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selling junk silver coins
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Thread: selling junk silver coins

  1. #1
    Join Date
    Mar 2008
    Posts
    32

    Default selling junk silver coins

    Hello all;

    I would like to start selling some of the 90% junk silver coins that I have, in view of retirement.

    I have junk silver coins in denominations of dimes, quarters and halves.

    I would like to sell these in $100 face value bags, and sell one bag per month, starting with dimes.

    Can any of you recommend the most secure buyer for 90% junk silver coins?

    Best Regards to you all.

  2. #2
    Join Date
    Dec 2008
    Location
    Zionot, Squashkenazi
    Posts
    11,521

    Default The most secure buyer is the one who hands you the cash for your junk.

    Quote Originally Posted by ragtimeman View Post
    Hello all;

    I would like to start selling some of the 90% junk silver coins that I have, in view of retirement.

    I have junk silver coins in denominations of dimes, quarters and halves.

    I would like to sell these in $100 face value bags, and sell one bag per month, starting with dimes.

    Can any of you recommend the most secure buyer for 90% junk silver coins?

    Best Regards to you all.
    In the St.Louis area I've used Missouri Coin Company: http://pricing.mocoin.net/pricing.html
    "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

  3. #3
    Join Date
    May 2007
    Location
    Atlanta
    Posts
    10,451

    Default

    Quote Originally Posted by ragtimeman View Post
    Hello all;

    I would like to start selling some of the 90% junk silver coins that I have, in view of retirement.

    I have junk silver coins in denominations of dimes, quarters and halves.

    I would like to sell these in $100 face value bags, and sell one bag per month, starting with dimes.

    Can any of you recommend the most secure buyer for 90% junk silver coins?

    Best Regards to you all.



    Unfortunately there isn't any such thing as a secure buyer of our precious metals any longer unless you can walk into a showroom and walk out with cash in your hands.

    We have all read about the more famous bankrupt dealers and mints, but there are far more that have gone belly up that we have not read about unless you know about them from your area.

    So much for the warnings about dealing with online dealers.

    Selling is far more difficult to find a dealer than buying and even those you can find are not always reliable for selling.

    It is a business and the dealers are taking a risk buying our metals just like we are in buying from them and I'm not talking about fake metal.

    They have to weigh their current inventory as to rather they can add any additional inventory of the type we want to sell and in the quantity we are looking to sell.

    The smaller the dealer the more difficult it can be for them to buy with cash on hand being their greatest challenge unless they are simply low balling and selling our metal to a scrap dealer for the difference.

    The online dealers have traditionally set minimum limits as to what they will handle in the way of buying in either a Dollar or ounce minimum.

    With so many setting their minimum ounces at 500 while others have anywhere from a $1,000 to $10,000 minimum, it can be hard to find someone to deal with unless your wanting to sell larger volumes.

    Some are flexible on their minimums as they are just a come on to get you in and then drop a much lower price if you can't meet their minimum.

    Many will quote a buy price from you over the phone to lock in your price and require a credit card incase you decide to not ship because the spot price just took a jump and you don't want to lose that extra 50 per ounce.

    Others will not quote a price until they receive your goods and then call you with a quote, take it or leave it and pay to have your goods shipped back plus I'd hate to ask what that might be in the way of handling charges.

    In your particular case, you've picked a hard for selling 90% as they are no longer in demand at all for most dealers and really difficult on the wholesale market, which simply means they can't buy from you and sell to other dealers for a profit.

    I just hope in your case you have been setting on these 90% coins for many years and bought them when the prices were just over the spot versus many people paying $4 and $5 per ounce for a few years because of a "shortage".

    Looking around, it does look like you might have to sell for 50 to $1 per ounce under the spot price, but I was only looking at a few dealers that are actually posting a buy price.

    SD Bullion is an exception with listing a buy price of 15 over spot for quantities of 500 ounces of 90% and only 10 over spot for 90% halves which does not seem to fit with the price any dealer is selling them for.

    This could very well be because they really have far more 90% half dollars than dimes and quarters and the halves are actually overpriced to begin with.

    But 500 ounces is a lot more than 71.5 ounces in your bags, which is not to say they will not buy it from you but at a much lower price per ounce. It's that bait and switch thing.

    The only online dealer that I've talked to that is the opposite from the pack is Gainesville Coins where they list what they will pay for anything they buy based on a single round or coin with no minimum.

    What I found different with Gainesville other than their willingness to deal with small quantities is that they will pay higher prices if you have much larger quantities to sell, but I'm talking about quantities in the range of 1,000 ounces that got them excited.

    I can't actually recommend Gainesville unless you live in the Tampa area, that was just some information on how they do business which is different from most.

    No I didn't sell anything to them, just asking for their prices for an article I was writing without telling them what I wanted the information for.

    Bottom line, I wouldn't consider shipping a $100 bag off to a dealer unless they were willing to pay at least a Dollar an ounce more than anything I could find locally.

    Considering my time, gas, shipping cost and insurance and the gamble in dealing with an online dealer, it's up to you.

    Just remember, 90% is in that no mans land right now and it all depends on just how much your local dealer has on hand and what he might be willing to pay for any.

    The only other thing I can add is to be careful in understanding what any of these dealers are stating for their buy price when it comes to 90% coins.

    Some are stating their buy price by the actual Silver content while others are listing their buy price based on .715 ounces of Silver per Dollar face value.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  4. #4
    Join Date
    Mar 2008
    Posts
    32

    Default

    Thank you very much for this detailed and well thought out reply. I haven't followed the online dealers much, but what little I've seen certainly bears out what you posted. I'll be looking at my local dealers to see what they might be able to offer me.

    You've given me much insight to the dealer's thoughts. Thanks again!

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