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 Replies: 14 / Views: 2,847 |
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Valued Member
United States
213 Posts |
I bought a folder of Canadian dimes off of ebay. http://cgi.ebay.com/ws/eBayISAPI.dl...TRK:MEWNX:ITAfter I received it, I decided that I needed gas money more than I needed these awesome dimes. So, I took it to my local coin shop. I have been a customer for close to 3 years now. I have NEVER sold anything before. I only buy. I went in and told him I wanted to sell it. He counted the dimes(14), gave me the standard salesman pitch about how crappy the coins were. (there was a VG-F 1919 newfoundland dime, AG-G 1899 victoria, the rest were from the 20s-30s and in AG-VG range) He asked how much I wanted. I said $20 USD. He said he really couldn't give me more than $16 USD. I declined and left. Was he within reasonable limits with his offer? I think he was too low. The silver melt today is a little over 20. Edited by paul
10/19/2010 7:49 pm
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Valued Member
Canada
276 Posts |
He's not ripping you off - he doesn't buy from people in order to collect, which means you're not selling to him at retail prices (nor is he paying retail prices). You expect him to give you the same price he'll charge other customers? Good luck. He's got good prices because people who sell coins to a dealer have usually tried to sell them everywhere else (or can't be bothered to try, or have no time ...)
He's running a business. Which means, he's not going to offer you retail/melt prices, when he's lucky to get retail/melt prices when HE sells items. Besides, for such a small amount of silver, you can't expect him to give you a deal of any sort - there's a premium that he charges (perhaps not intentionally) for his time. Given the choice of buying $20 worth of silver, or $2,000 worth ... his time invested in each transaction is the same... but his profit margin is much different.
Give him a break.
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Valued Member
Canada
207 Posts |
I think $16 is a reasonable offer. You payed $18 and you expect the dealer pay you $20?
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Valued Member
 United States
213 Posts |
I thought the silver content would effect the price more than it did. As I said, I've never sold anything.
The silver content of these coins is .839 troy ounces.
So, if 75% of spot is reasonable, I should wait until silver is up to 25USD to break even?
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Pillar of the Community
United States
2049 Posts |
Why not sell on this forum Paul? There are plenty of people that buy both numismatic coins and "junk" silver that may be interested if the price is fair.
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Pillar of the Community
United States
1213 Posts |
Paul will need another 47 posts to sell here though.
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Valued Member
Canada
153 Posts |
$16 is pretty fair, considering walking in off the street. With silver at $20 (actually it's a little more), pre-1920 silver is $12 X face, so each dime was worth $1.20. Pre-1920 coinage would be $13.80 face, or each dime worth $1.38. Most dealers will give you 90-95% of melt. I'm not sure what your actual mix of .800 or .925 coins actually was, but figure it out and then take 90% of that figure. He was giving you close to 90%.
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Pillar of the Community
 United States
2448 Posts |
I know Ann Arbor can get cold this time of year, but I'd just bundle up and walk for a while. Silver is back up again today. If you don't need that car for a couple of weeks, watch the price of silver. Dealers around me only offer 70% of spot. There are several dealers at local shows that will offer 90% but they are few and far between.
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Pillar of the Community
Canada
3692 Posts |
Remember that you didn't pull that silver out of the ground and that they're heavily circulated. Wear will decrease silver content very slightly. That's why they're junk-"y". They also have overhead, etc.
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Bedrock of the Community
United States
10045 Posts |
Hmm...Canadian dimes 1919 and earlier are sterling (925) If I'm counting right, that's 7 sterling dimes and 7 @ .800  Or about 0.90 troy ounces, calculating to $21 melt value? A friend buys a lot of bullion, and he offers less for world silver because it's more work to sort, and less if they're heavily worn. However, that Newfoundland 1919 10c has a low mintage: 54,342--don't melt that one.  There is a premium for that date. In F12 it lists for $8-10. |
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Valued Member
Canada
241 Posts |
Yeah I agree with keeping the 1919 for selling to collectors you will add more profits
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Valued Member
Canada
183 Posts |
11% is the normal charges
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New Member
Canada
15 Posts |
I agree that the dealer has to make some money to cover being in business and enough to live on. Did you at least try to counter with an ask of $18.00? I find it amazing no one knew the price of silver that day. I must be the only one that likes to keep score.  Silver closed in NY @ 23.37 that day.  Which makes it worth about $0.75 per gram of pure silver. The Newfoundland and victoria are Sterling and weigh about 2.32 grams each. The others would be 80% and they also weigh in at around 2.32 grams each. Anyhow, you will never be able to buy and sell that quickly and make a profit unless you either got one heck of a great deal or you are in the midst of parabolic bull run. Cheers! Leaf |
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Valued Member
United States
167 Posts |
not sure about canadian cents, but the dealers around here seem to offer 1x face less than what golddealer.com buys for. so if CNI is paying 16x face for 90%, then dealers will give you 15x face. I'm not sure what spread that is percentage wise, but I think they have a similar thing for canadian 80%
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Pillar of the Community
United States
2448 Posts |
Told you! Silver is back up to $23.91 again today. Wait until they buy back all those bonds next week. The dollar will weaken again making precious metals more attractive.
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Replies: 14 / Views: 2,847 |
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Posted 10/19/2010 8:43 pm
