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 Replies: 11 / Views: 1,371 |
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New Member
United States
12 Posts |
I have the opportunity to look through some silver coins from a guy I know. All the coins are common date roosevelts, a few merc, and mostly Washington quarters. The condition of the coins is fair, but my feeling is the melt value outweighs the numismatic because of the condition. I want to be fair, but don't know what to offer. Give me your opinion. 5x face? More? Less? |
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Pillar of the Community
United States
1984 Posts |
My dealer is paying 9-9.5X face for junk US silver right now. To offer half of that would be less than ethical in my opinion. If you're buying the whole lot without cherrypicking then the lowest I would say that stays on the ethical side is AT LEAST 7.5X face. If you are cherrypicking for your collection then at least pay what the guy could get from a reputable dealer.
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Valued Member
United States
330 Posts |
Deerollhunter,
I just checked on melt value last night. It looks like melt is 12x face right now. You can check for silver melt calculators on Google. If you want to be fair I would make sure the seller understands the current silver price ($16.50-$16.75 oz.) and work a price from there. If the seller needs the money they will take whatever they are comfortable with.
Jim
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Pillar of the Community
United States
4867 Posts |
I'd like to be able to buy silver at melt but its hard to do on ebay because of the big mark ups then shipping on top of that. Where is the investment? |
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Member
United States
3242 Posts |
If you can get them for melt or less its a good deal.
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Pillar of the Community
United States
2600 Posts |
You deserve to make a buck for your time and effort. I would think about 6 to 7 times face would be what I would offer today.
Jim
Edited by Jim1953
01/30/2008 1:48 pm
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Pillar of the Community
United States
1984 Posts |
quote:
You deserve to make a buck for your time and effort. I would think about 6 to 7 times face would be what I would offer today.
At 6X face and current spot price that would represent a profit of over $1.50 per silver quarter. Are you selling any silver today, because I will buy all of the silver you would like to sell at 6X face? If you are not selling at 6X face, then why should the guy from whom deerollhunter is buying? |
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Valued Member
United States
342 Posts |
With silver at $16.70 the melt value of a silver dime is $1.20 and a silver quarter $3.02.
Pay what you feel comfortable with (How good a friend is it?)
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Pillar of the Community
United States
4867 Posts |
I had silver maple leafs in mind. With silver as high as it is right now then add the mark up and shipping fees on ebay then your paying at least $25-$30 per maple leaf and I just don't see the investment paying that much over spot. |
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New Member
 United States
12 Posts |
Thank you all for your input.
Here are my thoughts after listening to your suggestions and pondering this today:
I will explain my intentions of keeping some the coins and selling the others. I will also let him know about the price of silver and my potential in making a profit. I will offer between 8-9x face. If he agrees, then I get a good deal. If he passes at least he know I was honest and upfront.
A good name is rather to be chosen than great riches, and loving favor rather than silver and gold - Proverbs 22:1
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Pillar of the Community
United States
2335 Posts |
In my area there is a guy that is advertising in the local "pennysaver" that he buys silver at 3 times face. Pawn shops here offer around 5-6 times face value. The local scrap metal guy really only wants to buy gold, but he does buy silver at about 80% of melt. That's a pretty wide range. I have to assume that even the "pennysaver" guy is able to buy at that price or he wouldn't keep advertising. I wouldn't feel right paying less than what the scrap guy is paying, but that's just me.
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Valued Member
United States
259 Posts |
Deerollhunter- I love the quote! I feel the same way that you do. What value is it, when you know in your heart that you did not deal rightly with him? "What does it profit a man...?
Good to have you in the forum. I am rather new, as well.
John
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Replies: 11 / Views: 1,371 |
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Posted 01/30/2008 09:32 am
