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 Replies: 17 / Views: 12,889 |
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Valued Member
United States
442 Posts |
Coins shops confuse me. Some seem like they sell at a pretty good premium over spot. But buy at spot, or close to it. Other seem to sell at spot, but buy at well under that. Today my LCS only offered 12x face, when todays silver spot puts it at well over 14.5x face. I have never tried to sell before. But other times I have been in there, I have asked out of curiosity. They seemed close to spot for buyback at those times. JM Bullion used to have a price listed for what they would pay on 90% coins. But I see that is gone now. Any other ideas? I was happy with the price I got for some gold coins. |
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Pillar of the Community
United States
4333 Posts |
Big house online is offering 13.5 x
Premiums are detached from spot, been that way for quite sometime.
How do brick and mortars even stay open on your buy price?
Craigslist sale will get your best price. Deal in a public spot like your credit union or police station.
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
Canada
3733 Posts |
my local shop is paying 15% under spot, and selling at 10% over spot..
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Bedrock of the Community
Australia
21788 Posts |
I went to a specialist bullion dealer, who sells bullion coins ONLY.
Apparently, they do not accept used circulation silver coins, even for melting only.
They said:
"Take them to a coin dealer"
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Pillar of the Community
United States
3843 Posts |
Some LCS are more competitive than others, try to get offers from at least a few before selling. A few of the local shops in my area don't pay up for anything and apparently local folks don't catch on that they are being offered considerably below market value.
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Valued Member
United States
314 Posts |
Usually not much discussion on how to sell because to most PM bugs it never occurs to them to sell. It basically boils down to shopping around to see where you can net out the most from your sale. And this is a moving target since the market and terms of the sale are usually only good for that day. You get huge premiums on ebay but you need to subtract 10% for ebay and about 3% for PayPal and allow for the cost of insured shipping. I just picked this random recent sale of 34 silver halves. Auction ended at $264 and buyer pays $15 shipping. The buyer pays a little over 16x! The seller gets $264-$26.40-8= about $230 net so that looks like about 13.5 x face. So compare that with the convenience of your LCS at 12x. Edited by glenmorenee
07/15/2020 4:30 pm
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Bedrock of the Community
Australia
21788 Posts |
Try to sell them on ebay, and hope that you are dealing with an honest person. |
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Moderator
 United States
54282 Posts |
After you get 250 posts, you might also try selling them on CCF. Much smaller customer base, but no fees.
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Valued Member
United States
314 Posts |
Not bragging, but I've sold about 1000 items on ebay from $5 to $1200, the vast majority being stuff I've found at estate sales. Maybe 5 of the sales involved PMs. Never had a problem with what you might call a dishonest buyer, but I can see where you could have problems with PMs. I include lots of photos and am meticulous with the descriptions, because I don't want any misunderstandings. |
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Valued Member
 United States
442 Posts |
Quote:
Usually not much discussion on how to sell because to most PM bugs it never occurs to them to sell. I know, and I'm not selling much. Maybe 5% of my total collection. But prices are up. Thought I would do a little profit taking. And free up some cash for what I think will be a tanking stock market. I'm sure the fact I'm not selling much affects what they offer. |
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Valued Member
United States
314 Posts |
The stock market already tanked. That blast in late March was probably it because lows like that are very rare.
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Pillar of the Community
United States
4333 Posts |
Stock market going like gangbusters! Neighbor's not back to work, he works for a private enterprise, not home de pot or, Menards, which have been open since the start. He is getting free money tho. No need to sell his silver...yet.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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New Member
United States
7 Posts |
I actually blogged about spot price being almost a fake number recently. http://upwardlymobile.life/investin...rned-part-1/I'm learning as I go, like you. Without wasting your time reading my inane scribbles, the gist is that retail shops really don't pay more than 90% of spot for constitutional silver coins. They make money by buying at least 10% below spot and selling for well above spot. That's the whole business model when it comes to non-numismatic precious metal coins. You basically don't get spot outside of negotiated private sales. Interestingly, some high premium products retain some of their premium above spot, like american silver eagles. That is despite their being High mintage bullion coins. Selling PMs sucks unless you own a shop or take the time to locate a private buyer. They don't tell you this stuff before you acquire them. Edited by MrUpwardlyMobile
07/20/2020 12:11 am
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Valued Member
United States
182 Posts |
@glenmorenee Realizing it's been over a month since you posted this, but I'm curious how often you find silver coins at estate sales? I'm thinking of starting to go to estate sales/garage sales and ask about silver coins, but wasn't sure how often you come across it... 1 out of 10 times? 8 out of 10? Usually fair priced? I see people on ebay selling huge lots of estate sale coins and I'm curious how they find those... |
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Pillar of the Community
United States
2520 Posts |
Been about 5 years since I sold any, but Craigslist was my choice. NO fees. Easy to sell at melt or very close to it. (I would calculate out melt value of lot I was selling and knock a couple of bucks off). You might get lucky like I did and find repeat customers. I just started emailing what I had to offer to one guy. He was always a buyer. For safety we rotated meeting spots. You just have to use common sense when meeting Craigslist contacts. Safe, secure locations.
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Valued Member
United States
314 Posts |
@silverstash119
I have never been able to buy US silver coins at an estate sale. This is most likely because I would only offer slightly below spot for the coins. When it came to these coins, that's all I knew. It was obvious that the people that run these estate sales have regular buyers that will always buy the coins at a certain price (above spot), so they were always asking a X + Y price knowing that later they would settle for X which was still above what I was offering.
Silver coins are not rare at sales but I wouldn't say they are common either. Sometimes there would be a handful in the case, sometimes there would be a large baggy full of coins. Estate sales nowadays ( before Covid) always post photos of what is available prior to the sale so you can concentrate on the sales that had silver.
Same for sterling flatware. It would be a rare rare sale that lets a nice set go for melt.
All jewelry and precious metals are always held in cases staffed by their jewelry person.
A long time ago I happened upon an auction preview that displayed contents of abandoned safe deposit boxes. I would say just about every one had US silver coins.
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Replies: 17 / Views: 12,889 |
Posted 07/14/2020 7:39 pm
