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Stop in at a local coin shop today, offered only 3 x's silver value

jimjim Posts: 167
in U.S. Coin Forum
On my routes today, I stopped by a local coin shop to inquire about selling off several rolls of pre 64 coinage, Roosevelts, Kennedy's, mercs, Wash qtrs, and 66/67 halves. About 175 ounces in all. I was amazed that he was only offering 3x's face value. Is it commen practice for local shops to offer 25-30% less melt price? Where does one go to dump silver and recieve current market price?

Comments

  • foodudefoodude Posts: 3,567 ✭✭✭
    On my routes today, I stopped by a local coin shop to inquire about selling off several rolls of pre 64 coinage, Roosevelts, Kennedy's, mercs, Wash qtrs, and 66/67 halves. About 175 ounces in all. I was amazed that he was only offering 3x's face value. Is it commen practice for local shops to offer 25-30% less melt price? Where does one go to dump silver and recieve current market price?

    I've found there is usually a dealer or two (depending on the size of you area) that is the person that specializes in buying silver. That is also the person that the dealers sell to because they pay the highest price. The trick can be to find out who that person is.
    Greg Allen Coins, LLC Show Schedule: https://forums.collectors.com/discussion/573044/our-show-schedule-updated-10-2-16 Authorized dealer for NGC, PCGS, CAC, and QA. Member of PNG, RTT (Founding Platinum Member), FUN, MSNS, and NCBA (formerly ICTA); Life Member of ANA and CSNS. NCBA Board member. "GA3" on CCE.
  • RussRuss Posts: 48,514 ✭✭✭
    Yes, it's common and it makes sense. Most dealers flip junk silver at melt. Should he buy it at melt? Wouldn't be a very smart business decision.

    Russ, NCNE
    eBay consignment sales | | Collectibles from Resco CCC
  • 291fifth291fifth Posts: 24,284 ✭✭✭✭✭
    You have just run into one of the best reasons why buying bullion is NOT a good idea for the small investor. Your only way to sell is thru coin dealers. Do you want your financial future dependent on coin dealers?
    All glory is fleeting.
  • jimjim Posts: 167
    Good point!image
  • CladiatorCladiator Posts: 18,017 ✭✭✭✭✭
    Sell it on ebay. I've had great luck selling junk silver lots there. Good luck!
  • DeadhorseDeadhorse Posts: 3,720 ✭
    You could just PM me, I've bought lots of melt silver coins from members here. Save yourself the fees and hassles. I'm always buying silver.
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
  • CladiatorCladiator Posts: 18,017 ✭✭✭✭✭
    Actually yeah me too image

    If you have any Morgan or Peace dollars in the lot let me know and I may take them off yer hands.
  • razorface1027razorface1027 Posts: 4,242 ✭✭
    Sell bulk at The Bay.
    What is money, in reality, but dirty pieces of paper and metal upon which privilege is stamped?

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