Received offer of $2.20 on my junk silver

Wondo

That's right!! The local dealer offered $2.20 for my 90% junk silver. He told me he really doesn't have an outlet. He was polite and pleasan t, but I didn't think it was a fair offer. I declined politely and pleasantly. How do dealers trade larger quantities of junk silver?

Steve27

Is that $2.20 per $1.00 face?

Wondo

<< <i>Is that $2.20 per $1.00 face? >>



Yup - had about $400 face value.

XpipedreamR

<< <i>Is that $2.20 per $1.00 face? >>




If so, that's pretty low.



Hey, I'm a poet

MrEureka

I don't make a market in 90% coin, but as long as silver stays above $6.50 I'd pay 4X face for any quantity.

Steve27

Sell it to Tulving LINK

P.S. I can sell mine locally for 4x face.

Steve27

Oh, and I forgot to say, your local dealer is a pig.

prooflike

Have you tried putting your junk silver in a tumbler, then buffing it up and then sending it to ACG?? Then, you could sell it on ebay for some serious money

itsnotjustme

I got 4.1x face for about $100 worth at a local show. Also try Tulving as noted above.

291fifth

I'm not surprised at all. Many dealers seem to have greatly increased their margin on this type of material recently. I can't say that I blame them. If, in fact, he doesn't have a ready outlet for it, he probably doesn't want to tie up his capital in it. It does illustrate the danger in buying "investments" where the only real cash outlet is coin dealers.

Steve27

" I'm not surprised at all"

I am, even before silver started to rise, you could always get 3x face from a dealer.

MrEureka

If, in fact, he doesn't have a ready outlet for it, he probably doesn't want to tie up his capital in it.

If, in fact, he doesn't have a ready outlet for it, he probably should find a new business.

Conder101

Take pity on the poor dealer and give him an outlet. Tell him you'll take all he has off his hands at 3X

mrearlygold

Maybe the guy started drinking earlier than his usual time?

Obviously has a problem of sorts.

Jeeesh

TP

eagle7

I agree with what Condor101 said. As an aside, with silver at 6.50 he was going to rip you big time!