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 Replies: 18 / Views: 4,459 |
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Valued Member
 United States
147 Posts |
After comparing several, I would not use APMEX at all. They are much higher. As for local coin shops....NONE. Just Pawn Shops, they are worse than APMEX. I was not looking to get rich or even make much. I just thought it could be a way to get exposure to volumes larger than my current level of zero without breaking the bank. Thanks for the comments and insight. |
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Valued Member
United States
404 Posts |
Pawn shops will friggin scalp you... you don't have ANY local coin shops?
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Pillar of the Community
United States
3843 Posts |
Nothing new but I was at an antique mall today and several dealers had junk silver quality coins neatly enclosed in 2x2s for sale at absurd price levels. I get that antique mall rent is very high but the prices were insane. You will find dealers like this in almost every antique mall and it must be profitable because they have been doing it as long as I can remember.
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Pillar of the Community
United States
4211 Posts |
It's tough to make any profit on junk silver when you have to also add shipping costs.
Have you looked on Craigs list for buyers / sellers locally?
There was quite a bit listed last time I looked at the one in our area.
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Bedrock of the Community
Australia
21788 Posts |
I do not see any profit in buying bagged junk silver. I do have a cashe of junk silver, accumulated over many years as 'bye' buy in auction job lots. Such an accumulation is a 'free' bonus.  I will sell it as a job lot, when I need the proceeds to fund a new purchase. |
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Valued Member
United States
147 Posts |
I live between Birmingham and Montgomery, Alabama. If you are not trading lawnmowers, guns, or pickup trucks, it is hard to find. This is not really a fair statement but I feel that way at times. There is a shop in Birmingham, but I have not been able to make it there.
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Pillar of the Community
United States
1000 Posts |
Crazy, could you share any more info on how you're able to come out ahead buying junk silver? It's $2 over spot here, and I suppose I should become more proficient in rummaging through it. Did you just figure out the semi key dates to look for?
Jovian, join dual-brain and me in the toning project. I want to get junk UNC Rosies and see if I can add any color.
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Pillar of the Community
United States
1211 Posts |
Turn them over how? I fail to see how this is a worthy endeavor... What exactly is the plan?
Edited by jerseyben
02/13/2017 07:48 am
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Valued Member
United States
467 Posts |
Jovian- I live somewhat north of Mobile...so reading your post about lawnmowers, etc. put a smile on my face.
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Pillar of the Community
United States
1911 Posts |
Only depends at what price you can buy the silver at. I don't believe buying them anywhere online (except unnoticed ebay auctions, perhaps) where it would be worth it. The only way I can do it is by buying from my LCS where I can get "junk" silver coins for spot price. And even then when I buy a bunch the only profit I get is a few bucks for a few bucks face silver. I usually just buy some and instead of profit keep a few dimes/quarters that comes out to being free at the end of the day. |
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Pillar of the Community
United States
3343 Posts |
Very little. These are the coins the LCS throws in the junk silver, so they're only a buyer at melt. Sometimes you can pull an interesting coin or two out of their scrap. I've gotten 1919-D and 1917-S obverse walkers that way. But you search a lot to get a few, and they're AG-G's at best.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Pillar of the Community
United States
1963 Posts |
The only "junk" silver I will buy are dollars to add to my collection (or pocket). Like I paid $14 for a Peace dollar the other day. |
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Pillar of the Community
United States
509 Posts |
profitability could be obtained if silver signigantly increases in spot price, but you will be paying a premium that would still eat away at gains on the front end of the buy.. on the backend there is shipping and 10% ebay fees. I'm not saying you can't make money flipping junk, but you'll need a little luck and an over eager buyer. I've made several purchases from APMEX (mostly bullion), they have excellent customer service. One time early in my collecting days 2-3 years ago I bought a roll of "average circulated" Barber quarters and wasn't thrilled with the condition (I wasn't up to date on terms back then) and they accepted return with no questions. They sent return label and everything. I've bought from them several times since and always been happy. |
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Valued Member
United States
147 Posts |
Thanks to all for your comments. I really do not have a fully formed plan with this as of yet, and may not form one. My research so far shows that it will be a very close margin at best. The benefit is definitely in the hands of the bullion companies. I was comparing the average price per coin for bags of various sizes to the lowest prices in the online price guides like Coin World or USA Coin Book. I have also looked at the low end of completed sales on E-B. All of this depends on the condition of the coins involved, but people putting together lowball sets are paying more for Poor or Fair smooth coins with no major hits. With the low margin, fees for ebay, fees for PayPal, 2x2 flips, and shipping there is probably not any room for profit. Fortunately, as stated earlier, I am not looking to make much except to add some acceptable coins to my collection and have some fun looking through larger volumes to cherry-pick. The profit motive here was to start at low levels I can afford, like one roll at a time. Eventually roll any excess into buying two rolls, a small bag, then a large bag...etc. This would take some time, but may be fun. For now, this is just a feasibility study. |
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New Member
United States
31 Posts |
Around here I can pick up junk silver from one of my local dealers for around 12-12.5/$1 right now, under spot I know but thats what they sell for, then for there "Slicks" which arent really all that bad they sell for 10% of the other stuff, I do find a good amount of decent items in there but mostly buy what they have just to stash. As for morgans, the lowest price I can get them is $15 to $18 for the lowballs, and $20-$25 for the nicer ones
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Posted 02/12/2017 10:41 pm
