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 Replies: 15 / Views: 4,383 |
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Pillar of the Community
United States
1523 Posts |
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Bedrock of the Community
United States
19931 Posts |
Hummm....last time I sold to my dealer he paid me 12.0x face.
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Pillar of the Community
United States
4212 Posts |
12.5 yesterday @ Canyon Co. Coin in Nampa, Idaho.
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Pillar of the Community
United States
851 Posts |
That actually seems a little low.
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Pillar of the Community
 United States
1523 Posts |
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Pillar of the Community
United States
2049 Posts |
His buy prices are not very good at all. $16 for Silver Eagles with spot well over $18? $0.40 for War Nickels? $0.25 for Buffalo nickels? On one part he says he pays 10.5x for 90% silver, but the list shows he is paying 10x face, even for Barber coins...wow $1.50 for 40% halves is a big ripoff as well All of the above prices are much lower than local dealers are paying. No thanks! |
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Pillar of the Community
United States
968 Posts |
You can send it in to a refinery and get 12X face value for silver coins. Specifically they are paying 90% of melt value for silver. Right now that is $1.20 for dimes and $3.00 for quarters. So there is no point selling them to a dealer for less. http://midwestrefineries.com/I haven't used these guys yet but I plan to at some point for the jewelry I've found while metal detecting (I don't have the heart to do it to coins unless they are worn and damaged beyond all repair). People on the metal detecting forums I frequent swear by them and the percentage payout is way higher than the places that advertise on TV. |
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Bedrock of the Community
United States
10982 Posts |
 Congratulations on 1,000 posts Halfwitty! With the big run up in silver prices this month, nobody should sell under 12X face. Current melt is over 13X face. |
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Pillar of the Community
United States
1523 Posts |
Thanks bherring.It looks like he didn't update his numbers but I was saying that the guy is honest anyway.I sold some scrap to him a while back when silver was just 16.90 17.00 and he treated me right.At that time he was paying 10x.
Edited by Halfwitty
04/11/2010 12:08 am
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Pillar of the Community
United States
2049 Posts |
Quote:
I sold some scrap to him a while back when silver was just 16.90 17.00 and he treated me right.At that time he was paying 10x. Still seems low...sorry. At $17/oz and using the standard of 0.715 net troy ounces of silver per $1.00 face of 90%, melt would have been $12.16 per $1.00 face. I know for a fact that dealers in this area were paying around 11x to 11.2x face and selling in the 12.2x to 12.5x range when spot was at $17.00. Paying 10x face with spot at $17 would mean that he was paying about 82.3% of the melt value which is on the low side. Based on the numbers above, I don't see any advantage to shipping to this guy when I can drive over to my local dealer and get more and have the check/cash in hand on the same day versus waiting for a check in the mail at a lower net amount. I'm sure he treats people well like you said as far as service, but his buy prices are lower than dealers/refiners. It's a free world and people are welcome to do what they want, but I guess I don't see what advantage members here would have by doing biz with him? Edited by CoinHunter53562
04/11/2010 01:51 am
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Valued Member
United States
118 Posts |
I'll pay you more for silver haha!
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Valued Member
United States
372 Posts |
...and how much are you going to pay youngfee?
I saw that midwest will pay you in bullion bars and rounds which is a big plus for me for your silver. I have probably $130 face sitting in the safe and it would be nice to condense. I don't know of anyone else that does that.
Mike
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Pillar of the Community
United States
2335 Posts |
It all depends on where you live. In the big cities there is lots of competition & it's pretty easy to get close to melt value. In the small town I live neither of the dealers will pay 10x face. Any scrap I sell is sent out of state.
I would like to make a couple of comments about Midwest. I've dealt with them a few times in the past, & have posted here that I was satisfied with them. If I hadn't found another outlet for my scrap I would still be dealing with them because they beat anyone local by a large margin. However, they have a couple tricks they use to avoid paying 90% of melt, actual payout is closer to 85%.
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Pillar of the Community
United States
968 Posts |
trdhrdr007,
Could you elaborate on the the tricks they use to get out of paying 90% of melt? It seems like it would be hard to argue coins are anything but 90% silver, same with jewelry marked 925/Sterling. I'd like to know what to expect before I send them my scrap silver.
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Pillar of the Community
United States
2335 Posts |
I have never sent them coins, only scrap marked sterling. There are 2 main areas I feel like they fudge.
The price of silver fluctuates on a daily basis & it generally takes 3 to 5 days between the time they receive the silver & when the check is dated. Payment is based on the silver bid price on the day the batch is processed. Every batch of silver I sent was processed on the day of the lowest silver spot price during the time the batch was in their possession. I don't think that is a coincidence.
Every batch I sent had a 2-4% "melt loss". According to the guy I deal with now there shouldn't be a 2-4% loss when the material is melted if it has been cleaned properly & proper procedures are followed.
Anyway, between those 2 things I feel like they are actually paying 85-87% of spot instead of the 90% advertised. I understand they work on a pretty thin margin & that 85-87% is still a good deal compared to my local alternatives. In fact, unless you are a licensed precious metals dealer and/or have very large quantities that's about the best you can do on silver that has to be refined before it can be resold.
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Pillar of the Community
United States
3294 Posts |
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Replies: 15 / Views: 4,383 |
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Posted 04/10/2010 12:22 pm
