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 Replies: 14 / Views: 1,255 |
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Pillar of the Community
United States
1000 Posts |
So common silver washington's,roosevelt's, Franklin's coin prices went up with the spot price. No one would sell a silver coin for less than spot. Will the price follow it down also & if so when? Currently the bullion value of a quarter is about $2.11 8.5x, yet they are still selling on ebay for about $2.50+ 10x. It is like everyone is in denial that the silver price has crashed and it may not go back up to $15-$18 anytime soon. Is anyone buying common silver at a 18% premium to spot? I just can't seem to bring myself to pay more than bullion value for these common fillers, no matter how bad I want to see some of these holes filled. Edited by MINT_MARQ
09/09/2008 9:51 pm
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Valued Member
United States
442 Posts |
Yes, people are still buying. They ain't happy but they're buying. As of today we were still paying 8x face at the shop and selling at 10x for quantity. Problem is not too many people are selling right now. They sold like crazy when we were paying 10x and 12x. Now if the boss sells even at 10x he's losing money. Shops don't want to sell at a loss and they don't have to. Some shops have closed the doors for "vacations" over this. In the last two days we've bought about $250 face in junk. When it was high $1000 or more a day in face was not unusual. I've been buying a bit here and there myself actually and paying 12x-16x face. I've been buying for numismatic value as well though. Standing Liberty quarters in F12 or better and full rimmed Barber quarters. Of course it helps that I work in a shop but the boss at least recoups his money and I get better coins in the deal. Take a look at the websites of the MAJOR dealers and you'll be surprised. Some are like a list of disclaimers. Pay us now and we'll have it in a month or so. Lots of "SOLD OUT" whether or not they actually are. I'm seriously considering branching into Mercury dimes as well. Figure IF I can get them at 10x-12x I should be OK. Numismatic value kicks in and if silver shoots up again (and I think it will) I can turn at a profit. I doubt I would lose just don't want them laying around too long. Yes, interesting times. We'll see what happens very soon I feel. |
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Pillar of the Community
 United States
1000 Posts |
Clembo, Thanks for the response. You bring up a good point....Numismatic value, When does that kick in for a less popular series. For instance, the Roosevelt dimes pre 64 had no real low mintage years. Is the 18% premium to spot these coins are selling at the Numismatic value? Or will we see the price slowly correct to spot if silver stays at the $11-12 level or below for an extended period? I have some junk jewelry gold ready to send to a refiner, I am holding it hoping the metals recover. But eventually I will send it in even if gold does not go up. I think many feel the same about silver coins. I think the buyers at 10x-12x will begin to dry up when if Silver continues its lower trend. But today looks like it could be an up day due to our friends at OPEC. |
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Pillar of the Community
United States
6326 Posts |
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Shops don't want to sell at a loss and they don't have to.
 .......sad but true.....and I believe it's the same with every other coin business entity as well........  ......including the United States Mint ! "numismatic value"........that's always a comforting thing in spite of the silver market !...  Quote:
But today looks like it could be an up day due to our friends at OPEC.  .... Edited by eaglefoot
09/10/2008 10:32 am
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Bedrock of the Community
United States
20753 Posts |
That subject drives me nuts sometimes. For example there is a guy at a local flea market that sells coins. When Silver was up he would constantly say I have to charge more for my Silver Coins because Silver is up. Now that Silver prices are down I keep asking him are the prices of his Silver coins down? Same at some coin shows. Even coin dealers think that they have to raise and lower coin prices based on Silver prices. That nut at the flea market sold Mercury dimes for $1.25 when Silver prices were high and now he is being told by everyone to lower his prices since Silver is down. I constantly ask such people what has the price of Silver got to do with Numismatic Values. Usually get a blank look. |
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Moderator
 United States
187662 Posts |
If the value of silver stays down long enough, the selling prices of coins should fall as well. Prices are holding high, hoping that people are still willing to pay them in anticipation of the silver value going back up. As long as people are willing to pay that price, it wont change. If people realize that the value is going to stay low, they will be less likely to pay a premium.
I wish all coin values were solely based on their numismatic value, but it is a fact that coins are made from materials that have commodity value for a multitude of uses.
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Valued Member
United States
442 Posts |
MINT MARQ, Quote:
I have some junk jewelry gold ready to send to a refiner, I am holding it hoping the metals recover. But eventually I will send it in even if gold does not go up Please don't tell me you're going to send it in to one of the places advertised on TV. TOTAL RIP OFF. You'd do better at most pawn shops actually and that's kinda scary. Shop it around locally at Jewelry and coin shops. Tell them up front you're looking to sell but are shopping it around. One of our local jewelry repair shops sent some in knowing EXACTLY what he had and what they offered was a pittance. He did as an experiment being willing to take a loss. He took a loss. clembo |
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Pillar of the Community
United States
5318 Posts |
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Prices are holding high, hoping that people are still willing to pay them in anticipation of the silver value going back up. Right--it's a game of seeing who blinks first.  If you bought a bag of circ. silver coin around $15/oz, I suppose ebay is the right place to sell--because buyers there don't seem to care about actual market value. |
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Pillar of the Community
United States
7123 Posts |
Quote:If you bought a bag of circ. silver coin around $15/oz, I suppose ebay is the right place to sell--because buyers there don't seem to care about actual market value. I resemble that remark ! actually there are some buyers on ebay who only bid once for a coin with a good price and then let the sheeple who think that they are wiser pay more than its worth if they want it . you would be surprised how many coins I don't win . this past weekend I had 24 coins with bids on them I won two . but the price of silver will always affect the silver coins especially from flea market sellers because as far as they are concerned that is what they have they don't have coins they have silver . |
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Pillar of the Community
United States
5318 Posts |
A wise strategy I notice some people like winning, even if they overpay, lol. I stick by my price on ebay, or snipe if there's something really good--no need to attract attention. |
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Moderator
United States
187662 Posts |
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you would be surprised how many coins I don't win . I would not be that surprised, but only because I know you to be an educated buyer that can resist a bid frenzy! Quote:
I notice some people like winning, even if they overpay, lol. True, for some people, winning on ebay is their drug of choice. Edited by jbuck
09/10/2008 3:10 pm
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Pillar of the Community
United States
1000 Posts |
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Please don't tell me you're going to send it in to one of the places advertised on TV. TOTAL RIP OFF.
You'd do better at most pawn shops actually and that's kinda scary. Shop it around locally at Jewelry and coin shops. I heard good things about Midwest Refineries, so I was going to go with them. Is this a bad Idea? |
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Valued Member
United States
311 Posts |
Quote:actually there are some buyers on ebay who only bid once for a coin with a good price and then let the sheeple who think that they are wiser pay more than its worth if they want it . you would be surprised how many coins I don't win . this past weekend I had 24 coins with bids on them I won two . That's a lot better than my ratio... I go through phases where I'll bid 3/4 to 7/8ths melt value (including shipping) for all the small-medium lots I can find with a low starting price... I think my record was losing something like 700 auctions in one week! A little bit of economic philosophy for y'all, tho... If you can't find anybody willing to sell at "market price", it's not really the market price then, is it? The tremendous nosedive that silver has taken over the past few months just plain doesn't make sense, and I can understand a lot of small-time folks are resistant to the idea that the coins that were worth $18 six months ago are now worth $10. I mean, they're the exact same coins they were six months ago, meanwhile gasoline is still way over $3/gallon, a loaf of bread is still over $2.00... |
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Valued Member
United States
442 Posts |
MINT MARQ Quote:
I heard good things about Midwest Refineries, so I was going to go with them.
Is this a bad Idea? Couldn't say for sure as I'm not familiar with them. I was basically afraid you were going with one of the "advertise on TV" companies which are a joke. How well do you know your gold jewelry? Is it 18K, 14K, 10K? Gold plated or gold filled? Do you have an accurate scale? Just saying do some looking and get the best money you can for your "junk". clembo |
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Rest in Peace
United States
9104 Posts |
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I constantly ask such people what has the price of Silver got to do with Numismatic Values On a good day, the numismatic value of a common date Mercury dime is 15¢. You have any you want to sell for that? Me, too! It's just that as silver prices rise, there are more coins that were being held for numismatic value that will be sold for silver value. Wasn't that long ago we'd sell $100 face in Mercuries for $400. Selling price = the higher of silver or numismatic value. |
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Replies: 14 / Views: 1,255 |
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Posted 09/10/2008 05:53 am
