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 Replies: 20 / Views: 3,228 |
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New Member
United States
13 Posts |
Hi - I am hoping to find some help on how to help my mom sell some what I think it junk silver that was her father's. She had someone from a local gold shop come over and offer her an amount that seemed too low after looking up the silver value on (124) Not Allowed - Auto-Removed .com. She has 1000 90% silver quarters, 837 dimes, 148 1964 Kennefy half dollars, 24 Franklin half dollars, and 43 Walking Liberty half dollars - all 90% silver. She has some other things that I poasted questions about on the world coin board - but it seems like the bulk of what has value is the junk silver. Thanks for any advice you can offer. I just don't want her getting ripped off by the local place. |
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Pillar of the Community
United States
2335 Posts |
It sounds like you know what melt value is & have found an online resource for the melt value of the coins you have. If you live in a large enough city you should be able to call around & find a dealer that will pay 85-90% of that value.
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New Member
 United States
13 Posts |
Ok - thanks. that is what I was wondering - what percentage would be fair. The local place my mom initially contacted offered her $5500 for all of that junk silver which values almost 11,000 and some other coins we think may be worth another couple thousand. I knew that was a terrible offer. He eventually came up to 7000 after I got involved but that still seems way too low. Thanks for your quick reply and the good information.
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Pillar of the Community
Australia
7096 Posts |
The current melt value for these is $10698.22.
90% of melt the offer should be $9628.40.
The dealer still makes $1069.82 on the deal.
If the best offer is only $7000 don't walk away RUN.
Personally I would hang onto them for a couple of months or so and get a better return
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New Member
United States
13 Posts |
After your comment I found a coin dealer pretty quickly who says based on what silver is today they would pay about 21 times face value of the coins - which equals about $9240. MUCH better deal - and that is only the junk silver - not including some other things. Do you think silver is going to go up - is that why you say hold on to them?
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Pillar of the Community
 United States
1888 Posts |
Depending on how long you have had some of that stuff, it might be worthwhile looking for good dates and or great condition for some of the older coins like the Mercury dimes and the pre-1948 half dollars. |
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Rest in Peace
United States
9104 Posts |
 , korimeyers! |
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Rest in Peace
United States
9104 Posts |
The suggestion to hold is ppl believe silver prices will rise. Or maybe not. You have to decide if that's a risk you want to take.
Give a rough idea where you're located, in case some of us know a good dealer.
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Pillar of the Community
United States
548 Posts |
With that many coins, there's bound to be a few good ones. The question is, how much do you want to work to identify them? Or will your coin guy provide that service for you? A few pieces of advice: - whatever you do, don't clean the coins! Many folks think that by cleaning them, they'll get a better offer. Nope. All you'll do by cleaning is insure you get no more than silver value. - pretty much any Mercury dime before 1940 is worth more than melt, if it's in close to uncirculated state. - Mercury dimes typically sell above melt value. I typically sell them for between 110% and 120% of spot, in rolls - look through your Standing Liberty quarters for the lack of stars under the eagle in the coin's reverse. Those are special. Same thing about wear on these: uncirculated SLQ's are generally worth more than melt. Anything over about $9k for those coins is a very good deal. But only if they're truly junk. I normally offer the customer a "runway model/lottery winner" service: I look through the coins they're selling me to ID the good ones. They're rare, though |
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Pillar of the Community
United States
2125 Posts |
9240.00 sounds like a fair offer from a dealer. I just sold all my junk silver on the bay and did quite well.
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New Member
United States
13 Posts |
Thanks, everyone - I really appreciate all of the advice. I am in Nashville - found another dealer who pays 21.6 times face value - which would be $9500. If anyone knows of a good dealer in the area let me know. I think we may take it tomorrow to the second one I found. My mom really wants to sell it now - gets a little impatient - I barely got her to wait and not sell to that gold shop guy. Thank god she listened to me. I am going to look back through it all. I know I do have some Mercury dimes - just need to find dates. I don't think any of it is uncirculated - maybe some of the quarters but I have some things with dates rubbed off. |
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Pillar of the Community
United States
3345 Posts |
You should get a Red Book to find rough values and key dates and that sorta stuff. Its a very helpful book, for beginners and adepts. |
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Pillar of the Community
United States
2335 Posts |
I assumed you had a relatively small amount of silver. If you have over $10,000 melt value you might do better with APMEX. Although the process is a little involved & takes some time I've sold to them with good results. You set up an online account, call to lock in a price & send your things by registered mail. The main problem with that is registered mail is VERY slow & it could take several weeks to get your check. In my small town I couldn't get more than 70% of melt so the hassle was worthwhile. If I had a local guy that was willing to pay in the 90% range I probably wouldn't deal with APMEX & USPS just to squeeze out an extra 2-3%. |
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Pillar of the Community
United States
2424 Posts |
i would look through all the coins first and separate the circulated from the uncirculated ones. then you would have a better idea of what is "junk" and whats not. most common date silver coins, for example, 1964 quarters, 1964 halves and 1963 franklins do not carry a premium in uncirculated state due to the high cost of silver anyway. but, like others mentioned, if you have some earlier date coins in UNC condition, then they are worth far more than spot price
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Valued Member
United States
61 Posts |
At my local dealer you would get about $10,000 for these coins. I would not take less than $9000 if I were you.
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Valued Member
United States
109 Posts |
That is awesome! What a great hoard of silver coins. I would for sure look through them for key dates. There will be some with that many coins.
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Replies: 20 / Views: 3,228 |
Posted 02/10/2012 5:15 pm
