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 Replies: 11 / Views: 1,076 |
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Valued Member
United States
310 Posts |
I'm curious as to where one would sell pounds of 64 JFK's and 65-70 JFK's for "whatever" they may be used for after that? ebay? Coin dealer? Silver/Gold Jewelery people? Any input for this novice collector/hoarder? (BTW still a ways off from selling anything : P ) |
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Pillar of the Community
United States
2602 Posts |
Coin dealer would give you below melt. ebay you will get melt or a little higher, but the fees would probably land you below melt also. Once you get to 50 posts, you probably can sell here and get melt or a little higher without the fees. You could also wait and watch the silver charts and wait for it to bounce up to where you wish to sell. Silver has been fluctuating up and down quite a bit lately. |
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Valued Member
 United States
310 Posts |
I have been watching the silver charts daily. I assume when you mentioned selling on here I would be doing that coin consignment thing? Also, how does bringing your coins to a coin dealer work? As far as I know melting US coinage down is illegal. |
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Pillar of the Community
United States
1882 Posts |
Quote:
I assume when you mentioned selling on here I would be doing that coin consignment thing? There is a buy/sell forum here at CCF, and there are no fees for using it. Go have a look a few sections down...there is a 50 post minimum requirement to be able to buy/sell. Melting silver US coins is not illegal, it is just immoral.  Seriously, selling them for the purpose of melting them is not necessarily the best bang for the buck. Junk silver coins are bought and sold all the time for their silver value, and are not melted because they are a convenient storage method. If you go purchase other forms of silver (silver rounds, bars, etc) there is always the lingering question of whether or not they really contain the correct amount of silver, and then you face the problem again when you go to sell it. Selling to a dealer: you call or walk up to the dealer and ask how much they currently are paying for junk silver. They will give you a number, such as 10.1 times face. In that example, if you have $15 worth of silver, they'd pay you $151.50 for it. |
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Bedrock of the Community
United States
12437 Posts |
The only US coins currently illegal to melt are cents and nickels, everything else is fair game. That does not mean that all silver coins sold for spot prices get dumped into the refiners pot though. One of the leading investment tools for silver is a $1000 face value bag, it contains approximately 715 ounces of silver and currently sells for $10-11,000 depending on daily spot price. $100 face value bags are also frequently traded as a less expensive option. My local dealer is currently paying 9x face value for 90% silver coinage and 3x face for 40% halves, you should expect to get around the same amount through any dealer. If you are offered 5 or 6x face, then someone is trying to rip you off  Once you reach 50 posts, you are eligible to participate in the Buy/Sell/Trade subforum here. If you were to sell here or on ebay, it would probably be most economical to sell enough to fill a small Priority Mail flat rate box. The weight limit for Priority Mail is 70lbs and the cost of the small box is $4.95($4.80 plus free Delivery Confirmation if a shipping label is printed through USPS.com). |
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Valued Member
United States
310 Posts |
Alright good information to have steve199, thanks for the reply. Like I said, I am still hunting for silver halves continuously so it might be a while before sale comes. At least now I know some options.
Another question comes to mind then is penny values. Would the same principal apply, i.e. selling to a dealer for lets say 1.5x face?
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Pillar of the Community
United States
1882 Posts |
No, I don't think a coin dealer will buy bulk copper for more than face value. Some folks have sold copper here for a little over face (1.2x), and for similar values on ebay. I imagine most who set aside copper (pre-1982) cents are in hoard mode, waiting (hoping) for copper to shoot up to higher prices. Edited by steve199
07/29/2009 6:32 pm
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Valued Member
United States
310 Posts |
Ok, thank again steve199 for the response. I am hoarding pre 1982 cents in hopes for selling for more some day!
Thanks for input
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Moderator
 United States
56855 Posts |
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Valued Member
United States
310 Posts |
hey John1, thanks for the reply. That site looks perfect if only I wasn't living in the north east : P
I'm sure with a little internet detective work I can find somewhere just like that!
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Pillar of the Community
United States
1882 Posts |
So midwest refineries pays 9.1x face for silver coins (assuming silver is at $14/oz).
You can tie (or beat) that selling through non-smelting channels, and the coins won't suffer such a bad fate.
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Valued Member
United States
429 Posts |
What else do you collect? Depending on your local dealer they may give you a higher value if you use it as trade in the store. I know that I have done this with other things to trade up to something I really wanted.
Also, the better the relationship you have with your local dealer the more likely they are to help you out a little bit more. I just moved a few months ago and even though I have half a dozen stores versus the one and only one around, I miss the other store because of the relationship that was built. Every time I go back on a trip or just passing through I take them something to drink and shoot the breeze and always buy at least one thing. I have been gone for a few months and treated like a king when I walk in because the mutual respect we have for each other.
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Replies: 11 / Views: 1,076 |
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Posted 07/29/2009 5:56 pm
