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 Replies: 13 / Views: 2,033 |
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Valued Member
United States
132 Posts |
Hi everyone, have a question for you. I have a small hoard of silver I have been keeping around since I was a kid (about 20 years), and is all in poor condition. All of these coins have been cleaned and some are scratched or extremely circulated. They are all common, no keys. The group consists of about 20 Morgan's, 20 64 Kennedy's, 20 Walking Liberty half's, 50+ Washington quarters pre 65, 100+ Roosevelt dimes pre 65, 100+ Mercury dimes, and some other odds and ends. Again no keys, all common and cleaned. My question is, should I sell them? The past few years I have been doing more serious (semi serious) collecting, and would use the money I receive from selling these to purchase some keys, primarily a 1916D Mercury to complete my Mercury collection. Is it a good idea to sell? I'm not asking for anyone to "time the market" but, is it a good idea to sell this junk silver or is selling the above silver collection a mistake? And assuming only silver value, how much below spot is a reasonable amount to sell it for? Thanks everyone for reading this lengthy question. |
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Pillar of the Community
2222 Posts |
Tough call but I think a personal one, if you don't want them, sell for somewhere about spot, plus or minus $3, that will generate income to help get the 16D.
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Pillar of the Community
United States
2049 Posts |
Personally, I would do both....hold a certain amount and sell some to make money towards your goal of getting that 1916-D Merc dime. Some think silver will go to $50 again, then $80, $100 or even more per ounce. If you got these 20 years ago, then you should be looking at a nice profit on them and there's nothing wrong with a little profit taking to buy something you want or need. :)
Ultimately you will need to decide what's best for you though. Hope this helps somewhat...
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Valued Member
United States
172 Posts |
if you've had the silver for that long then you'd make a pretty darn good profit selling it now....as eveyrone here usually says if your not in deperate need for money don't sell it....but as you mentioned about selling it to upgrade your coins it would not be a bad idea.....its a nice little stash and as far as how much to sell it for all depends on silver prices when you decide to sell it....i just bought silver last week at 27x face at my local coin store ($27 per $1 face in 90% silver coinage).....i forget what spot was at that point, but i'd imagine its still somewhere close to that now.
This is at $35.41 spot price for silver just to give you an idea.
$547 melt for morgans
$256 melt for kennedys
$256 melt for walkers
$320 melt for quarters
$512 melt for the dimes
Total melt value would put you around $1891 for the entire lot listed above.....hope this helps and good luck with watever you decide to do.......
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Valued Member
 United States
132 Posts |
Thanks guys, It's a tough call. I'm not really tied to these coins, I just don't know if I will regret it. But, I really do want to complete my Mercury set.
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Bedrock of the Community
United States
10034 Posts |
Something I read that sticks with me is that the money the coins <b>might</b> if silver goes higher is not cash in hand.
Who knows, in 20 years silver might be 1000,00 per oz. So no matter what you do now, it could be possible to look back and say, "If only I had known... ." Right now silver is down from a few weeks ago. Read up and see what has caused all of this. There have been numerous posts on this on this forum. Look at them.
For me, I set a personal goal and try to stick to it. When silver hit close to 50, I traded in some to get a coin I always wanted. A week later the coin kept its value and I never could have gotten it with the same amount of silver.
The choice to get a 16d, in my opinion, is a smart one. Its value will, most likely, continue to rise. I do not think it will lose ground. Whereas silver is liable to do anything.
BTW - personally, b/c of current economic conditions, I am one who thinks it will go back up. If the policies of our current DC group continue, I think it will climb. If in 2012 there is a major shift in government and therefore current concepts of what makes best for the economy (which history has proven false), I feel then is when PM s are likely to go down as people will not feel a need to find something that will hold its value. However, even if this mindset does get corrected, it will still take awhile to implement and make the corrections. So I would think even the first few years of this would be an interesting ride for PM s.
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Pillar of the Community
United States
1150 Posts |
I have nothing to add to this as I think these guys gave good advice. lol
Good luck finishing your Mercury set!
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Bedrock of the Community
United States
20753 Posts |
I'm not a hoarder of things I don't need or want. I suggest you just sell that STUFF unless it has sentimental history for you. Other than that, serves little to no purpose. Not sure how long you've had those but by now the profit should make you happy.
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Pillar of the Community
United States
594 Posts |
I hope you sell to a collector. I'd hate to see all those coins I need, that you have, melted down.  |
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Pillar of the Community
United States
508 Posts |
Quote:
I hope you sell to a collector. I'd hate to see all those coins I need, that you have, melted down. Couldn't agree more.. If you really want that 16D I say go ahead and do it. I also think you should hold out for 1-2-3 weeks to if the price will skyrocket for silver again. However that may end up being a bad call if it goes down another $5 per oz. Best of luck finishing your merc set! |
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Valued Member
United States
402 Posts |
As a "collector" of Walker key dates, I would sale them if it was me and buy my 16D.. I've never regretted buying a key no matter what I had to sale to get it and I've sold a lot of good coins and lost some money on some to get certain dates.
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Pillar of the Community
United States
3278 Posts |
I would rather have complete collections and key coins that a bag of junk silver.
I also think silver will bounce back to $50, but what do I know?
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Pillar of the Community
United States
1704 Posts |
U. S. silver coins when sold for melt are not actually melted as most on this forum believe, they are put into bags and resold in that form. Trading in enough of the "junk" silver to buy a key date coin to finish a collection is a good choice.  Essentially you are trading for the 16-D and once acquired then you can figure that the amount paid is actually the amount originally paid for the junk silver. Where silver will go from here is any one's guess and I do not think you will regret selling the junk silver for that 16-D dime every time you look at the set with that hole filled.  ANA LM-3175 |
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Valued Member
United States
109 Posts |
Sell, You Will Get More Enjoyment Out Of The Complected Set, Than You are The Junk Silver, Th rowed Over in The Corner, Good Luck Boatman    |
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Replies: 13 / Views: 2,033 |
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Posted 05/14/2011 8:27 pm
