New to Forum - sell commemorative set for melt value or as is?
smh
Posts: 38 ✭
Thank you all, in advance, for helping a newcomer. I inherited my late mother's coin collection and just started sorting through it. I have five 5 piece sets of National Commemorative Society medal sets (and 15 single medals). (They are of famous events and people in American history.) I have been offered $450 for the five sets. The U.S. Coin Forum suggested I post to this group after weighing the coins. I weighed 6 of the medals and they vary - .8 g, .9 (mostly), 1.0. This is in grams (I believe). The medals are all sterling silver proof. Do you think I am better off selling them off as silver content or holding off and selling them as sets? If selling them as silver I suppose I should be weighing them all. Really appreciate your help.
Comments
Are they similar to the picture below? If so, they are Franklin Mint, and each medal weight ~ .83 troy ounces of sterling silver, or ~ .768 troy ounces of actual silver. For 40 medals total, that is 30.71 ounces of silver.... and at $27.26 per ounce that would come to $837 actual melt value. Sounds like you may be getting a rather low offer.... around 54% of melt.
A dealer will probably give you below melt; a collector perhaps somewhat better, but usually will not get above melt except for someone who really really wants them for some reason.
Thank you, and Tin Cup, there are exactly that!
https://forums.collectors.com/discussion/1048063/i-am-interested-in-conversing-with-franklin-mint-coin-medal-collectors-anyone#latest
He said the $450 was for the 5 sets not all 40 coins.
Was the $450 for the 40 medals or the 25 medals. HUGE difference. You stated it was for the "5 sets" which implies the 25 medals.
The $450 was for the 25 medals.
This is what I love about the bst! Folks are more than willing to help when asked and there is a lot of knowledge here!
Using the average of .768OZT per medal, that means that 25 medals would melt at $533. That means your getting about 84.4% of melt.
You could try listing them on the BST here to see if any members are interested in them for more then the current offer you have.
Collector
75 Positive BST transactions buying and selling with 45 members and counting!
instagram.com/klnumismatics
There is a lot of interest in raw silver right now... so try the BST... no fees and a lot of trusted members there. Cheers, RickO
Unfortunately, most Franklin Mint products do not carry much of a premium, if any, over melt. The dealers offer is normal for your set. Perhaps, you might get a somewhat higher price on the BST, but you'll have to deal with shipping costs and payment fees.