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What do Coin Shops pay in your area as pct of BV on Junk Silver
Cougar1978
Posts: 7,615 ✭✭✭✭✭
What do shops offer you on junk silver as percentage of Bullion Value in your area? Just curious.
So Cali Area - Coins & Currency
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Cougar1978
Posts: 7,615 ✭✭✭✭✭
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I have not checked since last year... but the 'buyers' here were offering 90% of spot....All sorts of whining about the cost of refining etc., etc.. Bunch of phonies...Cheers, RickO
I have heard the same whining about Sterling.
Sterling has been bad mouthed for several years. During the last big price run-up it suffered badly, unlike the 1979-80 run-up when it was purchased readily. I think this has something to do with the fact that sterling silverware has fallen out of favor with young adults. It used to be that better full sets could be resold but today, nobody wants them. Times and tastes do change. I don't see it making a comeback anytime soon, if ever.
I've had the best luck asking at local shows. Most will go about 90%, but all it takes is one vendor who wants to acquire silver and is offering very near spot. Usually it is just one guy who wants to stand out from the others. When I have some junk silver to sell, one is all I need to find.
My strategy is about collecting what I intend to keep, not investing in what I plan to sell.
I base it on if I have buyers for the stuff, which are far and few between here.
for example, currently paying 9x selling at 10x. if I had buyers willing to pay say 11 to 11.5 , I buy at 10 easily. But anytime I price 90% above 10x, they bark , squak , and pitch a fit. (refuse to buy) and even now at 10x, I ship over 80% of the 90% that comes in the door, because customers just aren't buying it here locally.
What do you suppose it costs to refine 100 pounds of sterling?
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
The premium or discount on 90 % bags can fluctuate wildly. Coin bags, in and of themselves, are a commodity. There can be a glut on the market, or a shortage. I know, at this time, you will probably only get 95% of melt as a best case.
Sterling is subject to other factors. Right now, refineries probably aren't that busy, with silver at 15 dollars. So, chances are, you can expect a decent price. If the spot market were to heat up, these refiners get so backed up as material comes out of the walls. Then you will take a hit on the price because the 'settlement' may be 6 or 7 weeks away.
I am sure it is costly, which is why I do not buy it. Junk coins can be kept as they are and sold, but is tough to unload Sterling. No offence to pm traders intended. Edit to add, about how much does it cost? I would like to know.
Sterling flatware generally assays out exact and refiners pay about 85-90%
Sterling jewelry is crap and assays anywhere from 82-88% and then you get 85-90% on the assay
So, when we were buying, volume
was important
One fork comes in and probably payout is 80%; larger quantities you work on 3%
If you work the numbers—it ain’t very profitable
The question in regards to an estate (thousands of coins) I am considering making an offer onwhich has a lot of 90 pct silver - 33 rolls of WLH alone and other silver coins. Circ common barber dimes (some of these AG or corroded), Merccs, wash 25c, Frank 50c. Non bullion material use blue book. The best coins 2 cc Dollars one xf cleaned another gsa common not above MS60. All raw. About 60 pf sets 1964-2018.
Would not Calc bullion material at any more than 90pct BV in offer. Will take me long time handle, organize, sell. The silver coins avg circ possibly pulled out of circ in 1960’S.
As is typical if had nice stuff that material sold off long ago.
Most dealers will lowball you and some will just flat out try to rip you off. If you walk in to the local places around here and they suspect that you don't know squat about 90% expect offers in the 4x-8x range. Probably the best one could expect assuming the dealer is aware that you know market value 9-9.5x.
I wouldn't support the bloodsuckers, if you are looking to sell ebay will yield above spot (how much above depends on condition and denomination) but then you have the fees to deal with. Craigslist should easily get you melt value just make sure you meet in secure public place....Starbucks, local bank etc.
The whole worlds off its rocker, buy Gold™.
a good formula for 90% US right now is Spot -.50 x .715, so currently that is (15.22-.50) x .715 = 10.52 which is what our wholesaler will pay, so we go back .50 from there and buy at $10 x face.
for Sterling right now, which goes to a refiner, we have different rates depending on who the seller is and how much. if you are a total stranger with a flatware set it's Spot x .7995 x weight in ozt. that's around $12.17 right now.
I would add that "whining" probably has some validity to it when you consider that there is work involved in the transaction and work along with money involved in the marketing and shipping. we "process" from 500-1000ozt. of Sterling per week and hundreds/thousands of $$'s in coin silver, it varies for both, sometimes more and sometimes less.
if you can't get close to those numbers you shouldn't sell.
I don't know the cost, but you can't expect refiners to work for nothing so why is offering less for scrap considered whining?
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
@BAJJERFAN....Not the refiners...the people buying the gold/silver whine and offer much less...and knowledgeable people know what the refiners are charging....Cheers, RickO
why not offer to send the AG, corroded coins, etc. anything hard to sell right to a refiner yourself and charge a fee for your effort? Junk, damaged or otherwise worn coins should be removed from "circulation" and sent to the smelter.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
I just bought a collection of mostly lower-end coins from an elderly couple who are neighbors of a friend of mine.
Most of the value was circulated 90% silver coins (1940s through 1964) and I paid them 10 times face value.
We do basically the same, one exception, we are wholesale, so pay -.55 over the counter for small quantities. 90% is very out of favor, which to me makes it a good buy.
Monarch Coin - Salt Lake City. They post their buy/sell prices online and update daily:
Gotchya. One always has the option of sending to the refiners themselves. Same ones who offer 10 cents on the dollar for collectible coins. Knowledge is power. you don't like what someone offers you can always walk.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
What formula do you use for 40% silver?
Jim
Sorry, my point was that Sterling is harder to sell than junk silver or has been for me.
Spot -3 times .295
Local refinery in Dallas pays 96% if over 100 ounces of 90%, and 95% on 40%
I can understand that. It's probably not that easy to determine silver content so as a buyer you don't get screwed.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
Me too, so I avoid it unless there is a collectible possibility, then maybe.
I would say offer 90 pct BV seems to be par for course.
In any transaction I do the math to Calc pct BV when they quote an amount x face.
It matters around here if you have a receipt or not. If you don’t, the local ordinance requires the B+M buyer to sit on and report to police on leads online. That will expose the buyer to how much the market can move in a week, thus lower buy/sell price. If you have proof of ownership plus who you are and what your history with company is will usually get stronger offers.