dealers buying `junk` silver.....

Cam40

What does the average dealer ask for silver coins that come in that are just worn out and have really only melt value?
Do they offer full melt,(true market value),or just close to it,like 75-80% of melt?

I,m in the process of making an offer for a collection of mainly heavly circ ordinary coins(pocket change from the 50s and 60s.) No clad coins,except a big ol bag of `71 clad Ikes I havent seen yet,just a portion and general idea of the main lot.

I,m guessing just melt for all the silver would be more than double face.But how much more over should I offer.
I,d say it is all either a non-serious collectors collection or was just picked through a few times and these are the bones,so to speak.
One coin of note.A California fractional gold coin.1853.Small Liberty head design.1/4 dollar I think.I didnt view it long enough.,,remember the date and that the grade was atleast AU.No evidence of a seam around edge.counterfiet etc.I believe it to be authentic but need second opinion.Only the date had a weakly struck area.A tiny coin those things are.If its the one I see in Yeomans` book its a $100 coin easy.
Seller may keep that one huimself,not sure.Grandma kept it in a doubled cloth nest all by itself so its unscathed.It could tell the cloth was old old old.His best coin I guess.

How much over face should I offer for it all.Lots of silver.. mostly 25c and 50c.and then Pennys.IHC and Lincolns.I saw very few classic coins, al la .half-dimes,but there are some,and are low low grade though.

Alittle over double face I guess would be a fair offer.
120% over?
Break prices down according to denom and series maybe...I thinking out loud...

Coulport

With silver spot at $4.34 major dealers on the network are paying $3.09 and selling at $3.62 for junk silver. (Your local experience may vary)
While Junk silver is tied to spot it is also subject to supply and demand. It can bring you more or less than melt. If there is more interest in one ounce rounds or 10 bars with junk silver out of favor then supplies will build up and prices will soften. Should the investing public take a liking to 90% silver then the opposite happens.

BigE

Cam, if I was looking at an accumulation like that I would probably offer 3 times face on the junk silver(90% silver only), .50 cents on common Indians, and 2 cents a piece on the wheaties and get the deal done with. -------------BigE

TWODOGS

<< <i>Cam, if I was looking at an accumulation like that I would probably offer 3 times face on the junk silver(90% silver only), .50 cents on common Indians, and 2 cents a piece on the wheaties and get the deal done with. -------------BigE >>

I agree. 3X face is what bullion dealers are paying in my neck of the woods. They sell at about 15-16% above that. Example: 50c, buy-$1.50, sell-$1.75.

Cam40

Thanks for those replies.I came up with the 120% over face,since about $500 of the estimated $2,500 lot
is in clad Ikes(not worth 2x face) so that should bring down the total price a bit I guess?

Thanks again for the responses yall.
I,ll try to get photos of the tiny gold coin for everyone to look at too.

Flash

Cam,

What are you going to do with all those coins you buy for melt? Are YOU going to melt them down? Are you going to sell them to another dealer who will melt them down? If that is the case, just remember that whatever you pay for those coins, it will have to be less than the amount you will be able to sell them for. Unless, of course, you enjoy losing money.

Cam40

This may be a toughy for me.I hope to pick the few worthy coins from the lot for myself and sell the rest.But like most all estate sale coin lots,they,ve been picked through before so I,m looking at alot of `bones`mainly.

I.m trying not to be the `bug` in the case.
If I do swing a deal and purchase this lot,I may be on the BST forum looking for buyers for some of this.
Wish me luck.

BigE

Sometimes its fun to buy this type of stuff because you can search for overdates, cherrypick and such. Flash, remember that big proofset hoard that I got while you were here? Boy was that one fun----------BigE

Cam40

Oh,I didn`t hear what happened.Did you strike it rich with some early gem proof sets BigE?
Or ..was it not all that much fun in actuality?

BigE

Cam, I think I made out OK, but I stll have not finished looking at all of them yet. We foud a couple of 81-S T-2 sets. Our roof blew off shortly thereafter so we put the whole bunch in the bank. There was over 250 sets--------BigE

Cam40

250 sets?Lordy lordy.
Any early sets in there?`36-`50s?Those would be exciting to own.

airplanenut

Dealers here are paying 2.5x face for all silver.

BigE

They were all from the 70's, 80's and 90's----------BigE