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 Replies: 18 / Views: 5,481 |
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Valued Member
United States
307 Posts |
Ive read that silver quarters are currently worth about $6.14 each for the silver content. Is it possible to actually sell at this price? It seems like on ebay, after all fees are taken out you would only receive about $5.5 per coin. If a local coin dealer offers $5.5 per coin is that a decent price? Can I somehow sell directly to a metal foundry where they melt it down? Any options I'm missing? |
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Bedrock of the Community
Australia
21788 Posts |
$6.14 Divided by $0.25 = 24.5. I know I am deliberately mixing data up with this calculation. However, you need to have an inflation rate of over 7% per year average from 1964 to 2011 to achieve that purchase factor. 1964 was the year I chose, because that was when they stopped minting 90% silver coins.
Is fiat money really shrinking in value that much over that period of time?
It seems that on this distorted information I have provided, perhaps you should keep your silver coins, as has happened many times in past history. At least, you don't have to think how you can sell them.
"The bad money drives out the good"
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Pillar of the Community
United States
4989 Posts |
The problem with silver and gold as a money supply is that the rate at which they can be mined/exploited is far lower than the speed at which an information driven economy can grow. Hence, it was inevitable that we would leave both the Gold and Silver standard in favor of an artificial currency that can grow at a speed commensurate with economic demands.
If not, economic growth would be limited by the speed at which silver can be mined which - clearly - is patently absurd.
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Rest in Peace
United States
9104 Posts |
Nick- You can sell directly to the refinery. They would prefer contract lots, which would be roughly $7000 face of 90%. Some will accept smaller quantities, but they usually have a sliding scale that makes it more profitable to sell to your local dealer. http://www.Craigslist.org allows you to sell locally with no fees, I would insist on cash. |
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Rest in Peace
United States
9104 Posts |
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Pillar of the Community
United States
3184 Posts |
why don't you sell it here? You could get melt or slightly below melt.
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Valued Member
 United States
307 Posts |
Quote:
It seems that on this distorted information I have provided, perhaps you should keep your silver coins, as has happened many times in past history. At least, you don't have to think how you can sell them. Its my Grandpa's (R.I.P) recently discovered silver hoard which I actually almost threw away. I dont want to sell just for the cash but rather sell and buy more collectible Silver coins. @ Fred Would I just do a Google search for a refinery in my area(Los Angeles)? Ive never actually sold stuff on craigslist, only bought and always paid below market value. In my add what would I write to avoid getting tens of calls from silver traders that only would offer less than $6 to begin with? Quote:
why don't you sell it here? You could get melt or slightly below melt. Is "melt" the price of silver in the coins or the amount a refinery will actually pay me? If possible I would rather sell directly in person and avoid paypal/shipping hassles. What would be great is if I could do straight trades for more "collectible" silver coins but it will be some time before I have enough posts. In theory at least, if I traded or sold 4 or even 5 silver quarters for a nicely circulated Morgan dollar that I actually like then I'm not losing too much in the transaction. What do you guys think? -Nick |
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Pillar of the Community
United States
2734 Posts |
Proof of Gresham's Law: Quote:
What cost $25 in 1964 would cost $171.08 in 2009. Melt value of one hundred 90% silver 1964 Quarters ($25.00 face value) at $35.00 per troy oz. = $632.97  Even when silver was at $10.50 an oz. on Jan 15, 2009, the one hundred 1964 Quarters had a melt value of $189.89, keeping their purchasing power (in terms of metal value) on par with their worth in 1964. Edited by DNA
03/20/2011 11:23 pm
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Valued Member
United States
307 Posts |
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Valued Member
Canada
442 Posts |
That's great that you are using some of the coins to get other silver, but I would also recommend keeping some of the quarters as well. Sometimes its good to have those fractionals around.
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Valued Member
United States
307 Posts |
Quote:
That's great that you are using some of the coins to get other silver, but I would also recommend keeping some of the quarters as well. Sometimes its good to have those fractionals around. Ive set aside 40 rolls that I will try my hardest to forget about for a few years. by the time my 14 days is up and I can start buying and trading on this forum it will be interesting to see if that rule has made me money, since if I could, I would probably already have been trading. Maybe by then I will have lost my excitement and just hold (probably better for me in the long run!) |
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Rest in Peace
United States
9104 Posts |
Quote:In theory at least, if I traded or sold 4 or even 5 silver quarters for a nicely circulated Morgan dollar that I actually like then I'm not losing too much in the transaction. What do you guys think? $1 in dimes, quarters or halves is about .715 ounces $1 Morgan or Peace is .7734, ASE is 1.000 ounce You'd need 1.08 in 90% to be equal silver content to a dollar, and that doesn't count the fact that dollars trade for a premium over metal value. Quote:
Would I just do a Google search for a refinery in my area(Los Angeles)? Good an idea as any. I recall a California Crown Mint from 1980 that were one of the first to put out struck proof 100 oz silver bars. They were beautiful. I see where one of their extruded 5 oz brought $225 on ebay, and it just looks like a shiny bar of butter. They are apparently out of biz, tho. |
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New Member
United States
2 Posts |
Well, coin dealers have to make a living too. I am a small dealer so I have less overhead. I would buy your stuff but I am in Florida :) Try your local coin club. Members like me have less overhead and tend to work from home. You can get a better price there than a dealer will pay you. There should be monthly meetings... bring your stuff and have fun! There is aways the Miami Coin Show April 10, and the Second Sunday of every month https://www.miamicoinshows.com ... We will have over 50 buyers competing if you want to come. |
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Pillar of the Community
Canada
3692 Posts |
If that's too high a percentage to give to e-bay, then just wait until after silver goes up a bit from where you started buying. That's really all it is, is buy low sell high. It sounds cliche but do it.
So my question would be, when did you start buying and when do you want to unload it? More parties means more cuts (more people to pay, especially when involving big corportations). You have e-bay, paypal, fed-ex, all these intermediaries that you have to pay in order to complete your transaction. Keep that in mind. Gasoline and banks.
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Pillar of the Community
United States
3184 Posts |
just go to (124) Not Allowed - Auto-Removed .com and take a look.
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Valued Member
United States
244 Posts |
To answer the original poster, do a search for bullion shops in your area. They're not always the same as coin shops, but they do usually overlap. Some are more fair than others. Around here, there's one that will buy for $2 back of spot, another that will buy for 50 cents back. I just sold some to the latter outfit the other day and got somewhat over $26 per dollar face, which would translate to just over $6.50 per quarter.
I understand that the local "more fair" shop offers a better deal than most bullion dealers, but you should be able to find a place near you (assuming you're in/near a big city) that will do $1 back.
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Replies: 18 / Views: 5,481 |
Posted 03/20/2011 09:08 am
