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Selling Junk Silver At 9 × Face Value?

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 Posted 02/22/2019  7:20 pm Show Profile   Bookmark this topic Add TMCD75 to your friends list Get a Link to this Message Number of Subscribers
Took some junk silver in today and ended up selling it at 9X face value. I don't think this is very good considering silver is trading at $15.88 per ounce today. My math shows that they paid me $12.67 per ounce!

I'm disappointed, this tells me to stay away from junk silver because when you need to cash it in, you get skinned.
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jimbucks's Avatar
United States
4692 Posts
 Posted 02/22/2019  7:36 pm  Show Profile   Bookmark this reply Add jimbucks to your friends list Get a Link to this Reply
Did you shop it around. That seems low even at wholesale, but you can buy it for under 12x face, so maybe that's the going rate.

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jstav's Avatar
United States
179 Posts
 Posted 02/22/2019  8:04 pm  Show Profile   Bookmark this reply Add jstav to your friends list Get a Link to this Reply
Yeah, that is not a good deal. My buyer gives $1.50 below spot.
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nss-52's Avatar
United States
54280 Posts
 Posted 02/22/2019  8:12 pm  Show Profile   Check nss-52's eBay Listings Bookmark this reply Add nss-52 to your friends list Get a Link to this Reply
You almost have enough posts to sell it here.
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Arkie's Avatar
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 Posted 02/22/2019  8:37 pm  Show Profile   Bookmark this reply Add Arkie to your friends list Get a Link to this Reply
I think 9 x face is about what my LCS pays.
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 Posted 02/22/2019  9:34 pm  Show Profile   Bookmark this reply Add mkman123 to your friends list Get a Link to this Reply
you could easily sell it on the here and other places for more than 10x face!!
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BH1964's Avatar
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 Posted 02/22/2019  9:50 pm  Show Profile   Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply
9x face selling to a coin or pawn shop at wholesale? That sounds about right. I hope you didn't sell much at that price.

FYI: Take your times face number and divide it by 0.715 (for junk 90%) to find your price per ounce. In this case 9/715 = $12.59. With silver at $16 that is low, very low but typical of a wholesale bid type of offer.

Selling outright to a PM buyer is the way to go in the future.
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fistfulladirt's Avatar
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 Posted 02/23/2019  04:58 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
My favorite online vendor is paying up to 11.5 x face today for junk 90% silver.
Buy low, sell high.


When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
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Edited by fistfulladirt
02/23/2019 05:01 am
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 Posted 02/26/2019  6:17 pm  Show Profile   Bookmark this reply Add TMCD75 to your friends list Get a Link to this Reply
How many posts do I need to sell it here? Also, what online sites pay well for junk silver? Thanks!!
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Wornslick's Avatar
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 Posted 02/28/2019  4:22 pm  Show Profile   Bookmark this reply Add Wornslick to your friends list Get a Link to this Reply
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 Posted 03/01/2019  4:41 pm  Show Profile   Bookmark this reply Add Bret to your friends list Get a Link to this Reply
The best way that I've found to sell junk silver is at a large coin show, the larger the better. Competition is a wonderful thing.
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fistfulladirt's Avatar
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 Posted 03/01/2019  8:17 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
I don't understand selling. But that's just me.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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morganman56's Avatar
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 Posted 03/07/2019  4:54 pm  Show Profile   Bookmark this reply Add morganman56 to your friends list Get a Link to this Reply

Quote:
The best way that I've found to sell junk silver is at a large coin show, the larger the better. Competition is a wonderful thing.


How does someone go about lugging a bag of 500 or 1000 quarters or halfs from dealer table to table? Just leave in the car while getting quotes?

One more question: When it comes time to sell bulk silver, a place like AMPEX will buy it - but how much would shipping cost for heavy bag or bags? Better than taking such a haircut at the local coin store?
Edited by morganman56
03/07/2019 5:00 pm
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oriole's Avatar
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 Posted 03/07/2019  5:27 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
1000 quarters weighs 6.25 kilograms. The average person should have no difficulty carrying that much.
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BH1964's Avatar
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 Posted 03/07/2019  5:30 pm  Show Profile   Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply
Check into USPS Flat Rate shipping boxes. For $15 you can ship virtually any amount anywhere in the U.S.

Lugging 500 quarters (under 7 pounds) shouldn't be too much of a problem. Much more than that and you could just have a sampling in-hand.
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 Posted 03/07/2019  7:13 pm  Show Profile   Bookmark this reply Add Bret to your friends list Get a Link to this Reply

Quote:
How does someone go about lugging a bag of 500 or 1000 quarters or halfs from dealer table to table? Just leave in the car while getting quotes?

The last time I sold junk silver was for a coworker. She had recently cleaned out the house of a relative that passed away. She found a bunch of change and was literally going to take it to the bank. I told her not to do that but to bring it in to work instead. She did. She brought it in and when I saw what she had, I showed her how to sort it by denomination and series. She did that and brought it back in. I looked though the coins, but only found common dates/mints. She wanted to take it to the bank and I told her not to because I was going to a coin show that Friday. While I walked around the show I just took note of how much dealers were paying. When I found the one paying the most, I went out to the car and got the junk silver. The dealer ran it through a machine and paid me the cash. I think she then promptly sold it to someone else. When I bought the about $1500 cash to my coworker she almost cried. She had no idea it was worth that much.
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