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 Replies: 23 / Views: 3,789 |
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Valued Member
United States
314 Posts |
My parents recently gave me a moderate sized collection of old coin books that they would like to sell. Looking through them, they are all almost all what I what deem "lower grade silver coins". Almost none are of any rare dates, and they are all in what I would deem a range between almost good to maybe Very Good at the top. It includes Franklin Halfs, some Kennedy Halfs (including some silvers), Washington quarters, Mercury dimes, Roosevelt dimes, and a good number of Liberty Walking Halfs. There are also some books of Lincoln wheat cents and Jefferson nickels, but looking through these, they are almost all mid-quality circulated, and no rare dates. I just want to sell them all to a dealer and get them some money for them, so I am looking for what these types of silver coins should go for these days if I take them to one of my local coin shows. What should I be looking for as a buyer for silver Walking Halfs, Franklin Halfs, Mercury dimes, Roosevelt dimes, Washington quarters, and Kennedy Halfs. Presume they are probably just a small premium over the cost of silver? About how much over "face value" should I be looking to get as a SELLER to a dealer for mid to low grade silver coins? Just trying to unload these quickly for my parents and and to just get them a "reasonable price". Thanks. Michael Edited by einstem
06/15/2019 06:55 am
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Moderator
 United States
56855 Posts |
I am thinking you should expect little if any premium above melt. John1  |
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Valued Member
 United States
314 Posts |
John,
So, what would "melt" value be, given that silver is at about $14.9 today ?
How do I translate that into "face value" for these coins?
Thanks.
Michael
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Rest in Peace
United States
18456 Posts |
I would try to get $12-$13 for $1 Face . That's a little more than melt . But you might have to shop around to get that price .  |
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Valued Member
United States
295 Posts |
You are unlikely to get over melt if you sell these to a coin shop. Most dealers sell "junk silver," common-date circulated 90% silver coins, at a small premium over melt themselves. The only way you'd get more than about $10 per $1 face value is if you sell directly to a collector.
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Pillar of the Community
United States
1695 Posts |
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Valued Member
United States
408 Posts |
Current values at $14.87 silver price are: .10---$1.07, .25---$2.68, .50---$2.37.
Good Luck
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Pillar of the Community
Canada
3733 Posts |
Quote:
.50---$2.37. Looks like a typo to me. |
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Valued Member
United States
261 Posts |
At the current price of silver 90% coins are 10.7x face and 40% are 4.38 x face. A coin shop will likely pay you a dollar or two under melt. A lot of collectors would gladly pay melt. I hope this helps.
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Pillar of the Community
United States
1316 Posts |
How urgently do you want to sell? Silver at under $15 seems a bit underwhelming IMO. You can always sit on it and roll the dice it moves back towards $17-18+ in the next little while.
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New Member
United States
6 Posts |
Hi Michael, "melt" value could be translated to "face value" by formula: "weight of coin (in gram)" x "% of silver in composition" x "current market silver price per gram" Example: Silver Washington quarter (1932-1964): 6.25 (g) x 0.900% x ($14.87/31.1034) = $2.69 Wartime silver nickel (1942-1945): 5.00 (g) x 0.350% x ($14.87/31.1034) = $0.84 |
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Bedrock of the Community
United States
10982 Posts |
@coinmania  Quote:"melt" value could be translated to "face value" by formula: "weight of coin (in gram)" x "% of silver in composition" x "current market silver price per gram" Example: Silver Washington quarter (1932-1964): 6.25 (g) x 0.900% x ($14.87/31.1034) = $2.69 Wartime silver nickel (1942-1945): 5.00 (g) x 0.350% x ($14.87/31.1034) = $0.84 You should not use these "formulas" because they do not account for wear. All coins lose weight when they circulate, sometimes over 5% weight loss can occur on heavily worn coins. 2% weight loss for circulated pieces is considered normal. The 0.715 multiplier takes average circulated weight loss into account. (Spot price X 0.715 X Face Value) works for 90% silver U.S. coinage and is considered accurate by the bullion industry. Your Silver Washington quarter (1932-1964): $14.87 x 0.715 x $0.25 = $2.66. Does not sound like much of a difference on one quarter but on a $1000 Face value bag? It's about $150 in difference. Edited by BH1964
06/15/2019 10:42 am
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Pillar of the Community
United States
4085 Posts |
I think a good offer from a dealer would be between 9x and 10x face. You could probably sell them on the forum pretty easily as well. Silver seems to go quickly here if priced reasonably.
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Pillar of the Community
United States
759 Posts |
Do you have ~$100 in face value of 90% silver coins? If so, consider selling to Provident Metals. They are currently paying $10.39 per $1 face value for Franklins, for example. It takes a 2 minute phone call, packing of coins and a trip to the post office. Once it's mailed, your parents just get a direct ACH payment probably in a week or so. If you have less than $100 and speed counts, I agree, 9x-10x is what to expect if the place sends their stuff off to a refiner or slightly more if they have a brisk resale business. List here as one lot for 11x for a decent mix of speed, not too much work and reasonable $s.
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New Member
United States
6 Posts |
To BH1964:
It's completely opposite: a formula I mentioned gives exactly "melt" value in both cases of a single coin and a bag of coins.
While a way you suggested gives some approximation which will give a big difference in case of bag of coins.
A price of good weight scale is less than $10.
And I thought it's clear for everybody and I don't need to mentioned about it that in formula above you need to use an actual weight of given coin and/or (an actual weight of bag of coins by using a corresponding weight scale).
If actual weight will be used it gives exactly melt value of given coin (or bag of coins).
As you said "All coins lose weight when they circulate, sometimes over 5% weight loss can occur on heavily worn coins."
And all coins lose wheight differently, some of them loss 2%, some - 5%, some - more or less.
A coefficient 0.715 is some approximation and again I could repeat your words: "Does not sound like much of a difference on one quarter but on a $1000 Face value bag?"
The formula I've mentioned gives a correct "melt value" in case of single coin and in case of $1000 Face value bag while a way you offered gives a huge different from reality in case of $1000 Face value bag because all coins loss weight differently.
Thanks.
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Bedrock of the Community
Canada
24885 Posts |
@ coin-mania To the Forum. |
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Replies: 23 / Views: 3,789 |
Posted 06/15/2019 06:51 am
