Fair price for selling National Commemorative Society Sets?
smh
Posts: 38 ✭
I'm considering selling five complete sets of 5 coins each of uncirculated National Commemorative Society Sterling Silver Medal Gem Proof sets. (They are of famous events and people in American history.) I have been offered $450 for the five sets. Does this sound reasonable or do you think I should be speaking with other dealers? This comes to $18/coin. I see single coins at $22 - $45 on eBay.
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Calculate the silver value. Because they are sterling and not .999 you should expect them to be discounted below melt value. If the offer seems reasonable once you know the bullion value you can make a decision as to accept or decline an offer.
what is the weight of each coin?
cross posting this to the precious metals forum would be a good idea.
Thank you, and I will post to the Precious Metal Forum.
I weighed several - they differ - .8, .9 (mostly), 1.0 gram. I have 25 in total in the sets and 15 singles.
gram or ounce.. nad ounce.. which ounce troy or avoirdupois?
If they are 0.9 TROY ounces of sterling, that's about 0.8 ounces of silver. If they are 0.9 avoir dupois ounces (regular ounces) then that's about 0.7 ounces of silver.
Those sets are generally not worth much more than bullion value. At 0.8 ounces each, you are talking a little over $20 per coin. At 0.7 ounces of silver, you are at more like $19.
Are the offers you received from coin dealers?
This is the only offer I received from a dealer. I emailed another and am waiting for a reply. The weights are in avoir dupois (add to my coin vocab).
Thanks, all, I'm already learning a lot from you.
As a dealer I would buy these at 70% of melt (Troy weight x fineness x spot price) and throw them in a bucket with other sterling. Occasionally a manufacturing jeweler would buy a few ounces for a job and I would charge him weight x spot. Twice a year we would package up all our scrap silver and ship it off to a refiner.
It is good to get a couple of offers, but for this product, I do not think they will vary much. A local deal would be better to save shipping etc. . Cheers, RickO
considering what tincup typed up on the PM forum thread, I'd say he can do better even mailing them out.
I'm not sure we have a good idea what the total weight is, so it is hard to say. If they average 0.9 oz, then $18 against a $19 melt is pretty fair for sterling.
The .83 troy ounce sterling silver weight is an average weight (per Franklin Mint info). Franklin Mint did not have nearly as rigid quality control as the US MInt, so actual weight can vary; as an example perhaps from .78 grams to .88 grams. The .83 is reliable as an average guide for the total weight, unless one wants to actually weigh all the medals.