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Thread: Should I Sell my Junk Silver and Buy Bullion?

  1. #1
    Join Date
    Dec 2011
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    113

    Default Should I Sell my Junk Silver and Buy Bullion?

    So I inherited roughly around $3000 worth of my pop's silver collection. They are mostly silver quarters, mercury dimes, franklin dimes, a few walking libertys, 2 barber dimes, and kennedy half dollars. There is also some foreign silver and generic silver oz coins. So i am wondering since it didnt cost me anything if I should just change in my change for straight bullion bars. It is easier to carry and store than a ton of silver change...

    or should I keep the change and deal with it?


    I am also looking to off the wheat pennies for sure, they are just too heavy and not worth much.

  2. #2
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    is that $3k face value or silver value?

  3. #3
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    Quote Originally Posted by SilverChris View Post
    So I inherited roughly around $3000 worth of my pop's silver collection. They are mostly silver quarters, mercury dimes, franklin dimes, a few walking libertys, 2 barber dimes, and kennedy half dollars. There is also some foreign silver and generic silver oz coins. So i am wondering since it didnt cost me anything if I should just change in my change for straight bullion bars. It is easier to carry and store than a ton of silver change...

    or should I keep the change and deal with it?


    I am also looking to off the wheat pennies for sure, they are just too heavy and not worth much.
    My condolences over the passing of your dad.
    He was undoubtedly a wise man.

    I'd sort through the stash and keep the bestest and nicest third.
    Then I'd call around to see who will make the best offer on the other two bags.
    Maybe even a straight trade with someone because those dealer percentages will eat your silver.

    Quote Originally Posted by crvmiata View Post
    is that $3k face value or silver value?
    Oops. I assumed the former. If it's silver value then skip my post.
    "I foresee little future in 'the price of silver', I see a huge future for 'the price in silver'." - heartbone
    "The truth is called hate by those who hate the truth." - K

  4. #4
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    Dec 2011
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    Yes it is indeed $3k worth of silver or roughly 100 oz of troy silver given some adjustments for wear of coins and purity

    Silver weight is silver weight and oz of silver in coins are WAY heavier than 100oz of straight bullion. I was just looking for a straight trade weight for weight but did not know if that would be the best move.

  5. #5
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    Jan 2011
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    Quote Originally Posted by SilverChris View Post
    Yes it is indeed $3k worth of silver or roughly 100 oz of troy silver given some adjustments for wear of coins and purity

    Silver weight is silver weight and oz of silver in coins are WAY heavier than 100oz of straight bullion. I was just looking for a straight trade weight for weight but did not know if that would be the best move.
    Is it 100 oz of coins? For the most part, dealers weigh the coins and use whatever percentage they feel is appropriate for silver content. You need to sort out 40%halves as well as the foreign coins as their silver content is different.

    For example. 100 ounces of just us junk coins is worth about $2,319 at 30 an ounce. Based on that, you are looking at about 76 to 77 ounces of .999 generic bars or rounds in trade. Dealers still need to make their small margin, they do not work for free.
    My post and comments are for entertainment purposes only, they reflect my opinion and are not recommended for trading purposes. I am not an investment adviser and information obtained here should not be taken for professional investment advice.

    Your own due diligence is recommended before buying or selling any investments, securities, or precious metals.

    "When you run in debt; you give to another power over your liberty" - Ben Franklin

  6. #6
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    Quote Originally Posted by SilverChris View Post
    Yes it is indeed $3k worth of silver or roughly 100 oz of troy silver given some adjustments for wear of coins and purity

    Silver weight is silver weight and oz of silver in coins are WAY heavier than 100oz of straight bullion. I was just looking for a straight trade weight for weight but did not know if that would be the best move.

    If you happen to live in a city with a LCS and they are giving really good trades, you might be able to swap from coins to bullion and not get fleeced too bad. If you live with a LCS like mine you would never go near it. Even the large dealers in Atlanta would fleece me on a trade like that, I know, I've tried. They will give me well below the spot price for the coins and then charge me well above the spot price for the Silver bullion. I've had a great deal of experience swapping coins for bullion and mostly bars for one ounce rounds and fractional rounds. The best deals I was able to work out were a swap of 100 ounce bars with a local buyer for one ounce NWTM rounds at $1 an ounce and having bars melted and converted into fractional rounds for just the premium of the new rounds and full credit for the bars. All the other trades ended up costing me some cash and nothing was close to an even swap. Bars to ASE's were the worst at about $2 an ounce, but that was when the premium was around $1.79 for an ASE's. I no more than made that trade on paper and the prices for ASE started going through the roof, which put a damper on my desire to stock up on ASE's. By comparison, the $2 an ounce swap I did with APMEX, was bars for ASE's and before I did that deal, my best offer locally was bars for ASE's and pay them $3.50 an ounce. Your 40% coins will bring you about $2 - $3 under spot, unless you can find someone looking for them.

    The harsh reality is, there is no such thing as Silver is Silver except to a someone melting it down and then they will not pay the same for coins. Many dealers will treat all or most all bullion Silver the same on a sale by you (premium rounds excluded), but it's always less than what they will sell that same Silver for. The other kicker is the amount you are selling and buying. Volume usually demands a lower premium and a low volume usually demands a higher premium. No two dealers will make the same buy and sell trade with you. All you can do is sort it into the different categories and talk to some local dealers if you have any. Some may tell you right up front they are not interested. Don't let that discourage you as some dealers do not deal with US coins or they don't want anymore at this time. You can hear the same response trying to sell bullion Silver. You may find it's better at this time to hold onto those coins and sell them as is when your ready or you may find a great deal right off the bat. Some of our member report being able to sell their Silver for the spot price, but most seem to be about a dollar under spot and that's pure bullion. There have been times when US coins have brought a higher price than pure bullion, not that I've seen it, but others who keep US coins have. I guess mostly when there is a panic like Y2K. I don't want to encourage or discourage you, but to let you know what you may be facing out there. If you can't find any worthwhile deals locally, try some of the online dealers. Just keep in mind the shipping and insurance cost will take a bite. Good luck.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  7. #7
    Join Date
    May 2011
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    Quote Originally Posted by SilverChris View Post
    So I inherited roughly around $3000 worth of my pop's silver collection. They are mostly silver quarters, mercury dimes, franklin dimes, a few walking libertys, 2 barber dimes, and kennedy half dollars. There is also some foreign silver and generic silver oz coins. So i am wondering since it didnt cost me anything if I should just change in my change for straight bullion bars. It is easier to carry and store than a ton of silver change...

    or should I keep the change and deal with it?


    I am also looking to off the wheat pennies for sure, they are just too heavy and not worth much.
    Hello,

    I'd keep it how it is, if you plan on having silver in the future. It's going to be more hassle than it's worth to change out all that change.
    I would inventory everything you have; then cross reference for key dates; then store them and don't touch them again for 20 years.

    Bullion is nice, but if you want bullion, just get bullion. Also, stay away from anything that's bigger than 5oz or so (I wouldn't buy more than 1oz pieces, personally). While it may seem cool to buy a 100oz bar of silver, just whom are you going to sell that $3000 piece of metal to? Some joe off the street? Ship it to some unknown dealer or bidder on ebay?
    1oz = liquid.
    90% = more liquid.

  8. #8
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    Nov 2011
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    CANADA
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    Lots of good advice given on here, as for my 2 cents, in our s.w ontario market, most dealers are paying about 80% of spot value on junk silver, then selling it for 95% + for junk..If it was my inheritance I would keep the coins that have the best resale value usually the dollars and halves, i would sell the quarters and dimes and 40% halves, but i would sell them on your local web sites, to another collector where you should be able to sell them for very close to spot(melt) value..Unless you have a super relationship with a local dealer, who will still probably not give you a great trade for bullion..i highly recommend you sell the stuff you wish to get rid , then purchase bullion..

  9. #9
    Join Date
    Aug 2011
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    167

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    i go with the split it option. keep some 90% just to have and find a private buyer for what you don't want then go buy whatever .999 you like. 1oz and 10oz is what i go for. then you have future sales covered in a wide price range.

  10. #10
    Join Date
    Mar 2008
    Location
    Alaska
    Posts
    491

    Default Keep the Coins

    Now you have 100 oz of silver in coins. Start buying bullion and add to the stack. A good stack will have some 90%, ASE's, Maples, Phils, 10oz bars===You need to get a 100 oz's of each. The money you would loose in the conversion could be used towards the next 100 oz stack. There is nothing wrong with 90%---no matter what they say: it isn't Junk. People are paying a premium on fractional silver bullion, and you already have it, and better yet----it's minted. I would take a 90% coin in a barter situation before I would take a generic round. Your off to a good start, keep it that way. God Bless Your Dad, they are the Coins He Left For You---They would be the last Silver pieces I ever sold. Those Coins will always be the Silver my Dad left me, all other Silver will have come by strangers. See You At The Top.
    Last edited by beach miner; 19th January 2012 at 05:24.

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