When selling silver coins how close to melt value should one get?

rec78

Hi, just wondering what i should sell my junk silver coins for. By this i mean common circ. stuff. For instance at the current price 14.68 as i am writing this-a war nickel has 82 cents worth of silver in it. Is there a set percentage that one should look for and what is it?(90 %, 95% or??) A franklin half melts at $5.30. I would not expect to get full melt value but there should be some kind of an easy ballpark formula. Your experience and opinion is welcomed. What should i sell my war nickels for? Is 75 cents each too much? 70 cents?Thanks, Bob

illini420

Right now 90% silver is at about 10.5x face. Right now you should be able to get 11x face for it pretty easily if you posted it on the BST, depending on what exactly it is and how much of it you have.

War nickels will probably go for right around melt, but won't likely get the premium that 90% gets right now.

Good luck!

Placid

More than melt I belive. Put them on the bst or the precious metals forum.

guitarwes

what illini420 said. He's right on.

SirAnthonyAC

You can typically expect to get 'round-a-bout 10x face value... most often when you sell them together in a large lot.

So yes, a common G4 50 cent Franklin should fetch about $5. But if they are decent (VG to Fine), or if you have complete low grade set, you can get more of course. The more popular the coin, and Franklin's are popular, the further over spot you can get even if they're AG to G4. Bust halves, for example, are going to sell over 10x face or current spot even in very low examples.

Go to EBay's completed items, search for silver lot or junk silver, most of the time they get around 10x face.

Edited to add I have a $225 lot of silver on consignment that was headed for EBay but I've been watching silver climb lately so... I'm going to wait until after Memorial Day to see what the spot price does.

kevinstang

<< <i>Right now 90% silver is at about 10.5x face. Right now you should be able to get 11x face for it pretty easily if you posted it on the BST, depending on what exactly it is and how much of it you have.


Good luck! >>



Good Luck is right, I have had $500 face 90% on BST for over a week and can't get a serious 10X offer!

illini420

<< <i>

<< <i>Right now 90% silver is at about 10.5x face. Right now you should be able to get 11x face for it pretty easily if you posted it on the BST, depending on what exactly it is and how much of it you have.


Good luck! >>



Good Luck is right, I have had $500 face 90% on BST for over a week and can't get a serious 10X offer! >>



I think I saw that listing and you had the additional terms of wanting to sell all $500 face in one lot and you preferred local pick up... is that correct??? If so, that limits the market substantially.

Two weeks ago, when spot was around $0.50-$0.75/oz less than today I sold two smaller lots of 90% (about $30-40 face each) for 11x face on the BST but I paid for shipping.

rld14

I have heard, and it's a bit OT I know, that War Nickels bring little if any premium as they are a PITA to melt down.

kevinstang

<< <i>

<< <i>

<< <i>Right now 90% silver is at about 10.5x face. Right now you should be able to get 11x face for it pretty easily if you posted it on the BST, depending on what exactly it is and how much of it you have.


Good luck! >>



Good Luck is right, I have had $500 face 90% on BST for over a week and can't get a serious 10X offer! >>



I think I saw that listing and you had the additional terms of wanting to sell all $500 face in one lot and you preferred local pick up... is that correct??? If so, that limits the market substantially. >>



Local pickup was one option, never said I wouldn't ship- just I don't want to pay the shipping- especially if I am selling it below the current melt value- and were talking nearly 30lbs of silver here, not a few ounces. Sure some have said split it up- everyone wants the halves- then I am stuck with alot of dimes. Emailed around for some quotes even in the last week from some of the big silver players- and offers ranged from about 9.3 to 9.6 X face.



<< <i>
Two weeks ago, when spot was around $0.50-$0.75/oz less than today I sold two smaller lots of 90% (about $30-40 face each) for 11x face on the BST but I paid for shipping. >>



I heard a rumor that one of the big silver holders dumped alot of physical silver last week and the demand for now is down. Silver may be doing good on paper, but I don't think anyone is paying 11X right now.

illini420

<< <i> I heard a rumor that one of the big silver holders dumped alot of physical silver last week and the demand for now is down. Silver may be doing good on paper, but I don't think anyone is paying 11X right now. >>



Well, maybe the folks who bought mine paid a bit extra cause the halves were all Walkers/Franklins and there were quite a bit of Merc Dimes. Or maybe it's just easier for people to pull the trigger on a $30 face lot with shipping included in the price. Plus, after shipping expense I ended up netting around 10.5x face or so for it.

OPA

Premiums for "junk" silver has been historically high for the last year or more, but it is getting back to normal levels....x spot or slightly less. Get used to it.

Steve27

The spread between buy/sell has evaporated, in other words, the demand for silver has caught up with supply. Thus, 10x face for 90% is about all you can get right now from most dealers. The nickels will go for even less.