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 Replies: 15 / Views: 3,833 |
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Valued Member
Canada
58 Posts |
I have 100 silver QE2 half dollars. I sold some silver coins to a local dealer and was offered less than the melt value. Not happening again! Is my best move selling them on ebay, to a coin dealer (other than the local one), or just taking them to a silver dealer and selling them for melt value? TIA! |
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Pillar of the Community
Canada
1984 Posts |
No dealer will pay you more than melt. If they are planning to send them to be melted or hold them in inventory for resale, there has to be a profit level in it for them. The best buy/sell market is probably put up by J and M in Vancouver. It might be worth shipping them there. If not Joe attends may coin shows around the country. https://www.jandmcoins.com/salesite...3D8C10BFAEC5 |
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Valued Member
 Canada
58 Posts |
I apologize if any dealer is offended by the following comment. I realize "buy low sell high" is how business works. But when dealers separate the better coins to resell and only send the lower quality ones to be melted, I have a problem with being paid less than melt value. Just my opinion, feel free to disagree!  |
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Rest in Peace
10197 Posts |
Sell on the Bay. We sell stuff here in the states as junk silver at a minimum of no less than 13x face, most is 13.3x face and it sells like hotcakes. Always find some idiot stacker somewhere. Now if the coins have a book value, good luck, will be hard pressed but just may sell if your patient(6 months or more patient)
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Bedrock of the Community
United States
94367 Posts |
With essentially bullion coins, is that worth the effort given ebay's fees?  |
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Pillar of the Community
Canada
1984 Posts |
If you were selling a mixture of silver with true better dates you might expect more than melt. But your coins are in uncirculated rolls, QE2 halves are just "junk" silver. No dealer can expect to sell any significant quantity at any material premium to melt.
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Pillar of the Community
Canada
3733 Posts |
no dealer will pay melt, they have overhead, and melt /assay fees, your best bet if there are no good dates, is to try and sell it on kijiji, you will get over melt there. If the coins are shiny new condition you can try ebay, but keep in mind you will lose 13% to fees, and you have to ship it insured.. |
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Pillar of the Community
Canada
5239 Posts |
@ahaba, my LCS sells "junk silver" at melt. Also, he identifies the ones with a significant premium and pays the customer more. I don't know why anyone would expect them to pay more than melt if that is all they are worth. If they have no customers for common dates, they send them to a silver wholesaler and get a bit less than melt.
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Pillar of the Community
 Canada
5585 Posts |
No dealer wants to be caught with scrap silver he bought and then have the silver price drop. You are usually lucky to get 90% scrap. If cooins are circulated, it may be 80-85% because the coins no longer weigh what they did when minted.
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Pillar of the Community
Canada
1505 Posts |
How much below melt did you get? What are the dates of the coins, are they circulated?
As most have said, mist qe2 silver is worth melt - cost of processing.
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Pillar of the Community
Canada
1192 Posts |
If you sell it yourself on ebay, you'll likely get around melt for it.. Minus all the fees, shipping, dealing with retail buyers, etc. You'll likely net around 10-15% below melt, which is generally what dealers offer anyway. |
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Valued Member
Canada
58 Posts |
I see the confusion. My fault! I sold a local dealer several rolls of Geo VI dimes and quarters. The dealer looked at the date of each and every coin. So obviously the coins were not going for scrap. I realize that QE2 silver 50 cent pieces will bring melt price at the very best. Sorry to be crossing the road without telling anyone!
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Pillar of the Community
United States
593 Posts |
I would put them on craigslist no fees just be prepared to weed out the scammers and bs ers and if you find a potential buyer meet them in a secure place
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Pillar of the Community
Canada
665 Posts |
It depends on how much lower than melt you were offered. If you look at Silver Maples, the definition of Bullion, there is a spread between buy and sell price to allow the bullion dealer space to make money. I would expect the spread to be greater (in percentage terms) on junk silver that needs to be melted and purified in order to be recast and sold as bullion to reflect the effort to do so.
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Valued Member
Canada
395 Posts |
That's great that the dealer looked at each date and every coin. They were probably trying to find value for you. For George vi quarters and dimes there is not a lot of dates that have value circulated. So unless you hade high grade coins 85-90% of melt seems appropriate and that's most likely what the dealer was doing with it. Best bet is kijiji or craigslist for someone paying a slightly better spread. You can also go the route of buy sell trade forum here if you get enough posts or http://www.coinsandcanada.com and they have buy sell trade forum as well that's good that you can post on even brand new. Selling to collectors or stackers direct will always get you more. |
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Valued Member
Canada
58 Posts |
Thank you all for the suggestions. Much appreciated!
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Replies: 15 / Views: 3,833 |
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Posted 04/18/2018 5:43 pm
