Sign of the times.....Busting up sets of silver coins

2manycoins2fewfunds

Sad in a way but I sent the weekend breaking up 2003-2005 silver 11 coin proof sets and cutting up 1961-1964 sets to sell silver for spot.

(No there were not any accented hair Kennedys or cameos.)

Kept the cents, nickels, dimes and gold dollar proofs.

Surviving populations for complete sets is going down.

ricko

This would not even occur to me....unless I were destitute. Cheers, RickO

halfhunter

I recently busted up about 150 1960-64 mint sets that I had accumulated over the years. Needed make room in the ol'safe. The Ag melt value + 12¢ is now about $38.25/set ! ! !
Have the cents & nickels in tubes right now. Seems a shame to just spend them but they are basically only worth face . . .

HH

2manycoins2fewfunds

<< <i>This would not even occur to me....unless I were destitute. Cheers, RickO >>


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Simply a reallocation of resources.

We are seeing prices for silver not seen in 30 years.

Can it go higher........yes and if so I'll benefit greatly.

These sets will IMO will be of limited or no additional value beyond base metal price for years to come.

I view selling them in part or whole as little different from selling bullion.

I will say that if I held say $1000 face 90% silver bags I'd be looking to sell them and would use cash generated to buy these various proof and MS coins now hitting the market.

piecesofme

Some see it as being destitute. Others see it as taking advantage of an opportunity that may or may not continue to be there. I'm of the latter...
Those sets wont ever be worth more than they are right now, that's reason enough right there to bust em up.

lordmarcovan

I'm fixin' to sell my grandmother's estate silverware. There's several pounds of it, and if I recall correctly, it's all Sterling. Been sittin' in a shoebox under the bed for a few years. Might as well cash in on it now, I reckon.

grip

<< <i>Some see it as being destitute. Others see it as taking advantage of an opportunity that may or may not continue to be there. I'm of the latter...
Those sets wont ever be worth more than they are right now, that's reason enough right there to bust em up. >>

notwilight

Why did you cut them up? Your buyer didn't want them in the packages? --Jerry

chumley

I am also guilty of murdering old silver sets...prob killed 200 and am currently holding another 100 sets hostage

kurtdog

Why aren't you keeping these sets intact and selling them on eBay at premiums over spot to collectors? Is it the higher transaction costs associated with that, or is it that you haven't yet thought that aspect out? I'm just asking, now, and I'm certainly not trying to be smart with you. Those delicate coins go out of those sets and into contact with other coins, though (especially, those glassy-surfaced proofs), and there goes any numismatic value, and, that damage is irreversible. Just permit me to understand.

Also, if you don't mind my asking, where are you getting the best value for these, turning them over, as such, in bulk? Do you have a refiner? If I can get some particulars on that, I'd appreciate it.

Finally, FWIW. I think you're doing the right thing, here, cashing off on these on an upswing. If you wait for a downswing, you're going to get a lot less than the spot for them. JMO...

sinin1

eBay premiums disappear after eBay and PAYPAL fees


plus there is the time and hassle involved

notwilight

Ebay doesn't work for bullion. 15% fees for low price items like this. bullion trades at 1-3% margin. --Jerry

291fifth

Smart move.

When the bullion market gives you an opportunity to make a profit, take it.

2manycoins2fewfunds

<< <i>Why did you cut them up? Your buyer didn't want them in the packages? --Jerry >>


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I cut the cellophane flat proof sets so the dime-nickel-cent and mint seal were still sealed.

2manycoins2fewfunds

<< <i>Why aren't you keeping these sets intact and selling them on eBay at premiums over spot to collectors? Is it the higher transaction costs associated with that, or is it that you haven't yet thought that aspect out? I'm just asking, now, and I'm certainly not trying to be smart with you. Those delicate coins go out of those sets and into contact with other coins, though (especially, those glassy-surfaced proofs), and there goes any numismatic value, and, that damage is irreversible. Just permit me to understand.

Also, if you don't mind my asking, where are you getting the best value for these, turning them over, as such, in bulk? Do you have a refiner? If I can get some particulars on that, I'd appreciate it.

Finally, FWIW. I think you're doing the right thing, here, cashing off on these on an upswing. If you wait for a downswing, you're going to get a lot less than the spot for them. JMO... >>


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Ebay/Paypal fees and hassle factor largely or completely negates any/all premium over a private party sale.

I have local sources for selling.

piecesofme

Ebay doesn't work for bullion. 15% fees for low price items like this. bullion trades at 1-3% margin.

kurtdog

I figured it had to do with the higher transaction costs but I just hate assuming when I can lean on experience. What about selling to a local coin dealer intact? There goes your transaction costs, and these sets are their inventory. Does selling wholesale vs. retail figure in, now, to make that transaction prohibitive? I don't see why it should. You know the wholesale has to be higher than the spot on these.

OK, what about where the best places to sell junk silver is? I'm thinking, if you sell to a local dealer, they're only going to end up getting a little more from a refiner, right? So, I'm looking for a refiner?

2manycoins2fewfunds

Gather it all together and go to coin show or even a gun show(usually 2-5 dealers there).............anywhere where you can play 3-5 guys against each other for best price.

Refiners/smelters don't mess with small quanties.

fiveNdime

<< <i>What about selling to a local coin dealer intact? >>


ive bought sets before for about the same as what a single coin was selling for. crazy!


if i were able to take this kind of advantage of the market, i would too.

henson4

Looks like silver has been on fire lately. wonder if it can continue...

FordRailroader

Geee... hope I can get my hands on a 2005 and 2008 for the grandkids before they're all busted-up...

Mission16

Like the OP, I spent the last few days of 2010 doing the exact same thing. Didn't keep an exact tally but the debreis filled a filled a 13 gallon trash can.

Mission16

Like the OP, I spent the last few days of 2010 doing the exact same thing. Didn't keep an exact tally but the debreis filled a filled a 13 gallon trash can.