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 Replies: 16 / Views: 2,893 |
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Pillar of the Community
United States
802 Posts |
*** Moved by Staff to a more appropriate forum. ***
Hey all. I posted on craigslist saying I was looking for any older coins or pre 1965s. Someone emailed me saying they have 125 silver dollars years 1890 and earlier. Granted I don't have any pictures yet, what would be a good price for buying these? What is melt silver price for one of these? Thanks everyone.
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Pillar of the Community
United States
594 Posts |
Spot silver price for 125 90% dollars is $3541.38 as of 10:00AM PDT. You can calculate and track silver and gold here; http://www (040) Not Allowed - Auto-Removedcom/  |
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Pillar of the Community
 United States
802 Posts |
I replied and asked him for a little more details, sorry this was kinda vague. I will let you know when I get more details. If I could buy all of them for $3500 (below melt price) that would be a good buy correct?
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Pillar of the Community
United States
594 Posts |
Bummer they won't let you post links OR urls. Google "Coin Information"
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Pillar of the Community
United States
802 Posts |
I do use (124) Not Allowed - Auto-Removed , and that tells me the silver melt price. But I'm wondering if I offer $3,500 if I could come up negative in any way (if silver stays the same price). Even if they are in average or poor condition, I could still get melt value?
(He replied back and said they are in good circulation condition)
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Pillar of the Community
United States
2764 Posts |
Make sure they are US MADE not China replica. Get the specs for Morgan dollar on CCF and do your math/calculation, spend about $50 to get an accurate gram scale and a caliper to measure the diameter (well worth investment). Do a total weight, in stack of 10 and in stack of 5 then randomly weight any coin that you found "interesting". Beside all of that, try to look at some good detail pictures of Morgan on CCF to get used to the design of the coin....... |
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Pillar of the Community
United States
802 Posts |
Thanks Silent Asian, I didn't even think about that.
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Pillar of the Community
United States
802 Posts |
Okay, got some more info... we are having some very bad flooding here (missiouri river rising 10 feet easy) so he needs some extra money. He said he is an avid coin collector.
I am thinking about offering spot price. Seem like a good idea? Anyone? :)
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Pillar of the Community
United States
2424 Posts |
what I WOULD DO.. I would see what local shops would offer. usually local coin shops would cut you 20%.. ebay would fee about 20% as well. I would offer him 5-10% below spot as an offer and if he really is an avid collector, he knows that by going with craigslist he is avoiding fees as much as possible. AND I would assume he knows that 5% below spot is FAIR. most people here that I have dealt with do 5-10% below spot. so offer him 5-10% below $3500 and see what he says |
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Pillar of the Community
United States
1348 Posts |
If you get them for melt that is a steal. I would definetly pull the trigger.
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Pillar of the Community
United States
2602 Posts |
I would offer 5-10% below melt also. Worse he can say is no and walk away. If he needs the money he will say yes, becaue 5-10% below melt is reasonable and not lowballing him, unless his lot happens to have some BU coins and semi-key dates, which probably isn't likely.
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Pillar of the Community
United States
830 Posts |
I think I'd start with 20 at the most, just to get to know the guy and check out the coins. I'd be careful meeting a stranger with $3000+ in cash and I've heard there are some pretty good fakes out there now.
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Pillar of the Community
United States
1143 Posts |
Should you decide to buy them then get some form of proof of payment. Once you see them and decide what your buying is legit then make a formal offer. If they are nice as a lot then offer spot, if less so then offer back from there.
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Pillar of the Community
United States
931 Posts |
Be careful. Those china dollars have to go somewhere when ebay shuts down their store. My eyes would go ga ga trying to examine that many Morgans and especially with all of the good fakes out there right now. Ditto on the good scale and micrometer. On the other hand if they are for real you have a pretty good opportunity to lick up some mad cash. |
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Valued Member
United States
380 Posts |
Bring a magnet, and test 'em all!
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Pillar of the Community
United States
802 Posts |
Thanks guys, great feedback!! I talked about some other silvers at lower costs (for starters) he said he sold silver quarters at $6 a piece. That is less than melt so I told him I'd buy those. Thanks again everyone!
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Replies: 16 / Views: 2,893 |
Posted 06/08/2011 12:56 pm
