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 Replies: 24 / Views: 3,004 |
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New Member
United States
4 Posts |
So if you were to go about selling your whole collection of silver rounds, how would you do it? I do not have a ton of ounces of silver. Probably around 30 ounces. I have decided to go in a different direction. So with ebay, it is typically one coin, one auction. Coin dealer? Sell to one of the coin buying sites? What do you guys recommend? All of my silver is in mint condition and stored properly. |
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Moderator
 United States
56855 Posts |
 Why not sell the whole collection on ebay? John1  |
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Valued Member
United States
238 Posts |
I would start at my local coin shop. Their margins on bullion are not bad because they can turn it around pretty fast. And you save on the ebay fees and shipping. |
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Pillar of the Community
United States
2049 Posts |
Agree - sell to your LCS. ebay fees will take a hit from your sale price and of course you open yourself up to being scammed by a bad buyer. LCS is safest bet probably. |
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Pillar of the Community
United States
7618 Posts |
As long as your local shop pays you cash at spot (or above) you are doing ok. When they pull the below spot offer then they are messing with you.
Silver goes out the door just about as fast as in comes in around here in this day and age. It's buy and flip cause nobody wants to get caught sitting on a boatload of silver WHEN (not if) the price tanks.
Thirty ounces should yield you something just over 750$
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Pillar of the Community
United States
2281 Posts |
LCS is my last resort.
They are infamous for lowballing, especially right now.
I would sell to local collectors on offerup or other apps.
You realize when you know how to think, it empowers you far beyond those who know only what to think.
-Neil deGrasse Tyson
Edited by NumismaticsFTW
05/02/2023 3:14 pm
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Pillar of the Community
United States
2365 Posts |
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Bedrock of the Community
United States
19150 Posts |
For fun, try checking ebay completed sales info for silver rounds--not asking prices but completed sales. You might be surprised. Also, the buyer could pay for shipping. |
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Pillar of the Community
United States
2049 Posts |
Quote:For fun, try checking ebay completed sales info for silver rounds--not asking prices but completed sales. You might be surprised. Also, the buyer could pay for shipping. I mentioned the risk of being scammed by a buyer on ebay...this is no secret. The other thing that needs to be mentioned is that sales totalling over $600 in a calendar year are reported to the IRS if I remember correctly. So with 30 ounces, he would easily exceed that threshold. So that's reason #3 not to sell them on ebay. Fees, potential to get scammed, and tax implications are all reasons I stopped selling there after being a Powerseller for years. |
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Pillar of the Community
United States
4333 Posts |
I've done Craigslist deals that have went well. ebay to me just sounds quite painful. 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
United States
2049 Posts |
Quote:I've done Craigslist deals that have went well. ebay to me just sounds quite painful. Same here....probably did 60-70 deals involving coins using Craigslist (buying and selling) and all went smoothly. Have done quite a few more using that, Facebook marketplace, and Armslist (for firearms/ammo) that all went well. I do take an abundance of caution with these deals due to the nature of the goods being exchanged and due to these all being cash deal. There's no perfect way to sell, but ebay to me seems like the least enticing option between LCS, local sale with Craigslist or Facebook marketplace, and ebay. |
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Pillar of the Community
United States
7276 Posts |
While I've used Craigs List there are some concerns you need to take. Especially with bullion, do it in a well lit place, that is secure and with a lot of people nearby.
Our town has a spot in the police station parking lot, but it has cameras and police all around, some people get antsy doing it there. Last time I sold something I used the Target parking lot.
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Pillar of the Community
United States
2049 Posts |
Very true hfjacinto. Always do these deals in a public place during daylight hours. I have used a bank, library, post office lobby, restaurant, etc. I also have an email account that is very non-descript with a fake name and use a burner phone number. After the deal is done, I do not go directly home instead making multiple random stops while keeping an eye out to ensure I am not being followed home. Better safe than sorry.
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Pillar of the Community
United States
4333 Posts |
I have a police station nearby that has a camera-monitored 'safe space' designated for dealings with the public. I've even sold cars there.
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
United States
1479 Posts |
Sell your silver? If you decide you want back in that same silver will cost you $4.99 over spot. If you need money pawn it and buy your own silver back. unless you bought at 18 bucks breaking even is the best you will do. That 30 ounces may or may not be a big deal if things keep going crazy. that 30 ounces is never dead money... maybe sleeping but its yours its tangible and its real. My take is this might be a bad time selling your stack...think it over. Another bank the 4th in 2 months is tanking and the media is barely covering it, the debt ceiling hits June 1st and I could go on about the feds reported 7% inflation ( ha its 15% everyone knows it). These are crazy times to be selling your stack.
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Bedrock of the Community
United States
25156 Posts |
In the last 6 months, the price of silver has increased 24.71%. Kitco is showing $26/oz at the moment. I think I'll hold on to mine for a bit longer.
Inordinately fascinated by bits of metal with strange markings and figures
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Replies: 24 / Views: 3,004 |
Posted 05/02/2023 2:11 pm
