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Silver scrap coins.

R

ryaan21

New member
Since it is snowy and cold here I have been going through my detecting finds, cleaning some, organizing others.

I was wondering what you guys do with your dug silver that really has no value other than melt? I take pictures of all my finds so selling them for me would not be a real loss but I am hesitant because the last time I mentioned it on collecting site someone offered me $30 and told me I wuold be smart to take it. According to todays silver prices I have $58 in silver not counting the 2 rings I am planning on selling as well.

Are people really only paying 50% or was this guy trying to rip me off?

I want to partially fund a new pinpointer with the money.
 
If the current melt value is $58 I think offering $30 and telling you to take it is an insult. You could walk into any coin shop and get spot value for it.
 
1 peace dollar
1 walking half
6 quarters-3 washington, 2 standing, 1 barber
13 dimes-rosies and mercs
2 war nickels

2 canadian dimes and 1 canadian quarter

2 junked silver rings.
 
You're being insulted
Take it to a coin and/or jewelry store and you will get your price , perhaps a bit more if the rings aren't messed up too much
 
You could post them for sale down on the General Merchandise Forum...with some pics...somebody will step up and you both will be happy, heck, maybe somebody will trade you a PP straight across if they have a spare even?...theres a few silver bugs that hang out here!
Mud
 
If someone offers you 'X' amount for a item in this case silver coins you can be certain that they can sell them at a much higher price as they have the outlet to do so,the thing is do you have the knowledge or the outlet to gain the higher price ??? as a general rule most folks dont,but if you are prepered to do some research then you could gain a much better offer.
 
I have sold junk silver when it was high and I'm taking around $40 plus an ounce. Silver and gold prices have been stagnant at around $15-$17 an ounce for what seems a very long time now and so unless your desperate for cash, hang on to your silver. Most coin stores are giving aprox; the same deal as far as buying in junk silver. If you only have a few pieces, they may charge a little more than if you have a sackful of silver coins. Of course, they need to make some profit and it's up to you to decide what $$$$ your willing to accept around the melt value or slightly below.
Craigslist is always an option but be careful where you meet a prospective buyer i.e. public place and even then be careful. Ebay is an option as well but they sting you with a 10% charge for their services. I have sold junk silver coins on Ebay in the past and have been generally happy with what I've been able to get for my coins.
 
My coin & jewelry shop usually buys junk silver coins at 20% under spot and sells at 20% over spot.{bullion price) You can go to coinflation.com to check out the current bullion price for the coins you have.Silver is way down,I wish I had sold mine when it was at $49/ounce some years back.
garwadd1
 
Just another add on comment to this silver question.....Everybody has a few painful memories, right!....I sold a 100 ounce bar of silver in the 80's. Silver was $7 an ounce at the time and I thought I had done really well :clapping: at the time with getting a little more than $700. Dang.....I could kick myself now!!!:rage:
 
garwadd1 said:
My coin & jewelry shop usually buys junk silver coins at 20% under spot and sells at 20% over spot.{bullion price) You can go to coinflation.com to check out the current bullion price for the coins you have.Silver is way down,I wish I had sold mine when it was at $49/ounce some years back.
garwadd1
Click to expand...

I wouldn't even walk in the door of a coin shop that worked on 20 in 20 out! Are you sure it's not a pawn shop or loan shark?
Most operate near 5% both ways.
 
Margins seem to vary by several factors (size of town/volume of trade a big one). A guy who does this for a living needs to make a buck and cover the cost of doing business. Do not expect them to be running a charity for others. Get several quotes and find the best deal for yourself. Watch out for hidden factors like shipping and taxes. Ask around and don't get taken by fly by nighters who disappear after the deal. Even the pros get taken on occasion by a too good to be true deal.
Just a thought or two.
 
I hold on to them and watch the price of silver, when the price is up and if I need some money than I sell them for melt value. But I also check several places to see who is paying the highest price, this is another area where scam artist will take you to the cleaners given a chance.

Mark
 
Go to coininfo.com select silver values than use their silver calculator.Anytime you sell silver you should always be able to get close to melt if your dealing with a reputable dealer.
I dont have to use the calculator to know they were trying to take advantage of you.
Honestly if you dont need the money hold on to it,its like ammo but...shiny!
Good Luck & HH Mid-West
 
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