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What Will The Dealer Say? (Melt Value Silver)

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specksynder's Avatar
United States
1080 Posts
 Posted 01/10/2010  4:15 pm Show Profile   Bookmark this topic Add specksynder to your friends list Get a Link to this Message Number of Subscribers
I've posted this question on another website and I am trying to collect opinions. Can you guys help me know what to expect here? One local dealer is offering $11.85 x face on pre-1964 silver coins. So here's my problem:

What-Will-The-Dealer-Say?--Melt-Value-Silver

Each of these stacks contain $10 worth of quarters. Is he really going to treat these tubes the same? Do you think he will he count the face value of these coins or will he probably count them by weight?

I just want to know what to expect so I don't get snookered when I go in the sell. Thanks for any help!
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RFB's Avatar
United States
532 Posts
 Posted 01/10/2010  4:21 pm  Show Profile   Bookmark this reply Add RFB to your friends list Get a Link to this Reply
Take them out of the rolls and just put them in a bag.

You won't hurt melters selling for X face.
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specksynder's Avatar
United States
1080 Posts
 Posted 01/10/2010  4:23 pm  Show Profile   Bookmark this reply Add specksynder to your friends list Get a Link to this Reply
Then how will he count the face value in a bag? Coin counter? Weight?
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RFB's Avatar
United States
532 Posts
 Posted 01/10/2010  4:30 pm  Show Profile   Bookmark this reply Add RFB to your friends list Get a Link to this Reply
Most likely just dumped into a coin counter. Or for such a small amount perhaps just small stacks on the sales counter.

You are not the first to have this situation, but perhaps you should balance them. Any extremely worn or thinner coins should be mixed between the two rolls instead of being all on one side just for sake or argument. I doubt it will be any issue no matter how you present them. Silver pre-64 buys and sell for X face all day. Thick, Thin, AG, or BU it rarely matters.
Valued Member
United States
436 Posts
 Posted 01/10/2010  4:30 pm  Show Profile   Bookmark this reply Add coretj to your friends list Get a Link to this Reply
If his whole pitch is X times face value. He would need to count them in order for a deal to happen. He has to assume that you know what is in there and he also needs to cover himself by checking the dates on the coins to make sure you aren't slippin in some clad
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specksynder's Avatar
United States
1080 Posts
 Posted 01/10/2010  4:40 pm  Show Profile   Bookmark this reply Add specksynder to your friends list Get a Link to this Reply

Quote:
checking the dates on the coins to make sure you aren't slippin' in some clad
I guess that's the main reason I was keeping them in stacks... you can spot clad a mile away if you can loot at the edge.

Thanks, guys, you've helped a lot!
Edited by specksynder
01/10/2010 4:41 pm
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specksynder's Avatar
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1080 Posts
 Posted 01/10/2010  4:55 pm  Show Profile   Bookmark this reply Add specksynder to your friends list Get a Link to this Reply

Quote:
Or for such a small amount
Huh? oh! yeah! that's right, I only have 2 stacks of silver ;) And my address is 123 Main Street! ;) ;)
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RFB's Avatar
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532 Posts
 Posted 01/10/2010  5:23 pm  Show Profile   Bookmark this reply Add RFB to your friends list Get a Link to this Reply
I was not intending any insult with my referencing a couple rolls of quarters as being a small amount. My apologies if there was some confusion with my post in your thread. I wish you the best on your sale.



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specksynder's Avatar
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1080 Posts
 Posted 01/10/2010  5:24 pm  Show Profile   Bookmark this reply Add specksynder to your friends list Get a Link to this Reply
oh, I'm sorry, I didn't take it as an insult at all, I was just being silly. Sorry about that. You were fine. I appreciate your help.
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nohope587's Avatar
United States
5953 Posts
 Posted 01/10/2010  5:48 pm  Show Profile   Bookmark this reply Add nohope587 to your friends list Get a Link to this Reply
Both the dealers I use prefer you to bring in the coins loose not rolled they just run them through a counter and pay based on the number of coins. The more coins you bring the better the deal.
Bedrock of the Community
United States
20753 Posts
 Posted 01/10/2010  6:08 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

A long time ago I was in a gun store and a person walked in and put an original Mauser Machine Pistol, Broom handle on the counter. The dealer said so this is the old thing you called about. Yes I'll give you $30 for it. Guy walked out with $30 and lost well over a thousand. At a coin store a lady walked in while I was there and put two rolls of Indian Head Hickels on the counter and all were in really great shape from what I could see. She got double face value.
What I'm trying to say is if you really don't know what you have, you should take the time to find out. Learn as much as you can about coins before you ever sell one.
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specksynder's Avatar
United States
1080 Posts
 Posted 01/10/2010  6:26 pm  Show Profile   Bookmark this reply Add specksynder to your friends list Get a Link to this Reply
Thanks for the warning, carl. If you know anyone who will give me more than $118.50 for a roll of silver Washington quarters, I will deliver! The only ones even close to MS are 1963 and 1964. These go for $125/roll on ebay (before fees). The blue book lists their wholesale at ~$120/roll. They were already sorted by years - nothing before 1940.

I've also go Roosevelt dimes, nothing near MS. Blue Book says $60/roll. ebay $65/roll. Melt Value: $59.25/roll.

I think I'm doing my due diligence here, but if I'm wrong I will not be offended to be corrected. (And I'll be asking about a lot more stuff as I go along... if I can't take advice on Wash. quarters and Roos. dimes, I may be in trouble.) Let me know if you think there's something else I need to be looking for, but my research so far says these are worth more for their metal than their collectibility, and I've checked several places for the best buy quote. But if you disagree I would love the advice... post here or send me a PM.
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925dealer's Avatar
United States
258 Posts
 Posted 01/10/2010  8:37 pm  Show Profile   Bookmark this reply Add 925dealer to your friends list Get a Link to this Reply
The offer you have is a good one. I quoted someone 10.75 times face today. Silver may be going up but it can come down just as quick. With regards to difference in weight each dealer is different. I look at the coins and seperate them based on numismatic or bullion. Bullion is broken down into better stuff and worn material. I pay less for worn coins. I would have probably offered around 10 times face for that worn stuff. Other dealers are different than me. Sincerely, John Leckrone
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BH1964's Avatar
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10982 Posts
 Posted 01/10/2010  9:23 pm  Show Profile   Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply
By all means check all the dates first. If they are junk silver, remember silver is up again recently.

$18.67/oz is the current spot price as I type. That's over 13X face for junk silver. .715 X $18.67 = 13.35 X face for melt. You should be able to get $130 out of a 40 coin roll of junk silver today.

The dealer's offer is not bad at all and back to your original question: No worries - dealers should know the roll size varies.
ANA #R3154474
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Nicholas's Avatar
United States
56 Posts
 Posted 01/17/2010  7:27 pm  Show Profile   Bookmark this reply Add Nicholas to your friends list Get a Link to this Reply
Other than coin dealers and perhaps jewelers, are there any other businesses that buy precious metals for melting?
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nancyk's Avatar
United States
94 Posts
 Posted 01/23/2010  8:18 pm  Show Profile   Bookmark this reply Add nancyk to your friends list Get a Link to this Reply
I am confused. The Red Book lists most quarters and halves even in good condition at individual prices way beyond the silver value. Who would pay $8 for a worn Washington quarter? What good is it except to melt as nobody I know collects series in just good condition?
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