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Replies: 22 / Views: 5,545 |
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Pillar of the Community
United States
589 Posts |
What will it take for me to sell of my small amount of 40% junk silver at melt. Its so frustrating looking at them when I am trying to sell them off and my foreign silver coins.
Nobody wants them....I want to start buying ever so slow fractional gold bars & coins but without my silver selling it will be impossible to do.
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Pillar of the Community
7234 Posts |
Rolls of 40% halves seem to sell pretty good on ebay except the dreaded fees will probably take your profit margin.
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Pillar of the Community
United States
1475 Posts |
As a silver coin collector myself, I never got into 40% silver coins. Maybe you can try at CCF slightly less than spot. You will be ahead selling at ebay, and meembers can buy less than spot here.
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Pillar of the Community
Canada
3733 Posts |
I would ask at my local coin store, perhaps they would give you melt value on your silver if you buy the fractional gold from them..worth asking anyway..
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Pillar of the Community
United States
4333 Posts |
Ive been buying and selling since 1980 and 40% Kennedys have always been considered 'dirty'. Trying to get anywhere near spot is a tough sell, its usually 60-70% of spot on a good day. Same with 50 and 80% Canadian silver.
When I listen to LED ZEPPELIN...so do my neighbors... Roll hunting since '77 Dirt fishing since '72
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Pillar of the Community
United States
1911 Posts |
Like mentioned before try at the lcs where you are burying other stuff. I just traded mine in for 90% silver and I didnt get melt, but got like 95% melt since I was trading it in basically. May not be too far from melt and it gets done super quick. Depends on the lcs and your relationship I guess..
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Valued Member
United States
261 Posts |
I go to my local farmers market to sell 40% coins. I typically get 10x face for them.
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Pillar of the Community
United States
1911 Posts |
Oh yeah farmers markets have a ton of overpriced coins (in my experience) so you could sell them there for more than melt
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Valued Member
United States
186 Posts |
sold a bunch through my local coin club auction - got reasonable silver value but sold them in smaller lots so it wasn't just the big time dealers just bidding
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Pillar of the Community
Canada
3692 Posts |
Look at it this way: It's 60% crap base metal. What good is it except for being a legal 50 cent coin?
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Pillar of the Community
7234 Posts |
Quote: What good is it except for being a legal 50 cent coin? Has $2.65 worth of silver in it.
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Pillar of the Community
United States
4333 Posts |
Has $2.65 worth of silver in it, but you still need five to buy a gallon of gas.
When I listen to LED ZEPPELIN...so do my neighbors... Roll hunting since '77 Dirt fishing since '72
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Pillar of the Community
7234 Posts |
Quote: Has $2.65 worth of silver in it, but you still need five to buy a gallon of gas. I'll trade you a gallon of gas for 5 of them at any time!! 
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Pillar of the Community
United States
4333 Posts |
Nope! Keepin mine Mark - good try tho -
When I listen to LED ZEPPELIN...so do my neighbors... Roll hunting since '77 Dirt fishing since '72
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Bedrock of the Community
Australia
21788 Posts |
If you sell them as scrap silver bullion, the refining costs force the dealer's buying cost to be very low.
Best to sell them into a market where they retail at way over their silver price, such as at country fairs, etc.
The best silver to buy as scrap is .925 sterling silver, because it can be re made into new sterling silver product without silver refining costs. Old British silver scrap coins are best for this purpose. I acquire these as 'collateral buy', as part of numismatic job lots at public auction, where some other part of the lot would be the reason for bidding.
I have about a dozen or so 40% silver halves, and I have no idea what I am going to do with them. Perhaps I will just 'salt' them into a large lot of foreign base metal coins and just re auction the whole lot in one go. I know that I will not make any money on them, but that would be better than nothing.
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Pillar of the Community
Canada
3692 Posts |
"The best silver to buy as scrap is .925 sterling silver, because it can be re made into new sterling silver product without silver refining costs."
Yes and no. Lots of jewellers will just cheap out and use "old" metal, which is metal that used to be jewellery but was straight melted and remade. What people can't understand is that every time you melt karat gold or sterling silver, between 100 and 300 milligrams evaporates or gets stuck to all sort of things like the crucible, the stirring rod, the crucible holder, etc. It's called wastage. Not only that but every time you heat up a metal you screw up its temper and its "composition". Always try to do the minimum work possible to preserve the integrity of the metal because it gets oxidized then dipped in hot salt-based acid, then reworked, etc. The metal is not the same, it's like dipping a paddle in a river; philosophically it's not the same river. And that's only because of using "old" metal, nevermind the jewellers who will dilute the karat to save a few bucks.
Yes, I used to think the same thing, because on paper yes it makes sense, until you start working with precious metals and realize that it takes at least 10 years to really master the trade. People who value their coins according to what the ASW or purity is just do not have experience dealing with refiners, who are ALL crooks. ALL of them. I stand by my comment that they are worth only 50 cents. Here's a challenge for those who disagree: If you take some silver Mexican Pesos from the late 1950s to 1960s (they are .100 silver purity), what do you have in your hand? Do you have 10% silver or do you have 90% copper? The answer is, you have a cool coin that once circulated but it worth less than nothing because you can't even spend it at face value, and that's the cold hard fact. Now... how many of them do you think you need to send to the refiner to make it worth your time? The refiner will screw you with a small amount and with a large amount. You have to find that "next idiot" to take it off your hands to even break even, and will that person take one coin or the whole bag?
I know I talk about this purity topic a lot on this board, but it's worth repeating everytime because it just doesn't click with people who have all these books that tell them black and white things. Without living outside the book you can't say you know 100%. 40% silver is filth. Anyone who has worked with 10 karat gold can back me up on this. I would never, EVER, trust a .925 silver item (or any stamp) these days. I've seen too many Chinese fake trinkets come in my workshop, it's sick that my government allows us to do business with robbers like that. If you think that .925 is .925, then you aren't taking into account the different alloys used over the decades. Melt a handful of old British coins into a ball, and then repeat that for a piece of .999 silver with your own added alloy. The difference in the cleanliness of the metal is very obvious when you do this experiment. Today our alloys are so clean and produced with the help of argon so that the grains do not oxidize. The old coins will oxidize and turn black. Never use old metal to make something new. You wouldn't Dr Frankenstein a car from parts and sell it as brand new.
The best silver scrap to buy is: none of them. Get pure .999 bars.
Edited by Libertad 04/24/2017 10:44 pm
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Replies: 22 / Views: 5,545 |