Possible buying opportunity from a co-worker. Trying to find out what's a fair price for both of us.
TennesseeDave
Posts: 4,782 ✭✭✭✭✭
I have a co-worker that has approximately 200 silver dollars, a mixture of 90% dimes, quarters and halves that he wants to sell. What's a fair price to pay for the $'s (assuming there common dates in circulated condition) and 90% per 1$ face value. I've looked up what JM bullion is paying. Should I pay less or a little more? Thanks for any opinions.
Trade $'s
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id pay 20 each for dollars circulated ! until i ran out of money
the culls bring less than the non-culls
the 1921 morgans bring less than the other morgans.
otherwise: http://coinflation.com is melt value.
see what 90% is selling for on ebay
17.5x face on the 90% assuming they are not slicks. $19 each on the dollars.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
A fair price so that both of you get more than you would otherwise get net of any costs is to take a reputable bullion dealer's (or average of a few) current buy and sell price for $1000 junk bag, add them together and divide by 2000. For example, one well known dealer currently buys at $16,146 and sells at $19,032. So, ($16,146 + $19,032) / 2000 = $17.59 per dollar face value, or $24.60/oz. That is what I would offer. And, I would gladly take that if I were selling
Edit to add: I personally wouldn't pay that high for 90% but that's fair value. I stopped buying back at 12x. I also can't remember the last time I paid over $15 on morgans but at current POS $19 is fair.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
you aren't running a shop here
oh I won't pay $20 $19.88 is as high as I'll go
A couple things to factor in.
What do you plan to do with the coins?
Condition plays a key role.
If your going to sell them on, offer a little less as you'll have some labor involved.
Thanks for the info. He only brought a small sample today which included 4 silver dollars and 9-40% halves.
You or your co-worker ask a local coin dealer or two what they are paying. I would only pay what a dealer pays in the same circumstance.
cut himself out of the deal ?
No, just sayin call a dealer, and ask what they are paying for “junk” silver that day. And use that as a basis for coming up with a fair price. I did not say to involve a dealer, just call for info on going buy price for “junk” silver. That is how I came up with a fair price when I bought “junk” silver from a co-worker in the past. I would not pay more for the silver than a dealer would in a case like this.
you have no overhead and a chance to see stuff that has been put away for possibly decades . Stuff you will wind up paying more for later from a dealers display case
I pay extra to keep the stuff away from a dealer.
I was under the impression that we were discussing how to determine a fair price that the OP could pay, for purchasing “junk” silver and common date circulated silver dollars from a co-worker.
for what purpose ? If you are a coin collector then the chance to get stuff thats been out of the loop for decades is worth something. If you are a stacker $20 each for silver dollars is $5 bucks less than you would pay a dealer if you are a flipper its kind of dumb to buy at all right now unless you are a dealer or whatever
I am not buying from a dealer, or paying dealer prices.
I am offering to pay the co-worker, what a dealer would pay for the coins.
I am not a dealer or a flipper. I am a 90% junk silver stacker. I buy and hold. I have never sold a single piece of 90% junk silver, nor do I intend to.
Decades old "junk" silver, is still, "junk" silver.
As an example, in 2016, a friend and co-worker said that he had some 90% silver for sale that was left to him by his father.
I explained to him that I wanted to pay a fair price, but still get a good deal myself. I told him that I would call my coin dealer, and ask what the going price for "junk" silver was currently. My dealer advised me that he was paying 11 X face for 90% silver.
I told my friend that my dealer was paying 11 X face, and if he wanted to sell them to me, I would pay 11 X face (same as the dealer). He was happy with that deal.
So I bought some 90% dimes, quarters and half dollars from him.
He had some circulated common date silver dollars that I paid about $16.00 each for.
My friend had no interest in the silver, so he was quite happy to get a fair cash value for it.
And I was happy to add some reasonably priced silver to my stack.
if you are a long term stack then dollars are the best silver to buy. When I'm old and need to supplement my income stream "off the books " I will be breaking into the 5 gallon pails of morgans and selling those for cash . That is my number one long term buy and hold item . I'm not buying at $25 each now but $20 is an excellent price , resale on morgans is well above spot and will be for decades going forward
discount the 40% and war nickels, those are harder to move.
I would deal for the silver dollars.... and the junk silver I would offer a bit less than going dealer prices since he would not have to pay for shipping etc.. Cheers, RickO
i personally don't discount the 40% I just buy it later . I'd go dollars , (pre 21 , 21 , then peace) , then halves, then quarters, then 40% halves (no ikes bleh ) then dimes then nickles last
I've come to hate dimes the timing of this hatred coincides with my needing reading glasses the last few years. I still like small gold though , i'll get a monocle if need be
There's no local dealers here where I live, so I will give around melt for the common dates, and junk. I will pay more if he has anything with better value. I'm excited because the coins were left from his grandfather to his father to him and he is 60 years old.
oh man
there could be better dates in there.
are you sure it's all "junk" silver ?
I have no idea whats in there.
don't neglect the non silver! Look at the buffalo and V nickles . The grandfather could easily have pulled V nickles from circulation well into the 50's indian head cents whatever , paper money too
Yes sir I definitely will do that. I will report my findings in this thread. I bought what he brought yesterday and I hope he brings more tomorrow.
Out of curiosity what's wrong with 40% Ikes?
they are like people that go goth. Ok to have one or two about but if you have ever tried to move a roll of them yikes.
Decades old "junk" silver, is still, "junk" silver.
I have a couple bags of silver halves that I bought from F.J. Vollmer & Co. in 1998 and 1999 respectively. I've never opened the shipping containers to look at the halves (although I may, someday). In effect, those are junk silver that's been carefully aged in the original shipping container and haven't seen the light of day for over 20 years. Like fine wine?
Are they worth more sealed because I've never opened the containers or looked at the coins (yet)?
In 2006 or so, I bought a bag of silver halves from Tulving - it was supplied as 1/2 bag of unc 1964 Kennedys, and 1/2 bag of mixed Franklins. I did inspect that order by going through the coins as a collector. I was able to assemble 3 complete sets of Franklin Halves out of that 1/2 bag. It was really kinda fun looking through the coins, in a retro sort of way - which is why I still plan to look through the Vollmer bags, someday.
Out of curiosity what's wrong with 40% Ikes?
Once upon a time, I asked myself the same question. Why not stack a whole bunch of larger coins, even if they're only 40% silver instead of the 90% coins? You get more coins that way. Lots more. So much more that they take up more than twice as much space for the same amount of ultimate spending power.
Then, you have to know the nuances between converting 40% vs. converting 90% to paper spending money. The main nuance is that there are exponentially more 90% silver coins still in the market than there are 40% silver coins still in the market. That being the case, you are always more likely to find a buyer for the 90% silver at competitive pricing, than you are to find a competitive buyer for 40% silver.
I knew it would happen.
I have also seen where a dealer has no interest at all in 40% silver. Or, they will pay well under spot. I have some 40% halves and 35% war nickels accumulated over many years, But, I do not wish to add anymore. I do have unc rolls of 1965, 1966, and 1967 halves that I bought for about $20.00 each around 2002.
As far as constitutional silver, I buy 90% only.
My co-worker brought another small amount today that consisted of 2 Morgan $'s , 2 Peace $'s, 13- 90% Kennedy halves,
3-40% halves and 1-1957 quarter. Nothing but common dates so far on the $'s and avg.circulated condtion.
they would like you to think they aren't interested . they like 40% even more than 90% because they get to spin yarns about how hard it is to melt blah blah blah . Like they have a kettle on in the back where they are melting the seated dollars the last sucker brought in and they don't want to muck up the stew with the odd warnickle or 67 half.
I always ask to see the furnace
So $200 in new arrivals
I was thinking $150
I can't get a refiner to pay over 80% of melt for 40% halves.
they sell for melt on ebay melt + if the stars align> @SurfinxHI said:
ebay refiner pays over 80%
No recent buying opportunities lately. Co-worker says he keeps forgetting to bring in more silver coins.
Sellers not hungry enough...
Keep in touch with them, especially if you're doing alright on your end.