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F.Y.I. Link to a guy who pays 10.5 x for scrap silver  
 

 
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Pillar of the Community
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 Posted 04/10/2010  12:16 pm Show Profile   Bookmark this topic Add Halfwitty to your friends list Get a Link to this Message
If anyone is interested he is honest and pays even before you send the silver.He pays higher for nicer coins.I drove to his house but he does most of his deals via mail and Paypal.

http://www.buyingsilverdollars.org/..._Prices.html
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 Posted 04/10/2010  12:18 pm  Show Profile   Bookmark this reply Add BadThad to your friends list Get a Link to this Reply
Hummm....last time I sold to my dealer he paid me 12.0x face.
Lincoln Cent Lover!
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 Posted 04/10/2010  12:22 pm  Show Profile   Bookmark this reply Add fioti to your friends list Get a Link to this Reply
12.5 yesterday @ Canyon Co. Coin in Nampa, Idaho.
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 Posted 04/10/2010  12:26 pm  Show Profile   Bookmark this reply Add coins92 to your friends list Get a Link to this Reply
That actually seems a little low.
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 Posted 04/10/2010  12:46 pm  Show Profile   Bookmark this reply Add Halfwitty to your friends list Get a Link to this Reply
Just F.Y.I.
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 Posted 04/10/2010  2:50 pm  Show Profile   Bookmark this reply Add CoinHunter53562 to your friends list Get a Link to this Reply
His buy prices are not very good at all.

$16 for Silver Eagles with spot well over $18?
$0.40 for war nickels?
$0.25 for Buffalo nickels?
On one part he says he pays 10.5x for 90% silver, but the list shows he is paying 10x face, even for Barber coins...wow
$1.50 for 40% halves is a big ripoff as well

All of the above prices are much lower than local dealers are paying. No thanks!

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 Posted 04/10/2010  7:05 pm  Show Profile   Bookmark this reply Add Saruma to your friends list Get a Link to this Reply
You can send it in to a refinery and get 12X face value for silver coins. Specifically they are paying 90% of melt value for silver. Right now that is $1.20 for dimes and $3.00 for quarters. So there is no point selling them to a dealer for less.

http://midwestrefineries.com/

I haven't used these guys yet but I plan to at some point for the jewelry I've found while metal detecting (I don't have the heart to do it to coins unless they are worn and damaged beyond all repair). People on the metal detecting forums I frequent swear by them and the percentage payout is way higher than the places that advertise on TV.
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 Posted 04/11/2010  12:01 am  Show Profile   Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply
Congratulations on 1,000 posts Halfwitty!


With the big run up in silver prices this month, nobody should sell under 12X face. Current melt is over 13X face.
ANA #R3154474
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 Posted 04/11/2010  12:06 am  Show Profile   Bookmark this reply Add Halfwitty to your friends list Get a Link to this Reply
Thanks bherring.It looks like he didn't update his numbers but I was saying that the guy is honest anyway.I sold some scrap to him a while back when silver was just 16.90 17.00 and he treated me right.At that time he was paying 10x.
Edited by Halfwitty
04/11/2010 12:08 am
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 Posted 04/11/2010  01:48 am  Show Profile   Bookmark this reply Add CoinHunter53562 to your friends list Get a Link to this Reply

Quote:
I sold some scrap to him a while back when silver was just 16.90 17.00 and he treated me right.At that time he was paying 10x.


Still seems low...sorry. At $17/oz and using the standard of 0.715 net troy ounces of silver per $1.00 face of 90%, melt would have been $12.16 per $1.00 face. I know for a fact that dealers in this area were paying around 11x to 11.2x face and selling in the 12.2x to 12.5x range when spot was at $17.00. Paying 10x face with spot at $17 would mean that he was paying about 82.3% of the melt value which is on the low side.

Based on the numbers above, I don't see any advantage to shipping to this guy when I can drive over to my local dealer and get more and have the check/cash in hand on the same day versus waiting for a check in the mail at a lower net amount. I'm sure he treats people well like you said as far as service, but his buy prices are lower than dealers/refiners. It's a free world and people are welcome to do what they want, but I guess I don't see what advantage members here would have by doing biz with him?
Edited by CoinHunter53562
04/11/2010 01:51 am
Valued Member
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 Posted 04/11/2010  02:05 am  Show Profile   Bookmark this reply Add youngfee101 to your friends list Get a Link to this Reply
I'll pay you more for silver haha!
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United States
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 Posted 04/11/2010  07:14 am  Show Profile   Bookmark this reply Add mmerc20 to your friends list Get a Link to this Reply
...and how much are you going to pay youngfee?

I saw that midwest will pay you in bullion bars and rounds which is a big plus for me for your silver. I have probably $130 face sitting in the safe and it would be nice to condense. I don't know of anyone else that does that.

Mike
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 Posted 04/11/2010  1:09 pm  Show Profile   Bookmark this reply Add trdhrdr007 to your friends list Get a Link to this Reply
It all depends on where you live. In the big cities there is lots of competition & it's pretty easy to get close to melt value. In the small town I live neither of the dealers will pay 10x face. Any scrap I sell is sent out of state.

I would like to make a couple of comments about Midwest. I've dealt with them a few times in the past, & have posted here that I was satisfied with them. If I hadn't found another outlet for my scrap I would still be dealing with them because they beat anyone local by a large margin. However, they have a couple tricks they use to avoid paying 90% of melt, actual payout is closer to 85%.

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 Posted 04/11/2010  3:39 pm  Show Profile   Bookmark this reply Add Saruma to your friends list Get a Link to this Reply
trdhrdr007,

Could you elaborate on the the tricks they use to get out of paying 90% of melt? It seems like it would be hard to argue coins are anything but 90% silver, same with jewelry marked 925/Sterling. I'd like to know what to expect before I send them my scrap silver.
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United States
2089 Posts
 Posted 04/11/2010  8:12 pm  Show Profile   Bookmark this reply Add trdhrdr007 to your friends list Get a Link to this Reply
I have never sent them coins, only scrap marked sterling. There are 2 main areas I feel like they fudge.

The price of silver fluctuates on a daily basis & it generally takes 3 to 5 days between the time they receive the silver & when the check is dated. Payment is based on the silver bid price on the day the batch is processed. Every batch of silver I sent was processed on the day of the lowest silver spot price during the time the batch was in their possession. I don't think that is a coincidence.

Every batch I sent had a 2-4% "melt loss". According to the guy I deal with now there shouldn't be a 2-4% loss when the material is melted if it has been cleaned properly & proper procedures are followed.

Anyway, between those 2 things I feel like they are actually paying 85-87% of spot instead of the 90% advertised. I understand they work on a pretty thin margin & that 85-87% is still a good deal compared to my local alternatives. In fact, unless you are a licensed precious metals dealer and/or have very large quantities that's about the best you can do on silver that has to be refined before it can be resold.
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 Posted 04/12/2010  09:11 am  Show Profile   Bookmark this reply Add nod2003 to your friends list Get a Link to this Reply
Does the $.25 for Buffalo nickels include dateless?
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