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 Replies: 9 / Views: 3,822 |
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Bedrock of the Community
United States
10045 Posts |
Perhaps this much is obvious--yet today, when I brought in some Canadian silver, the initial quote was only 40% of melt value.
Fortunately for me, I had calculated everything beforehand. I'm sure it was an honest mistake, but it took me rejecting his offer to make him re-calculate and find the error. I don't like putting dealers in this situation, but I never take their math for granted either.
I'm writing this for collectors new to coin shops or selling bullion coin. If you suspect you're right about something, simply stand your ground and state your case. It may be their shop, but it's also your coins; you meet halfway.
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Valued Member
United States
286 Posts |
dang... you could have sold me your silver lol
this is what I had trouble with starting out, good piece of advice
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Bedrock of the Community
 United States
10045 Posts |
Thanks, I considered selling it here, but this dealer was on today's route.
And, by the time I factored in shipping, it might have not been worth it.
It was just common Canadian silver coins from the mid-60s.
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Valued Member
Canada
276 Posts |
Easy to do in your head - $1 worth of pre 67 coins comes out to the same per oz, no matter whether it's dimes or nickels.
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Pillar of the Community
United States
759 Posts |
Quote:
I never take their math for granted either Check everybody's math, always, even your own! |
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Valued Member
United States
310 Posts |
well if it was 67-68 Canadian currency, %40 melt is about right. 67-68 coins were only .500 silver, and stores usually pay 90% melt on silver from my experiance.
Now if the dates were 20-66, then ya, it was low, those are .800 silver.
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Bedrock of the Community
United States
10045 Posts |
Quote:
%40 melt is about right. 67-68 coins were only .500 silver I meant to say 40% of BV. I'm willing to budge a little, but not that much.  As others have said--it's all math. |
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Valued Member
United States
341 Posts |
I went through the same thing last month on canadian quarters. I never tried to sell to a dealer before. I'm glad I calculated out the silver value beforehand. I ended up selling on ebay and still made 20% more after fees. |
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Bedrock of the Community
United States
10045 Posts |
This dealer specializes in Canadian coins, so I expected a little more accuracy. As an observation, dealers would do well to explain their bullion calculations to customers. Formulas might save time, but they confuse the general public, and sometimes confuse dealers too.  |
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Rest in Peace
United States
9104 Posts |
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Easy to do in your head - $1 worth of pre 67 coins comes out to the same per oz, no matter whether it's dimes or nickels quarters. me fix. |
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Replies: 9 / Views: 3,822 |
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Posted 01/25/2011 8:36 pm
