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Price For Selling Lower-grade Silver Coins

 
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Valued Member

United States
309 Posts
 Posted 06/15/2019  06:51 am Show Profile   Check einstem's eBay Listings Bookmark this topic Add einstem to your friends list Get a Link to this Message
My parents recently gave me a moderate sized collection of old coin books that they would like to sell.
Looking through them, they are all almost all what I what deem "lower grade silver coins". Almost none are of any rare dates, and they are all in what I would deem a range between almost good to maybe Very Good at the top.
It includes Franklin Halfs, some Kennedy Halfs (including some silvers), Washington quarters, Mercury dimes, Roosevelt dimes, and a good number of Liberty Walking Halfs. There are also some books of Lincoln wheat cents and Jefferson nickels, but looking through these, they are almost all mid-quality circulated, and no rare dates.

I just want to sell them all to a dealer and get them some money for them, so I am looking for what these types of silver coins should go for these days if I take them to one of my local coin shows.
What should I be looking for as a buyer for silver Walking Halfs, Franklin Halfs, Mercury dimes, Roosevelt dimes, Washington quarters, and Kennedy Halfs.

Presume they are probably just a small premium over the cost of silver?

About how much over "face value" should I be looking to get as a SELLER to a dealer for mid to low grade silver coins?

Just trying to unload these quickly for my parents and and to just get them a "reasonable price".

Thanks.

Michael
Edited by einstem
06/15/2019 06:55 am
Bedrock of the Community
United States
27976 Posts
 Posted 06/15/2019  07:43 am  Show Profile   Bookmark this reply Add John1 to your friends list Get a Link to this Reply
I am thinking you should expect little if any premium above melt.
John1
( I'm no pro, it's just my humble opinion )
Searched 5+ Million Cents Since 1971
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United States
309 Posts
 Posted 06/15/2019  07:51 am  Show Profile   Check einstem's eBay Listings Bookmark this reply Add einstem to your friends list Get a Link to this Reply
John,

So, what would "melt" value be, given that silver is at about $14.9 today ?
How do I translate that into "face value" for these coins?

Thanks.

Michael
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 Posted 06/15/2019  08:23 am  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply
I would try to get $12-$13 for $1 Face . That's a little more than melt . But you might have to shop around to get that price .
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United States
183 Posts
 Posted 06/15/2019  08:33 am  Show Profile   Bookmark this reply Add Ariette to your friends list Get a Link to this Reply
You are unlikely to get over melt if you sell these to a coin shop. Most dealers sell "junk silver," common-date circulated 90% silver coins, at a small premium over melt themselves. The only way you'd get more than about $10 per $1 face value is if you sell directly to a collector.
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 Posted 06/15/2019  09:01 am  Show Profile   Bookmark this reply Add aristarchus123 to your friends list Get a Link to this Reply
How about eBay?
Valued Member
United States
388 Posts
 Posted 06/15/2019  09:19 am  Show Profile   Bookmark this reply Add tampabaygrampa to your friends list Get a Link to this Reply
Current values at $14.87 silver price are: .10---$1.07, .25---$2.68, .50---$2.37.
Good Luck
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Canada
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 Posted 06/15/2019  09:36 am  Show Profile   Check silverwolf's eBay Listings Bookmark this reply Add silverwolf to your friends list Get a Link to this Reply

Quote:
.50---$2.37.


Looks like a typo to me.
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110 Posts
 Posted 06/15/2019  09:57 am  Show Profile   Bookmark this reply Add beachnut to your friends list Get a Link to this Reply
At the current price of silver 90% coins are 10.7x face and 40% are 4.38 x face. A coin shop will likely pay you a dollar or two under melt. A lot of collectors would gladly pay melt. I hope this helps.
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 Posted 06/15/2019  10:05 am  Show Profile   Check Collects82's eBay Listings Bookmark this reply Add Collects82 to your friends list Get a Link to this Reply
How urgently do you want to sell? Silver at under $15 seems a bit underwhelming IMO. You can always sit on it and roll the dice it moves back towards $17-18+ in the next little while.
My hoard of '82s is up to 159! 218 BC x 1, 118 BC x 3, 18 BC x 1, 82 x 1, 182 x 1, 282 x 2, 582 x 2, 682 x 1, 782 x 2, 882 x 1, 982 x 3, 1182 x 8, 1282 x 2, 1382 x 1, 1482 x 4, 1582 x 12, 1682 x 12, 1782 x 40, 1882 x 41, 1982 x 21
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United States
3 Posts
 Posted 06/15/2019  10:07 am  Show Profile   Bookmark this reply Add coin-mania to your friends list Get a Link to this Reply
Hi Michael,

"melt" value could be translated to "face value" by formula:

"weight of coin (in gram)" x "% of silver in composition" x "current market silver price per gram"

Example:

Silver Washington quarter (1932-1964): 6.25 (g) x 0.900% x ($14.87/31.1034) = $2.69
Wartime silver nickel (1942-1945): 5.00 (g) x 0.350% x ($14.87/31.1034) = $0.84
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 Posted 06/15/2019  10:42 am  Show Profile   Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply
@coinmania


Quote:
"melt" value could be translated to "face value" by formula:

"weight of coin (in gram)" x "% of silver in composition" x "current market silver price per gram"

Example:

Silver Washington quarter (1932-1964): 6.25 (g) x 0.900% x ($14.87/31.1034) = $2.69
Wartime silver nickel (1942-1945): 5.00 (g) x 0.350% x ($14.87/31.1034) = $0.84


You should not use these "formulas" because they do not account for wear. All coins lose weight when they circulate, sometimes over 5% weight loss can occur on heavily worn coins. 2% weight loss for circulated pieces is considered normal.

The 0.715 multiplier takes average circulated weight loss into account. (Spot price X 0.715 X Face Value) works for 90% silver U.S. coinage and is considered accurate by the bullion industry.

Your Silver Washington quarter (1932-1964): $14.87 x 0.715 x $0.25 = $2.66. Does not sound like much of a difference on one quarter but on a $1000 Face value bag? It's about $150 in difference.
ANA #R3154474
Edited by BH1964
06/15/2019 10:42 am
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 Posted 06/15/2019  11:18 am  Show Profile   Bookmark this reply Add KenKat to your friends list Get a Link to this Reply
I think a good offer from a dealer would be between 9x and 10x face. You could probably sell them on the forum pretty easily as well. Silver seems to go quickly here if priced reasonably.
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 Posted 06/15/2019  4:11 pm  Show Profile   Bookmark this reply Add OneBowl to your friends list Get a Link to this Reply
Do you have ~$100 in face value of 90% silver coins? If so, consider selling to Provident Metals. They are currently paying $10.39 per $1 face value for Franklins, for example. It takes a 2 minute phone call, packing of coins and a trip to the post office. Once it's mailed, your parents just get a direct ACH payment probably in a week or so. If you have less than $100 and speed counts, I agree, 9x-10x is what to expect if the place sends their stuff off to a refiner or slightly more if they have a brisk resale business. List here as one lot for 11x for a decent mix of speed, not too much work and reasonable $s.
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 Posted 06/15/2019  4:27 pm  Show Profile   Bookmark this reply Add coin-mania to your friends list Get a Link to this Reply
To BH1964:

It's completely opposite: a formula I mentioned gives exactly "melt" value in both cases of a single coin and a bag of coins.
While a way you suggested gives some approximation which will give a big difference in case of bag of coins.

A price of good weight scale is less than $10.
And I thought it's clear for everybody and I don't need to mentioned about it that in formula above you need to use an actual weight of given coin and/or (an actual weight of bag of coins by using a corresponding weight scale).
If actual weight will be used it gives exactly melt value of given coin (or bag of coins).

As you said "All coins lose weight when they circulate, sometimes over 5% weight loss can occur on heavily worn coins."
And all coins lose wheight differently, some of them loss 2%, some - 5%, some - more or less.

A coefficient 0.715 is some approximation and again I could repeat your words: "Does not sound like much of a difference on one quarter but on a $1000 Face value bag?"
The formula I've mentioned gives a correct "melt value" in case of single coin and in case of $1000 Face value bag while a way you offered gives a huge different from reality in case of $1000 Face value bag because all coins loss weight differently.

Thanks.
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 Posted 06/15/2019  4:43 pm  Show Profile   Bookmark this reply Add Dorado to your friends list Get a Link to this Reply
@ coin-mania

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