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 Replies: 32 / Views: 4,084 |
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Pillar of the Community
United States
2130 Posts |
I am looking for opinions on the best ways to sell silver. How do you or would you sell your silver if you decided to? Would you make more money selling on ebay (fees), selling to a coin/jewerly shop, or some other way. Most of the silver I would be selling would be 90% or 40% coins and it would be considered "junk". I don't really agree with the term "junk" here when we are talking $45/ounce...I'm just looking for the best way to maximize a profit here. Thanks! |
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Valued Member
United States
341 Posts |
US silver coins local dealer. Everything else, ebay. My local dealer cuts the price too much on foreign stuff. |
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Pillar of the Community
United States
3670 Posts |
Yes Connor, when I see this question I often suggest ebay, as you could save fees with several good pics of entire collection in ONE listing, and let the market determine its worth. Nothing, and I mean nothing falls under spot often on ebay, and if you find it under spot, it would not be much at all, and real late at night or something. ebay is running free listings and "buy it now's" right now as we speak (everything else in listing cost extra), so that would be the way I would go.... I posted a link the other day of fellow with 100 oz of silver up on ebay, mostly J%M bars and some ASE's and couple of prospectors, and it was setting at $4150, with half a day to go, and that was back when silver was just right at 40 an oz.... Your biggest lost, would be your debt to ebay for a sell that size, which I am not sure of the exact %, but for example I sold something about six months back for 600, and they took about fifty seems like, and paypal got a little and so did the post office as well of course, but at least silver collections are smaller more compact and easier and cheaper to ship, minus the weight of course.... |
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Pillar of the Community
United States
3345 Posts |
Send the stuff to Midwest refineries (I used it and it worked) and they give you 90% of melt - thats for a guaranteed sale or you can sell on ebay, etc. to try to get more. However midwest doesn't take 40% too bad since I have alot. |
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Pillar of the Community
United States
2602 Posts |
Sending it to refinery for 90% of melt is probably about same as selling on ebay for 100-105% of melt and losing 10-15% in fees. The advantage is that another collector gets to keep the coins. |
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Pillar of the Community
United States
3670 Posts |
Well said Mycrob, as you get a bit more on ebay, but loose a bit more in fees and shipping.... It is funny how things become rare and hard to find, via off the chart in value. Usually like a war. In world war 2 there was a huge need for metals obviously, so many of these items were melted down for war efforts, like old hard to find train sets from the late 30's. That silly show I mentioned recently "Big Brian the fortune seller", had one last night and he sold it for 3 grand, as it was perfect shape from 1938, and near impossible to find as most got melted down.... Well, coins as well eh! Think of all the common coins that may get melted back at the refinery in the days and months to come, making the remaining coins left much more rare than they ever were before? That should be fun to follow, and be the guy who lucks out perhaps five or ten years down the road, when all this craziness plains out. Eventually, the economy will most likely swing back around, and the pm's will be forgotten again by most, swept back into safe stashes etc., for a rainy day way down the road.... Edited by Silverhawk74
04/20/2011 3:26 pm
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Pillar of the Community
United States
1388 Posts |
 ... I bet the 40% silver Ikes and Kennedys go the way of the Dodo bird by the time this silver "rush" is over... |
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Pillar of the Community
United States
7185 Posts |
So since there are no local coin dealers for over 200 miles it looks like ebay is my only choice for a sale at a reasonable silver price. |
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Pillar of the Community
United States
3184 Posts |
why not sell it here? Save yourself the ebay fees |
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Valued Member
United States
63 Posts |
I'm sure you'll find a buyer here, with much less hassle. |
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Pillar of the Community
United States
7185 Posts |
I don't have enough posts to sell or trade.
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Pillar of the Community
 United States
2130 Posts |
I don't have enough posts to sell here either. I buy all the time on CCF and I am on CCF multiple times every day. I don't say alot in the way of posting because I am to busy absorbing the knowledge. Eventually I will get to 250 posts... by that time silver will probably be around $75/ounce!
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Rest in Peace
United States
9104 Posts |
Quote:Send the stuff to Midwest refineries (I used it and it worked) and they give you 90% of melt - thats for a guaranteed sale or you can sell on ebay, etc. to try to get more. However midwest doesn't take 40% too bad since I have alot From their site: Quote:
We do not accept U.S. clad silver coinage (1965 to present).
We do not accept any foreign coinage. I thought I read a couple days ago where they specified they would not buy 40%. |
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Pillar of the Community
United States
4008 Posts |
Quote:
I don't really agree with the term "junk" here when we are talking $45/ounce... - Connor Have to agree with this. Considering what the price of silver has done in the past 18 or so months, nothing with real silver in it or on it can be considered "junk", IMHO. Some of it is more valuable than others, of course, but that does not make the less valuable silver items trash. |
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Pillar of the Community
United States
3670 Posts |
Good call Ed, I have to agree. The guy at my silver shop said here we have a mixed assortment of common silver rounds .9999%, junk silver if you will. And I replied, "One mans junk is another man's treasure my friend. After a little cleaning and a nice case, this piece of so called "junk", is gonna look pretty sweet in my collection"....
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Valued Member
United States
213 Posts |
To do the best selling Silver on ebay you need to give free shipping. I tested it both ways and dollar wise free shipping works best because the bidders figure the shipping into their bidding, or they may only look at free shipping items because there is so much to choose from. With free shipping you will average melt value. Then with the fees & shipping costs your looking at an average overhead of 15.5%. Try to keep your lots between $50 & $80. On low price items & lots of $10 and under the PayPal fees will kill you. So, at 15.5% overhead..... the break even with a dealer is (.845 x $45.21) = $38.20/oz or 27.6 x face. You should be able to get that or better with a dealer, or better yet sell on this site. But remember the dealer or ebay is probably more secure unless you really know the other party here. The Danester |
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Replies: 32 / Views: 4,084 |
Posted 04/20/2011 2:45 pm
