really depends on how much that you have. I have found that the more you have the better deal you're going to get. If you don't have atleast $500 face you're going to have hard time getting a good deal.
  7. AdamL

    AdamL Likes Silver

    Try the open forum here and on other forums. Silver usually sells quick anywhere if the price is reasonable.
  8. silvermonger

    silvermonger Member

    You guys seem to think the B&M dealer should buy whatever is offered. LOL
    maybe he doesn't want it.
    maybe he doesn't need it today.
    maybe he doesn't like your face.
    It doesn't matter why, he is under no obligation to buy whatever junk you spill on his counter.

    You could take the big bucks from the the northwest mint and pay the $20-30 shipping.
    You could tell the dealer "thanks for looking can I check you in a few days to see if you need this?"
    In other words use the same polite business like approach you expect from the dealer.
  9. zachfromnj

    zachfromnj Junior Member

  10. orenthal

    orenthal Junior Member

    "Ebay takes 9%"

    wow, i didn't realize that. i haven't sold on there since about 2003. i think they occasionally have a "free listing day". if you wait and list on one of those days, that will lower the percentage some (of course you would still pay the final value fee if the item sells).

    also, what about ebid? they have low traffic, but i think the fees are a lot less. and i believe there is no fee unless your item sells. so i guess there's no big deterrent to setting a high starting bid.

    disclaimer: i have never actually used ebid. i just did some research. someone else here might have a better opinion about them.
  11. David777

    David777 Junior Member

    The National Bullion Exchange is a good option. They have their Buy/Sell prices for just about every silver or gold coin, including junk silver on a live chart on their website at http://NationalBullion.com The service is very personal and you can talk to a staff member or the owner on the phone and they are happy to walk you through the details of selling.
    By the way, not only does Ebay take 9%, but they now FORCE you to use Paypal, which takes an additional 2.9% !!!
  12. Fifty

    Fifty Master Roll Searcher

    I just checked National Bullion and APMEX for sale of some common items, want to guess who offered a better price?

    I always check spot and then go look at prices

  13. David777

    David777 Junior Member

    Apmex may show higher prices on some items, but they have a $1000 minimum which squeezes out the little guy and a lot more restrictions and fine print and hoops to jump through. It's best to call and talk to both.
  14. IJW

    IJW Hoarder

    Yeah I don't have that much to sell. Maybe a hundred face and several rolls of 40%. If it goes back to mid 19's again I may take the plunge to try to ship. I posted on here at roughly 13x and got no real response.
  15. PeacePeople

    PeacePeople Wall St and stocks, where it's at

    Who has the $1000 minimum?

    Your post is a bit confusing. Can you clarify?
  16. 10gary22

    10gary22 Junior Member

    Anything in an auction format with a start bid under 99c list for free, but the final value fee is 9%, up to 100 listings per month. It's still more than I can get from a dealer here, and it is something to do.
  17. Coinman_Ben

    Coinman_Ben Member

    APMEX has the $1000 minimum transactions for people who sell to them.
  18. 10gary22

    10gary22 Junior Member

    I think you might offer it in smaller lots here. I might take a bit even. Maybe you can open a PayPal account if you don't already have one as a means for payment ?
  19. Victor

    Victor Coin Collector

    Thirteen times face is a wee bit high if it's just junk 90%. Buyers want to pay 12X [or less] for junk.
  20. 10gary22

    10gary22 Junior Member

    That's about what small lots are selling for on eBay. 12-13x face. A buyer here offered me 8x, so I offered to buy all his at 9x to give him a 12.5% profit, but he declined.
  21. PeacePeople

    PeacePeople Wall St and stocks, where it's at

    Got it, thanks.

    National Bullion lists some very nice prices, $18.63 right now for ASE's. Too bad they don't have any in stock...
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